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Motilal Oswal Report
Infosys Ltd. reported a growth of 5.5% QoQ in constant currency terms, above our estimate of 3.9%, led by strong growth across industry verticals, excluding financials.
While large deal total contract value ($1.7 billion, net new at 50%) was soft, the management indicated continued traction in the large deal pipeline and demand.
Though it indicated weakness in parts of financials and retail, Infosys raised its FY23 revenue growth guidance to 14-16% from 13-15% in last quarter.
Ebit margin dipped by 150 basis points QoQ to 20.1%, below our estimate of 20.8%, on higher wage hikes and robust employee hiring in Q1 FY23 (up 21,000 QoQ).
We were positively surprised by Infosys' guidance revision, especially given the moderating macroeconomic environment.
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