3 December 2017
Update
| Sector:
Technology
BSE SENSEX
32,833
S&P CNX
10,122
Infosys
Buy
CMP: INR960
New era Take#2
TP: INR1,100(+15%)
Appoints CapGemini’s Salil Parekh as CEO and MD
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
The event
INFO IN
2,297
1,045/862
5/-6/-25
2,201.7
34.1
4,845.9
87.3
Infosys announced over the weekend that its Board of Directors has appointed
Salil S. Parekh as Chief Executive Officer and Managing Director (CEO & MD) of
the Company effective January 2, 2018. Mr. Parekh joins Infosys from
Capgemini where he was a member of the Group Executive Board.
Mr. U B Pravin Rao will step down as the interim CEO and Managing Director
effective January 2, 2018 and will continue as Chief Operating Officer and a
whole-time Director of the Company.
Financials Snapshot (INR b)
Y/E Mar
2017 2018E 2019E
Net Sales
684.9 704.5 771.3
EBITDA
186.1 186.5 202.5
PAT
143.8 143.0 147.5
EPS (INR)
62.8
63.8
67.8
Gr. (%)
6.4
1.6
6.3
BV/Sh (INR)
301.5 278.7 316.4
RoE (%)
22.0
21.8
22.5
RoCE (%)
22.0
21.8
22.5
P/E (x)
15.3
15.0
14.1
P/BV (x)
3.2
3.4
3.0
Shareholding pattern (%)
As On
Sep-17 Jun-17 Sep-16
Promoter
12.8
12.8
12.8
DII
22.1
20.2
18.0
FII
34.6
38.0
40.1
Others
30.6
29.0
29.2
FII Includes depository receipts
Stock Performance (1-year)
Infosys
Sensex - Rebased
1,250
1,150
1,050
950
850
About Salil Parekh
Mr. Parekh had been with Capgemini India for over a decade & a half, starting
with Ernst & Young in 1992 and was part of the consulting business that was
acquired by Capgemini in 2000.
Mr. Parekh was responsible for overseeing a business cluster comprising
Application Services (North America, UK, Asia), Cloud Infrastructure Services,
and Sogeti (Technology & Engineering Services Division). He was also the
Chairman of the company’s North America Executive Council.
He leveraged Digital and Cloud services to drive transformation for clients. He
was responsible for the strategy and execution for the Cloud business - setting
its direction and enabling its rapid adoption at clients. He was also the architect
of the North America growth and turnaround, and was instrumental in setting
up their off-shoring capabilities.
He has Master of Engineering degrees in Computer Science and Mechanical
Engineering from Cornell University, and a Bachelor of Technology degree in
Aeronautical Engineering from the Indian Institute of Technology, Bombay.
First thoughts: Early days, few positives and caveats
We would be remiss to jump to any conclusions on INFO’s future prospects under
the new leadership. That said, we enlist our first few thoughts on the appointment
below:
Potential positives…
Appointment of Mr. Parekh comes in reasonable time after Mr. Nilekani’s swift
appointment to the Board. This allows INFO to expedite away from inward
focus and start to chase growth in business sooner than later
The new CEO’s extensive tenure in CAPG, among large companies with
favorable Digital Perception (others being Accenture, TCS and Cognizant),
maybe applicable to good effect.
Mr. Parekh has a strong technology background and rich IT services experience,
and is unlikely to feel out of place in his new role.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Ashish Chopra – Research Analyst
(Ashish.Chopra@MotilalOswal.com); +91 22 6129 1530
Sagar Lele – Research Analyst
(Sagar.Lele@MotilalOswal.com); +91 22 6129 1531

Infosys
…Albeit with a caveat
Leadership appointments at INFY in the past have been accompanied with a flux
at senior level that it can ill-afford. Under the scanner would be leaders who
were internal candidates for the role.
While Mr. Parekh has been a Services mainstay and led many small and big
business units, this is likely his biggest assignment and in a transformative time
for the industry, where nothing is a given.
Investment thesis
INFO's rollercoaster ride in recent years has witnessed more downs than ups.
However, with reinjection of founder influence following the appointment of Mr
Nilekani as Board’s non-executive Chairman, hopes of a swift move towards
stability were rekindled. The appointment of new CEO is another big task
accomplished to that effect, and it can now look to prolonged period of steady
execution in the business.
Earlier in October, INFO's 2Q performance and FY18 guidance quelled fears of
impact on business post the leadership exit, and we note that ex-RBS, the
midpoint of current guidance is close to industry. The company has not been
underperforming its peers on the front of revenue growth and profitability, but
its valuation to peers remained discounted amid the ongoing search for a new
leader and concerns around Governance.
Our price target of INR1,100 discounts forward earnings by 15x, implying 15%
upside. We retain our Buy rating, and believe that the gradual recovery to
normalcy will provide further case for rerating.
Exhibit 2: INFO 1-year forward PB chart
Max (x)
-1SD
8.0
6.0
4.0
2.0
P/B (x)
Min (x)
Avg (x)
+1SD
Max (x)
-1SD
Exhibit 1: INFO 1 year forward PE chart
27.0
20.0
13.0
6.0
P/E (x)
Min (x)
Avg (x)
+1SD
24.8
19.8
6.2
4.9
3.2
2.7
4.0
16.9
14.0
10.5
14.3
3.1
3 December 2017
2

Infosys
Financials and Valuations
Income Statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2013
403,520
19.6
115,570
28.6
11,284
104,286
23,590
0
127,876
33,670
26.3
0
94,206
94,206
13.3
2014
501,330
24.2
136,340
27.2
13,740
122,600
26,690
-2,190
147,100
40,620
27.6
0
106,480
108,670
15.4
2015
533,190
6.4
149,020
27.9
10,690
138,330
34,270
0
172,600
49,290
28.6
10
123,300
123,300
13.5
2016
624,410
17.1
170,790
27.4
14,590
156,200
31,250
0
187,450
52,520
28.0
0
134,930
134,930
9.4
2017
684,850
9.7
186,050
27.2
17,030
169,020
30,790
0
199,810
55,980
28.0
0
143,830
143,830
6.6
2018E
704,467
2.9
186,490
26.5
18,212
168,278
31,144
0
199,422
56,401
28.3
0
143,021
143,021
-0.6
2019E
771,332
9.5
202,507
26.3
18,904
183,604
24,171
0
207,775
60,255
29.0
0
147,520
147,520
3.1
(INR Million)
2020E
847,433
9.9
220,611
26.0
19,157
201,454
30,431
0
231,885
67,247
29.0
0
164,638
164,638
11.6
Balance Sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
2013
2,860
395,110
397,970
397,970
117,540
42,080
75,460
16,600
17,390
354,060
95,180
218,320
40,560
65,540
41,300
24,240
288,520
397,970
2014
2,860
472,440
475,300
475,300
140,790
55,250
85,540
18,320
45,230
421,460
111,620
259,500
50,340
95,250
56,180
39,070
326,210
475,300
2015
5,720
541,910
547,630
547,630
178,360
64,220
114,140
14,400
24,130
510,850
125,580
303,670
81,600
115,890
70,180
45,710
394,960
547,630
2016
11,440
606,350
617,790
617,790
208,370
74,510
133,860
18,930
21,050
580,050
143,590
326,970
109,490
136,100
79,760
56,340
443,950
617,790
2017
11,440
677,990
689,430
689,430
227,210
85,810
141,400
19,650
167,070
505,040
159,700
226,250
119,090
143,730
83,640
60,090
361,310
689,430
2018E
10,875
613,739
624,614
624,614
264,278
111,622
152,656
17,110
22,920
595,337
167,914
322,645
104,778
163,409
96,500
66,909
431,928
624,614
2019E
10,875
677,181
688,056
688,056
292,278
130,526
161,752
17,110
22,920
665,671
183,852
366,891
114,929
179,397
105,973
73,424
486,274
688,056
(INR Million)
2020E
10,875
747,232
758,107
758,107
320,278
149,682
170,595
17,110
22,920
745,096
201,991
416,967
126,137
197,613
116,778
80,835
547,482
758,107
3 December 2017
3

Infosys
Financials and Valuations
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Fixed Asset Turnover (x)
Debtors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2013
41.2
46.2
174.1
10.5
25.5
2014
46.6
53.6
208.0
15.8
33.1
2015
53.9
58.6
239.6
18.5
34.3
2016
59.0
65.4
270.3
24.7
41.9
2017
62.8
70.3
301.5
25.7
40.9
2018E
63.8
71.9
278.7
32.7
51.2
2019E
67.8
76.5
316.4
34.0
50.1
2020E
75.7
84.5
348.6
38.0
50.2
0.0
0.0
0.0
0.0
0.0
0.0
20.6
17.9
4.6
3.8
13.8
1.6
17.8
16.4
4.0
3.5
12.5
1.9
16.2
14.7
3.5
3.0
10.8
2.6
15.3
13.6
3.2
2.6
9.7
2.7
15.0
13.3
3.4
2.6
9.7
3.4
14.1
12.5
3.0
2.2
8.4
3.5
12.7
11.3
2.7
1.9
7.5
4.0
25.7
25.7
6.5
86.1
-0.5
24.9
24.9
6.6
81.3
-0.5
24.1
24.1
5.7
86.0
-0.6
23.2
23.2
5.3
83.9
-0.5
22.0
22.0
5.2
85.1
-0.3
21.8
21.8
5.0
87.0
-0.5
22.5
22.5
5.1
87.0
-0.5
22.8
22.8
5.3
87.0
-0.6
Cash Flow Statement
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
CF from Inv. Activity
2013
115,570
21,960
-9,580
-32,930
95,020
-32,470
62,550
-18,040
-50,510
0
-890
-31,210
-32,100
12,410
205,910
218,320
2014
138,530
22,500
390
-38,780
122,640
-27,450
95,190
-22,580
-50,030
0
0
-31,430
-31,430
41,180
218,320
259,500
2015
149,020
35,450
-25,770
-49,290
109,410
-35,370
74,040
21,100
-14,270
0
0
-50,970
-50,970
44,170
259,500
303,670
2016
170,790
31,260
-24,275
-52,520
125,255
-37,278
87,977
3,287
-33,991
0
0
-68,403
-68,403
22,861
303,670
326,531
2017
186,050
30,750
-18,040
-55,980
142,780
-25,290
117,490
-132,201
-157,491
0
0
-71,168
-71,168
-85,879
326,531
240,652
2018E
186,490
31,704
25,217
-56,401
187,009
-26,928
160,082
144,150
117,222
0
0
-88,481
-88,481
215,750
240,652
456,402
2019E
202,507
24,171
-10,101
-60,255
156,323
-28,000
128,323
0
-28,000
0
0
-89,333
-89,333
38,991
456,402
495,392
(INR Million)
2020E
220,611
30,431
-11,131
-67,247
172,664
-28,000
144,664
0
-28,000
0
0
-99,842
-99,842
44,822
495,393
540,215
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
3 December 2017
4

Infosys
NOTES
3 December 2017
5

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Analyst ownership of the stock
Infosys
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without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities
mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities
functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is
being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not
directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would
be contrary to law, regulation or which would subject MOSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to
certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or
representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
The
person accessing this information specifically agrees to exempt MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or
employees responsible for any such misuse and further agrees to hold MOSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this
information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-30801085.
Registration details of group entities.: MOSL: SEBI Registration: INZ000158836 (BSE/NSE/MSE); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser:
INA000007100. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS
(Registration No.: INP000004409) offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal
Commodities Broker Pvt. Ltd. offers Commodities Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private
Equity products
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