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.)	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Net Sales	38318	37441	37933	38994	38821	37923	39315	40986	41764	40925
Other Income	769	671	561	632	789	2729	838	712	859	1190
Total Income	39087	38112	38494	39626	39610	40652	40153	41698	42623	42115
Total Expenditure	28951	28443	28869	29554	29684	29139	29878	31177	31649	31051
Operating Profit	10136	9669	9625	10072	9926	11513	10275	10521	10974	11064
Interest	80	82	90	138	131	110	105	108	101	102
Depreciation	1125	1121	1173	1166	1176	1163	1149	1160	1203	1299
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	8931	8466	8362	8768	8619	10240	9021	9253	9670	9663
Provision for Tax	2345	2332	2417	2553	2506	2265	2647	2737	2848	2625
Profit After Tax	6586	6134	5945	6215	6113	7975	6374	6516	6822	7038
Adjustments	0	-6	0	-3	-7	-6	-6	-10	-16	-5
Profit After Adjustments	6586	6128	5945	6212	6106	7969	6368	6506	6806	7033
Adjusted Earnings Per Share	15.8	14.8	14.4	15	14.7	19.2	15.4	15.7	16.4	17

Infosys Profit & Loss

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Net Sales	53319	62441	68484	70522	82675	90791	100472	121641	146767	153670	162990	162990
Other Income	3430	3169	3439	3311	2882	3314	2547	2295	3348	4711	3915	3599
Total Income	56749	65610	71923	73833	85557	94105	103019	123936	150115	158381	166905	166589
Total Expenditure	38436	45408	50239	51629	62505	69035	72929	90150	112284	117245	124069	123755
Operating Profit	18313	20202	21684	22204	23052	25070	30090	33786	37831	41136	42836	42834
Interest	12	0	0	0	0	170	195	200	284	470	416	416
Depreciation	1017	1459	1703	1863	2011	2893	3267	3476	4225	4678	4812	4811
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	17284	18740	19951	20270	21041	22007	26628	30110	33322	35988	37608	37607
Provision for Tax	4911	5251	5598	4241	5631	5368	7205	7964	9214	9740	10858	10857
Profit After Tax	12373	13489	14353	16029	15410	16639	19423	22146	24108	26248	26750	26750
Adjustments	-1	0	0	0	-6	-45	-72	-36	-13	-15	-37	-37
Profit After Adjustments	12372	13489	14353	16029	15404	16594	19351	22110	24095	26233	26713	26713
Adjusted Earnings Per Share	27	29.5	31.4	36.8	35.5	39.1	45.6	52.7	58.2	63.3	64.4	64.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	6%	10%	12%	12%
Operating Profit CAGR	4%	8%	11%	9%
PAT CAGR	2%	6%	10%	8%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	1%	3%	17%	12%
ROE Average	29%	31%	30%	27%
ROCE Average	41%	44%	42%	37%

Infosys Balance Sheet

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Shareholder's Funds	50736	61744	68982	64923	64948	65450	76351	75350	75407	88116	95818
Minority's Interest	0	0	0	1	58	394	431	386	388	345	385
Borrowings	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	-486	-169	-180	-421	-278	4324	6641	7334	9590	10105	8742
Total Current Liabilities	15503	13239	14013	13781	18638	20856	23865	33603	39186	38794	42850
Total Liabilities	65753	74814	82815	78608	83366	91024	107288	116673	124571	137360	147795
Fixed Assets	11346	13386	14179	12574	15710	23789	25505	25800	29225	27622	30961
Other Non-Current Assets	7165	9675	14931	16017	14778	12659	21050	23688	24465	20306	19735
Total Current Assets	47242	51753	53705	47957	52878	54576	60733	67185	70881	89432	97099
Total Assets	65753	74814	82815	78608	83366	91024	107288	116673	124571	137360	147795

Infosys Cash Flow

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Opening Cash & Cash Equivalents	25950	30367	32697	22625	19871	19568	18649	24714	17472	12173	14786
Cash Flow from Operating Activities	8353	10028	11531	13218	14841	17003	23224	23885	22467	25210	35694
Cash Flow from Investing Activities	1088	-901	-14542	4452	-575	-239	-7456	-6416	-1209	-5009	-1946
Cash Flow from Financing Activities	-4935	-6813	-6939	-20505	-14512	-17591	-9786	-24642	-26695	-17504	-24161
Net Cash Inflow / Outflow	4506	2314	-9950	-2835	-246	-827	5982	-7173	-5437	2697	9587
Closing Cash & Cash Equivalent	30367	32697	22625	19871	19568	18649	24714	17472	12173	14786	24455

Infosys Ratios

#	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Earnings Per Share (Rs)	27.04	29.48	31.37	36.83	35.53	39.14	45.55	52.74	58.23	63.33	64.43
CEPS(Rs)	29.26	32.67	35.09	41.11	40.18	46.07	53.41	61.12	68.47	74.66	76.13
DPS(Rs)	14.88	12.13	12.88	21.75	21.5	17.5	27	31	34	46	43
Book NAV/Share(Rs)	110.87	134.91	150.49	148.88	149.26	153.66	178.86	178.3	180.11	210.53	228.53
Core EBITDA Margin(%)	27.91	27.28	26.64	26.79	24.4	23.96	27.41	25.89	23.5	23.7	23.88
EBIT Margin(%)	32.44	30.01	29.13	28.74	25.45	24.43	26.7	24.92	22.9	23.72	23.33
Pre Tax Margin(%)	32.42	30.01	29.13	28.74	25.45	24.24	26.5	24.75	22.7	23.42	23.07
PAT Margin (%)	23.21	21.6	20.96	22.73	18.64	18.33	19.33	18.21	16.43	17.08	16.41
Cash Profit Margin (%)	25.11	23.94	23.44	25.37	21.07	21.51	22.58	21.06	19.3	20.12	19.36
ROA(%)	20.27	19.19	18.21	19.86	19.03	19.08	19.59	19.78	19.99	20.04	18.76
ROE(%)	25.98	23.99	21.98	23.99	23.8	25.62	27.53	29.39	32.3	32.46	29.4
ROCE(%)	36.31	33.32	30.52	30.28	32.4	34.01	37.83	39.96	44.58	44.59	41.35
Receivable days	61.83	61.5	63.03	65.9	61.74	66.96	68.63	63	59.84	66.05	68.69
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)	20.5	20.66	16.27	15.4	20.89	16.36	30.03	36.16	24.52	23.67	24.37
Price/Book(x)	5	4.51	3.39	3.81	4.97	4.17	7.65	10.7	7.93	7.12	6.87
Dividend Yield(%)	2.68	1.99	2.52	3.83	2.9	2.73	1.97	1.63	2.38	3.07	2.74
EV/Net Sales(x)	4.19	3.94	3.08	3.22	3.66	2.78	5.54	6.43	3.94	3.94	3.84
EV/Core EBITDA(x)	12.19	12.18	9.73	10.22	13.11	10.09	18.49	23.15	15.29	14.73	14.63
Net Sales Growth(%)	6.36	17.11	9.68	2.98	17.23	9.82	10.66	21.07	20.66	4.7	6.06
EBIT Growth(%)	17.36	8.35	6.46	1.6	3.8	5.4	20.95	13	10.87	8.49	4.3
PAT Growth(%)	16.11	9.02	6.41	11.68	-3.86	7.98	16.73	14.02	8.86	8.88	1.91
EPS Growth(%)	16.1	9.03	6.41	17.43	-3.54	10.16	16.39	15.78	10.4	8.77	1.73
Debt/Equity(x)	0	0	0	0	0	0	0	0	0	0	0
Current Ratio(x)	3.05	3.91	3.83	3.48	2.84	2.62	2.54	2	1.81	2.31	2.27
Quick Ratio(x)	3.05	3.91	3.83	3.48	2.84	2.62	2.54	2	1.81	2.31	2.27
Interest Cover(x)	1441.33	0	0	0	0	130.45	137.55	151.55	118.33	77.57	91.4
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0	0

Infosys Shareholding Pattern

#	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Promoter	13.18	13.3	13.29	13.29	13.22	13.14	13.13	13.05	13.05	13.05
FII	31.63	30.8	29.74	29.97	30.12	30.46	29.43	30.1	30.12	29.4
DII	28.52	29.67	30.96	31.59	31.93	32.02	33.71	34.4	34.65	34.46
Public	13.86	14.04	14.98	14.4	14.15	13.71	13.64	12.91	12.65	12.5
Others	12.81	12.19	11.02	10.74	10.57	10.66	10.09	9.54	9.53	10.59
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Promoter	55.17	55.17	55.17	55.17	54.86	54.56	54.53	54.2	54.2	54.2
FII	132.4	127.77	123.44	124.41	125.03	126.45	122.2	124.97	125.06	122.09
DII	119.39	123.11	128.51	131.11	132.53	132.92	139.97	142.83	143.89	143.13
Public	58.03	58.23	62.17	59.76	58.74	56.91	56.63	53.59	52.52	51.91
Others	53.62	50.58	45.74	44.6	43.88	44.24	41.88	39.62	39.55	43.99
Total	418.61	414.86	415.02	415.04	415.04	415.09	415.2	415.21	415.23	415.33

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: 13.05%.
Stock is trading at 7 times its book value.
The company has delivered a poor profit growth of 9% over past five years.

* 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.