Infosys reported revenue of $2.16 billion for the first quarter, a 5.7% increase from the year-ago quarter, and above analysts' estimates of $2.12 billion. The company reported earnings of 21 cents a share for the quarter, in line with analysts' estimates.
The Banglore, India-based company said it now expects its fiscal 2016 revenue to grow between 7.2% and 9.2% in dollar terms compared to fiscal 2015, up from its previous estimate of 6.2% to 8.2% revenue growth.
CEO Dr. Vishal Sikka said, "I am very pleased with our performance in the first quarter. Our efforts in redesigning our clients' experience and our widespread adoption of innovation, both in grassroots and breakthroughs, are starting to bear fruit in large deal wins and in the growth of large clients."
TheStreet Ratings team rates INFOSYS LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate INFOSYS LTD (INFY) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, reasonable valuation levels and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow."
You can view the full analysis from the report here: INFY Ratings Report