TheStreet's Jim Cramer recently extolled the virtue of Accenture (ACN - Get Report) , the technology consulting company. Cramer said that while its stock, at $114, trades at 19 times earnings, a premium versus its peers, it deserves that premium.

Well, if you want to invest in an IT consulting specialist whose shares cost a lot less, consider Infosys (INFY - Get Report) . The pride of India will report fiscal fourth-quarter earnings early Friday. Its American depositary receipts, at around $18, are up 8.7% for the year to date and up a fraction of a percentage point for the past 52 weeks. The company even pays a 1.7% annual dividend.

For the quarter, analysts, on average, expect 23 cents per share in earnings on revenue of $2.43 billion, up 4.5% and 12.7%, respectively, over a year ago. For the year, earnings are projected to rise by 2 cents to 90 cents from a year ago while revenue will be up 8.6% to $9.46 billion.

Infosys has continued to thrive and grow revenue and profits despite the competition from Accenture and Cognizant Technology Solutions  (CTSH - Get Report) . Plus, given its growing position in Oracle's (ORCL - Get Report) Application Management Network, according to Gartner, Infosys is poised to land multiple contracts this year.

The ADR is priced at just 18 times 2017 estimates of 98 cents a share, one point higher than the S&P 500 (SPX) index, suggesting tons of value with limited risk. Beyond 2017, the company expects earnings to increase at an average annual rate of 10% in the next five years, which would be twice the S&P 500 index.

The ADR has a consensus buy rating, its average analyst 12-month price target of $20 suggests 10% gains from current levels and the high analyst target of $21 implies a premium of 15.5%. That's excellent value.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.