Financials Infosys Limited Bombay S.E.

Equities

INFY

INE009A01021

IT Services & Consulting

Market Closed - Bombay S.E. Other stock markets 03:30:58 05/07/2024 pm IST			5-day change	1st Jan Change
1,647 ^INR	-0.12%		+5.12%	+6.76%

05/07	Asian Equities Traded in the US as American Depositary Receipts Decline in Friday Trading	MT
05/07	INDIA STOCKS-India's Nifty 50 posts record close, longest weekly rally of 2024	RE

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	27,20,095	58,06,503	79,94,057	58,61,306	62,01,355	68,22,274	-	-
Enterprise Value (EV) ¹	25,31,095	55,83,377	78,19,337	57,39,576	60,53,495	64,80,144	64,14,629	63,65,572
P/E ratio	16.5 x	30.1 x	36.4 x	24.8 x	23.7 x	25.8 x	23.1 x	21.5 x
Yield	2.73%	1.97%	1.63%	2.38%	2.54%	2.99%	3.23%	3.65%
Capitalization / Revenue	3 x	5.78 x	6.57 x	3.99 x	4.04 x	4.27 x	3.94 x	3.61 x
EV / Revenue	2.79 x	5.56 x	6.43 x	3.91 x	3.94 x	4.05 x	3.7 x	3.37 x
EV / EBITDA	11.4 x	20 x	24.8 x	16.3 x	16.6 x	16.8 x	15 x	13.8 x
EV / FCF	15.4 x	26.4 x	32.7 x	28.9 x	25.1 x	24 x	23.4 x	22.4 x
FCF Yield	6.49%	3.78%	3.06%	3.47%	3.98%	4.16%	4.28%	4.47%
Price to Book	4.39 x	8.15 x	10.6 x	7.86 x	7.05 x	7.32 x	6.8 x	6.41 x
Nbr of stocks (in thousands)	42,40,211	42,44,364	41,92,284	41,04,700	41,39,618	41,41,112	-	-
Reference price ²	641.5	1,368	1,907	1,428	1,498	1,647	1,647	1,647
Announcement Date	20/04/20	14/04/21	13/04/22	13/04/23	18/04/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	9,07,910	10,04,720	12,16,410	14,67,670	15,36,700	15,98,173	17,33,225	18,90,009
EBITDA ¹	2,22,670	2,78,890	3,14,910	3,51,300	3,64,250	3,84,731	4,27,073	4,62,179
EBIT ¹	1,93,740	2,46,220	2,80,150	3,09,050	3,17,470	3,37,604	3,74,199	4,07,750
Operating Margin	21.34%	24.51%	23.03%	21.06%	20.66%	21.12%	21.59%	21.57%
Earnings before Tax (EBT) ¹	2,20,070	2,66,280	3,01,100	3,33,220	3,59,880	3,63,636	4,00,586	4,46,223
Net income ¹	1,65,940	1,93,510	2,21,100	2,40,950	2,62,330	2,62,264	2,91,349	3,18,597
Net margin	18.28%	19.26%	18.18%	16.42%	17.07%	16.41%	16.81%	16.86%
EPS ²	38.91	45.52	52.41	57.54	63.29	63.80	71.43	76.58
Free Cash Flow ¹	1,64,341	2,11,170	2,39,104	1,98,880	2,40,837	2,69,723	2,74,301	2,84,766
FCF margin	18.1%	21.02%	19.66%	13.55%	15.67%	16.88%	15.83%	15.07%
FCF Conversion (EBITDA)	73.8%	75.72%	75.93%	56.61%	66.12%	70.11%	64.23%	61.61%
FCF Conversion (Net income)	99.04%	109.13%	108.14%	82.54%	91.81%	102.84%	94.15%	89.38%
Dividend per Share ²	17.50	27.00	31.00	34.00	38.00	49.18	53.23	60.15
Announcement Date	20/04/20	14/04/21	13/04/22	13/04/23	18/04/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	3,18,670	3,22,760	3,44,700	3,65,380	3,83,180	3,74,410	3,79,330	3,89,940	3,88,210	3,79,230	3,89,167	3,99,289	4,00,494	3,99,050	4,11,897
EBITDA ¹	83,820	78,460	78,640	89,020	93,670	89,980	90,640	94,400	91,370	87,840	90,935	92,911	93,520	93,276	1,01,434
EBIT ¹	74,840	69,560	69,140	78,730	82,420	78,770	78,910	82,740	79,610	76,210	80,651	84,080	83,963	83,662	86,696
Operating Margin	23.49%	21.55%	20.06%	21.55%	21.51%	21.04%	20.8%	21.22%	20.51%	20.1%	20.72%	21.06%	20.96%	20.97%	21.05%
Earnings before Tax (EBT) ¹	79,430	75,430	75,340	83,910	89,310	84,660	83,620	87,680	86,190	1,02,400	86,937	90,395	89,834	90,044	94,112
Net income ¹	58,090	56,860	53,600	60,210	65,860	61,280	59,450	62,120	61,060	79,690	62,874	65,244	64,968	64,894	68,013
Net margin	18.23%	17.62%	15.55%	16.48%	17.19%	16.37%	15.67%	15.93%	15.73%	21.01%	16.16%	16.34%	16.22%	16.26%	16.51%
EPS ²	13.83	13.54	12.76	14.34	15.70	14.77	14.35	14.99	14.74	19.22	15.13	15.52	15.42	15.65	16.65
Dividend per Share ²	-	16.00	-	16.50	-	17.50	-	-	-	20.00	-	-	-	39.68	-
Announcement Date	12/01/22	13/04/22	24/07/22	13/10/22	12/01/23	13/04/23	20/07/23	12/10/23	11/01/24	18/04/24	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,89,000	2,23,125	1,74,720	1,21,730	1,47,860	3,42,131	4,07,646	4,56,703
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,64,341	2,11,170	2,39,104	1,98,880	2,40,837	2,69,723	2,74,301	2,84,766
ROE (net income / shareholders' equity)	25.9%	27.4%	29.1%	35.2%	32.1%	29.2%	30.7%	30.1%
ROA (Net income/ Total Assets)	19%	22.1%	19.5%	24%	24.3%	17.4%	18.3%	18.7%
Assets ¹	8,72,450	8,74,898	11,31,357	10,03,620	10,81,434	15,03,388	15,95,700	17,02,785
Book Value Per Share ²	146.0	168.0	180.0	182.0	213.0	225.0	242.0	257.0
Cash Flow per Share ²	43.50	54.60	56.60	53.60	60.80	74.90	79.70	83.50
Capex ¹	35,610	21,070	21,610	25,790	22,010	41,274	41,811	44,114
Capex / Sales	3.92%	2.1%	1.78%	1.76%	1.43%	2.58%	2.41%	2.33%
Announcement Date	20/04/20	14/04/21	13/04/22	13/04/23	18/04/24	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Infosys Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,647 INR

Average target price

1,627 INR

Spread / Average Target

-1.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

	1st Jan change	Capi.
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TATA CONSULTANCY SERVICES LTD.	+5.76%	17TCr
IBM	+7.62%	16TCr
AUTOMATIC DATA PROCESSING, INC.	+1.11%	9.64TCr
CROWDSTRIKE HOLDINGS, INC.	+52.59%	9.48TCr
RELX PLC	+15.27%	8.55TCr
HCL TECHNOLOGIES LIMITED	+3.64%	4.93TCr
SNOWFLAKE INC.	-28.13%	4.79TCr
CAPGEMINI SE	+1.27%	3.54TCr

Other IT Services & Consulting