UBS on Infosys : Buy, TP Rs 1415

Q2 weaker than expected, leading to a further guidance cut for FY27. Revenue growth of 1.2% QoQ cc was below UBSe of 1.5% and consensus of 1.8%. EBIT margin came in at 21.0% (-10bps QoQ), c30bps below UBSe of 21.3% and c20bps below consensus of 21.2%. Reported EPS of Rs19.3 was c1% below UBSe of Rs19.5 and c2% below consensus of Rs19.7 Company revised FY27 revenue growth guidance to 1-2% YoY cc, while maintaining margin guidance at 20-22%.

INFOSYS LIMITED

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