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.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	26311	27896	29602	31867	32276	34470	36538	38318	37441	37933
Other Income	545	622	524	512	637	676	584	769	671	561
Total Income	26856	28518	30126	32379	32913	35146	37122	39087	38112	38494
Total Expenditure	19040	20464	21771	23484	24430	26606	27636	28951	28443	28869
Operating Profit	7816	8054	8355	8895	8483	8540	9486	10136	9669	9625
Interest	50	49	48	53	50	56	66	80	82	90
Depreciation	831	829	859	899	890	950	1029	1125	1121	1173
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	6935	7176	7448	7943	7543	7534	8391	8931	8466	8362
Provision for Tax	1857	1975	2020	2121	1848	2172	2365	2345	2332	2417
Profit After Tax	5078	5201	5428	5822	5695	5362	6026	6586	6134	5945
Adjustments	-2	-6	-7	-13	-9	-2	-5	0	-6	0
Profit After Adjustments	5076	5195	5421	5809	5686	5360	6021	6586	6128	5945
Adjusted Earnings Per Share	11.9	12.2	12.9	13.9	13.6	12.8	14.3	15.8	14.8	14.4

Infosys Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	40352	50133	53319	62441	68484	70522	82675	90791	100472	121641	146767	150230
Other Income	2365	2664	3430	3169	3439	3311	2882	3314	2547	2295	3348	2585
Total Income	42717	52797	56749	65610	71923	73833	85557	94105	103019	123936	150115	152815
Total Expenditure	28814	36743	38436	45408	50239	51629	62505	69035	72929	90150	112284	113899
Operating Profit	13903	16054	18313	20202	21684	22204	23052	25070	30090	33786	37831	38916
Interest	5	9	12	0	0	0	0	170	195	200	284	318
Depreciation	1099	1317	1017	1459	1703	1863	2011	2893	3267	3476	4225	4448
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	12799	14728	17284	18740	19951	20270	21041	22007	26628	30110	33322	34150
Provision for Tax	3370	4072	4911	5251	5598	4241	5631	5368	7205	7964	9214	9459
Profit After Tax	9429	10656	12373	13489	14353	16029	15410	16639	19423	22146	24108	24691
Adjustments	0	0	-1	0	0	0	-6	-45	-72	-36	-13	-11
Profit After Adjustments	9429	10656	12372	13489	14353	16029	15404	16594	19351	22110	24095	24680
Adjusted Earnings Per Share	20.6	23.3	27	29.5	31.4	36.8	35.5	39.1	45.6	52.7	58.2	59.3

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	21%	17%	16%	14%
Operating Profit CAGR	12%	15%	11%	11%
PAT CAGR	9%	13%	9%	10%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	3%	13%	15%	14%
ROE Average	32%	30%	28%	26%
ROCE Average	45%	41%	38%	36%

Infosys Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	37994	44530	50736	61744	68982	64923	64948	65450	76351	75350	75407
Minority's Interest	0	0	0	0	0	1	58	394	431	386	388
Borrowings	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	-231	-224	-486	-169	-180	-421	-278	4324	6641	7334	9590
Total Current Liabilities	8099	12031	15503	13239	14013	13781	18638	20856	23865	33603	39186
Total Liabilities	45862	56337	65753	74814	82815	78608	83366	91024	107288	116673	124571
Fixed Assets	7139	8378	11346	13386	14179	12574	15710	23789	25505	25800	29225
Other Non-Current Assets	3380	4881	7165	9675	14931	16017	14778	12659	21050	23688	24465
Total Current Assets	35343	43078	47242	51753	53705	47957	52878	54576	60733	67185	70881
Total Assets	45862	56337	65753	74814	82815	78608	83366	91024	107288	116673	124571

Infosys Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	20591	21832	25950	30367	32697	22625	19871	19568	18649	-69	138
Cash Flow from Operating Activities	7373	9825	8353	10028	11531	13218	14841	17003	23224	23885	22467
Cash Flow from Investing Activities	-3020	-2577	1088	-901	-14542	4452	-575	-239	-7456	-6416	-1209
Cash Flow from Financing Activities	-3210	-3144	-4935	-6813	-6939	-20505	-14512	-17591	-9786	-24642	-26695
Net Cash Inflow / Outflow	1143	4104	4506	2314	-9950	-2835	-246	-827	5982	-7173	-5437
Closing Cash & Cash Equivalent	21832	25950	30367	32697	22625	19871	19568	18649	24714	17472	12173

Infosys Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	20.61	23.29	27.04	29.48	31.37	36.83	35.53	39.14	45.55	52.74	58.23
CEPS(Rs)	23.01	26.16	29.26	32.67	35.09	41.11	40.18	46.07	53.41	61.12	68.47
DPS(Rs)	42	63	59.5	24.25	25.75	43.5	21.5	17.5	27	31	34
Book NAV/Share(Rs)	83.03	97.31	110.87	134.91	150.49	148.88	149.26	153.66	178.86	178.3	180.11
Core EBITDA Margin(%)	28.59	26.71	27.91	27.28	26.64	26.79	24.4	23.96	27.41	25.89	23.5
EBIT Margin(%)	31.73	29.4	32.44	30.01	29.13	28.74	25.45	24.43	26.7	24.92	22.9
Pre Tax Margin(%)	31.72	29.38	32.42	30.01	29.13	28.74	25.45	24.24	26.5	24.75	22.7
PAT Margin (%)	23.37	21.26	23.21	21.6	20.96	22.73	18.64	18.33	19.33	18.21	16.43
Cash Profit Margin (%)	26.09	23.88	25.11	23.94	23.44	25.37	21.07	21.51	22.58	21.06	19.3
ROA(%)	22.46	20.85	20.27	19.19	18.21	19.86	19.03	19.08	19.59	19.78	19.99
ROE(%)	27.2	25.83	25.98	23.99	21.98	23.99	23.8	25.62	27.52	29.39	32.3
ROCE(%)	36.94	35.72	36.31	33.32	30.52	30.28	32.4	34.01	37.83	39.96	44.58
Receivable days	58.64	56.18	61.83	61.5	63.03	65.9	61.74	66.96	68.63	63	59.84
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)	17.53	17.6	20.5	20.66	16.27	15.4	20.89	16.36	30.03	36.16	24.52
Price/Book(x)	4.35	4.21	5	4.51	3.39	3.81	4.97	4.17	7.65	10.7	7.93
Dividend Yield(%)	1.45	1.92	2.68	1.99	2.52	3.83	2.9	2.73	1.97	1.63	2.38
EV/Net Sales(x)	3.56	3.22	4.19	3.94	3.08	3.22	3.66	2.78	5.54	6.43	3.94
EV/Core EBITDA(x)	10.32	10.07	12.19	12.18	9.73	10.22	13.11	10.09	18.49	23.15	15.29
Net Sales Growth(%)	19.62	24.24	6.36	17.11	9.68	2.98	17.23	9.82	10.66	21.07	20.66
EBIT Growth(%)	9.41	15.1	17.36	8.35	6.46	1.6	3.8	5.4	20.95	13	10.87
PAT Growth(%)	13.17	13.01	16.11	9.02	6.41	11.68	-3.86	7.98	16.73	14.02	8.86
EPS Growth(%)	13.17	13.01	16.1	9.03	6.41	17.43	-3.54	10.16	16.39	15.78	10.4
Debt/Equity(x)	0	0	0	0	0	0	0	0	0	0	0
Current Ratio(x)	4.36	3.58	3.05	3.91	3.83	3.48	2.84	2.62	2.54	2	1.81
Quick Ratio(x)	4.36	3.58	3.05	3.91	3.83	3.48	2.84	2.62	2.54	2	1.81
Interest Cover(x)	2560.8	1637.44	1441.33	0	0	0	0	130.45	137.55	151.55	118.33
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0	0

Infosys Shareholding Pattern

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	12.95	12.95	13.12	13.12	13.11	13.11	13.11	13.18	13.3	13.29
FII	32.67	33.39	33.46	33.17	33.3	31.72	31.29	31.63	30.8	29.74
DII	23.1	21.98	15.66	16.3	17.1	18.87	27.96	28.52	29.67	30.96
Public	14.09	14.32	20.02	20.2	20.65	22.09	14.1	13.86	14.04	14.98
Others	17.19	17.36	17.74	17.2	15.84	14.2	13.53	12.81	12.19	11.02
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	55.17	55.17	55.17	55.17	55.17	55.17	55.17	55.17	55.17	55.17
FII	139.19	142.21	140.72	139.52	140.08	133.48	131.68	132.4	127.77	123.44
DII	98.42	93.6	65.86	68.56	71.93	79.41	117.67	119.39	123.11	128.51
Public	60.03	60.99	84.19	84.96	86.85	92.96	59.35	58.03	58.23	62.17
Others	73.25	73.94	74.61	72.35	66.64	59.74	56.92	53.62	50.58	45.74
Total	426.07	425.91	420.55	420.56	420.67	420.76	420.78	418.61	414.86	415.02

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 30%
Company is almost debt free.

Cons

Promoter holding is low: 13.29%.
Stock is trading at 7.4 times its book value.
The company has delivered a poor profit growth of 8% 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.