Buy Infosys, target price Rs 1600 : BNP Paribas Securities

BNP Paribas Securities has buy call on Infosys with a target price of Rs 1600. The current market price of Infosys is Rs 1337.25.

Infosys, incorporated in the year 1981, is a Large Cap company (having a market cap of Rs 555409.22 Crore) operating in IT Software sector.

Infosys key Products/Revenue Segments include Software Development Charges and Software Products for the year ending 31-Mar-2023.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 38494.00 Crore, up 1.00 % from last quarter Total Income of Rs 38112.00 Crore and up 9.53 % from last year same quarter Total Income of Rs 35146.00 Crore. Company has reported net profit after tax of Rs 5945.00 Crore in latest quarter.

The company’s top management includes Mr.Nandan M Nilekani, Mr.Salil Parekh, Mr.D Sundaram, Mr.Michael Gibbs, Mr.Govind Iyer, Ms.Chitra Nayak, Mr.Bobby Parikh. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-03-2023, the company has a total of 415 Crore shares outstanding.

Investment Rationale
Baking in 1QFY24 results, management commentary and guidance, we cut our FY24-26E EPS by 1-3%. Accordingly, the DCF-based TP falls by c1% to INR 1,600

Promoter/FII Holdings
Promoters held 15.14 per cent stake in the company as of 31-Mar-2023, while FIIs owned 35.09 per cent, DIIs 33.46 per cent.