Infosys Technologies
Reco: ACCUMULATE
CMP: Rs. 2,701
Target Price: Rs. 3,100
Expect 14-15% revenue growth guidance for FY11
We spoke with Infosys management recently to update ourselves on the business developments at the company. Our discussions indicate that (1) business environment continues to get better with top clients increasing their offshore spending, (2) hiring continues to pick up (note that Infosys has increased FY11 campus hiring targets to 20k now V/s 15k indicated in January) and (3) company looking to back up the Q3FY10 hikes with another round of wage increments for FY11- all pointing to a bumper FY11 for tier 1 IT offshore players. We expect Infosys to deliver a 4%+ sequential growth in March'10, another beat on revenue guidance of US$ 1,240-1,250 mn (+0.6%-1.5% QoQ). Further we anticipate Infosys to guide for 14-15% YoY growth in revenues for FY11, which would entail a 2.5-3% CQGR on our March'10 revenue expectations of US$ 1,482 mn (+4.1% QoQ). A special dividend could also be in the offing given Infy's trend of rewarding shareholders every alternate year. Maintain ACCUMULATE with a price target of Rs 3,100.
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