Post on 04-Jun-2018
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
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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 .
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
4/18
(2 14)
(2 14)
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
5/18
(2 14)
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
7/18
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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 .
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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.
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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
,
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
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
.
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
17/18
D I . E
I I. , ,
(MAC) $ 1 . C MAC,
CAG 30 $ 650 $ 700 2020.
I , $ 250 2020.
8/13/2019 Buy Infosys; Target Rs 3650_ Firstcall Research
18/18
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