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Dolat Capital Report
Infosys Ltd. reported a revenue growth of 4.0% QoQ in constant currency terms (our estimate 2.1%) due to strong execution across verticals and a 268 basis points QoQ operating profit margin improvement to 25.3% (our estimate 22.8%) led by improved productivity (revenue productivity per employee 100 basis points), better utilization (80 basis points) and offshore shift (80 basis points).
Upgraded growth guidance for FY21 to 2%-3% in constant currency terms (earlier 0- 2%) and OPM guidance to 23-24% (from 21-23%).
OPM upgrade came as bigger surprise given weakness in past and wage hikes.
The OPM band is not sustainable as travel normalize and offshore shift reverses.
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