Motilal Oswal - MOSL: Morning India (15/April/19): 1. Infosys (Revenue outlook appears conservative); 2. TCS (Deal win, BFSI acceleration suggest intact momentum); 3. Fund Folio (Indian Mutual Fund Tracker); 4. EcoScope; 5. Re

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Motilal Oswal

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MOSL: Morning India (15/April/19): 1. Infosys (Revenue outlook appears conservative); 2. TCS (Deal win, BFSI acceleration suggest intact momentum); 3. Fund Folio (Indian Mutual Fund Tracker); 4. EcoScope; 5. Re

MOrning India (15/April/19): 1. Infosys (Revenue outlook appears conservative in the backdrop of deals); 2. TCS (Deal win, BFSI acceleration suggest intact momentum); 3. Fund Folio (Indian Mutual Fund Tracker); 4. EcoScope (Higher inflation, slower growth put the RBI in a tight spot); 5. Real Estate (Expert Speak)

Today’s top research idea

Infosys: Revenue outlook appears conservative in the backdrop of deals; Margins near bottom

INFO ended FY19 with full-year CC revenue growth of 9%, EBIT growth of 10.6% and adj. net income growth of 11.3%. Including the buyback/special dividend, INFO paid out ~125% of its FY19 adjusted profits. For the quarter, while INFO’s revenues came in line, margins came below estimate (100bp miss) on lower utilization.
INFO’s revenue growth guidance for FY20 at 7.5%-9.5% CC is almost similar to that of FY19, if adjusted for the acquisition of Stater NV; despite expanding large deals by 2x. This drives our expectation of above-guided revenue growth. It cut its EBIT margin guidance by 100bp to 21-23%, which was expected due to a weaker exit. We maintain our Buy rating amid robust deal wins, improved revenue growth and bottoming of margin pressures.

Piping hot news

Honda Motorcycle and Scooter India cuts Q1 production, its sharpest ever

Honda Motorcycle and Scooter India Pvt. Ltd (HMSI) has implemented a 15-20% cut in June quarter two-wheeler production—the sharpest reduction since it started operations about 18 years ago—because of weak demand for scooters and a squeeze on automobile financing. At least four suppliers to HMSI, India’s largest scooter maker, confirmed the decision of the two-wheeler unit of Japan’s Honda Motor Co

15/04/2019 1 EN

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Motilal Oswal

Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

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MOSL: Morning India (15/April/19): 1. Infosys (Revenue outlook appears conservative); 2. TCS (Deal win, BFSI acceleration suggest intact momentum); 3. Fund Folio (Indian Mutual Fund Tracker); 4. EcoScope; 5. Re

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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