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.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

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
Net Sales	44341	47300	53983	59289	61941	73107	79047	85912	103940	124014	128933
Other Income	2576	3337	3051	3386	4153	2858	3228	2746	3224	4390	7417
Total Income	46917	50637	57034	62675	66094	75965	82275	88658	107164	128404	136350
Total Expenditure	31808	33330	38319	42406	44778	54439	59540	61734	76112	93851	97176
Operating Profit	15109	17307	18715	20269	21316	21526	22735	26924	31052	34553	39174
Interest	6	8	0	0	0	0	114	126	128	157	277
Depreciation	1101	913	1115	1331	1408	1599	2144	2321	2429	2753	2944
Exceptional Income / Expenses	0	412	0	0	0	0	0	0	0	0	0
Profit Before Tax	14002	16798	17600	18938	19908	19927	20477	24477	28495	31643	35953
Provision for Tax	3808	4634	4907	5120	3753	5225	4934	6429	7260	8375	8719
Profit After Tax	10194	12164	12693	13818	16155	14702	15543	18048	21235	23268	27234
Adjustments	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	10194	12164	12693	13818	16155	14702	15543	18048	21235	23268	27234
Adjusted Earnings Per Share	22.3	26.5	27.6	30.1	37	33.8	36.5	42.4	50.5	56.1	65.6

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	4%	14%	12%	11%
Operating Profit CAGR	13%	13%	13%	10%
PAT CAGR	17%	15%	13%	10%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	16%	3%	15%	14%
ROE Average	37%	34%	31%	27%
ROCE Average	49%	45%	41%	37%

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	42092	48068	61082	68017	63502	62711	62234	71531	69306	67745	81176
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	-178	-403	-343	-264	-415	-325	2158	3831	4135	5371	6688
Total Current Liabilities	10256	13715	11588	11786	11662	15430	15220	17622	24976	27442	27086
Total Liabilities	52170	61380	72327	79539	74749	77816	79612	92984	98417	100558	114950
Fixed Assets	5732	7347	8248	8605	9157	10497	13974	14599	14938	15431	14327
Other Non-Current Assets	7201	11281	17982	23252	21502	21096	21818	30103	31042	33045	29671
Total Current Assets	39237	42752	46097	47682	42565	46223	43820	48282	52437	52082	70952
Total Assets	52170	61380	72327	79539	74749	77816	79612	92984	98417	100558	114950

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	20402	24100	27722	29176	19153	16770	15551	13562	17612	12270	6534
Cash Flow from Operating Activities	9148	7955	9578	10478	12475	13989	15572	19902	22096	19169	20787
Cash Flow from Investing Activities	-2307	665	-1207	-13494	5684	-587	-116	-6309	-3150	821	-3261
Cash Flow from Financing Activities	-3177	-4961	-6908	-6968	-20536	-14571	-17391	-9566	-24275	-25857	-15825
Net Cash Inflow / Outflow	3664	3659	1463	-9984	-2377	-1169	-1935	4027	-5329	-5867	1701
Closing Cash & Cash Equivalent	24100	27722	29176	19153	16770	15551	13562	17612	12270	6534	8191

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)	22.28	26.49	27.64	30.09	36.98	33.75	36.5	42.37	50.49	56.09	65.62
CEPS(Rs)	24.68	28.48	30.07	32.99	40.21	37.42	41.54	47.81	56.26	62.73	72.72
DPS(Rs)	63	59.5	24.25	25.75	43.5	21.5	17.5	27	31	34	46
Book NAV/Share(Rs)	91.98	104.67	133	147.86	145.08	143.44	145.46	167.04	163.34	161.2	193.4
Core EBITDA Margin(%)	28.27	29.53	29.02	28.48	27.71	25.54	24.68	28.14	26.77	24.32	24.63
EBIT Margin(%)	31.59	35.53	32.6	31.94	32.14	27.26	26.05	28.64	27.54	25.64	28.1
Pre Tax Margin(%)	31.58	35.51	32.6	31.94	32.14	27.26	25.9	28.49	27.41	25.52	27.89
PAT Margin (%)	22.99	25.72	23.51	23.31	26.08	20.11	19.66	21.01	20.43	18.76	21.12
Cash Profit Margin (%)	25.47	27.65	25.58	25.55	28.35	22.3	22.38	23.71	22.77	20.98	23.41
ROA(%)	21.5	21.42	18.99	18.2	20.94	19.27	19.75	20.91	22.19	23.39	25.27
ROE(%)	26.09	26.98	23.26	21.43	24.61	23.36	24.98	27.12	30.37	34.33	37.02
ROCE(%)	35.85	37.28	32.25	29.34	30.27	31.58	32.96	36.79	40.65	46.41	48.66
Receivable days	56.39	61.59	62.29	63.9	68.09	63.71	66.56	67.66	62.09	58.48	65.01
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)	18.4	20.92	22.03	16.96	15.34	21.99	17.54	32.28	37.78	25.45	22.84
Price/Book(x)	4.46	5.29	4.58	3.45	3.91	5.17	4.4	8.19	11.68	8.86	7.75
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)	3.69	4.79	4.64	3.63	3.73	4.21	3.28	6.58	7.6	4.72	4.76
EV/Core EBITDA(x)	10.82	13.1	13.38	10.62	10.84	14.3	11.4	20.99	25.44	16.95	15.67
Net Sales Growth(%)	20.61	6.67	14.13	9.83	4.47	18.03	8.13	8.68	20.98	19.31	3.97
EBIT Growth(%)	13.33	19.97	4.72	7.6	5.12	0.1	3.33	19.48	16.34	11.1	13.93
PAT Growth(%)	11.83	19.33	4.35	8.86	16.91	-8.99	5.72	16.12	17.66	9.57	17.04
EPS Growth(%)	12.22	18.91	4.35	8.86	22.91	-8.74	8.15	16.06	19.17	11.11	16.99
Debt/Equity(x)	0	0	0	0	0	0	0	0	0	0	0
Current Ratio(x)	3.83	3.12	3.98	4.05	3.65	3	2.88	2.74	2.1	1.9	2.62
Quick Ratio(x)	3.83	3.12	3.98	4.05	3.65	3	2.88	2.74	2.1	1.9	2.62
Interest Cover(x)	2334.67	2100.75	0	0	0	0	180.62	195.26	223.62	202.55	130.79
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0	0

Infosys Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	13.12	13.11	13.11	13.11	13.18	13.3	13.29	13.29	13.22	13.14
FII	33.17	33.3	31.72	31.29	31.63	30.8	29.74	29.97	30.12	30.46
DII	16.3	17.1	18.87	27.96	28.52	29.67	30.96	31.59	31.93	32.02
Public	20.2	20.65	22.09	14.1	13.86	14.04	14.98	14.4	14.15	13.71
Others	17.2	15.84	14.2	13.53	12.81	12.19	11.02	10.74	10.57	10.66
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	55.17	55.17	55.17	55.17	55.17	55.17	55.17	55.17	54.86	54.56
FII	139.52	140.08	133.48	131.68	132.4	127.77	123.44	124.41	125.03	126.45
DII	68.56	71.93	79.41	117.67	119.39	123.11	128.51	131.11	132.53	132.92
Public	84.96	86.85	92.96	59.35	58.03	58.23	62.17	59.76	58.74	56.91
Others	72.35	66.64	59.74	56.92	53.62	50.58	45.74	44.6	43.88	44.24
Total	420.56	420.67	420.76	420.78	418.61	414.86	415.02	415.04	415.04	415.09

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 34%
Company is almost debt free.

Cons

Promoter holding is low: 13.14%.
Stock is trading at 7.5 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.