Financials Infosys Limited

Equities

INFY

INE009A01021

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 07:43:48 2024-05-02 am EDT			5-day change	1st Jan Change
1,414 ^INR	-0.43%		-1.94%	-8.33%

04:45pm	Asian Equities Traded in the US as American Depositary Receipts Rise Sharply in Thursday Trading	MT
May. 01	Asian Equities Traded in the US as American Depositary Receipts Nudge Lower in Wednesday Trading	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	2,720,095	5,806,503	7,994,057	5,861,306	6,201,355	5,881,007	-	-
Enterprise Value (EV) ¹	2,531,095	5,583,377	7,819,337	5,739,576	6,053,495	5,532,518	5,470,392	5,432,531
P/E ratio	16.5 x	30.1 x	36.4 x	24.8 x	23.7 x	22.4 x	20.1 x	18.8 x
Yield	2.73%	1.97%	1.63%	2.38%	2.54%	3.45%	3.75%	4.21%
Capitalization / Revenue	3 x	5.78 x	6.57 x	3.99 x	4.04 x	3.68 x	3.39 x	3.12 x
EV / Revenue	2.79 x	5.56 x	6.43 x	3.91 x	3.94 x	3.47 x	3.15 x	2.88 x
EV / EBITDA	11.4 x	20 x	24.8 x	16.3 x	16.6 x	14.4 x	12.8 x	11.8 x
EV / FCF	15.4 x	26.4 x	32.7 x	28.9 x	25.1 x	21 x	20.1 x	19.6 x
FCF Yield	6.49%	3.78%	3.06%	3.47%	3.98%	4.76%	4.97%	5.11%
Price to Book	4.39 x	8.15 x	10.6 x	7.86 x	7.05 x	6.31 x	5.9 x	5.58 x
Nbr of stocks (in thousands)	4,240,211	4,244,364	4,192,284	4,104,700	4,139,618	4,139,951	-	-
Reference price ²	641.5	1,368	1,907	1,428	1,498	1,421	1,421	1,421
Announcement Date	4/20/20	4/14/21	4/13/22	4/13/23	4/18/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	907,910	1,004,720	1,216,410	1,467,670	1,536,700	1,596,409	1,734,534	1,886,599
EBITDA ¹	222,670	278,890	314,910	351,300	364,250	384,991	426,662	460,291
EBIT ¹	193,740	246,220	280,150	309,050	317,470	336,338	373,296	405,993
Operating Margin	21.34%	24.51%	23.03%	21.06%	20.66%	21.07%	21.52%	21.52%
Earnings before Tax (EBT) ¹	220,070	266,280	301,100	333,220	359,880	363,423	402,323	444,381
Net income ¹	165,940	193,510	221,100	240,950	262,330	261,430	290,683	313,031
Net margin	18.28%	19.26%	18.18%	16.42%	17.07%	16.38%	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	164,341	211,170	239,104	198,880	240,837	263,532	271,991	277,516
FCF margin	18.1%	21.02%	19.66%	13.55%	15.67%	16.51%	15.68%	14.71%
FCF Conversion (EBITDA)	73.8%	75.72%	75.93%	56.61%	66.12%	68.45%	63.75%	60.29%
FCF Conversion (Net income)	99.04%	109.13%	108.14%	82.54%	91.81%	100.8%	93.57%	88.65%
Dividend per Share ²	17.50	27.00	31.00	34.00	38.00	49.00	53.29	59.87
Announcement Date	4/20/20	4/14/21	4/13/22	4/13/23	4/18/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	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	318,670	322,760	344,700	365,380	383,180	374,410	379,330	389,940	388,210	379,230	389,146	399,655	400,973	399,497	410,642
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	102,779
EBIT ¹	74,840	69,560	69,140	78,730	82,420	78,770	78,910	82,740	79,610	76,210	80,989	84,473	83,811	83,524	87,180
Operating Margin	23.49%	21.55%	20.06%	21.55%	21.51%	21.04%	20.8%	21.22%	20.51%	20.1%	20.81%	21.14%	20.9%	20.91%	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	102,400	87,429	90,897	89,874	89,389	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	63,005	65,567	64,694	64,673	67,929
Net margin	18.23%	17.62%	15.55%	16.48%	17.19%	16.37%	15.67%	15.93%	15.73%	21.01%	16.19%	16.41%	16.13%	16.19%	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	1/12/22	4/13/22	7/24/22	10/13/22	1/12/23	4/13/23	7/20/23	10/12/23	1/11/24	4/18/24	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	189,000	223,125	174,720	121,730	147,860	348,489	410,615	448,475
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	164,341	211,170	239,104	198,880	240,837	263,532	271,991	277,516
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%	17.5%	18.6%	18.8%
Assets ¹	872,450	874,898	1,131,357	1,003,620	1,081,434	1,495,546	1,559,858	1,661,722
Book Value Per Share ²	146.0	168.0	180.0	182.0	213.0	225.0	241.0	254.0
Cash Flow per Share ²	43.50	54.60	56.60	53.60	60.80	75.60	81.60	86.40
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%	2.35%	2.13%
Announcement Date	4/20/20	4/14/21	4/13/22	4/13/23	4/18/24	-	-	-

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

1,421 INR

Average target price

1,593 INR

Spread / Average Target

+12.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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