Buy Infosys; Target Rs 3650_ Firstcall Research

8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research

1/18

3313.00

3650.00

: 009A01021

B 14

2013

A : 2 14

BUYBUYBUYBUY

B 500209

5.00

52. / (.) 3360.00/2190.00

(2. A.) 212000

(. .) 1898420.00

A 13A 14 15

403520.00 460012.80 510614.21

BA 127880.00 139135.72 152398.20

94210.00 103656.11 111403.08

164.70 181.22 194.76

/ 16.20 14.72 13.70

.

SYNOPSIS

I L. "" I & .

D , N 31.52% . 129650.00 .

I . 105640 30, 2012 .134750 30,2013.

I L .20/ .

D , 68 I .

I L. M E PE .

I BPO AN , .

F 18 A, E A, M E, E, A,N .

I 2013 I I I .

I F 11E, F .

N PA CAG 15% 10% 2012 2015E.

A A / () /B()

(.) . . (.) (%)

. 3313.00 1898420.00 164.70 16.20 4.02 840.00

. 2163.30 4225640.10 67.71 31.89 17.07 2500.00

. 1163.00 811566.90 53.06 21.91 7.87 600.00

. 504.10 1245513.30 24.30 20.79 5.11 300.00


2/18

A (A)

2 14 (30 2013)

13 12 %

129650.00 98580.00 31.52%

A 24070.00 23690.00 1.60%

42.08 41.42 1.60%

BA 134750.00 105640.00 27.56%

I L. . 129650.00 2 201314

. 98580.00 .

EBIDA . 134750.00 . 24070.00 . 23690.00

. EP . 42.08 2 EP . 41.42 .

( . ) 2 14 2 13

F & I (FI) 43330.00 33170.00

, L, C P G, L &H C E (CL)

31320.00 23690.00

E, & (EC) 24950.00 19940.00

M (MFG) 30050.00 21780.00


3/18

I L . 20/ . O 21, 2013. . 15/ .

I L. M E PE . 4 I ,

E,

.

, , I E G P (GP) 2013.

I G M O A M P, , 2013.

I L E E D (LEED) I P I G B C D B (DB) 3 M DB 6

M, I. , I

P , LEED .

I BPO AN (F&A) . I BPO

AN AN

30 E, M E A.

F, I, B C B 20 .

F 18 A, E A, M E, E, A, N . I F 11E, F

. F 11E .

D , 25 M , M , , , .

I 2013 I I I . I C 2013 10 G P C 5A

C .


4/18

(2 14)

(2 14)


5/18

(2 14)


6/18

A

I L, I L C

B, I. I I I.

, I " " I $ 7.4 .

I . 98%

(F13). I G 2000

. I

.

I G D M (GDM),

. GDM

, , .

I 73 90 , I, C, A, J,

M E, K, G, F, , P, N, C . I

160,227 30, 2013.

:

C & , , , ,

, , , & , I & BPO.

A A E I

I M. I P A OA I

M P D


7/18


8/18

F F I E

I CE

I E I E

I HIMI I P I MI I C I D C I C C (C)

:

I L, , I (A) P. L I BPO L I B L I (C) C. L I () C. L I . . L. C. . M I P I.

A

A I IP '

. I'

.

M O AP


9/18

A

CA HP (HP) IBM

I I .

IBCO I. A C

C P

OI NA G H D

(HD)

C

C J. I C . I

C , 30 . A

I C ,

H E, .

N A C. A

I M O

365 .

. C B D .

L , 15 . I C

4,500 C , 200 35 . IDC

I M P IDC M C P .

F I ,

& , . F

, , CM, I & ,

. F , &

, . F

168 81 . D 2 F14, I F 11E, F

. F 11E

. F 18 A, E A, M E, E,

A, N .


10/18

AA (A)

31, 2012 2015

12A 13A 14 15

A AB:

:

2860.00 2860.00 2860.00 2860.00

310460.00 377080.00 452496.00 538470.24

) 313320.00 379940.00 455356.00 541330.24 :

0.00 560.00 0.00 0.00

1230.00 1820.00 2366.00 2839.20

) 1230.00 2380.00 2366.00 2839.20 :

230.00 1890.00 2646.00 3307.50

30590.00 39410.00 47292.00 54385.06

38200.00 39690.00 40880.00 41902.00

) 69020.00 80990.00 90818.00 99594.56 (++) 383570.00 463310.00 548540.00 643764.00

A:

A:

43750.00 48070.00 53357.70 58906.90

11800.00 23320.00 33814.00 46325.18

5900.00 11400.00 16872.00 22608.48 2650.00 4690.00 6800.50 8976.66

150.00 310.00 480.50 648.68

40.00 3770.00 7125.30 10687.95

16670.00 18320.00 20225.28 22328.71

) A 19510.00 27090.00 34631.58 42641.99 A:

3680.00 17390.00 30692.04 45117.30

58820.00 70830.00 83579.40 96952.10

205910.00 218320.00 232291.78 247157.74

34200.00 46890.00 63301.50 84054.30

) A 302610.00 353430.00 409864.72 473281.44 (+) 383570.00 463310.00 548540.00 643764.00


11/18

A & 2012 2015

(..) 12A 13A 14 15

12 12 12 12

337340.00 403520.00 460012.80 510614.21

19040.00 23590.00 26892.60 29850.79

356380.00 427110.00 486905.40 540464.99

239550.00 299230.00 347769.68 388066.80

116830.00 127880.00 139135.72 152398.20

0.00 0.00 0.00 0.00

116830.00 127880.00 139135.72 152398.20

0.00 0.00 0.00 0.00

116830.00 127880.00 139135.72 152398.20

33670.00 33670.00 35479.61 40995.11

83160.00 94210.00 103656.11 111403.08

0.00 0.00 0.00 0.00

& . 0.00 0.00 0.00 0.00

83160.00 94210.00 103656.11 111403.08

2860.00 2860.00 2860.00 2860.00

& 310460.00 377080.00 452496.00 538470.24

5.00 5.00 5.00 5.00

145.38 164.70 181.22 194.76


12/18

& 31 A, 2013 31 , 2013

(..) 3113 3013 3013 3113

3 3 3 3

104540.00 112670.00 129650.00 138725.50

6740.00 5770.00 5100.00 4590.00

111280.00 118440.00 134750.00 143315.50

79920.00 86030.00 101280.00 107983.93

31360.00 32410.00 33470.00 35331.57

0.00 0.00 0.00 0.00

31360.00 32410.00 33470.00 35331.57

0.00 0.00 0.00 0.00

31360.00 32410.00 33470.00 35331.57

7420.00 8670.00 9400.00 9822.18

23940.00 23740.00 24070.00 25509.39

0.00 0.00 0.00 0.00

& . 0.00 0.00 0.00 0.00

23940.00 23740.00 24070.00 25509.39

2860.00 2860.00 2860.00 2860.00

5.00 5.00 5.00 5.00

41.85 41.50 42.08 44.60


13/18

A

12A 13A 14 15

(.) 145.38 164.70 181.22 194.76

(%) 34.63% 31.69% 30.25% 29.85%

(%) 34.63% 31.69% 30.25% 29.85%

(%) 24.65% 23.35% 22.53% 21.82%

/ () 18.35 16.20 14.72 13.70

(%) 26.54% 24.80% 22.76% 20.58%

(%) 37.29% 33.66% 30.56% 28.15%

/ () 13.06 11.93 10.97 10.01

(.) 547.76 664.23 796.08 946.38

/ 4.87 4.02 3.35 2.82


14/18

A

A .3313.00, P/E 14.72 F14E 13.70 F15E.

E (EP) F14E F15E .181.22 .194.76 .

N PA CAG 15% 10% 2012 2015E.

O E/EBIDA, 10.97 F14E 10.01 F15E. P B 3.35 2.82 F14E F15E. . 3650.00 M L

.

I&I I ,

GDP, , I.

I , , I & I

. I I

, .

N I I 1314 201314 $ 225

2020.

I I ( ) 7 ; I

4 I 2 .

I . D ,

I 65 70 .

I' I BPO 1214 F14 $ 84 $ 87

, N.

I I $ 71.5 2013, 7.7 $

6.4 2012, G.


15/18

I $ 3.92 2013,

13.9 2012 $ 3.45 , G.

I I' ,

.

B A 2000 J 2013,

(FDI) 53,757.60 ($ 7.97 ), D

I P P (DIPP).

M , ,

I . O

.

I I I :

B P E P A I H $ 400

C E C (EC) AP , ,

EC'

P G G P G 27 ($ 4.00 ). I P (IP)

G

L I $ 500 C. ,

, C'

M B F (L) (B FL) , M M D (MD), ,

, , . B C I

,


16/18

A N E P, G I 15

(PPP) .

I .

FDI 100 D ,

; ; ,

, & .

I 12 F P (201217), D I

,

, D C (DC) .

150,000 C C (CC)

G P.

G I I I :

G I N I E I (NIELI) N I

G B , I I B

I (M) , (IC)

C N P I 2012. I IE $ 100 $ 300 2020

$ 69 $ 200 2020

G I 15 (PPP)

A

A I ,

$ 230 $ 250 2020. I ,

.

, , H, ,

I . I

.


17/18

D I . E

I I. , ,

(MAC) $ 1 . C MAC,

CAG 30 $ 650 $ 700 2020.

I , $ 250 2020.


18/18

Firstcall India Equity Research: Email [email protected]

C.V.S.L.Kameswari Pharma

U. Janaki Rao Capital Goods

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Buy Infosys; Target Rs 3650_ Firstcall Research