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IDBI Capital Report
Infosys Ltd. reported robust Q3 FY22 revenue numbers. Revenues increased up 6.3%/up 20.9% QoQ/YoY. This is despite Q3 being seasonally weak. Hence, the company has revised its guidance upwards from 16.5-17.5% YoY for FY22 to 19.5%-20.0% YoY.
We believe this guidance is conservative considering the demand environment and we expect Infosys to surpass it guided revenues (up 21.5% YoY). We believe the revenue growth will be spilled over the next few quarters and hence we expect 19.0% compound annual growth rate growth over FY21-FY24.
Infosys has maintained its Ebit margin guidance of 22-24% for FY22E. We expect the company's margins to gradually improve over FY22E-FY24E.
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