IT Major Analysis

INFY: - Strong top line growth, much ahead of expectations- Broad-based growth across geographies and verticals- Sharp upward revision in FY22 revenue guidance, retains margin band- Margin managed well despite supply challenges- Pricing power coming back, could be a lever for margin improvement- Steep spike in attrition in last 12 months, but quarterly attrition stabilising- Talent shortage could ease thanks to hiring and re-skilling- Strong earnings road map riding on robust demand



- Weak revenue performance- Attrition increases, company expects it to go down- Margin broadly range-bound- Demand environment extremely strong, order wins healthy- Open to more inorganic moves- Rerating to wait till organic growth moves to top gear




- Modest show in a seasonally weak quarter- Supply crunch leads to high attrition and impacts margin- Demand environment strong, client matrix healthy- Strong momentum in employee addition- Pricing power coming back and supply side issues could ease after few quarters- Add with a modest return expectations.


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