Infosys jumps 8% after in-line Q3 earnings—here's what brokerages suggest

Infosys share price NSE: Infosys grew as much as 8.2 per cent to hit the day's high of Rs 1,618 on NSE, pausing the four-day losing streak, and witnessing the biggest single-day gain since July 2020.

Infosys Q3 results: The No. 2 software services provider in the country reported a consolidated profit after tax (PAT) or net profit of Rs 6,106 crore for the quarter that ended December 31, 2023 (Q3 FY24). Image: Reuters

Infosys share price NSE, Infosys share price target, Infosys Q3 results: Infosys (INFY) shares took centre stage on D-Street on Friday after the country's second-largest IT company released its quarterly performance for the October-December period on January 11. The result was mostly in line with analysts' estimates.

The No. 2 software services provider in the country reported a consolidated profit after tax (PAT) or net profit of Rs 6,106 crore for the quarter that ended December 31, 2023 (Q3 FY24). The figure fell 1.7 per cent on a QoQ basis and 7.3 per cent YoY. Revenues for the quarter under review came in at Rs 38,821 crore, down 0.4 per cent QoQ and up 1.3 per cent. In constant currency (CC) terms, revenue declined 1 per cent YoY and QoQ. Read more

The stock grew as much as 8.2 per cent to hit the day's high of Rs 1,618 on NSE, pausing the four-day losing streak and witnessing the biggest single-day gain since July 2020. Wipro settled as the top gainer on Nifty 50 at Rs 1,615, up Rs 120.8 or 8.08 per cent on NSE.

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Infosys Q3 results review: Here's what Anil Singhvi says

Zee Business Managing Editor Anil Singhvi says IT major's earnings are in line with estimates after a long time. The market expert points out the following key points about Infosys Q3 results:

Strong deal wins
Good environment
Stable commentary

Should you buy, sell, or hold Infosys shares? Anil Singhvi recommends buying Infosys futures; check out the target price, stop loss

Anil Singhvi recommends buying Infosys futures with a stop loss of Rs 1,488 for targets of Rs 1,540 and Rs 1,555.

Infosys share price target: Brokerages mixed

	Infosys
Brokerage	Rating	Target (INR)
Morgan Stanley	Overweight	1700
JP Morgan	Overweight	1800
Jefferies	Buy	1740
HSBC	Buy	1620
Nomura	Neutral	1500
Macquarie	Underperform	1160

JPMorgan and Morgan Stanley each have an 'overweight' rating on Infosys with targets of Rs 1,800 and Rs 1,700, respectively. Jefferies and HSBC each have a 'buy' call on the stock. While Jefferies has raised the target by Rs 20 to Rs 1,740, HSBC has reduced the target to Rs 1,620 from Rs 1,665. "Strong deal wins provide comfort on the expectation of a 13 per cent EPS CAGR over FY24–26E," Jefferies said in its note.

EPS stands for earnings per share.

In addition, Normura has maintained a neutral rating on Infosys with a target of Rs 1,500. "Project Maximus bears fruit on the margin front," Nomura said in its note. Macquarie has maintained an underperform rating on the counter, with a target price of Rs 1,160.

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