Business
Infosys shares: Brokerages raise target price post Q3 results
Shares of Infosys surged more than 1% to Rs 1,898 per share in opening trade on Thursday after the IT giant raised its revenue forecast, as it expects revenue to grow 19.5%-20% for the financial year ending March 2022, while It was 16.5% %-17.5% earlier forecast, while retaining its operating margin guidance.
India’s second-largest IT company reported a 12% rise in consolidated net profit to Rs 5,809 crore in the third quarter of fiscal 2022 from Rs 5,197 crore a year earlier, while its revenue rose 23% to Rs 31,867 crore. Revenue growth was strong. With high churn, Infosys managed profit margins well, led by pyramid management. We raise our FY22-24 forecast by 2-4% and expect Infosys to achieve a 15% EPS CAGR in FY22-24. Our top pick,” Jefferies said in a report.
It maintained a Buy rating with a revised target price of Rs 2,270 (from Rs 2,200). “While Infosys continues to outperform in terms of growth, the third-quarter results have inspired greater confidence in its ability to manage profitability. “
The company posted a profit margin of 23.5% in the third quarter of fiscal 2022, up from 23.6% in the previous quarter. Infosys said growth in the quarter was broad-based, with strong deal momentum and rapid digital transformation across verticals and geographies.
Emkay also maintained a Buy rating with a revised target price of Rs 2,160 (previously Rs 2,100) given the strong earnings momentum and strong demand environment. According to the brokerage, Infosys remains confident of maintaining momentum on the back of broad demand, solid trading volumes and a healthy trading pipeline.
“Q3 FY22 block deal absorption was $2.5 billion (43% new), with 25 block deals signed during the quarter. The deal pipeline remains healthy, with a good mix of new and renewal deals, providing good revenue visibility,” the report said.
Complete News Source : mint
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