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ICICI Securities Report
Infosys Ltd. has been one of the very few companies in the industry reporting an actual improvement in the underlying demand and not a mere cyclical recovery from a low base.
Its consistent performance has continued with organic growth of 4.8% QoQ (constant currency) the company's best-ever June quarter in more than a decade.
Quality of growth was healthy and broad-based across verticals and geographies.
Margins disappointed (by 90 basis points, versus consensus) due to rise in attrition (~300bps QoQ to ~14%, last twelve months), retention and subcontracting costs.
Large deal total contract value ($2.6 billion) remained in line with rolling historical averages, although the skew is towards renewals (70%).
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