BUY CMP 2668.20 Target Price 2988.38 INFOSYS LIMITED Result Update: Q3 FY13 JAN 11 th, 2013 ISIN: INE009A01021 Stock Data Sector IT BSE Code 500209 Face Value / Div. Per Share 5.00 52wk. High / Low (Rs.) 2990.00/2101.65 Volume (2wk. Avg ) 69000 Market Cap ( Rs in mn ) 1526210.40 Annual Estimated Results (A*: Actual / E*: Estimated) Years FY12A FY13E FY14E Net Sales 337340.00 406494.70 465842.93 EBITDA 116830.00 131788.58 149503.98 Net Profit 83160.00 93240.42 104054.77 EPS 145.38 163.01 181.91 P/E 18.35 16.37 14.67 Shareholding Pattern (%) BSE SENSEX 1 Year Comparative Graph INFOSYS LTD SYNOPSIS Infosys Ltd. is a global leader company in the "next generation" of IT and consulting Services & is recognized for its world-class management practices and work ethics. During the quarter, the robust growth of Net Sales is increased by 12.11% to Rs. 104240 mn. During the quarter, 53 new clients were added by Infosys and its subsidiaries. Infosys won 8 large outsourcing deals amounting to US$ 731 Mn of total contract value. OSG Corporation has selected Infosys CommerceEdge to transform its legacy e- Commerce platform. Infosys American Depositary Shares (ADS) have started trading on the NYSE under the ticker symbol INFY. Infosys has signed an agreement with the Ministry of Corporate Affairs, Government of India, to implement MCA21 v2, a multi-year business transformation project. Infosys has been selected by Lloyd's Register Group as its information systems transformation partner. Banca Mifel and Nykredit announced the successful implementation of the Finacle universal & core banking solution respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 19% and 15% over 2011 to 2014E respectively. Peer Groups CMP Market Cap EPS P/E (x) P/BV(x) Dividend Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) Infosys Ltd 2668.20 1526210.40 145.38 18.35 4.87 940.00 TCS Ltd 1302.50 2542234.40 62.57 20.76 10.27 2500.00 HCL Technologies Ltd 650.10 452402.80 32.43 20.08 6.85 600.00 Wipro Ltd 409.75 1007800.60 21.49 19.04 0.00 300.00
Investment Highlights Results updates- Q3 FY13, Infosys Ltd. is a global leader company in the "next generation" of IT and Consulting Services & is recognized for its world-class management practices and work ethics, reported its consolidated financial results for the quarter ended 31 st December, 2012. Months Dec-12 Dec-11 % Change Net Sales 104240.00 92980.00 12.11% PAT 23690.00 23720.00 (0.13)% EPS 41.42 41.47 (0.13)% EBITDA 109270.00 97200.00 12.42% The company s net profit falls to Rs.23690.00 million against Rs.23720.00 million in the corresponding quarter ending of previous year, a decrease of 0.13%. Revenue for the quarter rose 12.11% to Rs.104240.00 million from Rs.92980.00 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs.41.42 a share during the quarter, registering 0.13% decrease over previous year period. EBITDA is Rs.109270.00 millions as against Rs.97200.00 millions in the corresponding period of the previous year. Segment Revenue Particulars (Value in Rs. Millions) Q3 FY13 Q3 FY12 Financial Services & Insurance (FSI) 35110.00 32810.00 Retail, Logistics, Consumer Product Group, Life Sciences & Health Care Enterprises (RCL) 25120.00 21530.00 Energy, Utilities & Telecommunication Services (ECS) 21360.00 19670.00 Manufacturing enterprises (MFG) 22650.00 18970.00
Latest Updates Infosys won 8 large outsourcing deals amounting to US$ 731 Mn of total contract value. Infosys has been awarded the National Energy Conservation Award 2012 for its energy conservation efforts at the company's campus in Jaipur and Pune. Infosys announced that Finacle, the universal banking solution, has been ranked as a long-term leader in The Forrester Wave : Global Banking Platforms, Q4 2012, published by Forrester Research, Inc. Infosys Finacle scored highest in the categories of multichannel enablement & implementation & development resources. OSG Corporation has selected Infosys CommerceEdge to transform its legacy e-commerce platform. The new digital commerce platform will provide OSG with a robust merchandizing support and offers a range of tools to engage with their customers through online and mobile channels. The Cloud-based platform will reduce operating costs by up to 40% as compared to other available systems. Infosys has been awarded the No.1 spot globally for its corporate governance practices by IR Global Rankings (IRGR). Infosys announced that its American Depositary Shares (ADS) have started trading on the New York Stock Exchange (NYSE) under the ticker symbol INFY. The company is in the process of listing its ADS on the Paris and London exchanges of NYSE Euronext. Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has announced its partnership with Infosys to implement the new generation Finacle e-banking & mobile banking solution. The Bank will install Finacle s consumer e-banking, corporate e-banking and mobile banking solutions. Infosys BPO Ltd has been awarded the 2012 Optimas Award for Managing Change. Infosys BPO Ltd has won the Gold Award for Marketing Excellence in the category of Marketing with Social and Interactive Media at the Information Technology Services Marketing Association (ITSMA) Awards 2012. Infosys announced the launch of a new solution called "India in a Box" for its Japanese clients. The new innovative solution is based on industry-standard Microsoft Dynamics NAV. It enables Japanese companies to jumpstart their business operations in India a shorter time by moving to a robust IT infrastructure in just eight weeks. Infosys, Microsoft & Gen-i have announced a managed service platform designed to simplify the deployment, management and control of Cloud services for Australian and trans-tasman enterprises and government agencies.
Infosys has received the Microsoft Platform Modernization award for sales achievement for its Legacy Modernization solution, which helps customers migrate to Microsoft platforms. Infosys has signed an agreement with the Ministry of Corporate Affairs (MCA), Government of India, to implement MCA21 v2, a multi-year business transformation project. The company will provide services, application support, and infrastructure operations for at least five years in a contract valued at approximately US$ 50 million. Infosys has been selected by Lloyd's Register Group, a global independent risk and safety assurance organization, as its information systems transformation partner. Infosys will build and deploy consistent technology platforms across Lloyd's Register's 238 offices in 168 countries. Banca Mifel, one of Mexico s leading banks, and Infosys, a global leader in consulting and technology, today announced the successful implementation of the Finacle universal banking solution. The bank is using Finacle to maximize straight-through processing and accelerate automation of operations across its delivery channels and 47 branches. Nykredit, a leading financial institution in Denmark, and Infosys announced the successful implementation of Finacle core banking solution across the bank's corporate lending business. Bunna International Bank announced the selection of Finacle core banking solution from Infosys for its banking transformation. Finacle will enable the bank to integrate its front and back office operations and deploy a state-of-the-art loan origination system. This will include automating the credit check and loan approval processes for risk-free and efficient loan disbursals. Infosys Positioned as a Leader in the Magic Quadrant for International Retail Core Banking 2012.
Graphical Representation Revenue by Service Offering (Q3 FY13) Revenue Mix (Q3 FY13) Geography Revenue Concentration (Q3 FY13)
Client Contribution to Revenue (Q3 FY13) Utilization (Q3 FY13) Revenue by Industry (Q3 FY13)
Company Profile Infosys Limited, formerly known as Infosys Technologies Limited is a global technology Services Company headquartered in Bangalore, India. The company has changed its name to Infosys Ltd. on June 16, 2011. It is the second largest IT exporter in India. Infosys Limited was started in 1981 by seven people with US$ 250. Today, it is a global leader in the "next generation" of IT and consulting with revenues of US$ 6.994 billion (FY12). Infosys takes pride in building strategic long-term client relationships. 97.8% of revenues come from existing customers (FY12). Infosys defines designs and delivers technology-enabled business solutions for Global 2000 companies. Infosys provides a complete range of services by leveraging its domain and business expertise and strategic alliances with leading technology providers. Infosys pioneered the Global Delivery Model (GDM), which emerged as a disruptive force in the industry leading to the rise of offshore outsourcing. The GDM is based on the principle of taking work to the location where the best talent is available, where it makes the best economic sense, with the least amount of acceptable risk. Certification The company constantly benchmarks its services and processes against globally recognized quality standards. The company s certifications include SEI-CMMI Level 5, CMM Level 5, PCMM Level 5, TL 9000 and ISO 9001-2000. In February 2007, Infosys BPO was certified for escm level 4.0, the esourcing Capability Model for Service Providers developed by a consortium led by Carnegie Mellon University's Information Technology Services Qualification Centre. Global presence Infosys has a global footprint with 66 offices and 69 development centers in US, India, China, Australia, Japan, Middle East, UK, Germany, France, Switzerland, Poland, Netherlands, Canada and many other countries. Infosys and its subsidiaries have 1,55,629 employees as on December 31, 2012. Products and Services offered by the company: The Company s offerings span business & technology consulting, services, systems, product engineering, custom software development, maintenance, re-engineering, independent testing & validation services, IT infrastructure services & BPO. IT Services Application Services Architecture Services Enterprise Quality Services
Independent Validation Services Information Mgt. Services Infrastructure Services Packaged Application Services SOA Services Systems Integration Services Engineering Services Mechanical Product Development Electronics/ Hardware Development Software Product Development Embedded Systems Value Analysis/ Engineering & Benchmarking Manufacturing Engineering & Digital Manufacturing Industrial Automation & Controls Tooling & Commodity Management Professional Services Product Ownership & End of Life Product Lifecycle Management (PLM) Knowledge-based Engineering Manufacturing Execution Systems Contact Center & Unified Communications Engineering Consulting Engineering Segments Aerospace Automotive Industrial Manufacturing High-Tech Software Energy Utilities Communication Services Retail Consumer Packaged Goods Life Sciences Financial Services
BPO Services Business Platforms Customer Service Outsourcing Finance and Accounting Human Resource Outsourcing Knowledge Services Legal Services Order Management Sourcing and Procurement Outsourcing Product and Platforms Finacle Flypp Infosys Edge Infosys CommerceEdge Infosys SocialEdge Infosys TalentEdge Infosys HIMI Infosys iprowe Infosys MaskIT Infosys mconnect Infosys Research on Demand itransform Supply Chain Visibility Infosys Unified Communications and Collaboration (UC) Subsidiaries of the company: Infosys BPO Limited Infosys Technologies (Australia) Pty Limited Infosys Consulting Inc. Infosys Technologies (China) Company Limited Infosys Technologies S. De R.L. De C V., Mexico Infosys Technologies (Sweden) Infosys Tecnologia Do Brazil Infosys Public Services Inc. Infosys Technologies (Shanghai) Co Ltd
Alliances Global Alliance Partners The partnership focuses on developing solutions that incorporate Infosys IP and the alliance partners' technology and services. We jointly deliver and market Infosys' solutions to clients across multiple industries and geographies. Microsoft Oracle SAP Alliance Partners CA Technologies Hewlett-Packard (HP) IBM Informatica Salesforce.com Schlumberger Siemens TIBCO Software Inc. Autonomy Corporation Sterling Commerce Pegasystems Xerox OSIsoft Cloud Cloud adoption is a complex process and the multiplicity of available options has led to confusion over how to embark on a viable Cloud Journey. IT and business teams follow different approaches to Cloud adoption. It continues to strengthen Cloud ecosystem, with over 30 partners delivering a trusted system for our clients. A large hi-tech client has selected Infosys to develop a Cloud-based monitoring solution, using technologies such as Hadoop and Exadata, to manage and meter its enterprise infrastructure. The company is working with a large railroad client in North America on its strategy to move mainframe-based legacy applications to the Cloud. A leading healthcare provider has selected Infosys as a partner to migrate its existing workload to Microsoft Office 365 as its primary messaging and collaboration platform. This provides the client productivity improvement and high asset optimization.
Finacle Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products & service, enhance customer experience and achieve greater operational efficiency. Finacle solutions address the core banking, wealth management, CRM, Islamic banking & treasury requirements of retail, corporate and universal banks worldwide. Finacle solutions also empower banks with multiple sales, service & marketing channels including e-banking, mobile banking and call centers. Finacle is the chosen solution in over 154 banks across 75 countries. Other offerings in the Finacle universal banking solution include: Finacle Core banking solution for regional rural banks. Finacle Alerts solution, which enables banks to alert end-users on events recorded by diverse business systems. Finacle WatchWiz, a comprehensive new-generation monitoring solution that allows banks to monitor diagnose and resolve issues. Finacle Advizor, which combines the convenience of human intervention with banking self-service channels through the interplay of video, audio & data communication.
Financial Highlight Balance Sheet as on 31 st March 2012 FY12 FY13E FY14E EQUITY AND LIABILITIES: Shareholders Funds: Share Capital 2860.00 2860.00 2860.00 Reserves and Surplus 310460.00 403700.42 507755.19 Net worth (a) 313320.00 406560.42 510615.19 Non-Current Liabilities: Deferred Tax Liabilities [Net] 2700.00 3375.00 4387.50 Other Long Term Liabilities 1230.00 1525.20 1837.87 Long term liabilities (b) 3930.00 4900.20 6225.37 Current Liabilities: Trade Payables 230.00 241.50 255.99 Other Current Liabilities 30590.00 35484.40 41161.90 Short Term Provisions 38200.00 45840.00 55466.40 Current Liabilities 69020.00 81565.90 96884.29 Total (a+b+c) 386270.00 493026.52 613724.85 ASSETS: Non-Current Assets: Fixed Assets: Tangible Assets 43750.00 44843.75 45516.41 Intangible Assets 11800.00 15812.00 20713.72 Capital work-in-progress 5900.00 10325.00 14455.00 (d) 61450.00 70980.75 80685.13 Deferred tax assets 5350.00 8399.50 12380.86 other non-current assets 150.00 150.00 150.00 Non Current Investments 40.00 40.00 40.00 Long Term Loans and Advances 16670.00 20004.00 23204.64 (e) 22210.00 28593.50 35775.50 Current Assets: Current Investments 3680.00 6955.20 11104.50 Trade Receivables 58820.00 76466.00 94817.84 Cash and Bank Balances 205910.00 262493.07 328116.34 Short Term Loans and Advances 34200.00 47538.00 63225.54 (f) 302610.00 393452.27 497264.22 Total (d+e+f) 386270.00 493026.52 613724.85
Annual Profit & Loss Statement for the period of 2011 to 2014E Value(Rs.in.mn) FY11 FY12 FY13E FY14E Description 12m 12m 12m 12m Net Sales 275010.00 337340.00 406494.70 465842.93 Other Income 12110.00 19040.00 22848.00 25589.76 Total Income 287120.00 356380.00 429342.70 491432.69 Expenditure -193990.00-239550.00-297554.12-341928.71 Operating Profit 93130.00 116830.00 131788.58 149503.98 Interest 0.00 0.00 0.00 0.00 Gross profit 93130.00 116830.00 131788.58 149503.98 Depreciation 0.00 0.00 0.00 0.00 Profit Before Tax 93130.00 116830.00 131788.58 149503.98 Tax -24900.00-33670.00-38548.16-45449.21 Profit After Tax 68230.00 83160.00 93240.42 104054.77 Minority Interest 0.00 0.00 0.00 0.00 Share of Profit & Loss of Asso 0.00 0.00 0.00 0.00 Net Profit 68230.00 83160.00 93240.42 104054.77 Equity capital 2860.00 2860.00 2860.00 2860.00 Reserves 256900.00 310460.00 403700.42 507755.19 Face value 5.00 5.00 5.00 5.00 EPS 119.28 145.38 163.01 181.91 Quarterly Profit & Loss Statement for the period of 30 June, 2012 to 31 Mar, 13E Value(Rs.in.mn) 30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13E Description 3m 3m 3m 3m Net sales 96160.00 98580.00 104240.00 106846.00 Other income 4760.00 7060.00 5030.00 5734.20 Total Income 100920.00 105640.00 109270.00 112580.20 Expenditure -69230.00-72610.00-77470.00-79493.42 Operating profit 31690.00 33030.00 31800.00 33086.78 Interest 0.00 0.00 0.00 0.00 Gross profit 31690.00 33030.00 31800.00 33086.78 Depreciation 0.00 0.00 0.00 0.00 Profit Before Tax 31690.00 33030.00 31800.00 33086.78 Tax -8800.00-9340.00-8110.00-8850.71 Profit After Tax 22890.00 23690.00 23690.00 24236.06 Minority Interest 0.00 0.00 0.00 0.00 Share of Profit & Loss of Asso 0.00 0.00 0.00 0.00 Net Profit 22890.00 23690.00 23690.00 24236.06 Equity capital 2860.00 2860.00 2860.00 2860.00 Face value 5.00 5.00 5.00 5.00 EPS 40.02 41.42 41.42 42.37
Ratio Analysis Particulars FY11 FY12 FY13E FY14E No. of Shares(in mn) 572.00 572.00 572.00 572.00 EBITDA Margin (%) 33.86% 34.63% 32.42% 32.09% PBT Margin (%) 33.86% 34.63% 32.42% 32.09% PAT Margin (%) 24.81% 24.65% 22.94% 22.34% P/E Ratio (x) 22.37 18.35 16.37 14.67 ROE (%) 26.27% 26.54% 22.93% 20.38% ROCE (%) 35.85% 37.29% 32.42% 29.28% EV/EBITDA (x) 16.39 13.06 11.58 10.21 Book Value (Rs.) 454.13 547.76 710.77 892.68 P/BV 5.88 4.87 3.75 2.99 Charts
Outlook and Conclusion At the current market price of Rs.2668.20, the stock P/E ratio is at 16.37 x FY13E and 14.67 x FY14E respectively. Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.163.01 and Rs.181.91 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 19% and 15% over 2011 to 2014E respectively. On the basis of EV/EBITDA, the stock trades at 11.58 x for FY13E and 10.21 x for FY14E. Price to Book Value of the stock is expected to be at 3.75 x and 2.99 x respectively for FY13E and FY14E. We expect that the company surplus scenario is likely to continue for the next three years, will keep its growth story in the coming quarters also. We recommend BUY in this particular scrip with a target price of Rs.2988.00 for Medium to Long term investment. Industry Overview The Information Technology (IT) and information technology enabled services (ITeS) industry has been one of the key driving forces fuelling India's economic growth. IT and ITeS sector's contribution to the national GDP has increased from 1.2 per cent in 1997-98 to an estimated 7.5 per cent in 2011-12. IT has evolved as a major contributor to India's GDP and plays a vital role in driving growth of the economy in terms of employment, export promotion, and revenue generation. The IT-BPO sector is responsible for creating significant employment opportunities in the economy. Direct employment within the IT-BPO sector is expected to grow by over 9 per cent to reach 2.77 million, with over 230,000 jobs being added in 2011-12. IT services exports (including Engineering Research and Design (ER&D) and software products) continue to be the largest employer within the industry with nearly 47 per cent share of total direct employment, BPO exports generate about 32 per cent of the total industry employment, and the remaining 22 per cent is accounted for by the domestic IT-BPO sector. The sector is responsible for enabling employment to an additional 8.9 million people in various associated sectors - catering, security, transportation, housekeeping, etc.
Market Size As per NASSCOM estimates, IT and ITeS sector (excluding hardware) revenues are estimated at US$ 87.6 billion in FY 2011-12. The industry is expected to grow by 19 per cent during FY 2012-13. Additionally, the market size of the industry is expected to rise to US$ 225 billion by 2020 considering India's competitive position, growing demand for exports, Government policy support, and increasing global footprint. According to a study by management advisory firm Zinnov, adoption of IT services in the Indian SME segment is growing at 15 per cent and is expected to reach US$ 15 billion by 2015. The public cloud services market in India is projected to grow to US$ 326.2 million, registering 32.4 per cent growth in 2012, according to a report by Gartner. The Indian software and services exports including BPO exports is estimated at US$ 68.7 billion in 2011-12, as compared to US$ 59 billion in 2010-11, an increase of 16.4 per cent. The IT services exports is estimated to be US$ 39.8 billion in 2011-12 as compared to US$ 33.5 billion in 2010-11, showing a growth of 18.8 per cent. BPO exports is estimated to grow from US $ 14.2 billion in 2010-11 to US$ 15.9 billion in 2011-12, a year-on-year (Yo-Y) growth of about 12 per cent. IT services contributed 58 per cent of total IT-BPO exports in 2011-12, followed by BPO at 23 per cent and software products / engineering at 19 per cent. Investment Indian IT's core competencies and strengths have placed it on the international canvas, attracting investments from major countries. Between April 2000 and May 2012, the computer software and hardware sector attracted cumulative foreign direct investment (FDI) of US$ 11,262 million, according to the Department of Industrial Policy and Promotion (DIPP). More recently, online retailing, cloud computing and e-commerce are the major driving forces behind the rapidly increasing growth in the IT industry. Online shopping has increased with the emergence of internet retailing and e-commerce. India's IT-BPO revenues are also driven by a rapid increase in rural BPO units, which accounted for more than US$ 10 million in the total sector revenues.
Some of the major initiatives in Indian IT and ITeS sector are: Intel Capital, Intel Corporation's global investment and M&A organisation, plans to invest up to US$ 40 million in ten innovative Indian technology companies Kakinada Special Economic Zone (SEZ), being developed by GMR Group, has entered into a partnership agreement with Bengaluru-based RuralShores Business Services Pvt Ltd for setting up a BPO centre Tata Consultancy Services (TCS) plans to set up operations in Madhya Pradesh (MP) by building a new integrated campus in Indore, with an initial investment of Rs 550 crore (US$ 99.09 million) in the first phase MindTree Ltd has opened its first delivery centre outside India in Gainesville, Florida. The company plans to invest US$ 2.93 million and create 400 new jobs over the next five years BPO firm ExlService Holdings has announced the acquisition of US-based Landacorp Inc. The acquisition will provide Exl with an end-to-end solution for the healthcare industry Government Initiatives The 51 software technology parks of India (STPI) centres that have been set up since inception of the programme have given a major boost to IT and ITeS exports. Apart from exemption from customs duty available for capital goods there are also exemptions from service tax, excise duty, and rebate for payment of Central Sales Tax. FDI upto 100 per cent under the automatic route is allowed in Data processing, software development and computer consultancy services; Software supply services; Business and management consultancy services, Market Research Services, Technical testing & Analysis services. Some of the major initiatives taken by Government of India to promote IT and ITeS sector in India are: The Cabinet has recently approved the National Policy on Information Technology 2012. The policy aims to increase revenues of IT and ITeS industry from US$ 100 billion to US$ 300 billion by 2020 and expand exports from US$ 69 billion to US$ 200 billion by 2020 The Government of India plans to set up 15 new laboratories for testing hardware and software products under public-private partnership (PPP) model The Ministry of Finance has issued a circular to chairmen of public sector banks and regional rural banks, that all payments to customers, staff, vendors and suppliers as well as disbursement of loans and payments towards investments should be made only through the electronic mode The Government of India plans to announce incentives to promote IT related export hubs in small towns to attract investors towards SEZs. The Government may also allow broad banding of sectors, which will allow ancillary units to come up in sector-specific SEZs
Road Ahead According to 'India Information Technology Report Q1 2011', released by Research and Markets, Indian market for IT services and products is expected to grow from US$ 18.6 billion in 2011 to US$ 40.5 billion in 2015. During the year 2011, government procurement is expected to grow substantially while opportunities in healthcare, education, telecom and financial services would broaden further. Further, NASSCOM expects software and services exports growth at 16-18 per cent, clocking US$ 68-70 billion of revenues in FY2012 whereas, domestic market is expected to grow by 15-17 per cent with revenues of US$ 20.12-20.56 billion. Newer phenomenon like cloud, analytical services, advanced mobile applications, healthy environment for start-ups and SaaS will drive the industry growth. According to latest projections released by Cybermedia Research, the aggregate market size of domestic IT products and ITeS would reach US$ 52.3 billion crore by 2014, growing 17.3 per cent between 2010 and 2014. Disclaimer: This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable but do not represent that it is accurate or complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it s affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This document is provide for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision.
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