Friday, October 15, 2010

Infosys (Solid show marred by muted earnings outlook; ACCUMULATE; TP: Rs3,300); Rallis India (Price target revised to Rs 1,800; BUY)

Infosys Technologies

Reco: ACCUMULATE

CMP: Rs3,080

Target Price: Rs3,300

Solid show marred by muted earnings outlook

·      Revenues at US$ 1,496 mn (+10.2% QoQ) beat high expectations. Op mgns expanded by ~170 bps QoQ to 33.3% (V/s exp of ~190 bps increase)

·      Co wide vol growth at 7.1% QoQ (onsite vols up by ~15% QoQ) Broad based growth across verticals/service lines with Europe joining the party with a ~16% QoQ growth

·      FY11 Revenue guidance raised to ~24-25% YoY growth now, however EPS raise muted and a tad disappointing at Rs115-117 ( V/s Rs112-117 earlier)

·      Marginal change in FY11/12E EPS despite higher currency reset helped by ~2.4%/6% increase in revenues. Retain ACCUMULATE with a March'12 TP of Rs3,300

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