Infosys Result Update

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Infosys Q3 FY 10 revenues grew 2.8% QoQ to Rs5741 Crs while the Management guidance was Rs 5429 Crs to Rs 5476 Crs for the quarter. In US dollar terms revenues increased 6.8% QoQ reflecting improved demand. Infosys reported a diluted EPS of Rs.27.72 in Q3 FY10 which was significantly higher than its guidance.

At current price of Rs.2488 Infosys is trading at PE multiple of 23.2 for FY10E estimated EPS of Rs.107. Expected increase in demand from US and European countries further increase the demand over next couple of quarters and provide some upside. However, expected rupee appreciation against the US dollar remains a major concern.

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