Infosys

Infosys Limited together with its subsidiaries engaged in consulting, generation, outsourcing, and next-technology digital offerings. Its segments are Financial Services and Insurance, Manufacturing, Retail, Consumer Packaged Goods and Logistics, Energy, Utilities, Resources and Services, Communication, Telecom OEM and Media, Hi-Tech, Life Sciences and Healthcare, and all other segments. All other segments represent the working segments of businesses in India, Japan, China. Its primary services consist of software control offerings, proprietary software development services, unbiased validation solutions, product engineering and control, infrastructure control offerings, traditional employer application implementation, and support and integration offerings. Its merchandise and systems include Finacle, Panaya, Skava, and LEAP.

Infosys Share Price

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Peer Comparison

Infosys Quarterly Results

#(Fig in Cr.)	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Net Sales	32276	34470	36538	38318	37441	37933	38994	38821	37923	39315
Other Income	637	676	584	769	671	561	632	789	2729	838
Total Income	32913	35146	37122	39087	38112	38494	39626	39610	40652	40153
Total Expenditure	24430	26606	27636	28951	28443	28869	29554	29684	29139	29878
Operating Profit	8483	8540	9486	10136	9669	9625	10072	9926	11513	10275
Interest	50	56	66	80	82	90	138	131	110	105
Depreciation	890	950	1029	1125	1121	1173	1166	1176	1163	1149
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	7543	7534	8391	8931	8466	8362	8768	8619	10240	9021
Provision for Tax	1848	2172	2365	2345	2332	2417	2553	2506	2265	2647
Profit After Tax	5695	5362	6026	6586	6134	5945	6215	6113	7975	6374
Adjustments	-9	-2	-5	0	-6	0	-3	-7	-6	-6
Profit After Adjustments	5686	5360	6021	6586	6128	5945	6212	6106	7969	6368
Adjusted Earnings Per Share	13.6	12.8	14.3	15.8	14.8	14.4	15	14.7	19.2	15.4

Infosys Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Net Sales	50133	53319	62441	68484	70522	82675	90791	100472	121641	146767	153670	155053
Other Income	2664	3430	3169	3439	3311	2882	3314	2547	2295	3348	4711	4988
Total Income	52797	56749	65610	71923	73833	85557	94105	103019	123936	150115	158381	160041
Total Expenditure	36743	38436	45408	50239	51629	62505	69035	72929	90150	112284	117245	118255
Operating Profit	16054	18313	20202	21684	22204	23052	25070	30090	33786	37831	41136	41786
Interest	9	12	0	0	0	0	170	195	200	284	470	484
Depreciation	1317	1017	1459	1703	1863	2011	2893	3267	3476	4225	4678	4654
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	14728	17284	18740	19951	20270	21041	22007	26628	30110	33322	35988	36648
Provision for Tax	4072	4911	5251	5598	4241	5631	5368	7205	7964	9214	9740	9971
Profit After Tax	10656	12373	13489	14353	16029	15410	16639	19423	22146	24108	26248	26677
Adjustments	0	-1	0	0	0	-6	-45	-72	-36	-13	-15	-22
Profit After Adjustments	10656	12372	13489	14353	16029	15404	16594	19351	22110	24095	26233	26655
Adjusted Earnings Per Share	23.3	27	29.5	31.4	36.8	35.5	39.1	45.6	52.7	58.2	63.3	64.3

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	5%	15%	13%	12%
Operating Profit CAGR	9%	11%	12%	10%
PAT CAGR	9%	11%	11%	9%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	33%	5%	19%	15%
ROE Average	32%	31%	29%	27%
ROCE Average	45%	43%	40%	36%

Infosys Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	44530	50736	61744	68982	64923	64948	65450	76351	75350	75407	88116
Minority's Interest	0	0	0	0	1	58	394	431	386	388	345
Borrowings	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	-224	-486	-169	-180	-421	-278	4324	6641	7334	9590	10105
Total Current Liabilities	12031	15503	13239	14013	13781	18638	20856	23865	33603	39186	38794
Total Liabilities	56337	65753	74814	82815	78608	83366	91024	107288	116673	124571	137360
Fixed Assets	8378	11346	13386	14179	12574	15710	23789	25505	25800	29225	27622
Other Non-Current Assets	4881	7165	9675	14931	16017	14778	12659	21050	23688	24465	20306
Total Current Assets	43078	47242	51753	53705	47957	52878	54576	60733	67185	70881	89432
Total Assets	56337	65753	74814	82815	78608	83366	91024	107288	116673	124571	137360

Infosys Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	21832	25950	30367	32697	22625	19871	19568	18649	24714	17472	12173
Cash Flow from Operating Activities	9825	8353	10028	11531	13218	14841	17003	23224	23885	22467	25210
Cash Flow from Investing Activities	-2577	1088	-901	-14542	4452	-575	-239	-7456	-6416	-1209	-5009
Cash Flow from Financing Activities	-3144	-4935	-6813	-6939	-20505	-14512	-17591	-9786	-24642	-26695	-17504
Net Cash Inflow / Outflow	4104	4506	2314	-9950	-2835	-246	-827	5982	-7173	-5437	2697
Closing Cash & Cash Equivalent	25950	30367	32697	22625	19871	19568	18649	24714	17472	12173	14786

Infosys Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	23.29	27.04	29.48	31.37	36.83	35.53	39.14	45.55	52.74	58.23	63.33
CEPS(Rs)	26.16	29.26	32.67	35.09	41.11	40.18	46.07	53.41	61.12	68.47	74.66
DPS(Rs)	63	59.5	24.25	25.75	43.5	21.5	17.5	27	31	34	46
Book NAV/Share(Rs)	97.31	110.87	134.91	150.49	148.88	149.26	153.66	178.86	178.3	180.11	210.53
Core EBITDA Margin(%)	26.71	27.91	27.28	26.64	26.79	24.4	23.96	27.41	25.89	23.5	23.7
EBIT Margin(%)	29.4	32.44	30.01	29.13	28.74	25.45	24.43	26.7	24.92	22.9	23.72
Pre Tax Margin(%)	29.38	32.42	30.01	29.13	28.74	25.45	24.24	26.5	24.75	22.7	23.42
PAT Margin (%)	21.26	23.21	21.6	20.96	22.73	18.64	18.33	19.33	18.21	16.43	17.08
Cash Profit Margin (%)	23.88	25.11	23.94	23.44	25.37	21.07	21.51	22.58	21.06	19.3	20.12
ROA(%)	20.85	20.27	19.19	18.21	19.86	19.03	19.08	19.59	19.78	19.99	20.04
ROE(%)	25.83	25.98	23.99	21.98	23.99	23.8	25.62	27.52	29.39	32.3	32.46
ROCE(%)	35.72	36.31	33.32	30.52	30.28	32.4	34.01	37.83	39.96	44.58	44.59
Receivable days	56.18	61.83	61.5	63.03	65.9	61.74	66.96	68.63	63	59.84	66.05
Inventory Days	0	0	0	0	0	0	0	0	0	0	0
Payable days	0	0	0	0	0	0	0	0	0	0	0
PER(x)	17.6	20.5	20.66	16.27	15.4	20.89	16.36	30.03	36.16	24.52	23.67
Price/Book(x)	4.21	5	4.51	3.39	3.81	4.97	4.17	7.65	10.7	7.93	7.12
Dividend Yield(%)	1.92	2.68	1.99	2.52	3.83	2.9	2.73	1.97	1.63	2.38	3.07
EV/Net Sales(x)	3.22	4.19	3.94	3.08	3.22	3.66	2.78	5.54	6.43	3.94	3.94
EV/Core EBITDA(x)	10.07	12.19	12.18	9.73	10.22	13.11	10.09	18.49	23.15	15.29	14.73
Net Sales Growth(%)	24.24	6.36	17.11	9.68	2.98	17.23	9.82	10.66	21.07	20.66	4.7
EBIT Growth(%)	15.1	17.36	8.35	6.46	1.6	3.8	5.4	20.95	13	10.87	8.49
PAT Growth(%)	13.01	16.11	9.02	6.41	11.68	-3.86	7.98	16.73	14.02	8.86	8.88
EPS Growth(%)	13.01	16.1	9.03	6.41	17.43	-3.54	10.16	16.39	15.78	10.4	8.77
Debt/Equity(x)	0	0	0	0	0	0	0	0	0	0	0
Current Ratio(x)	3.58	3.05	3.91	3.83	3.48	2.84	2.62	2.54	2	1.81	2.31
Quick Ratio(x)	3.58	3.05	3.91	3.83	3.48	2.84	2.62	2.54	2	1.81	2.31
Interest Cover(x)	1637.44	1441.33	0	0	0	0	130.45	137.55	151.55	118.33	77.57
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0	0

Infosys Shareholding Pattern

#	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoter	13.11	13.11	13.11	13.18	13.3	13.29	13.29	13.22	13.14	13.13
FII	33.3	31.72	31.29	31.63	30.8	29.74	29.97	30.12	30.46	29.43
DII	17.1	18.87	27.96	28.52	29.67	30.96	31.59	31.93	32.02	33.71
Public	20.65	22.09	14.1	13.86	14.04	14.98	14.4	14.15	13.71	13.64
Others	15.84	14.2	13.53	12.81	12.19	11.02	10.74	10.57	10.66	10.09
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoter	55.17	55.17	55.17	55.17	55.17	55.17	55.17	54.86	54.56	54.53
FII	140.08	133.48	131.68	132.4	127.77	123.44	124.41	125.03	126.45	122.2
DII	71.93	79.41	117.67	119.39	123.11	128.51	131.11	132.53	132.92	139.97
Public	86.85	92.96	59.35	58.03	58.23	62.17	59.76	58.74	56.91	56.63
Others	66.64	59.74	56.92	53.62	50.58	45.74	44.6	43.88	44.24	41.88
Total	420.67	420.76	420.78	418.61	414.86	415.02	415.04	415.04	415.09	415.2

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 31%
Company is almost debt free.

Cons

Promoter holding is low: 13.13%.
Stock is trading at 8.5 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.