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ICICI Direct Report
Infosys Ltd.'s constant currency revenues increased 7% QoQ while $ revenues increased 6.3% QoQ to $4,250 million. Reported Ebit margins declined ~10 basis points QoQ to 23.5% amid supply side pressures.
Revenue growth was across geographies and verticals. In terms of geographies, revenue growth was led by Europe, which grew 27.2% YoY, followed by North America, which grew 21.4% YoY in CC terms.
In terms of verticals, growth was led by banking, financial services and insurance, retail, communication, which grew 15.5%, 19.8% and 22.2% YoY, respectively, in CC terms.
Digital revenues increased 41.2% YoY and now accounts for 58.5% of overall revenues. In terms of large deal pipeline, it was up 17.7% QoQ to $2.53 billion.
Going forward, Infosys has further revised revenue growth guidance to 19.5-20% from earlier 16.5-17.5%, which represents strong growth potential despite a robust FY21 performance.
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