CITI on Infosys ; Neutral, TP Rs 1105

Largely inline 2Q on revenues/EBIT; deal TCV at $5b+ was strong. Forward looking indicators – (a) Organic guidance now implies -0.2% yoy at the mid-point, vs +0.6% post 1Q and +2.3% yoy at start of FY; (b) TTM TCV +41% yoy; (c) Headcount flattish yoy; (d) Mgmt commentary – good deal TCV & AI growth positive; client spending cautious FY27E/FY28E EPS revised marginally by 0-1% New mega deal should address some concerns around Infy starting FY28 at a disadvantage relative to peers, after the loss in a European mfg. client.

INFOSYS LIMITED

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