汇丰银行-公司研究-infosys limited：buy：a welcome beat-20170714-hsbc.pdfVIP

14 July 2017   Infosys Limited (INFO IN) EQUITIES IT SERVICES Buy: A welcome beat India  1Q18 revenues and margins beat expectations. FY18 MAINTAIN BUY guidance retained TARGET PRICE (INR) PREVIOUS TARGET (INR)  Pick-up in banking spend remains the key upside trigger for 1150.00 1150.00 earnings and stock over 1-2 years SHARE PRICE (INR) UPSIDE/DOWNSIDE 977.05 +17.7%  We remain Buy with TP of INR1,150. Capital allocation (as of 13 Jul 2017) decision is key near-term stock trigger MARKET DATA Market cap (INRm) 2,244,230 Free float 71% Infosys beats both revenue and margin estimates in 1Q18. Admittedly, in absolute terms,