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Accumulate Infosys Technologies: Parag Parikh

Posted on: July 13th, 2009 and is filed under Brokerage Recommendations.

Parag Parikh Financial Advisory Services has recommended an accumulate rating on Infosys Technologies in its July 13, 2009 research report.

“Revenues for the first quarter of FY10 grew by 12.7% YoY to Rs 54,720 million, but showed a sequential decline of 2.9%. PAT was Rs 15,270 million for the quarter posting a YoY growth of 17.3%. The company expected that the operating margins for FY10 would drop by 300 basis points, however they now expect them to drop by only 150 basis points. Investment on employee addition & increasing the salesforce which should have begun in Q1, has been deferred to the next quarter & will be spread across the forthcoming 3 quarters. This provides a cushion to the margins. We recommend to Accumulate below 14 times FY10E earnings,” says Parag Parikh Financial Advisory Services’ research report.

source: Moneycontrol

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