Infosys hits record high
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Shares of Infosys have moved higher to its record high of Rs 1,237 on the National Stock Exchange (NSE) in noon deals today ahead of theJanuary-March (Q4) quarter results next week.
The information technology (IT) company is scheduled to announce the financial results for the quarter and year ended March 31, 2016 on April 15, 2016.
Post October-December (Q3) results, the stock has outperforming the market by gaining 14% as compared to 2% gain in S&P BSE Sensex since January 13, 2016.
Brokerage house Religare Institutional Research expects Infosys revenues to come in at the upper end of its FY16 US$ revenue guidance of 8.9-9.3% year-on-year. The company is likely to guide for US$ revenue growth of 10.5-12.6% in FY17.
Centrum Broking expect Infosys to deliver 2.4% quarter-on-quarter (QoQ) growth in constant currency and 2.1% in reported USD. Cross-currency would have a negative impact of around 30bps on USD revenues.
“We expect Infosys to guide for 11-13% USD revenue growth for FY17E. Infosys’s earnings before interest, taxes, depreciation and amortization (EBIDTA) margins to improve by 20bps QoQ aided by currency tailwinds for the quarter. IT service utilisation rates stood at 80.6% for 3QFY16, and we see scope for further improvement,” the brokerage house said in a Q4FY16 results preview.
“We expect Infosys to guide for 11-13%YoY revenue growth for FY17 which is tad above the NASSCOM guidance for the Indian IT sector (10-12%YoY). We believe, the better guidance is primarily driven by better execution and outperformance versus peers on the volume growth over the last few quarters,” Dolat Capital said in results preview.
On the BSE, the stock hit a high of Rs 1,236 in intra-day trade. A combined 1.32 million shares changed hands on the counter on NSE and BSE.
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