research report on infosys

• SECTOR : SOFTWARE & SERVICES
• INDUSTRY : IT CONSULTING & SOFTWARE
• INFOSYS LTD.

Infosys Ltd.

NSE: INFY | BSE: 500209

1912.30 0.00 ( 0.00 %)

Near 52W High of ₹1975.75

1.5M NSE+BSE Volume

NSE 11 Sep, 2024 11:24 AM (IST)

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Market Runner Up

TTM PE Ratio

Below industry Median

TTM PEG Ratio

PEG TTM is much higher than 1

Price to Book Ratio

Above industry Median

Very Low volatility

Infosys Ltd. share price target and research reports

Latest analyst research reports with target prices and pdf download for infy, bse:500209 infosys ltd..

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Stock Research Report for Infosys Ltd

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Infosys Limited is an India-based company, which provides consulting, technology, outsourcing and digital services. Its segments include Financial Services; Retail; Communication; Energy, Utilities, Resources and Services; Manufacturing; Hi-Tech; Life Sciences and All other segments. All other segments represent the operating segments of businesses in India, Japan, China, Infosys Public Services and other enterprises in public services. Its core services primarily include application management services, proprietary application development services, independent validation solutions, product engineering and management, infrastructure management services, traditional enterprise application implementation, support and integration services. Its products and platforms include Finacle, Edge Suite of products, Panaya platform, Infosys Equinox, Infosys Helix, Infosys Applied AI, Infosys Cortex, Stater digital platform, Infosys McCamish and others. It also owns Danske Bank's IT center in India.

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Infosys share price

NSE:  INFY BSE:  500209 SECTOR:  IT - Software   1063k    11k    3k

Price Summary

₹  1923.75

₹  1905

₹  1975.75

₹  1351.65

Ownership Stable

Valuation fair, efficiency excellent, financials very stable, company essentials.

₹ 793140.77 Cr.

₹ 784949.77 Cr.

₹  207.2

₹ 8191 Cr.

₹ 0 Cr.

₹  65.14

Add Your Ratio

Your Added Ratios

Index presence.

The company is present in 39 Indices.

NIFTY100WEIGHT

NIFTYSERVICE

NIFTY200QLTY30

NY500MUL50:25:25

NIFTYLGEMID250

NIFTYTOTALMCAP

NIFTYDIGITAL

NIFTYDIVOPPT

NIFTY100ESG

NIFTYLOWVOL

BSE100LARGECAPTMC

S&PDIVSTABLE

S&P LARGEMIDCAP

• Price Chart
• Volume Chart

Price Chart 1d 1w 1m 3m 6m 1Yr 3Yr 5Yr

Volume chart 1d 1w 1m 3m 6m 1yr 3yr 5yr, pe chart 1w 1m 3m 6m 1yr 3yr 5yr, pb chart 1w 1m 3m 6m 1yr 3yr 5yr, peer comparison,  group companies.

Track the companies of Group.

Sales Growth

Profit growth, debt/equity, price to cash flow, interest cover ratio, cfo/pat (5 yr. avg.).

Share Holding Pattern

Promoter pledging %.

 Strengths

• The Company is Virtually Debt Free.
• The Company has a good ROE track record of 33.9044991617748 %.

 Limitations

Quarterly result (all figures in cr.).

Profit & Loss (All Figures in Cr. Adjusted EPS in Rs.)

Balance Sheet (All Figures are in Crores.)

Cash Flows (All Figures are in Crores.)

Corporate Actions Dividend Bonus Rights Split

Investors details promoter investors.

Annual Reports

• Annual Report 2024 26 Aug 2024
• Annual Report 2023 26 Jan 2024
• Annual Report 2022 7 Jun 2022
• Annual Report 2021 27 May 2021
• Annual Report 2020 3 Jul 2020
• Annual Report 2019 9 Jan 2020
• Annual Report 2018 9 Jan 2020
• Annual Report 2017 2 Apr 2021

Ratings & Research Reports

• Credit Report By: CRISIL 9 Jan 2020
• Credit Report by:CRISIL 15 Jun 2020
• Research Nirmal Bang Institutional 9 Jan 2020
• Research IDBI Capital 9 Sep 2024
• Research IDBI Capital 6 Sep 2024
• Research IDBI Capital 6 Sep 2022
• Research IDBI Capital 30 Apr 2022
• Research IDBI Capital 25 May 2023
• Research IDBI Capital 25 Jan 2022
• Research IDBI Capital 24 Jul 2023
• Research IDBI Capital 22 Mar 2023
• Research IDBI Capital 17 Oct 2023
• Research IDBI Capital 17 Oct 2021
• Research IDBI Capital 16 Apr 2021
• Research IDBI Capital 15 Jan 2024
• Research IDBI Capital 1 May 2023
• Research HDFC Securities 9 Jan 2020
• Research HDFC Securities 28 Jul 2021
• Research HDFC Securities 22 Mar 2023
• Research Edelweiss 30 Mar 2022
• Research Edelweiss 3 May 2022
• Research Edelweiss 28 Jun 2022
• Research Edelweiss 25 Mar 2022
• Research BOB Capital Market 24 Jul 2023
• Research BOB Capital Market 23 Jun 2023
• Research BOB Capital Market 17 Oct 2021
• Research BOB Capital Market 16 Apr 2021
• Research BOB Capital Market 15 Jul 2021
• Research BOB Capital Market 1 Apr 2021

Company Presentations

• Concall Q4FY24 26 Aug 2024
• Concall Q4FY23 14 Jul 2023
• Concall Q4FY22 1 Jul 2022
• Concall Q4FY20 18 May 2020
• Concall Q3FY24 20 Jan 2024
• Concall Q3FY22 3 Feb 2023
• Concall Q3FY22 27 Jan 2022
• Concall Q2FY24 20 Oct 2023
• Concall Q2FY20 9 Jan 2020
• Concall Q1FY24 26 Aug 2024
• Concall Q1FY22 20 Jul 2021
• Presentation Q2FY20 9 Jan 2020
• Presentation Q4FY20 31 Mar 2020

Company News

Infosys stock price analysis and quick research report. is infosys an attractive stock to invest in.

Stock investing requires careful analysis of financial data to determine a company's true net worth. This is generally done by examining the company's profit and loss account, balance sheet and cash flow statement, which can be time-consuming and cumbersome.

An easier way to determine a company's performance is to examine its financial ratios, which can help to make sense of the overwhelming amount of information in its financial statements. 

Infosys stock price today is  Rs 1939.1 . Here are a few indispensable ratios that should be a part of every investor’s research process, or, in simpler words, how to analyse Infosys . 

PE ratio : Price to Earnings ratio, which indicates how much an investor is willing to pay for a share for every rupee of earnings. A general rule of thumb is that shares trading at a low P/E are undervalued (it depends on other factors too). Infosys has a PE ratio of 29.7702481749584  which is high and comparatively overvalued .

Share Price : - The current share price of Infosys is Rs 1939.1 . One can use valuation calculators of ticker to know if Infosys share price is undervalued or overvalued.

Return on Assets (ROA) : - Return on Assets measures how effectively a company can earn a return on its investment in assets. In other words, ROA shows how efficiently a company can convert the money used to purchase assets into net income or profits. Infosys has ROA of 25.2742 % which is a good sign for future performance. (higher values are always desirable)

Current ratio : - The current ratio measures a company's ability to pay its short-term liabilities with its short-term assets. A higher current ratio is desirable so that the company could be stable to unexpected bumps in business and economy. Infosys has a Current ratio of 2.6195 .

Return on equity : - ROE measures the ability of a firm to generate profits from its shareholders' investments in the company. In other words, the return on equity ratio shows how much profit each rupee of common stockholders’ equity generates. Infosys has a ROE of 37.0203 % .(higher is better)

Debt to equity ratio : - It is a good metric to check out the capital structure along with its performance. Infosys has a Debt to Equity ratio of 0 which means that the company has low proportion of debt in its capital.

Sales growth : - Infosys has reported revenue growth of 3.9665 % which is poor in relation to its growth and performance. 

Operating Margin : - This will tell you about the operational efficiency of the company. The operating margin of Infosys for the current financial year is 24.6306221060551 % .

Dividend Yield : - It tells us how much dividend we will receive in relation to the price of the stock. The current year dividend for Infosys is Rs 46  and the yield is 2.3721   % .

Earnings Per Share : - It tells us how much profit is allocated to to each outstanding share of a common stock. The latest EPS of Infosys is Rs 65.1355 . The higher the EPS, the better it is for investors. 

One can find all the Financial Ratios of Infosys in Ticker for free. Also, one can get the Intrinsic Value of Infosys by using Valuation Calculators available with Finology ONE subscription. 

Brief about Infosys

Infosys ltd. financials: check share price, balance sheet, annual report and quarterly results for company analysis.

Infosys Ltd. stands as a distinguished entity in delivering business consulting, information technology, and outsourcing solutions worldwide. This article focuses on an analysis of Infosys Ltd. from the lens of the stock market. With our advanced screening tools at their disposal, investors can monitor the stock price movements of Infosys Ltd. and spot promising investment opportunities.

Infosys Ltd. Share Price:

The share price of Infosys Ltd. acts as a significant barometer for gauging investor confidence in the company. It is swayed by a myriad of factors, including the company's earnings reports, the state of the global economy, and the overall atmosphere of the market. Investors are equipped with our custom screening tools to delve into Infosys Ltd.'s share price movements, spotting any emergent trends or motifs. Stability has characterized Infosys Ltd.'s share value in recent times, albeit interspersed with brief periods of volatility, often in response to worldwide economic shifts and market temperaments.

Infosys Share Price Overview

Infosys is a global leader in technology services and consulting, attracting significant interest in its share price. For those looking to understand the current market position of Infosys, the share price section above the page comes in handy. It provides a regularly updated share price along with a summary that captures essential details like the 52-week high and low, and the price fluctuation within the day. This section makes it simple for anyone to get a quick glimpse of how Infosys shares are performing in the market without diving into complex financial details.

Understanding Infosys Share Price Trends with the Share Price Chart

The share price chart of Infosys provides a visual representation of the stock’s performance over time and is a great tool for a quick analysis. Found in the share price section as mentioned on the web page above, this chart showcases the movement of Infosys's share price across different periods, including one week, one month, six months, one year, three years, and five years. By looking at the chart, you can easily spot trends and see how the company's shares have appreciated or depreciated, offering a straightforward way to understand its financial health and market perception through simple visual aids.

Insights into Infosys's 52-Week High and Low Prices

For those interested in the volatility and potential range of Infosys's stock, the 52-week high and low prices offer valuable insight. This information, available in the share price section mentioned above, highlights the lowest and highest points the stock has reached in the past year. Understanding these benchmarks provides a clearer picture of the stock's stability and growth potential. It helps individuals gauge the overall performance of Infosys within a time frame that is long enough to be significant but still relevant to the current market context.

Daily Fluctuations in Infosys Share Price

Keeping an eye on the daily high and low prices of Infosys shares can reveal a lot about the stock's immediate market movements. This data, found in the share price section above, shows how the share price fluctuates within a single trading day, offering insights into the stock's short-term volatility. Observing these daily movements is crucial for getting a sense of the market's immediate response to news, economic developments, or other factors affecting Infosys. It provides a simple yet effective way to monitor the stock's behavior without needing to commit to in-depth financial analysis.

Infosys Ltd. Balance Sheet:

Infosys Ltd.'s balance sheet provides crucial information about its financial health. The company's assets include cash and cash equivalents, investments, and property and equipment. Liabilities include accounts payable, accrued expenses, and long-term debt. Equity includes retained earnings and common stock. Investors can use our pre-built screening tools to analyze Infosys Ltd.'s balance sheet and identify any red flags. The company's balance sheet has remained strong over the years, with a healthy mix of assets and liabilities.

Infosys Ltd. Annual Report:

Infosys Ltd. releases an annual report every year, which provides detailed information about the company's financial performance, strategic initiatives, and future plans. The annual report includes a letter from the CEO, financial statements, and management discussion and analysis. Investors can download Infosys Ltd.'s annual report from Ticker and use it to make informed investment decisions. The annual report provides valuable insights into the company's operations and financial performance.

Infosys Ltd. Dividend:

Infosys Ltd. pays dividends to its shareholders on a regular basis. Dividends are a portion of the company's profits that are distributed to shareholders. Investors can use our pre-built screening tools to track Infosys Ltd.'s dividend history and dividend yield. The company has a consistent track record of paying dividends to its shareholders, which is a positive sign for long-term investors.

Infosys Ltd. Quarterly Results:

Infosys Ltd. releases its quarterly results every three months. The quarterly results provide information about the company's revenue, earnings, and expenses. Investors can use our pre-built screening tools to analyze Infosys Ltd.'s quarterly results and identify any trends or patterns. The quarterly results are an important indicator of the company's financial health and performance.

Infosys Ltd. Stock Price:

Infosys Ltd.'s stock price is affected by various factors, such as the company's financial performance, global economic conditions, and market sentiment. Investors can use our pre-built screening tools to track Infosys Ltd.'s stock price and identify potential buying opportunities. The stock price of Infosys Ltd. has been relatively stable over the years, with occasional fluctuations due to global economic conditions and market sentiment.

Infosys Ltd. Price Chart:

A price chart provides a visual representation of a company's stock price over a period of time. Investors can use our pre-built screening tools to analyze Infosys Ltd.'s price chart and identify any trends or patterns. The price chart shows that the stock price of Infosys Ltd. has remained relatively stable over the years, with occasional fluctuations due to global economic conditions and market sentiment.

Infosys Ltd. News:

Keeping up to date with the latest news about Infosys Ltd. is important for investors. Our website provides the latest news about Infosys Ltd. from various sources, such as financial news websites and social media. Investors can use this information to make informed investment decisions.

Infosys Ltd. Concall:

Infosys Ltd. holds conference calls with analysts and investors to discuss its financial performance and future plans. Investors can listen to Infosys Ltd.'s concall and use the information provided to make informed investment decisions. Our website provides information about upcoming concalls and links to listen to past concalls.

Infosys Ltd. Transcripts:

Transcripts of Infosys Ltd.'s concalls are available on our website. Investors can download the transcripts and use them to analyze the company's financial performance and future plans. The transcripts provide valuable insights into the company's operations and financial performance.

Infosys Ltd. Investor Presentations:

Infosys Ltd. provides investor presentations on its website. These presentations provide information about the company's financial performance, strategic initiatives, and future plans. Investors can download Infosys Ltd.'s investor presentations from our website and use them to make informed investment decisions. The investor presentations provide valuable insights into the company's operations and financial performance.

Infosys Ltd. Promoters:

Promoters are individuals or entities that have a significant stake in a company. Infosys Ltd.'s promoters include its co-founders and their family members. Investors can use our pre-built screening tools to analyze Infosys Ltd.'s promoter holdings and identify any potential conflicts of interest. The promoter holdings of Infosys Ltd. are relatively stable, which is a positive sign for long-term investors.

Infosys Ltd. Shareholders:

Infosys Ltd. has a large number of shareholders, including institutional investors and individual investors. Investors can use our pre-built screening tools to analyze Infosys Ltd.'s shareholder base and identify any potential risks or opportunities. The shareholder base of Infosys Ltd. is diverse, which is a positive sign for long-term investors.

Infosys Ltd. Premium Features:

Our website provides premium features tools such as DCF Analysis, BVPS Analysis, Earnings multiple approach, and DuPont analysis. These tools can help investors make better investment decisions by providing more detailed insights into the company's financial performance and valuation.

Infosys Limited ROCE

Infosys Limited ROCE stands for Return on Capital Employed, which is a crucial financial ratio used to measure a company's efficiency in generating profits from the capital employed. This ratio is widely used by investors to determine the profitability of an investment in Infosys Limited. By analyzing the ratio's data, investors can determine if the company is utilizing its capital efficiently or not. You can get the ROCE data of Infosys Limited in the financials table or ratio section present on this stock analysis page.

Infosys Limited EBITDA

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. Infosys Limited EBITDA helps investors evaluate the company's operational efficiency by ignoring the non-operating expenses such as taxes and interest. This ratio helps investors to see how much cash flow Infosys Limited has generated from its operations. You can find the EBITDA data of Infosys Limited in the financials table or ratio section present on this stock analysis page.

Infosys Limited DPS

DPS stands for Dividend Per Share, which measures the amount of dividend paid per share. Infosys Limited DPS helps investors evaluate the company's dividend policy, how much dividend per share is paid, and the company's overall performance. By analyzing the DPS data, investors can determine how much income they expect to receive through holding Infosys Limited stocks. You can get the DPS data of Infosys Limited in the financials table or ratio section present on this stock analysis page.

Infosys Limited EPS

Infosys Limited's EPS stands for Earnings Per Share, which is a crucial financial ratio used to evaluate a company's profitability. This ratio represents the amount of net income earned per share. It helps investors to determine the company's earnings power and future growth prospects. By analyzing the EPS data of Infosys Limited, investors can determine the worthiness of investing in the company's shares. You can find the EPS data of Infosys Limited in the financials table or ratio section present on this stock analysis page.

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• Technology & Telecommunications ›

IT Services

Infosys - statistics & facts

Key business sectors, global presence and future expansion, key insights.

Detailed statistics

Market capitalization of Infosys FY 2014-2023

Total export and domestic market size of IT industry in India FY 2015-2021

Global ICT market share 2013-2024, by selected country

Editor’s Picks Current statistics on this topic

Contribution of Indian IT-BPM industry to GDP of India FY 2009-2025

Indian IT software and services exports FY 2023, by type

Revenue of Infosys worldwide FY 2014-2024

Further recommended statistics

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• Basic Statistic Contribution of Indian IT-BPM industry to GDP of India FY 2009-2025
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IT services global spending forecast 2008-2024

Information technology (IT) services spending forecast worldwide from 2008 to 2024 (in billion U.S. dollars)

Revenue of the IT consulting & implementation industry worldwide 2018-2029

Revenue of the IT consulting & implementation market worldwide from 2018 to 2029 (in billion U.S. dollars)

Managed services market size forecast worldwide 2023-2032

Size of the managed service market worldwide in 2023 with forecast to 2032 (in billion U.S. dollars)

IT spending in India 2013-2024, by segment

IT spending in India from 2013 to 2023, with an estimate for 2024, by segment (in billion U.S. dollars)

Share of Information technology/business process management sector in the GDP of India from financial year 2009 to 2023 with estimate of 2025

Revenue of IT and BPM industry in India FY 2016-2024

Revenue of the information technology and business process management industry in India from financial year 2016 to 2023, with estimates until 2024 (in billion U.S. dollars)

• Premium Statistic Revenue of Infosys worldwide FY 2014-2024
• Premium Statistic Revenue share of Infosys FY 2018-2024, by region
• Premium Statistic Revenue share of Infosys FY 2019-2024, by segment
• Premium Statistic Net profit of Infosys worldwide FY 2014-2024
• Premium Statistic Operating margin of Infosys FY 2014-2024
• Premium Statistic Infosys number of employees FY 2010-2024

Revenue of Infosys Limited worldwide from financial year 2014 to 2024 (in billion U.S. dollars)

Revenue share of Infosys FY 2018-2024, by region

Annual revenue share of Infosys from financial year 2018 to 2024, by geographic area

Revenue share of Infosys FY 2019-2024, by segment

Annual revenue share of Infosys Limited from financial year 2019 to 2024, by business segment

Net profit of Infosys worldwide FY 2014-2024

Net profit of Infosys Limited worldwide from financial year 2014 to 2024 (in billion U.S. dollars)

Operating margin of Infosys FY 2014-2024

Operating margin of Infosys Limited worldwide from financial year 2014 to 2024

Infosys number of employees FY 2010-2024

Number of people employed by Infosys from financial year 2010 to 2024

Competitors

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Ranking of IT services companies worldwide in 2024, by brand value (in billion U.S. dollars)

Leading IT services and consulting companies in India 2024, based on net sales

Leading IT services and consulting companies in India as of June 2024, based on net sales (in billion Indian rupees)

Revenue of Accenture plc worldwide from 2009 to 2023

Revenue of Accenture plc worldwide from 2009 to 2023 (in billion U.S. dollars)

IBM global revenue 2011-2023, by region

IBM revenue worldwide from 2011 to 2023, by region (in billion U.S. dollars)

Revenue of Tata Consultancy Services Limited worldwide 2005-2024

Revenue of Tata Consultancy Services Limited worldwide from 2005/06 to 2023/24 (in trillion Indian rupees)

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Revenue for Wipro Limited from financial year 2015 to 2024 (in billion Indian rupees)

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Artificial intelligence (AI) market size worldwide from 2020 to 2030 (in billion U.S. dollars)

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Global corporate investment in artificial intelligence (AI) worldwide from 2013 to 2023, by investment activity (in billion U.S. dollars)

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FINANCIAL ANALYSIS ON INFOSYS LTD

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Infosys Ltd

Infosys Ltd. is a digital services and consulting company, which engages in the provision of end-to-end business solutions.

Infosys Ltd NSE:INFY

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This DCF valuation model was created by Alpha Spread and was last updated on Sep 11, 2024.

Estimated DCF Value of one INFY stock is 911.17 INR . Compared to the current market price of 1 910.05 INR , the stock is Overvalued by 52% .

Present Value Calculation

This block is the starting point of the DCF valuation process. It calculates the present value of a company's forecasted cash flows based on selected operating model. Adjust key parameters like discount rate and terminal growth, and alter inputs such as revenue growth and margins to see their impact on valuation.

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DCF Value Calculation

This stage translates the present value into DCF value per share. For firm valuation models, it adjusts present value for debt and assets to derive equity value (skipped if using equity valuation model). Finally, this equity value is divided by the number of shares to determine the DCF value per share.

Present Value to DCF Value Capital Structure

Valuation Analysis

Sensitivity analysis dcf value sensitivity analysis.

Sensitivity Analysis assesses how changes in key factors like revenue growth, margin, and discount rate affect a stock's DCF value. By visualizing various scenarios, from significant downturns to optimistic growth, this tool helps you understand potential valuation shifts, aiding in risk assessment and strategic decision-making.

DCF Financials Financials used in DCF Calculation

What is the dcf value of one infy stock.

The true DCF Value lies somewhere between the worst-case and best-case scenario values. This is because the future is not predetermined, and the stock's DCF Value is based almost entirely on the future of the company. Knowing the full range of possible stock DCF values gives a complete picture of the investment risks and opportunities.

How was the DCF Value calculated?

1. Present Value Calculation . Utilizing the DCF operating model, Infosys Ltd's future cash flows are projected and then discounted using a chosen discount rate to determine its Present Value, which is calculated at 3.5T INR .

2. DCF Value Calculation . The company's capital structure is employed to derive the total Equity Value from the previously calculated Present Value of the cash flow. This Equity Value, when divided by the total number of outstanding shares, yields the DCF Value of 911.17 INR per share.

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Discounted Cash Flow (DCF) valuation is a method of estimating the current value of a company based on projected future cash flows adjusted for the time value of money.

DCF valuation is one of two methods of placing a monetary value on a company; the other is Relative Valuation method. We use a combination of these two methods to calculate the Intrinsic Value of stock as accurately as possible.

Alpha Spread forecasts a company's future cash flow and estimates the appropriate discount rate to calculate the DCF value of a stock.

You can view the operating model used to estimate free cash flow in the "DCF Operating Model" block. You can change model inputs forecasted by our algorithm (such as revenue growth, margins, etc.) if you are a professional analyst and have your own opinion about them. Click here to read more about FCF forecasting.

Once free cash flow is forecasted, it is discounted at a risk-appropriate discount rate (which you can also change in the DCF settings). The resulting value is the present value of the company's free cash flow.

Depending on which type of operating model for the company our algorithm has chosen (equity or whole firm valuation model), the resulting value is either the value of equity or the value of the entire firm. In the case of the latter, to move from the value of the firm to the value of equity, liabilities are subtracted and assets are added. You can see these and subsequent steps in the block "Capital structure".

In order to come from the value of equity to the DCF value of one share, we only need divide the equity value by the number of shares outstanding.

A stock has no absolute intrinsic value because the future is not predetermined.

We build several DCF models for different scenarios of the company's future so you can see a complete picture of the investment risks and opportunities.

Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.

U.S. Government Accountability Office

Small Business Research Programs: Opportunities Exist for SBA and Agencies to Reduce Vulnerabilities to Fraud, Waste, and Abuse

Federal agencies awarded small businesses more than $4.4 billion in FY 2022 for research and development and to commercialize technologies. The Small Business Administration oversees the programs making these awards, which are carried out by 11 agencies.

We analyzed past award data to identify awardees' foreign ownership, business size, and other indicators of fraud, waste, or abuse. We found, for example:

Almost 8% of awardees in our review had four or more indicators

$445 million worth of awards may have funded duplicative work

Our recommendations to SBA and 2 other agencies are to help improve their fraud risk management and more.

What GAO Found

GAO's analysis of 37 fraud schemes targeting the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs demonstrates control vulnerabilities and fraud risks with a range of financial and other impacts. These schemes often involved multiple participating agencies and programs. For example, 25 schemes involved awards from more than one agency, and 14 involved both SBIR and STTR awards. GAO identified approximately $34.7 million in civil settlements associated with these schemes. Fraudsters' diversion of funds affects the programs' economic stimulus goals and makes funds unavailable to eligible businesses. It can also result in prison time, financial penalties, and loss of employment for those involved in the schemes.

In addition to its Policy Directive guidance, the U.S. Small Business Administration (SBA) uses several tools, including its monthly program manager meetings, annual survey to participating agencies, and listing of fraud convictions and civil liabilities on SBIR.gov, to monitor and support agencies' fraud, waste, and abuse prevention efforts. However, GAO identified opportunities for SBA to better leverage these tools. For example, some agencies were unaware of the requirement to report fraud convictions and civil liabilities for listing on SBIR.gov, limiting the site's usefulness as an information source and fraud deterrent.

Most agencies did not conduct SBIR/STTR fraud risk assessments in alignment with GAO's leading practices and identified lack of guidance, training, and resources as related challenges. Through its guidance and other tools, SBA is in a position to reinforce fraud risk assessment requirements for agencies, in support of Policy Directive goals for fraud, waste, and abuse prevention.

GAO's analysis of SBIR.gov award data from fiscal years 2016 through 2021 identified thousands of awardees with one or more fraud, waste, or abuse risk indicator. Among the 10,570 awardees in this period, 842 were associated with four or more such indicators. GAO designed 27 analytic tests for (1) applicant eligibility, including foreign ownership, business size, essentially equivalent work, research facility address; and (2) other fraud, waste, or abuse risks, such as having prior criminal or civil actions. Data quality issues in SBIR.gov, such as incomplete project summaries, may impede agencies' full use of analytics for managing these risks. By improving the data through guidance and verification, SBA can support agencies' risk management activities.

Awardees by Number of Fraud, Waste, or Abuse Risk Indicators Identified in Analytic Tests

Why GAO Did This Study

Since the inception of the programs, federal agencies have invested over $68 billion in SBIR/STTR awards for research and development and to commercialize technologies. SBA oversees the programs, which are carried out by 11 participating agencies. In response to the Small Business Act, as amended, the SBA established 10 minimum requirements for participating agencies to prevent fraud, waste, and abuse. The act also includes a provision that GAO report to Congress every 4 years on agencies' and their Offices of Inspector General (OIG) efforts related to fraud, waste, and abuse in the programs.

This GAO report, its fourth, assesses (1) SBIR/STTR fraud schemes from fiscal years 2016 through 2023 and participants and impacts; (2) SBA and agency antifraud activities against fraud, waste, and abuse requirements; (3) agency fraud risk assessments against leading practices; and (4) applicant and award data to identify fraud, waste, and abuse vulnerabilities.

GAO reviewed documentation from SBA and the 11 participating agencies and OIGs; analyzed criminal, civil, and administrative actions; compared SBA and agencies' processes against leading practices; conducted data matching to identify potentially ineligible awardees for fiscal years 2016 through 2021; and interviewed SBA, agency, and OIG officials.

Recommendations

GAO is making eight recommendations, including six to SBA to provide agencies with guidance to support their fraud risk management. The agencies generally agreed with the recommendations.

Recommendations for Executive Action

Full Report

Gao contacts.

Rebecca Shea Director [email protected] (202) 512-6722

Office of Public Affairs

Sarah Kaczmarek Acting Managing Director [email protected] (202) 512-4800

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• Infosys Ltd

Infosys Ltd IT - Software | NSE : INFY

• Target : 1,600.0 (15.27%)
• Target Period : 12 Month

15 Apr 2023

Unplanned ramp down impacts growth; fy24 guidance widened to accommodate uncertainties….

Infosys Ltd (Infy) is one of the leading IT players catering to BFSI, retail, communication, manufacturing & hi tech verticals.

• The company generates >62% of revenues from digital technologies
• Dividend payout (>80%), margins (>20%) and RoCE (>31%) key positives

Infosys reported weak revenue numbers in Q4FY23.

• Revenue declined 3.2% QoQ and grew 8.8% YoY in CC terms
• EBIT margins declined 50 bps QoQ to 21%
• Signed 17 large deals with TCV of US$2.1 bn, down 36.4% QoQ

Infy’s share price has grown by ~2.5x over the past five years (from ~₹ 564 in April 2018 to ~₹ 1,388 levels in April 2023).

• We maintain BUY rating on the stock

We value Infosys at ₹ 1,600 i.e., 22x P/E on FY25E EPS.

• Differentiated digital and cloud capabilities to drive growth
• Growth remained broad-based and deal momentum robust, with digital transformation rapidly getting scaled up across verticals and regions
• Infosys to post rupee revenue growth of 10.3% CAGR in FY23-25E
• Double-digit return ratios, strong cash generation and healthy payout

Besides Infosys, in our IT coverage we also like TCS.

• Strong organic growth, consistent financials, industry leading margins and healthy capital allocation policy prompt us to be positive on the stock
• BUY with a target price of ₹ 3,720

Particulars

Shareholding pattern

Price Chart

Recent events & key highlights.

• Revenue guidance of 4-7% in CC terms & margin guidance of 20-22% for FY24
• Key Risk: i) Lower than guided revenue, ii) Lower than guided margin

Research Analyst

Sameer Pardikar [email protected]

Sujay Chavan

Key Financial Summary

Key takeaways of recent quarter & conference call highlights

• Infosys reported weak numbers on the revenue front as its revenue during the quarter declined 3.2% QoQ & grew 8.8% YoY in CC terms. In dollar terms, revenue was down 2.3% QoQ & up 6.4% YoY to US$4,554 mn while in rupee terms it reported revenue of | 37,441 crore, down 2.3% QoQ & 16% YoY
• Digital revenues (62.9% of mix) declined 2.3% QoQ to US$2,864 mn while Core revenues (37.1% of revenue mix) declined 2.3% QoQ also. In CC terms, Digital revenue grew 15% YoY while core revenue declined 0.2%
• Geography wise (in CC terms YoY), North America (61% of mix) reported single digit growth of 6% while Europe (27% of mix) reported growth of 20.3%
• Vertical wise (in CC terms YoY), financial services vertical (28.9% of mix) reported growth of just 0.4% due to unexpected ramp down in pockets of mortgage, investment banking & asset management. The company also mentioned that its total exposure to regional banks is less than 2% of overall revenue of the company. Manufacturing vertical grew 26.5% while Energy & Utilities, Life sciences, Retail, Hitech & communications reported growth of 17.1%, 15.7%, 12.6%, 3.7% & 0.3%, respectively
• EBIT margin of the company declined 50 bps QoQ to 21% while the company indicated the following headwinds for decline in margins: 1) 70 bps impact of decline in utilisation & ii) -90 bps impact of one-time revenue loss due to cancellation of projects during the quarter mitigated by the tailwinds of i) +50 bps due to cost optimisation & lower subcontractor cost & ii) +60 bps on post sale customer support
• For FY23, the company reported revenue of US$18,212 mn, up 11.7% while in CC terms the growth was 15.4%. In rupee terms, revenues came in at | 146,767 crore, up 20.7%. On the EBIT margin front, Infosys reported margin of 21.1% for FY23 compared to 23% in FY22
• The company, during the quarter, won 17 large deals with a TCV of US$2.1 bn, down 36.4% QoQ and 8.7% YoY. The company also indicated that net new deals contributed ~21% of TCV in Q4. Infosys further said that its deal pipeline remains robust and its pipeline includes several mega deals. The company also indicated that several of the deals in the pipeline are cost optimisation and vendor consolidation. Infosys also mentioned that in FY23 it won large TCV of US$9.8 bn with a net new TCV of US$3.9 bn (39.8% of TCV, 95 large deals)
• The 17 large deals won by the company were across the following segments: i) five in manufacturing; ii) four in financial services, iii) three each in communications, iv) two each in lifescience & hi-tech and v) one in energy & utilities while geography wise the split was: i) 10 in US & ii) seven in Europe
• The company indicated that it is leveraging generative AI capability for clients as well as within the company. It has active programs going on to address specific need of the clients. Infosys mentioned that it expects more opportunities to come up in this space, which is also likely to improve productivity withing the company
• The company indicated that the demand environment has changed in Q4 compared to last quarter wherein it witnessed unplanned ramp down by clients and delays in decision making, which resulted in lower volumes (demand softness) and subsequently in revenue decline. There was also a one-time impact on the revenue for the quarter (pertains to some project cancellations). The company indicated that it witnessed some stability in March but the demand scenario is quite dynamic and uncertain
• The company indicated that its large deal pipeline remains robust, which also contains certain mega deals. It mentioned that several of these opportunities are cost take out programs and consolidation projects. The company indicated that certain industries like financial services, investment banking, telecom, hi-tech, retail are more impacted due to uncertainty and delays in decision making. The company also mentioned that US region is more impacted than Europe region. Infosys mentioned that keeping uncertainty in mind, it continues to focus on cost optimisation programs to work on its pyramid, onsite-offshore ratio, travel, subcontractors, office consolidation and pricing and it expects this to build up the path for margin expansion in the future
• Infosys indicated that growth in FY23 was mixed in H1 and H2 wherein H1 resorted 20% growth while in H2, the growth was slower at 11% (which was a reflection of change of demand environment)
• The company completed the open market share buyback on February 13, at an average price of ~| 1,539 per share (compared to maximum buyback price of | 1,850 per share). Consequently, the share capital of the company has reduced by 1.44%. Including the recently concluded buyback and final dividend for FY23, the company has returned ~86% of free cash flow to shareholders under the current capital allocation policy
• The company mentioned that recent issues in US regional banks are likely to have a minimal impact on BFSI vertical as exposure to regional banks is less than 2% of overall revenues. Retail sector continued its investments in digital transformation to accelerate revenue maximisation with budget spend in the right areas to increase RoI while some pressure is visible in discretionary spend. Hence, focus areas are e-commerce platform, supply chain management, customer engagement tools. Manufacturing continues to ramp up large deals and some vendor consolidation benefit is coming here while investment continued in the areas of ER&D, industrial IoT and 5G. Europe manufacturing is having some impact of high energy prices, increase in interest rates as well as supply chain disruption. Communication sector is witnessing pressure on increase in opex, ramp downs and delayed decision making. Energy, utilities continued strong performance on large deal wins
• For margins the company is guiding for an EBIT margin of 20-22% for FY24. The company mentioned that margin guidance factored in growth assumptions for FY24, annual wage hikes in FY24, some normalisation of costs like travel & facilities etc, impact of utilisations etc
• On pricing, the company mentioned that it is been working on three initiatives in the last 18 months to improve its pricing: i) the company indicated that it in the last 12 months it has curbed down on the renewal discount, which it was earlier offering, which is expected to improve realisation ii) the company has adopted a new digital pricing method for new deals, which takes into consideration different methods like cost based pricing, outcome based pricing, etc. to make innovative contract with customers & iii) negotiate with clients to include cost of living adjustment (COLA) clause to the MSA agreements with clients, which will provide opportunity to negotiate pricing with the client in the future
• The company mentioned that after recent exit of two senior leaders including the one in financial services segment, it is planning to roll out a new structure for the BFSI vertical. The company mentioned that it has strong internal leadership pool and some of them are likely to step up to take bigger responsibilities
• On the M&A front, the company announced that it has a strong balance sheet to do small, medium or large acquisition as the current market is conducive for inorganic opportunities. Infosys, however, confirmed that its revenue guidance growth for FY24 is organic and does not include incremental revenue coming in from acquisitions
• The company’s net employee count during the quarter declined by 3,611 bringing the total headcount to 343,234. Utilisation of the company declined for a sixth consecutive quarter and in Q4 utilisation declined 170 bps QoQ to 80% due to a decline in volumes. The company indicated that utilisation will improve in the coming quarters as freshers become billable, which will also aid in pyramid optimisation. On the hiring outlook for FY24 the company did not give any hiring target and indicated it will rationalise its hiring as per the available pool of resources & demand
• Attrition of the company continues to decline and in Q4 its LTM attrition declined sharply by 340 bps QoQ to 20.9%. The company further informed that its quarterly attrition declined ~400 bps while its quarterly attrition is below pre-Covid levels
• Infosys declared a final dividend of | 17.5 per share in Q4 taking the total dividend for FY23 to | 34 per share, up 9.7%

Financial Summary

Profit and loss statement ₹ crore.

Key ratios ₹ crore

Balance Sheet ₹ crore

Cash flow statement ₹ crore, previous reports pdf:.

ANALYST CERTIFICATION

I/We, Sameer Pardikar, MBA, Sujay Chavan, MMS, Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report.

Terms & conditions and other disclosures:

ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products.

ICICI Securities is Sebi registered stock broker, merchant banker, investment adviser, portfolio manager and Research Analyst. ICICI Securities is registered with Insurance Regulatory Development Authority of India Limited (IRDAI) as a composite corporate agent and with PFRDA as a Point of Presence. ICICI Securities Limited Research Analyst SEBI Registration Number – INH000000990. ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com.

ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities and its analysts, persons reporting to analysts and their relatives are generally prohibited from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.

Recommendation in reports based on technical and derivative analysis centre on studying charts of a stocks price movement, outstanding positions, trading volume etc as opposed to focusing on a companys fundamentals and, as such, may not match with the recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports.

Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, and target price of the Institutional Research.

The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.

This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.

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Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

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RATING RATIONALE

ICICI Direct endeavours to provide objective opinions and recommendations. ICICI Direct assigns ratings to its stocks according to their notional target price vs. current market price and then categorizes them as Buy, Hold, Reduce and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts valuation for a stock

Buy: >15%

Hold: -5% to 15%;

Reduce: -15% to -5%;

Sell: <-15% 

Copyright© 2022. All rights Reserved. ICICI Securities Ltd. ®trademark registration in respect of the concerned mark has been applied for by ICICI Bank Limited

Infosys IT graduates receive joining dates after advocacy group accuses firm of “exploitative practices”

The NITES organization accused Infosys of keeping graduates on the hook for years with no remuneration or clarity on when or where their role would begin

A group of over 1,000 engineering graduates awaiting onboarding at Indian IT firm Infosys have finally received confirmation of their start date, after the firm was accused of exploitative hiring practices.

Infosys had come under fire from an Indian IT worker advocacy group, the Nascent Technology Employees Senate (NITES), after successful applicants, some of whom received offers in 2022, were consistently knocked back with unpaid ‘pre-training’ courses.

The affected individuals reported that they were told onboarding plans would be finalized by 19 August with the deadline passing with no further information forthcoming.

Salil Parekh, CEO at Infosys, responded to the allegations made in the NITES letter, stating that all graduates who received offers would be onboarded, but gave no further information on when this would happen.

The deadline was pushed back to 2 September 2024, when Infosys finally sent joining dates to roughly 1,500 graduates, confirming their starting date would be 7 October in Mysore.

ITPro approached Infosys for clarification on whether all 2,000 graduates mentioned in the letter published by NITES would be starting on 7 October, but was directed back to Parekh’s initial statement .

Infosys accused of “continued mistreatment and disregard” for graduates

The letter published by NITES was addressed to Mansukh Mandaviya, the national minister of Labor and Employment, criticizing Infosys for unprofessional conduct, after receiving complaints from some of the affected individuals.

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“We have received multiple grievances from young engineering graduates who have been subjected to unprofessional and exploitative practices by Infosys Limited, one of India's largest IT companies,” the letter stated

“The continued mistreatment and disregard for these graduates, who are the future of our nation, cannot be tolerated. As a prominent IT and ITES union working for the welfare and rights of employees, we feel it is our duty to bring this matter to the highest levels of government to seek justice and protection for these young professionals.”

A series of mandatory pre–training sessions followed, some of which took as long as six weeks, without any financial compensation for taking part in these exercises. Failure to attend the pre-training would result in the candidate having their offer rescinded, NITES added.

The letter stated that although the prospects had already completed the pre-training sessions, the results were never distributed and some were asked to retake the program.

Protect your applications and focus on core business initiatives

“Despite successfully completing the pre-training, the promised results were never communicated, leaving the graduates in limbo for over 20 days. To their shock, instead of receiving their joining dates, these graduates were informed that they needed to retake the pre-training exam offline, once again without any remuneration. “

In a previous letter sent to the Indian Labour Ministry, NITES demanded Infosys fulfill its obligations and compensate the graduates with full salary payments for the period of delayed onboarding.

It also requested that employees were provided with assistance to address the mental and physical stress caused by the delay,

Solomon Klappholz is a Staff Writer at ITPro. He has experience writing about the technologies that facilitate industrial manufacturing which led to him developing a particular interest in IT regulation, industrial infrastructure applications, and machine learning.

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Green Energy Research: Collaboration and Tools for a Sustainable Future

Science Article | Green Energy | 6 Sep 2024

The Urgency of Green Energy Innovation

The recent Climate Change 2023 synthesis report emphasizes the consequences of delayed emission reductions: fewer effective adaptation options for a warming planet 2 . Geopolitical factors like the Russia-Ukraine conflict further underscore the need for a green energy transition, with Europe’s energy security concerns highlighting the reliance on imported fossil fuels.

The Green Energy Research Landscape

Against this backdrop, green energy development has become a critical area of research, reflected in a more than 10-fold increase in related publications from 2010 (1,105) to 2023 (11,346), according to Digital Science’s Dimensions database. Researchers around the world are striving to improve green energy technology and society’s ability to harness renewable energy sources more efficiently.

According to data analysed by Nature Navigator , which uses artificial intelligence to generate comprehensive summaries of research topics, ‘renewable energy systems and technologies’ is the field’s most frequently mentioned subtopic (Fig.1). At a research concept level, wind power generation, grid optimization and resource management all feature as common underlying themes.

Figure 1: Topic anatomy of green energy research First-level nodes denote the research subtopic (highest prevalence themes emerging from green energy research). Second-level nodes denote the research concepts associated with these research subtopics. Note: only the research concepts mentioned in the highest count of outputs within each subtopic are presented here. Credit: Nature Research Intelligence

Of the primary green energy research subtopics presented by Nature Navigator , it is telling that ‘materials for energy storage and conversion’ is the fastest-growing, with a compound annual growth rate (CAGR) of 30.2% over the last five years. This may reflect a growing consensus among researchers and industry that a lack of options to efficiently store electricity generated by intermittent renewable sources for later use is a key bottleneck preventing the greater penetration of these sources into the grid.

Real-World Example: Accelerating Heat Pump Innovation

Changmo Sung, a prominent green energy researcher at Korea University, leveraged Nature Navigator to identify trends, key areas, and potential breakthroughs in heat pump technology. This facilitated a collaborative project with LG Electronics, accelerating their research efforts.

“It also enabled the rapid discovery of researchers and institutions outside Korea working on similar or complementary projects related to heat pumps” Sung says.

• International Energy Agency, Global Energy Review 2021 (2021).
• Intergovernmental Panel on Climate Change, Climate Change 2023 (2023).

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Helium demand to double by 2035, tracking chip production boom, report says

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Research: How to Delegate Decision-Making Strategically

• Hayley Blunden
• Mary Steffel

A recent study examined the negative consequences of handing off responsibilities — and how to avoid them.

Delegating work can help free up managers’ time and energy while empowering their employees to take on meaningful tasks. Yet, previous research has shown that delegating decision-making can cause employees to feel overly burdened. In a new paper, researchers examine the negative impact that handing over choice responsibility can have on delegator-delegate relationships. They offer research-backed solutions for delegating decisions more fairly in order to offset some of delegation’s negative interpersonal consequences.

Effective delegation is critical to managerial success : delegating properly can help empower employees , and those who delegate can increase their earnings . Delegation can also be a way for managers to give employees experience and control, especially when they delegate decision-making responsibilities, which allow employees to exhibit agency over important stakes. Yet, some of our recent research has shown that employees can view delegated decision-making as a burden that they would prefer to avoid.

• Hayley Blunden is an assistant professor of management at the Kogod School of Business at American University. Her research focuses on how leaders can make workplace interaction more productive.
• MS Mary Steffel is an associate professor of marketing at D’Amore-McKim School of Business, Northeastern University. Her research focuses on examining when we call upon others to help us make decisions, how we navigate making decisions for others, and how we can support others in making better decisions. See her faculty page here .

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Results for the First Quarter ended June 30, 2023

Infosys announces results for the first quarter ended June 30, 2023 on Thursday, July 20, 2023.

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• IFRS USD Earnings release for three months ended June 30, 2023
• IFRS USD Auditors Report for three months ended June 30, 2023
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• IFRS INR Auditors Report for three months ended June 30, 2023

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July 20, 2023 4:30 p.m. (IST) Archived Webcast of Press Conference | Transcript

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July 20, 2023 6:00 p.m. (IST) Archived Earnings conference call - Audio | Transcript