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Research
Infosys - 4QFY2016 Result Update - Angel Broking
Posted On : 2016-05-01 20:47:58( TIMEZONE : IST )
For 4QFY2016, Infosys posted revenues of US$2,454mn (V/s US$2,446mn expected), up 1.6% qoq. In constant currency (CC) terms, the growth is of ~1.9%. Volume growth during the period is of 2.4% qoq. On the operating front, the EBIT margin came in at 25.5% vs our expectation of 25.2% and vs 24.9% in 3QFY2016, ie an expansion of 60bp qoq. The utilization levels (including trainees) improved to 74.7% V/s 74.2% in 3QFY2016, while the attrition rate was of 17.3% V/s 18.1% in 3QFY2016. The company posted a net profit of Rs. 3,597cr (V/s Rs. 3,634cr expected), up 3.8% qoq. For FY2017, the company has given a revenue guidance at 11.5%-13.5% in CC terms and 11.8%-13.8% in US$ terms at March 31, 2016 exchange rates. We maintain our Accumulate rating on the stock with a target price of Rs. 1,378.
Quarterly highlights: For 4QFY2016, Infosys posted revenues of US$2,454mn (V/s US$2,446mn expected), up 1.6% qoq. In constant currency (CC) terms, the growth is of ~1.9%. Volume growth during the period is of 2.4% qoq. In terms of geography, North America grew 0.5% sequentially and by 0.6% in CC terms, while Europe grew 2.4% sequentially and by 3.6% in CC terms. In terms of industries, FSI grew by 0.2%, MFG & Hi-Tech grew by 0.8%, RCL grew by 2.7% and ECS grew by 4.9%, all in CC terms. On the operating front, the EBIT margin came in at 25.5% vs our expectation of 25.2% and vs 24.9% in 3QFY2016, an expansion of 60bp qoq. The company posted a net profit of Rs. 3,597cr (V/s Rs. 3,634cr expected), up 3.8% qoq.
Outlook and valuation: For FY2017, the company has given a revenue guidance at 11.5%-13.5% in CC and 11.8%-13.8% in US$ terms at March 31, 2016 exchange rates. It gave a guidance of achieving sales of US$20bn by FY2020. We maintain our Accumulate rating on the stock.
Shares of INFOSYS LTD. was last trading in BSE at Rs.1210.85 as compared to the previous close of Rs. 1211.45. The total number of shares traded during the day was 93993 in over 5790 trades.
The stock hit an intraday high of Rs. 1224.4 and intraday low of 1206. The net turnover during the day was Rs. 114101303.
