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Motilal Oswal Report
Infosys Ltd. reported strong broad based growth of 4.8% QoQ constant currency, beating our estimate of 3.9%.
Deal total contract value stood at $2.6 billion, implying a growth of 48% YoY. While net new deal wins were relatively lower at 30%, the deal pipeline remains strong given the robust demand environment.
Infosys' Ebit margin fell 80 basis point QoQ to 23.7% in Q1 FY22 (estimate 24.8%), due to a 50 bps/80 bps impact from higher subcontracting expenses (highest in the last five years)/employee cost (on retention/hiring and promotions).
This was partially offset by a 40 bps/10 bps impact from utilisation/currency. Utilisations and offshore mix remain stretched, indicating a strong demand environment.
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