Infosys Ltd. share price target

Reported revenue stood at $4,939 million, up 1.7% q-o-q in constant currency (CC) terms, beating our estimate of $4,876 million. EBIT margins improved ~20 bps q-o-q to 21.3 %, beating our estimates. Company closed 17 large deals with TCV of $2.5 billion, up ~3% q-o-q/down 27% y-o-y.

Infosys led the revenue growth in constant currency (CC) for Tier-1 IT service companies in Q2FY25 driven by broad based participation across verticals, and a 2.3% y-o-y growth in CC in its key Financial services vertical.

Broad-based growth with European auto the only weak spot. Discretionary spending still restricted to US financial services.

In light of the improving macroeconomic outlook, stronger client engagement, and upgraded guidance, we upgrade our recommendation to a BUY

Infosys (INFO) reported 2QFY25 revenue of USD4.9b, growth of 3.1% QoQ/3.3% YoY CC vs. our estimate of 3.0% QoQ CC.

Revenue was strong at $4,894 million, up 3.1% q-o-q in constant currency (CC) terms, nearly in line with our estimate of $4,897 million.