Financials Infosys Limited

Equities

INFY

INE009A01021

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 05:13:47 26/04/2024 pm IST			5-day change	1st Jan Change
1,430 ^INR	-0.57%		+1.35%	-7.30%

26/04	Asian Equities Traded in the US as American Depositary Receipts Trend Higher in Friday Trading, End Week Up 3.5%	MT
25/04	India's L&T Technology posts Q4 revenue beat on order boost	RE

Valuation

Fiscal Period: Marzo	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	59,21,164	-	-
Enterprise Value (EV) ¹	25,31,095	55,83,377	78,19,337	57,39,576	60,53,495	55,52,918	54,91,373	54,71,764
P/E ratio	16.5 x	30.1 x	36.4 x	24.8 x	23.7 x	22.5 x	20.2 x	19 x
Yield	2.73%	1.97%	1.63%	2.38%	2.54%	3.4%	3.72%	4.2%
Capitalization / Revenue	3 x	5.78 x	6.57 x	3.99 x	4.04 x	3.71 x	3.41 x	3.14 x
EV / Revenue	2.79 x	5.56 x	6.43 x	3.91 x	3.94 x	3.48 x	3.16 x	2.9 x
EV / EBITDA	11.4 x	20 x	24.8 x	16.3 x	16.6 x	14.4 x	12.9 x	11.9 x
EV / FCF	15.4 x	26.4 x	32.7 x	28.9 x	25.1 x	20.8 x	20.1 x	19.4 x
FCF Yield	6.49%	3.78%	3.06%	3.47%	3.98%	4.8%	4.99%	5.16%
Price to Book	4.39 x	8.15 x	10.6 x	7.86 x	7.05 x	6.39 x	5.98 x	5.68 x
Nbr of stocks (in thousands)	42,40,211	42,44,364	41,92,284	41,04,700	41,39,618	41,39,951	-	-
Reference price ²	641.5	1,368	1,907	1,428	1,498	1,430	1,430	1,430
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: March	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	15,97,112	17,36,320	18,86,599
EBITDA ¹	2,22,670	2,78,890	3,14,910	3,51,300	3,64,250	3,84,699	4,26,303	4,59,065
EBIT ¹	1,93,740	2,46,220	2,80,150	3,09,050	3,17,470	3,36,692	3,73,722	4,05,993
Operating Margin	21.34%	24.51%	23.03%	21.06%	20.66%	21.08%	21.52%	21.52%
Earnings before Tax (EBT) ¹	2,20,070	2,66,280	3,01,100	3,33,220	3,59,880	3,63,663	4,02,839	4,44,381
Net income ¹	1,65,940	1,93,510	2,21,100	2,40,950	2,62,330	2,61,510	2,91,044	3,13,031
Net margin	18.28%	19.26%	18.18%	16.42%	17.07%	16.37%	16.76%	16.59%
EPS ²	38.91	45.52	52.41	57.54	63.29	63.43	70.79	75.39
Free Cash Flow ¹	1,64,341	2,11,170	2,39,104	1,98,880	2,40,837	2,66,589	2,73,820	2,82,245
FCF margin	18.1%	21.02%	19.66%	13.55%	15.67%	16.69%	15.77%	14.96%
FCF Conversion (EBITDA)	73.8%	75.72%	75.93%	56.61%	66.12%	69.3%	64.23%	61.48%
FCF Conversion (Net income)	99.04%	109.13%	108.14%	82.54%	91.81%	101.94%	94.08%	90.17%
Dividend per Share ²	17.50	27.00	31.00	34.00	38.00	48.66	53.15	60.01
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: March	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	3,89,287	3,99,856	4,01,380	4,01,131	4,10,642
EBITDA ¹	83,820	78,460	78,640	89,020	93,670	89,980	90,640	94,400	91,370	87,840	93,168	97,066	95,884	95,814	1,02,779
EBIT ¹	74,840	69,560	69,140	78,730	82,420	78,770	78,910	82,740	79,610	76,210	80,910	84,541	83,814	83,790	87,180
Operating Margin	23.49%	21.55%	20.06%	21.55%	21.51%	21.04%	20.8%	21.22%	20.51%	20.1%	20.78%	21.14%	20.88%	20.89%	21.23%
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	87,332	90,973	89,832	89,652	94,436
Net income ¹	58,090	56,860	53,600	60,210	65,860	61,280	59,450	62,120	61,060	79,690	62,864	65,528	64,567	64,784	67,929
Net margin	18.23%	17.62%	15.55%	16.48%	17.19%	16.37%	15.67%	15.93%	15.73%	21.01%	16.15%	16.39%	16.09%	16.15%	16.54%
EPS ²	13.83	13.54	12.76	14.34	15.70	14.77	14.35	14.99	14.74	19.22	15.01	15.68	15.28	15.51	16.65
Dividend per Share ²	-	16.00	-	16.50	-	17.50	-	-	-	20.00	-	-	-	39.92	-
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: March	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	3,68,247	4,29,791	4,49,400
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,64,341	2,11,170	2,39,104	1,98,880	2,40,837	2,66,589	2,73,820	2,82,245
ROE (net income / shareholders' equity)	25.9%	27.4%	29.1%	35.2%	32.1%	28.9%	30.6%	30.1%
ROA (Net income/ Total Assets)	19%	22.1%	19.5%	24%	24.3%	17.6%	18.7%	18.7%
Assets ¹	8,72,450	8,74,898	11,31,357	10,03,620	10,81,434	14,82,432	15,60,121	16,70,591
Book Value Per Share ²	146.0	168.0	180.0	182.0	213.0	224.0	239.0	252.0
Cash Flow per Share ²	43.50	54.60	56.60	53.60	60.80	74.60	79.40	83.10
Capex ¹	35,610	21,070	21,610	25,790	22,010	40,371	40,690	40,191
Capex / Sales	3.92%	2.1%	1.78%	1.76%	1.43%	2.53%	2.34%	2.13%
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

1,430 INR

Average target price

1,593 INR

Spread / Average Target

+11.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

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