Result Update

Infosys Q4FY19 Result Update


Infosys management has guided for CC revenue growth of 7.5-9.5% for FY20E, which is slightly lower than our estimate of 8-10%, though the company kept its EBIT margin guidance at 21-23% for FY20E, which is in line with our estimate. With robust growth in its digital business and Q4FY19 being the second successive quarter of over US$ 1.5 billion large deal TCV, management is positive about the strong demand pipeline in the system. At CMP of Rs 748, Infosys is trading at a P/E of 18.9x its FY20E earnings. We maintain our Accumulate rating on the stock with a revised target price of Rs 849 (21.5x FY20E EPS), an upside of 13.5%.

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