Buy Infosys; target of Rs 840: Motilal Oswal

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Motilal Oswal 's research report on Infosys

INFO has started FY20 on a strong note, with constant currency (CC) revenue growth of 12.4% YoY (our estimate: 11.8%), an EBIT margin of 20.5% (down 320bp YoY, 40bp beat) and PAT growth of 5% YoY (our estimate: +1.1%) to INR38b. Revenue growth was broad-based, with five of its verticals (incl. core segments of Financial Services, Communications, Energy/Utilities/Resources, Manufacturing and Hi-tech) delivering double-digit YoY CC growth.

Outlook

Our price target of INR840 discounts forward earnings by 19x, implying an upside of 15%. Maintain Buy.

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