Infosys Q3 Results Review - Steady Deal Wins To Drive FY25 Revenue Growth: Motilal Oswal

Motilal Oswal Report

Infosys Ltd. narrowed its FY24 revenue growth guidance while keeping the mid-point unchanged, leading to a muted H2 FY24E. Despite multiple guidance revisions, it has maintained its margin guidance, which is encouraging.

We expect FY24 revenue growth to be at 1.9% constant currency QoQ, near to the upper band of the guidance.

Despite near-term weakness, we expect Infosys to be a key beneficiary of the acceleration in IT spending in the medium term.

Based on our revised estimates, the stock is currently trading at 19 times FY26E earnings per share.

We value the stock at 22 times FY26E earnings per share, implying a target price of Rs 1,750.

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