Infosys Ltd

About

Infosys (the Company or Infosys) is a leading provider of consulting, technology, outsourcing and next-generation digital services, enabling clients to execute strategies for their digital transformation. Infosys strategic objective is to build a sustainable organization that remains relevant to the agenda of clients, while creating growth opportunities for employees and generating profitable returns for investors. Infosys strategy is to be a navigator for our clients as they ideate, plan and execute on their journey to a digital future.

  • Market Cap 718,112 Cr.
  • Current Price 1,708
  • High / Low 1,848 / 1,051
  • Stock P/E 34.4
  • Book Value 166
  • Dividend Yield 1.58 %
  • ROCE 35.2 %
  • ROE 27.2 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.39%
  • Company has been maintaining a healthy dividend payout of 54.63%

Cons

  • Stock is trading at 10.27 times its book value
  • The company has delivered a poor sales growth of 9.98% over past five years.
  • Promoter holding is low: 13.12%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
21,400 21,539 21,803 22,629 23,092 23,267 23,665 24,570 25,927 26,311 27,896 29,602
16,441 16,390 16,651 16,990 17,291 17,591 17,544 17,487 18,512 19,040 20,464 21,771
Operating Profit 4,959 5,149 5,152 5,639 5,801 5,676 6,121 7,083 7,415 7,271 7,432 7,831
OPM % 23% 24% 24% 25% 25% 24% 26% 29% 29% 28% 27% 26%
Other Income 753 665 736 626 827 614 475 570 611 545 622 524
Interest 0 0 40 42 42 45 48 48 49 50 49 48
Depreciation 580 531 681 727 737 749 756 855 826 831 829 859
Profit before tax 5,132 5,283 5,167 5,496 5,849 5,496 5,792 6,750 7,151 6,935 7,176 7,448
Tax % 30% 23% 26% 27% 24% 21% 26% 28% 27% 27% 28% 27%
Net Profit 3,609 4,074 3,798 4,019 4,457 4,321 4,233 4,845 5,197 5,076 5,195 5,421
EPS in Rs 8.26 9.32 8.69 9.44 10.47 10.15 9.94 11.37 12.20 11.91 12.20 12.89

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
22,742 27,501 33,734 40,352 50,133 53,319 62,441 68,484 70,522 82,675 90,791 100,472 109,736
14,927 18,531 23,007 28,814 36,743 38,436 45,362 49,880 51,700 62,505 68,524 72,583 79,787
Operating Profit 7,815 8,970 10,727 11,538 13,390 14,883 17,079 18,604 18,822 20,170 22,267 27,889 29,949
OPM % 34% 33% 32% 29% 27% 28% 27% 27% 27% 24% 25% 28% 27%
Other Income 1,039 1,211 1,904 2,365 2,664 3,430 3,120 3,050 3,311 2,882 2,803 2,201 2,302
Interest 2 2 4 5 9 12 0 0 0 0 170 195 196
Depreciation 905 854 928 1,099 1,317 1,017 1,459 1,703 1,863 2,011 2,893 3,267 3,345
Profit before tax 7,947 9,325 11,699 12,799 14,728 17,284 18,740 19,951 20,270 21,041 22,007 26,628 28,710
Tax % 21% 27% 29% 26% 28% 28% 28% 28% 21% 27% 24% 27%
Net Profit 6,266 6,835 8,332 9,429 10,656 12,372 13,489 14,353 16,029 15,404 16,594 19,351 20,889
EPS in Rs 13.65 14.88 18.14 20.52 23.31 26.93 29.36 31.24 36.69 35.26 38.96 45.42 49.20
Dividend Payout % 23% 50% 32% 25% 34% 55% 41% 41% 59% 60% 45% 59%
Compounded Sales Growth
10 Years: 14%
5 Years: 10%
3 Years: 13%
TTM: 16%
Compounded Profit Growth
10 Years: 11%
5 Years: 7%
3 Years: 7%
TTM: 17%
Stock Price CAGR
10 Years: 17%
5 Years: 28%
3 Years: 39%
1 Year: 53%
Return on Equity
10 Years: 25%
5 Years: 24%
3 Years: 25%
Last Year: 27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
286 286 286 286 286 572 1,144 1,144 1,088 2,170 2,122 2,124 2,097
Reserves 22,763 25,690 31,046 37,708 44,244 50,164 60,600 67,838 63,835 62,778 63,328 74,227 67,842
Borrowings 0 0 0 0 0 0 0 0 0 0 4,633 5,325 5,146
4,455 5,317 7,025 8,281 12,436 15,553 13,354 14,166 14,426 19,118 21,717 25,835 31,025
Total Liabilities 27,504 31,293 38,357 46,275 56,966 66,289 75,098 83,148 79,349 84,066 91,800 107,511 106,110
4,946 5,235 5,555 7,139 8,378 11,346 13,386 14,179 12,574 15,710 23,789 25,505 25,529
CWIP 409 264 590 1,140 961 776 960 1,365 1,606 1,388 954 922 383
Investments 3,702 144 372 2,116 4,331 2,270 1,892 16,423 12,163 11,261 8,792 14,205 15,079
18,447 25,650 31,840 35,880 43,296 51,897 58,860 51,181 53,006 55,707 58,265 66,879 65,119
Total Assets 27,504 31,293 38,357 46,275 56,966 66,289 75,098 83,148 79,349 84,066 91,800 107,511 106,110

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
6,187 4,752 6,394 7,373 9,825 8,353 10,028 11,531 13,218 14,841 17,003 23,224
-3,634 3,443 -147 -2,922 -2,563 999 -885 -14,664 4,533 -632 -331 -7,373
-1,485 -3,640 -2,322 -3,210 -3,144 -4,935 -6,813 -6,939 -20,505 -14,512 -17,591 -9,786
Net Cash Flow 1,068 4,555 3,925 1,241 4,118 4,417 2,330 -10,072 -2,754 -303 -919 6,065

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 56 62 64 64 61 66 66 66 68 65 74 70
Inventory Days
Days Payable
Cash Conversion Cycle 56 62 64 64 61 66 66 66 68 65 74 70
Working Capital Days 52 26 26 33 15 3 34 38 50 36 44 38
ROCE % 38% 38% 41% 37% 36% 36% 33% 30% 30% 32% 33% 35%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
12.82 12.84 13.04 13.15 13.15 13.15 13.15 12.95 12.95 12.95 12.95 13.12
34.46 34.04 33.32 33.51 31.76 31.01 30.47 31.31 32.26 32.67 33.39 33.46
22.57 22.87 23.02 22.79 23.99 24.68 25.43 24.97 23.75 23.10 21.98 15.66
29.67 29.78 30.15 30.10 30.66 30.73 30.53 30.37 30.66 30.92 31.32 37.41
0.47 0.47 0.47 0.44 0.44 0.43 0.42 0.40 0.38 0.36 0.36 0.35

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