Value Buy: Infosys Technologies - with One year perspective
With the difficulties Indian software companies facing with 11 per cent appreciation in the rupee and a US slowdown, Infosys Technologies still has managed healthy growth over the last fiscal. While revenues for the year have grown by 20.1 per cent to Rs 16,692 crore, net profits have expanded by 20.8 per cent to Rs 4,659 crore.
Infosys’ service-mix is changing in favor of high-value services, non-BFSI verticals are growing and headroom is available in tweaking key operational metrics. Investors may consider buying the stock with a one-year perspective. There may be scope for capital appreciation despite a 16 per cent gain in the stock price in the past week. At Rs 1,666 the stock trades at 17 times its estimated FY09 earnings.
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