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Infosys 2QFY08: Our view - Views on News from Equitymaster

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Infosys 2QFY08: Our view
Oct 11, 2007

Performance summary
  • 2QFY08 topline grows 9% QoQ on the back of 2% QoQ growth in blended billing rates and 10% QoQ growth in volumes.

  • Operating margins expands by 2.6% QoQ, aided by higher utilisation.

  • Other income drops sharply due to change in hedging policy in the previous quarter. Higher taxes, largely due to reversal of tax credits, restrict the PAT growth to 2% QoQ for the quarter

  • 48 new clients added during the quarter. Net addition of 4,530 employees and total headcount of 80,501. Attrition rises to over 14%.

  • Declares interim dividend of Rs 6 per share (dividend yield of 0.3%)

Consolidated financial snapshot

(Rs m) 1QFY08 2QFY08 Change 1HFY07 1HFY08 Change
Sales 37,730 41,060 8.8% 64,660 78,790 21.9%
Expenditure 26,890 28,220 4.9% 44,680 55,110 23.3%
Operating profit (EBDITA) 10,840 12,840 18.5% 19,980 23,680 18.5%
Operating profit margin (%) 28.7% 31.3%   30.9% 30.1%  
Other income 2,530 1,540 -39.1% 1,940 4,070 109.8%
Provision for investments - -   30 -  
Depreciation 1,440 1,440 0.0% 2,280 2,880 26.3%
Profit before tax 11,930 12,940 8.5% 19,610 24,870 26.8%
Extraordinary items - -   60 -  
Tax 1,140 1,940 70.2% 2,290 3,080 34.5%
Minority interest - -   90 -  
Profit after tax/(loss) 10,790 11,000 1.9% 17,290 21,790 26.0%
Net profit margin (%) 28.6% 26.8%   26.7% 27.7%  
No. of shares (m) 573.3 573.3   566.9 573.3  
Diluted earnings per share (Rs)*         75.1  
P/E ratio (x)*         26.6  

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