Summary: Infosys Ltd. Nov 11
Standard & Poors, November 2011
Abstract
The rating on Infosys Ltd. reflects the India-based information technology (IT) services provider's conservative financial policy and strong free cash flows. The ratings also reflect the company's robust EBITDA margins, which are among the highest in the industry. The constraints of largely India-based operations and Infosys' exposure to exchange rate fluctuations temper the above strengths. Healthy and stable cash flows support Infosys' modest financial risk profile. Revenues from repeat business (about 98%) underpin the cash flows. The company's largely India-based workforce provides it with low-cost, skilled manpower. We expect Infosys to grow at a faster pace than the global industry due to the company's competitive cost position and proven delivery capability. The company's growth in the first half of the...
Companies mentioned in this report are: Infosys Ltd.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Infosys Ltd.
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