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#INFY 3QFY22 : Super strong results, HUGE beat to expectations - upgrades guidance again

*Topline - $4250mn*

- *CC growth of +7.0% QOQ, +21.5% YOY*

- HUGE beat to our and street est of +3.9% CC QOQ

*USD rev growth of +6.3% QOQ, +20.9% YOY*

INR revs at Rs 319bn (+7.7% qoq, +22.9% yoy).

*Verticals (in QOQ terms):*

- *BFSI: +3.7% // Manf: +10.2% // Retail: +5.6%* // E&U: +5.4%

- Hi-tech: +1.3% // *Healthcare: +12.3%* // Telecom: +7.2%

*Geos (in qoq terms):*

- *US +6.1% // EU +6.7%* // India +22.7% // RoW +2.3%

*EBIT margins at 23.5% (-10bps QOQ, -190BPS YOY )*

- significantly ahead of our (22.8%) but inline with street (23.4%) est

*PAT at Rs 58.1bn (+7.1% QOQ, +11.8% YOY)*

- inline with our and street estimates

*TCV strong at $2.53bn: +17.7% QOQ, -64.5% YOY.*

*FY22 Guidance - upgraded*

_*Revenue: 19.5-20.0% CC growth*_

(from 16.5-17.5% earlier)

*Attrition jumped to 25.5% (from 20.1% QOQ)*