Infosys Q3 Results Review - Well Positioned In A Challenging Macro: IDBI Capital

IDBI Capital Report

Infosys Ltd. reported healthy set of Q3 FY23 numbers leading to upward revision in its revenue guidance to 16-16.5%. In terms of macro, the company is seeing challenges in mortgage and investment banking, retail and hi tech.

In terms of geography Infosys is seeing pressure in Europe. However, the company is seeing traction in energy and utility and manufacturing. We believe the company will be key beneficiary of vendor consolidation opportunities ($115 billion over next 2.5 years) and cost take out opportunities.

This coupled with healthy large deal wins and pipeline prompt us to believe that the company will surpass FY23E guidance and will register 10.6% compound annual growth rate revenue growth over FY22-25E. In addition, we expect margins to improve from here on.

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