Infosys Q3 Review - Home Run, Beat & Raise Cycle Continues: Prabhudas Lilladher
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Prabhudas Lilladher Report
Infosys Ltd. reported strong growth of 7% QoQ constant currency, 6.3% QoQ U.S. dollar (our estimate: 3.3%, consensus: 3.1%) much above our estimates despite being seasonally weak quarter.
Growth was broad-based led by manufacturing (up 10.2% QoQ USD) aided by full ramp-up of Daimler mega deal, life sciences (up 12.3% QoQ USD) and communications (up 7.2% QoQ USD).
Infosys' digital business showed sustained strong growth (11% QoQ, 41.2% YoY USD) and now account to 58.5% versus 56.1% in Q2 FY22. Within digital, cloud is growing much faster as the company’s cobalt cloud capabilities are resonating well with clients. With signs of improving pricing Infosys is likely to benefit more with increasing share of digital revenue.
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