Infosys (INFY: Rs1,445.0) offers earnings yield of 4.4%, hits 32-day high; -Rs8.35 [0.6%] 17 May 2024

NEWS BITES - BRIC

www.buysellsignals.com

Infosys Ltd. (NSE: INFY Rs1,445.0) ranks 12 in the Top 20 by earnings yield stocks in the BSE SENSEX Index of 30 stocks.

Note: Earnings yield is the inverse of the P/E ratio.

Rank 12 by earnings yield in BSE SENSEX Index. Rank 1 is highest.

Last price: Rs1,445.0; FY 2024 EPS: Rs63.39;

The earnings yield of 4.4% is below the 10-year bond yield of 7.1%.

INFOSYS (INFY) Stock Dashboard [traded in Indian Rupee, INR] End-of-Day Fri, May 17

http://www.infosys.com

LastRs1,445.0Market CapRs5,998 billion [US$72 billion]
P/E22.8Dividend Yield % (TTM)2.5
EPS (FY2024)Rs63.39DPS (past 12 months)Rs35.5 or 3,550 paise
Shares Outstanding4,150,867,433ExchangeINDIAN [BSE, NSE]
INFY in IndicesSENSEX [of 30 stocks]SectorIT Consulting & Software [of 98 stocks]
EPS Growth (Q4 2024 vs Q3 2023)30.4Today's VI*0.9
Today's Volume6,470,000Currency1.000 USD = 83.49 Indian Rupees (INR)
Ave Daily Volume7,356,293 sharesPV$1000 (1 yr)Rs1,221
US$1,204
52-Week Price Range1,210.31 - 1,733.00

A year ago the exchange rate was USD 1 = 82.3 INR. USD1000 would have bought Rs82,298. A year ago the Infosys share price was Rs1,214.64. Rs82,298 would have bought 67.8 Infosys shares on that day. Those 67.8 shares would be worth Rs97,907 at today's share price of Rs1,445.0. At today's exchange rate of USD1=83.48 INR this is equivalent to USD1,173. Dividends reinvested are worth Rs32 ($31). PV$1000= $1,204.

INDEX

SECTION 1 RECENT NEWS AND RESEARCH

SECTION 2 THE PAST QUARTER: PRESS RELEASES

SECTION 3 TODAY'S BEARISH SIGNALS

SECTION 4 ONGOING BEARISH PARAMETERS

SECTION 5 TODAY'S BULLISH SIGNALS

SECTION 6 ONGOING BULLISH PARAMETERS

SECTION 7 CORPORATE PROFILE

SECTION 8 FINANCIALS FY 2024

SECTION 9 TAX & DIVIDEND

SECTION 10 TOP MANAGEMENT AND BOARD OF DIRECTORS

SECTION 11 TOP SHAREHOLDERS

Read more...

ANNEXURE

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER

APPENDIX II STOCK IDENTIFIERS

GLOSSARY

SECTION 1 RECENT NEWS AND RESEARCH

UPCOMING EVENT: DIVIDEND

The company announced a final dividend of Rs20.0 per share; ex-dividend date is Friday, May 31; the record date is Friday, May 31.

Financial News

Annual Report (FY 2024):

Release Date: April 19, 2024

FY2024 Annual Report: Infosys Net Profit up 8.9%

Infosys (BSE:500209; NSE:INFY) reported net profit for the year-ended 31 March 2024 [FY2024] of INR26,233 crores ($3.1b), up 8.9% from INR24,095 crores ($2.9b) in the previous year [FY2023]. Earnings per share (EPS) were up 10% from INR57.63 (US70.18c) in FY2023 to INR63.39 (US76.06c) in FY2024.

Annual growth in Revenue, Net Profit and EPS

Year-ended31 March [FY/2024]31 March [FY/2023]
Revenue, INR158,381 crores149,468 crores
Revenue, $1,900 crores1,793 crores
Growth in Revenue %6.020.6
Net Profit, INR26,233 crores24,095 crores
Net Profit, $315 crores289 crores
Growth in Net Profit %8.99.0
EPS, INR63.3957.63
Growth in EPS %10.09.7

VI* Volume Index = Number of shares traded today/Average number of shares traded per day.

Past quarter momentum down: Infosys plunges 15% on average volume 1.1 times average.

Past month to HighLowVWAPVolume Index *
17 May 20241,457.001,378.751,425.361.1
16 Apr 20241,632.651,413.051,499.811.3
15 Mar 20241,711.501,576.001,645.290.8

[*Volume Index of 1.1 means volume for the month was 1.1 times its 12-month average]

[VWAP is defined as the Volume Weighted Average Price; High Low prices and VWAP are shown in Indian Rupees]

Stock Buzz

Other Publishers Buzz in the past week

MayHeadlinePublisher
Thu 16Infosys Collaborates with First Abu Dhabi Bank to Optimize and Modernize its IT Infrastructure ServicesNotimerica
Thu 16Sensex, Nifty spurt nearly 1 pc on buying in HDFC Bank, Infosys amid global stocks rallyPress Trust of India on MSN
Thu 16Colt Technology Services Collaborates with Infosys to Accelerate its Digital Transformation ProgramStockhouse
Thu 16Sensex, Nifty spurt nearly 1% on buying in HDFC Bank, Infosys amid global stocks rallyThe Hindu
Thu 16Markets spurt nearly 1% on buying in HDFC Bank, Infosysrediff.com

SECTION 2 THE PAST QUARTER: PRESS RELEASES

2.1 Press Releases and Corporate Wire

Press Release article 1 of 8, Source: National Stock Exchange of India, 157 words

May 13: Infosys: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from May 14, 2024 along with the designated security codes thereof shall be as specified in the Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from May 14, 2024.

Source: National Stock Exchange of India

Press Release article 2 of 8, Source: WEC, 40 words

April 19: Infosys announces dividend

Infosys today announced a special dividend of Rs8.0 per share. The ex-dividend date is Friday, May 31 and the record date is Friday, May 31, 2024.

Press Release article 3 of 8, Source: WEC, 40 words

April 19: Infosys announces dividend

Infosys today announced a final dividend of Rs20.0 per share. The ex-dividend date is Friday, May 31 and the record date is Friday, May 31, 2024.

Press Release article 4 of 8, Source: National Stock Exchange of India, 30 words

April 18: Infosys: Acquisition

Infosys Limited has informed the Exchange about Acquisition

Source: National Stock Exchange of India

Press Release article 5 of 8, Source: National Stock Exchange of India, 157 words

April 02: Infosys: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from April 03, 2024 along with the designated security codes thereof shall be as specified in the Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from April 03, 2024.

Source: National Stock Exchange of India

Press Release article 6 of 8, Source: National Stock Exchange of India, 155 words

March 26: Infosys: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from March 27, 2024, and the designated security codes thereof shall be as specified in Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from March 27, 2024.

Source: National Stock Exchange of India

Press Release article 7 of 8, Source: National Stock Exchange of India, 157 words

March 18: Infosys: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from March 19, 2024 along with the designated security codes thereof shall be as specified in the Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from March 19, 2024.

Source: National Stock Exchange of India

Press Release article 8 of 8, Source: National Stock Exchange of India, 157 words

February 20: Infosys: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from February 21, 2024 along with the designated security codes thereof shall be as specified in the Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from February 21, 2024.

Source: National Stock Exchange of India

2.2 Infosys issued 2 new patents in the past quarter

Infosys (INFY) has been issued 2 new patents by the USPTO & EPO.

This corresponds to an average of 1 patent a month, down 66.7% from an average of 3 patents per month in 2023.

To view details, click on link shown in the APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER.

SECTION 3 TODAY'S BEARISH SIGNALS

3.1 Relative Value Indicators: Overvaluation compared with sector averages

SectorP/E
Forbes 2000Stock: 22.8; Sector: 19.2overvalued

3.2 Rank in the bottom 21% by Relative Valuation in the Indian market

DescriptionValueRank
P/E * P/NTA186.73In Bottom 21%
Price/Earnings/Growth2.28In Bottom 15%
Price to Book Value8.2In Bottom 14%

3.3 Rank in the bottom 10% by Price Performance in the Indian market

DescriptionValueRank
Rel Strength 6 mo11In Bottom 10%

3.4 Put Call Contracts

The Put/Call ratio has jumped from 0.482 to 0.499 suggesting a downtrend.

Put ContractsCall ContractsPut/Call ratio
Today9,384,80018,805,2000.499
Previous day9,561,20019,845,2000.482

3.5 Downtrend

Beta < 1 combined with price fall. The Beta of the stock is 0.7.

Price/Moving Average Price of 0.96 and negative MACD:

- The Price/MAP 200 for Infosys is 0.96. Being less than 1 is a bearish indicator. It is lower than the Price/MAP 200 for the BSE SENSEX Index of 1.06, a second bearish indicator. The 200-day MAP has decreased to Rs1,499.13, a third bearish indicator.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 1,434.41 minus the 26-day EMA of 1,449.42 is negative, suggesting a bearish signal.

Past Quarter:

- The shares had their worst quarter in a year since the quarter ended May 17, 2023.

The Worst 3 weeks in the past quarter

In the past quarter the steepest fall of 7.7% took place in the week beginning Monday March 18. The fall was exacerbated by volume of 1.4 times average.

Mon-FriChange %BSE SENSEX Index Change %Vol Ind [1 is avg]
Mar 18-22-7.70.41.4
Apr 15-19-5-1.52.4
Feb 19-23-1.50.90.7

Trailing Relative Strength (6 months) at 11 percentile:

- The stock has a 6-month relative strength of 11 in the Indian market of 3,744 stocks indicating it is trailing 89% of the market.

3.6 Other Bearish Signals

MCap/Total Assets:

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 4.4. Compared with the rest of the market the stock is overvalued and ranks in the bottom quartile of stocks by value of Q Ratio.

SECTION 4 ONGOING BEARISH PARAMETERS

4.1 Rank in the bottom 14% by Growth in the Indian market

DescriptionValueRank
EPS Growth %10In Bottom 14%

4.2 Present Value of Rs1000 Invested in the Past 3 Months; The Worst Period with PVRs1000 < 851

PVRs1,0003 mo ago
INFY.NSERs850
It Consulting & Software sectorRs884
BSE SENSEX IndexRs1,019

4.3 Past quarter: price fall of 15%

3-Month price change of -15% for Infosys underperformed the change of 2.1% in the BSE SENSEX Index for a relative price change of -17.1%.

Price Change %Quarter
Infosys-15
IT Consulting & Software sector-11.6
BSE SENSEX Index2.1

4.4 P/E/G > 1

The price earnings ratio of 22.8 divided by trailing twelve months eps growth of 10.0% corresponds to P/E/G of 2.3 times.

EPS Growth (%)9.99
P/E/G2.28
P/E22.8

4.5 Declining Volume, down 28% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has decreased 28.0% to 7.4 million shares.

Avg. Daily Volume Traded 12 months ended May 17, million shares

YearADVT
20247.4
20236.8
20226.8
202110.8
202010.2

4.6 Satisfies 3 out of 9 criteria of Joseph Piotroski [pass mark 5]:

- Positive net income.

- Positive operating cashflow.

- Improvement in current ratio from 1.8 to 2.3.

But does not meet the following 6 criteria of Joseph Piotroski:

- Return on Assets improvement.

- Good quality of earnings [operating cashflow exceeds net income].

- Improvement in long-term debt to total assets.

- Total shares on issue unchanged (or reduction in total shares on issue).

- Improvement in gross margin.

- Improvement in asset turnover.

SECTION 5 TODAY'S BULLISH SIGNALS

5.1 Relative Value Indicators: Undervaluation compared with sector averages

Price/Earnings of 22.8 < It Consulting & Software sector (of 98 stocks) avg of 28.2:

- The price-to-earnings ratio of 22.8 indicates undervaluation compared with sector average of 28.2 and market average of 25.1.

5.2 Relative Value Indicators: Undervaluation compared with Index averages and bond yield

- Earnings yield of 4.4% is more attractive compared with the Indian average earning yield of 4%.

- The earnings yield of 4.4% is below the 10-year bond yield of 7.1%.

(All figures in %)

Earnings Yield4.4
Indian avg4
Dividend Yield2.5
Bond Yield7.1

The Dividend Yield of 2.5% is better than the Index average of 1.2%

- The relative yield of the stock, defined by its yield of 2.5%, divided by average yield of dividend yielding stocks in the BSE SENSEX Index of 1.2% is 198.4%. This suggests the stock is undervalued in dividend yield terms.

SectorDividend Yield %
Forbes 2000Stock: 2.5; Sector: 0.8undervalued

5.3 3-DAY: MODERATE MOMENTUM UP

INFY strengthens 1.4% on average volume 0.9 times average. Compared with the BSE SENSEX Index which rose 825.0 points (or 1.1%) in the 3-days, the relative price increase was 0.3%.

Week 20 of 2024: Up 1.4%; the price ranged between a high of Rs1,453.35 on Thursday May 16 and a low of Rs1,419.95 on Wednesday May 15.

MayInfosysClose [INR]Change %Comment
Fri 17Offers earnings yield of 4.4%, hits 32-day high1,445-0.6Steepest Fall
Thu 16Adds Rs140 billion ($2 billion) (2.4%) in MCap, top heavyweight rise in IT consulting & software sector1,453.352.4Top Rise; VI*=1.3; RPC=1.5%
Wed 15Down Rs5.20 in weak trading with rising open interest1,419.95-0.3Price/MAP50 below 1 and falling

* RPC - Relative Price Change is % price change of stock less % change of the BSE SENSEX Index.

[Volume Index (VI); 1 is average]

5.4 Rank in the top 9% by Relative Valuation in the Indian market

DescriptionValueRank
Dividend Yield %2.5%In Top 9%

5.5 Other Bullish Signals

- Return on Equity of 29.7% versus sector average of 27.3% and market average of 9.6%.

- Total Liabilities/EBITDA of 1.2 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5.

- Return on Assets of 19% versus sector average of 17.9% and market average of 1.2%.

- Net profit margin has averaged 16.9% in the last 3 years. This is considered superior and suggests a high margin of safety.

- As per the Du Pont analysis, Return on Equity is high at 29.7%. This is computed as net profit margin of 16.6% times asset turnover [sales/assets] of 1.1 times leverage factor [total assets/shareholders' equity] of 1.6.

SECTION 6 ONGOING BULLISH PARAMETERS

6.1 Rank in the top 93% by Liquidity in the Indian market

DescriptionValueRank
Ave daily turnoverRs10 billion ($121 million)In top 93%

6.2 Rank in the top 9% by Size in the Indian market

DescriptionValueRank
Ave daily TurnoverRs9.3 billion ($112 million)In Top 1%
Annual RevenueRs1,583.8 billion ($19 billion)In Top 2%
MCap$72 billionIn Top 9%

6.3 Rank in the top 22% by Performance in the Indian market

DescriptionValueRank
EBITDA Margin %25.7In Top 21%
Net Profit Margin %16.6In Top 22%

6.4 Rank in the top 6% by Productivity in the Indian market

DescriptionValueRank
Return on Capital Employed [ROCE] %36.3In Top 3%
Return on Equity [ROE] %29.7In Top 6%
Return on Assets [ROA] %19In Top 6%

6.5 INR1000 in Infosys grows to Rs2,720,596 in 29 years

Infosys closed at Rs0.61 when it was first listed on February 08, 1995. The present value of INR1,000 (PV1000) invested in Infosys on the date of listing is Rs2,720,596 including a capital gain of Rs2,358,750 and dividends reinvested of Rs360,846. This corresponds to an outstanding average annualized return of 31.0%.

6.6 Present Value of Rs1000 Invested in the Past [1 Yr, 3 Yrs]; The Best Periods with PVRs1000 > 1,220

PVRs1,0001 yr ago3 yrs ago
INFY.NSERs1,221Rs1,258
It Consulting & Software sectorRs1,175Rs1,223
BSE SENSEX IndexRs1,201

6.7 MCap: 5-Year Increase of Rs2,795 B [$33B] (87%)

In the past 5 years Market Capitalization has increased by Rs2,795.3 billion (87%) from Rs3,202.7 billion to Rs5,998 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 2 out of 5 years.

PriceMCap (INR B)MCap ($ B)
LastRs1,445.05,99871.8
1 Year agoRs1,214.645,174.662.8
2 Years agoRs1,434.456,327.481.7
3 Years agoRs1,230.885,607.175.5
4 Years agoRs595.342,777.936.8
5 Years agoRs651.563,202.745.6

6.8 Growth in annual dividends per share and earnings per share

- Infosys sees dividend rise for a fourth consecutive year

Infosys reported dividends per share of Rs35.50 in the past year, up 9.2% from the previous year. This is the fourth consecutive dividend increase. In the past 4 years average annual compound growth rate of dividends was 17.7%.

- EPS growth [FY2024 vs FY2023] of 10.0%:

FYEPS (Rs)Growth %
202463.3910.0
202357.639.7

6.9 Sequential growth in EPS [Q4/2024 vs Q3/2023] of 30.4%:

The most recent quarter (Q4/2024) showed a rise of 30.4% in sequential growth of Quarterly EPS.
Quarterly ReportEPS (Rs)Growth %
Q4/202419.2530.4
Q3/202314.76-1.7

6.10 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 7.8%

TSR %1 yr3 yrs5 yrs10 yrs20 yrs
INFY.NSE22.17.920.218.418.6

6.11 Improved EBIT Margins:

EBIT margin is positive and has increased from 22.7% to 23.4% in the past year.

FYEBIT Margins (%)
202423.4
202322.7
202224.8
202126.5
202024.2

6.12 Low Debt to Equity (%) and Reducing

The debt to equity ratio of 28.6% is under a safe benchmark figure of 50%. Moreover, it has improved from 35.4% a year ago.

YearsDebt to Equity (%)
Mar 202428.62
Mar 202335.43
Mar 202222.06
Mar 202121.77
Mar 202016.86

6.13 Increased VWAP, up 124% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has increased by 123.9% to Rs1,452.15.

Past five years, 12 months ended May 17 (INR)

YearHigh PriceVWAPLow Price
20241733.01452.151210.31
20231629.331412.311154.63
20221863.041597.01243.13
20211381.56997.73595.98
2020763.42648.59464.78

6.14 Increased share turnover, up 56% in 5 years

In the past five years, average daily share turnover has increased 55.8% to Rs10 billion ($119.3 million). This suggests increased liquidity.

Past five years, 12 months ended May 17 (INR billion)

YearAverage Daily Turnover
202410.0
20239.5
202210.6
202110.7
20206.4

6.15 Quarterly Trend in Revenue, Net Profit and Net Profit Margin:

- Revenue growth and Net Profit margin are positive and have seen consecutive rises in recent quarters. [All figures in %]

Qtr-endedRevenue GrowthNet Profit GrowthNet Profit Margin
Mar 24 [Q4 vs Q3]2.630.519.6
Dec 23 [Q3 vs Q2]1.6-1.715.4

6.16 Satisfies two criteria of Benjamin Graham

-"Total debt less than tangible book value"; total debt of INR253.2 billion (US$3 billion) is less than tangible book value of INR732.1 billion (US$8.8 billion).-"Current ratio of two or more"; current assets are 2.3 times current liabilities.

-"Total debt equal or less than twice the net quick liquidation value"; total debt of INR253.2 billion (US$3 billion) is 0.4 times the net liquidation value of INR641.14 billion (US$7.7 billion).

6.17 Patents see a third year of consecutive rise

Infosys was issued 30 patents in the past year, up 76.5% from the previous year. This is the third consecutive year of increase in patents. A total of 64 patents were issued to Infosys in the past 4 years. Of these 18 (or 28.1%) were issued by the USPTO and 46 (or 71.9%) were issued by the EPO.

Patents issued to Infosys in the last four years

12 months ended May 17No. of Patents Issued
202430
202317
202212
20215

In the past year the monthly average of patents issued is 2; this is 2.0 times the average of 1 patents issued in the three years prior to that.

SECTION 7 CORPORATE PROFILE

7.1 Activities

Infosys is a global leader in the "next generation" of IT and consulting with revenues of over US$ 4 billion. Infosys defines, designs and delivers technology-enabled business solutions that help Global 2000 companies win in a Flat World. Infosys also provides a complete range of services by leveraging it's domain and business expertise and strategic alliances with leading technology providers. Infosys' service offerings span business and technology consulting, application services, systems integration, product engineering, custom software development, maintenance, re-engineering, independent testing and validation services, IT infrastructure services and business process outsourcing It is India's 2nd largest IT consulting & software company by market capitalisation.

7.2 Contact Details

Websitehttp://www.infosys.com
Physical AddressElectronics City Plot 44 and 97A Hosur Road Bangalore, 560100 India
Phone080-28520261
Fax28520362
Emailinfosys@infy.com

7.3 Industry & Sector [of 270 stocks]

Classification LevelName of Sector
Economic SectorTechnology
Business SectorSoftware & IT Services
Industry GroupSoftware & IT Services
IndustryIT Services & Consulting
ActivityIT Services & Consulting - NEC*

* NEC: Not elsewhere classified

SECTION 8 FINANCIALS FY 2024

8.1 Financials, FY 2024 [year-ended 31 March 2024 ]

Infosys Net Profit up 8.9%

Release Date: April 19, 2024

Infosys (BSE:500209; NSE:INFY) reported net profit for the year-ended 31 March 2024 [FY2024] of INR26,233 crores ($3.1b), up 8.9% from INR24,095 crores ($2.9b) in the previous year [FY2023]. Earnings per share (EPS) were up 10% from INR57.63 (US70.18c) in FY2023 to INR63.39 (US76.06c) in FY2024.

8.2 Annual growth in Revenue, Net Profit and EPS

Year-ended31 March [FY/2024]31 March [FY/2023]
Revenue, INR158,381 crores149,468 crores
Revenue, $1,900 crores1,793 crores
Growth in Revenue %6.020.6
Net Profit, INR26,233 crores24,095 crores
Net Profit, $315 crores289 crores
Growth in Net Profit %8.99.0
EPS, INR63.3957.63
Growth in EPS %10.09.7

Major changes compared with previous year (FY2024 vs FY2023):

Favourable Changes:

- Net profit up 8.9% from INR24,095.0 crores ($2.9b) to INR26,233.0 crores ($3.1b)

- Total revenue up 6% from INR149,468.0 crores ($18.2b) to INR158,381.0 crores ($19.0b)

- EPS up 10% from INR57.63 (US70.18c) to INR63.39 (US76.06c)

- EBIT Margin up from 22.7% to 23.4%

- Profit before tax to Sales up from 22.7% to 23.4%

Unfavourable Changes:

- Total revenue to total assets down from 1.2 to 1.1

- Sales and marketing expenses to Sales up from 1.5% to 1.6%

- Total non-current assets to Total Assets down from 43.7% to 35.1%

Year-on-year comparison of Performance Ratios [FY2024 vs FY2023]

March 31FY2024FY2023Change (%)
Return on Equity (%)29.731.8Down 6.6
Return on Assets (%)1919.2Down 1
Total debt to net tangible assets (%)34.644.8Down 22.8
Debt/Equity (Down 17.1% from 0.35 to 0.29)0.30.3Down 17.1
Common Size Ratios by Assets %
Current Debtors to Total Assets 21.9 20.2 Up 8.4
Long-term investments to Total Assets 10.7 12.2 Down 12.4
Future income tax benefit to Total Assets 0.3 1.0 Down 69.7
Non-current inventory to Total Assets 0.2 0.2 Down 12.6

Currency Conversion (March 31, 2024): $1 = INR83.35; 1 crore = 10,000,000 and $1 million = Rs8.33 crores.

Currency Conversion (March 31, 2023): $1 = INR82.12

Five-year record of growth and performance:

In the last 5 years Total Revenue averaged INR125,610.4Cr ($15.1B), EBITDA averaged INR33,318.8Cr ($4B) and Net Profit averaged INR21,712.8Cr ($2.6B). Compound Annual Growth Rate (CAGR) averaged 13.9% for Total Revenue, 11.2% for Net Profit and 14.1% for EBITDA.

DescriptionAnnual (INR Cr)Annual ($ B)5-year Avg (INR Cr)5-year Avg ($ B)5-year CAGR %
Total Revenue158,38119125,610.415.113.9
EBITDA40,6664.933,318.8414.1
Operating Profit35,9884.329,6113.611.3
Net Profit26,2333.121,712.82.611.2

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2024 Net Profit Margin of 17.1% was below its 5-year Avg of 17.5% (All Figures in %)

Description20245-year Avg
EBITDA Margin25.726.7
Operating Profit Margin23.423.8
Net Profit Margin17.117.5
Return on Equity29.728.3
Return on Assets1918.6
Return on Capital Employed36.334.5

SECTION 9 TAX & DIVIDEND

9.1 Average Income Tax Paid (Past 5 Years)

In the past 5 years, Income Tax as % of profit before tax increased from 24.4% to 27.1% and Income Tax as % of operating cash flow increased from 21.6% to 24.0%.

Description20242023202220212020
As % of profit before tax27.127.726.427.124.4
As % of operating cash flow2424.523.724.121.6

The 5-year average of profit before tax was 26.5%.

9.2 Dividend History

In the past 5 years annual dividends have increased by INR17.0 from INR18.5 to INR35.5. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years.

DateValue (INR)Type
25 Oct 202318Interim
02 Jun 202317.5Final
Tr 12 Months35.5
2022 - 202332.5
2021 - 202230
2020 - 202121.5
2019 - 202018.5

SECTION 10 TOP MANAGEMENT AND BOARD OF DIRECTORS

10.1 Top Management

Top Management [One top executive with tenure > 6 yrs]

NameDesignationSince Appointment
Nandan NilekaniChairman, Co-Founder6 Yrs, 8 Mos

Top Management [Two top executives with tenure < 1 yr]

NameDesignationSince Appointment
Jayesh SanghrajkaChief Financial Officer1 Mo
Salil S. ParekhChief Executive Officer, Managing Director-

10.2 Board Of Directors

Board Of Directors [Nine directors with tenure < 4 yrs]

NameSince Appointment
Nitin Paranjpe4 Mos
Chitra Nayak3 Yrs, 1 Mo
Govind Iyer1 Yr, 4 Mos
D N Prahlad-
Punita Kumar-Sinha-
Ravi Venkatesan-
D Sundaram-
Roopa Kudva-
Kiran Mazumdar-Shaw-

10.3 Resignations in the Past Year

NameDesignationDate of Resignation
Nilanjan RoyChief Financial Officer31 March 2024
Uri LevineIndependent Director19 April 2023

SECTION 11 TOP SHAREHOLDERS

Top 13 shareholders

Name of the Share HolderNumber Of Shares% of Capital
Life Insurance Corporation of India3661804828.8
SBI MUTUAL FUND1806556374.4
ICICI PRUDENTIAL MUTUAL FUND1076472112.6
GOVERNMENT OF SINGAPORE920929372.2
National Pension System Trust685722531.7
UTI MUTUAL FUND642251871.6
HDFC MUTUAL FUND603879881.5
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND476929741.2
VANGUARD EMERGING MARKETS STOCK INDEX FUND473749581.1
GOVERNMENT PENSION FUND GLOBAL463038491.1
SBI LIFE INSURANCE CO. LTD445511811.1
ADITYA BIRLA SUN LIFE TRUSTEE417122811.0
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED415697791.0

% held by Top 13 shareholders 29.3%

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER

INFY: EXPORT DATA TO EXCEL:

+ PRICE VOLUME - 5-YEAR HISTORY

+ FINANCIALS - 10-YEAR HISTORY [INCLUDING Q4/2024]:

+ PEER COMPARISON

+ PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 69 :

INFY: OTHER INFORMATION:

+ NEWS ARCHIVES - INFY PAST 4 YEARS:

+ PRICE VOLUME CHARTS

+ USD vs INR EXCHANGE RATE CHARTS IN HTML

+ BOARD OF DIRECTORS

APPENDIX II STOCK IDENTIFIERS

ISIN: INE009A01021

PermID: 4295872682

RIC: INFY.NS

LEI: 335800TYLGG93MM7PR89

GLOSSARY

ADVT: Average Daily Volume of shares Traded

Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Current Ratio: Current Assets/Current Liabilities (times)

Debt/Equity: Net Debt/Net Assets %

Dividend Yield: Dividend Per Share/Share Price (%)

EBIT Margin : Earnings Before Interest and Tax/Revenue (%)

Earnings Yield: Earnings Per Share/Share Price (%)

Income during the n years (3/2/1): Dividends received during the Period

Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods

PCP: Previous Corresponding Period

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price Close/Moving Avg Price: Latest Price/Moving Average Price

Price/Earnings: Share Price/Earnings Per Share (times)

Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)

Price/Sales: Share Price/Sales Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

Return on Assets: Net Profit/Total Assets (%)

Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)

TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend

TTM: Trailing 12 Months

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.

Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.

Created by www.buysellsignals.com