Infosys hits record high; zooms 103% in one year
Published On: Thursday, July 15, 2021 | By: Team KnowMyStock
On the BSE in the intra-day trade today(15th July 2021) Shares of Infosys hit a fresh record high of Rs 1,597.25, up 1.3 percent. The country’s second-largest IT services player yesterday raised its revenue growth guidance for the financial year 2021-22 (FY22) buoyed by a robust deal pipeline. The stock surpassed its previous high of Rs 1,590.85 touched on June 30, 2021. In the past year, Infosys has outperformed the market by zooming 103 percent, as compared to a 47 percent rally in the S&P BSE Sensex. Infosys now expects its revenue to grow by 14-16 percent in FY22, up from the earlier estimate of 12-14 percent. This guidance is ahead of the one-percentage-point increase analysts were estimating. The company, however, maintained margin guidance at 22-24 percent in FY22. Analysts expect Infosys to deliver another year of an ongoing guidance raise as the current one does not fully factor in strong technology demand and execution of its record high deal wins.
For the quarter ended June 2021 (Q1FY22), Infosys reported a consolidated net profit of Rs 5,195 crore, up 22.7 per cent year-on-year (YoY) and 2.3 per cent sequentially. The firm’s revenue grew 17.9 per cent to Rs 27,896 crore on a YoY basis, while it rose 6 per cent compared to the previous quarter. Its US dollar revenue grew at 4.7 per cent sequentially to $3.78 billion. In constant currency terms, it was up 4.8 per cent.
The company said its June-quarter revenue growth was the fastest over the last decade. Meanwhile, its total contract value (TCV) of large deals was $2.6 billion during the quarter.
Infosys is a key beneficiary of multi-year growth (15-20 per cent) in digital technologies. Increase in outsourcing in Europe, vendor consolidation and large deal pipeline other key growth drivers.
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