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IDBI Capital Report
Infosys Ltd. reported subdued Q4 FY23 numbers mainly led by project ramp downs and project cancellation. Company has guided 4-7% revenue range for FY24E which is wider than usual guidance and 20-22% margins due to challenging macros.
Infosys aspires to achieve higher end of guidance on the back of mega and large deals wins. However, we have built in 6% YoY revenue growth for FY24E due to exposure to higher discretionary spends.
This has led to lowering of our revenue estimates downwards by 2.4% and 3.5% for FY24E and FY25E. We have also lowered our earnings per share estimates downwards by 3.4% and 4.2% to Rs 64.9 and 73.5 for FY24E and FY25E.
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