Infosys (INFY) — concall transcript

📢 Key Event
Infosys reports strong large deal momentum with $7.7bn TCV and revises FY24 growth guidance to 1-2.5% constant currency.

🔄 What Changed
Revised FY24 growth guidance to 1-2.5% constant currency and maintained 20-22% operating margin guidance.

🔮 What's Next
FY24 growth guidance of 1-2.5% in constant currency; margin guidance of 20-22%; revenue contribution from large deals to begin in FY25.

💡 Investor Takeaway
Shareholders should note that growth is being driven by large deals and AI adoption, but near-term revenue faces pressure from weak discretionary spending and slower deal ramp-ups.

Infosys reported Q2 FY24 revenue growth of 2.3% QoQ and 2.5% YoY in constant currency, with operating margin at 21.2% and large deal wins totaling $7.7bn TCV (48% net new). Management revised FY24 growth guidance to 1-2.5% in constant currency and maintained margin guidance at 20-22%. Key highlights include $670M free cash flow, $4.2B cash balance, interim dividend of INR 18, and 90 Generative AI programs training 57,000 employees. Analysts questioned growth drivers, margin sustainability, and vertical deal distribution amid softness in financial services and retail.

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About Infosys Ltd (INFY)

Information Technology · IT - Software · Listed on BSE

Market Cap: ₹4,62,239.38 Cr P/E: 15.4 ROE: 32.7% ROCE: 44.9% Div Yield: 4.21%

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"How will FY24 growth guidance be achieved given weak discretionary spend?" "What is the expected revenue contribution timeline for the $7.7bn large deal pipeline?" "How does Infosys plan to sustain 21%+ margins amid volume softness?"

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🔥 Also filed on 30 September 2023

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