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Motilal Oswal Report
Infosys Ltd.'s Q2 FY21 revenue and margin performance were above expectations.
The company impressed with a second consecutive quarter of strong margin expansion (270 basis point QoQ in Q2; approximately 420 basis point over H1 FY21).
We expect some margin benefits to be sustainable (driven by automation, etc.).
On the other hand, tailwinds (such as increased offshoring, lower attrition, deferred wage hikes, and lower travel/selling general and administrative costs) as a result of the pandemic are likely to partly wane out later on as the situation normalizes further over the next few quarters.
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