Infosys Q1 Results Review - Strong Rebound, All Positives Are Factored In: Prabhudas Lilladher

Prabhudas Lilladher Report

Infosys Ltd. reported revenue of $4.7 billion, up 3.6% QoQ constant currency ahead of our and consensus estimate of 2.3% QoQ CC aided by strong rebound in financial services segment (+7.6% QoQ).

Margins improved by 100 bps QoQ to 21.1% ahead of our and street expectations of 20.6%, majorly attributed to Q4 one offs reversal and gains from Project Maximus, which got offset by increase in variable pay and forex.

The deal win at $4.1 billion was soft versus last quarter, however the pipeline remains healthy on the large deals. The strong rebound in Q1 and in-tech integration in Q2 has led to revise the guidance upward to 3-4% in CC (versus 1- 3% CC organic earlier).

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