Stocks in Action
Stocks in Action:Infosys: Infosys 3QFY23 numbers came ahead on consensus estimates. Despite a seasonally weak quarter marked by holidays and furloughs, the company delivered a strong 2.4% sequential growth in revenue in CC. The YoY growth in revenue in constant currency for the first nine months was 17.8% and the healthy execution and robust order intake prompted the company to revise its FY23 revenue guidance to 16-16.5% CC growth from the earlier projection of 15-16%. As per the management, company has gained market share as it has robust offerings in growth as well as cost optimisation projects and is also winning big from vendor consolidation. Large deal TCV for the quarter was the strongest in the last 8 quarters at $3.3 billion. The pipeline of large deal remain strong. Digital comprised 62.9% of overall revenues and grew at 21.7% YoY in constant currency. The attrition rate reduced by 3% sequentially during the quarter and the LTM attrition stood at 24.3% from 27.1% in 2QFY23. Company expects attrition rate to reduce further. Company’s balance sheet remains strong and RoE improved by 2.2% at 32.6%. Positive on Infosys given the good set of 3QFY23 number in seasonally weak quarter and strong deal pipeline.
Cochin Shipyard: Cochin Shipyard has superior and technically advanced capabilities to deliver high-quality naval ships. In the last two years, despite the strong orders in hand, the company’s execution suffered because of COVID-led stress. However, this has picked up gradually over the last few quarters. In the first half of the current fiscal, the company’s revenue was up by 10% YoY basis. It is expected that with the strong execution cycle, the 2HFY23 would be much better, in terms of scale and margins. The company is sitting on a firm order book of close to Rs 10,000 crore, which is 4x its FY22 shipbuilding orders. While this provides a strong revenue visibility, the company is eying several large orders pertaining to next- gen missile vessels, anti-submarine warfare corvettes and a few others. It is also expanding its exports market, and recently bagged an order worth Rs 1,000 crore from one of the customers in Europe. Positive on Cochin Shipyard given valuation comfort, healthy dividend yield, quality of business, the government’s focus on defence and emphasis on indigenous procurement.
Corporate Action
Dividend
16-Jan-23
TCS: Interim Dividend – Rs. – 75.00
19-Jan-23
HCLTECH: Interim Dividend – Rs. – 10.00
24-Jan-23
ANGELONE: Interim Dividend
GOTHIPL: Interim Dividend
Buyback
Abirami Financial: Ex-Date: 27-Jan-23
Bonus
KPI Green Energy: Bonus Issue 1:1; Ex-Date: 18-Jan-23
Stock Split
Deep Diamond India: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 20-Jan-23
Rights Issue
Aarti Surfactants: Ex-Date: 17-Jan-23
Markolines Pavement Tech: Ex-Date: 17-Jan-23
Anjani Portland Cement: Open: 30-Dec-22; Close: 19-Jan-23
Pacific Industries: Open: 19-Jan-23; Close: 02-Feb-23
Aarti Surfactants: Open: 25-Jan-23; Close: 03-Feb-23
Rajapalayam Mills: Open: 18-Jan-23; Close: 07-Feb-23
Indowind Energy: Open: 27-Jan-23; Close: 10-Feb-23
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