Geojit has given Buy recommendation for Infosys with a target price of Rs. 2299 in its research report issued on Jan 17, 2022

Geojit’s research report on Infosys

Infosys Limited provides IT consulting and software services, including ebusiness, program management and supply chain solutions. The Group’s services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecom and manufacturing sectors. Revenue rose 22.9% YoY to Rs. 31,867cr in Q3FY22. The Company posted Q3FY22 PAT of Rs. 5,809cr (+11.8% YoY). Retail, communication, manufacturing, and life sciences collectively showed 20% YoY growth EBITDA margin contracted by 230bps YoY to 26.3% due to supply side issues, lower utilization, and higher costs.

Outlook

With continued growth momentum in revenues, we reiterate our BUY rating on the stock with a revised target price of Rs. 2,299 based on 32x FY24E adj. EPS.

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