Sharekhan has given Buy recommendation for Infosys with a target price of Rs. 1650 in its research report issued on Apr 13, 2021
Sharekhan’s research report on Infosys
Revenue missed, but OPM remained slightly ahead of estimates. Large deal TCVs moderated after two quarters of strong deal wins. FCF conversion continued to improve. Management has guided for revenue growth of 12%-14% y-o-y on CC basis and EBIT margin at 22%-24% in FY2022E, which were in-line with our expectations. Infosys’ board has approved the buyback programme of Rs. 9,200 crore (excluding the tax component) through the open market route at a price not exceeding Rs. 1,750/share. Final dividend stood at Rs.15/share, taking total FY2021 DPS at Rs. 27/share.