Results to watch out - Infosys, Rane Brake, Bhansali Engineering Polymers 13 Apr 2018

The results that are expected today include Infosys, Rane Brake and Bhansali Engineering Polymers.

The results that are expected today include Infosys, Rane Brake and Bhansali Engineering Polymers.

Here is the street expectation for the companies:

Infosys Q4 FY18 (QoQ):

PAT may fall 27.8% to Rs3,702cr
Revenue in dollar terms may grow 1.9% at $2,808 million
Total income may rise 1.9% at Rs18,129cr
EBIT seen 2.5% higher at Rs4,425cr
(Source: Bloomberg)

Infosys Ltd is currently trading at Rs1,171.40 up by Rs9.15 or 0.79% from its previous closing of Rs1,162.25 on the BSE.

We believe that appointment of Mr. Parekh, reduces concerns pertaining to strategy and execution (as evident from deal wins of USD779mn (TCV) in Q3FY18). This augurs well from the FY19 growth perspective as the management is confident on BFSI vertical vs. TCS which sounded pessimistic. Better outlook for BFSI vertical, rebound in Retail & CPG coupled with order book momentum are expected to drive revenue CAGR of 6.7% over FY17-20E. Levers like lower proportion (52.7%) of fixed contracts will help in margin defence. We expect PAT CAGR of 6.5% over FY17-20E. The stock trades at attractive valuation of 14.5x, which is at an unwarranted discount of ~18% to TCS. Moreover, the cash generation is strong which should lead to higher dividend pay-out.

In Q3FY18, Infosys derived major share of revenue from BFSI vertical (~33%), while Manufacturing contributed (~22%), Retail & CPG (~14%) and Telecom (~11%). North America accounted for ~60% of the revenue followed by Europe (~24%) in Q3FY17. The management has guided for cc (constant currency) growth of 5.5-6.5% yoy for FY18.

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