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Infy Results: Better than Expected, Greater Efficiency Visible

Infosys results for Dec 2014 are out, and we’re going to quickly cover them with just charts. They’ve surprised on the upside:


EPS Growth on a Trailing Twelve Month (TTM) basis is nice at 20%, which is okay given the stock has a P/E of 19. But tht’s mostly because of earlier quarters; the Dec 2014 grew over Dec 2013 EPS by only 13%.


Looks like they *are* getting more efficient. Thank goodness for two years of no salary hikes, I guess:


And they’ve gotten back the stalled employee growth, which looks good only because of a lower base last year. However quarter or quarter additions are at 2.5% net, which isn’t all that great but it’s better than recent quarters.


Efficiency helps here: They are more into fixed price projects than ever before:


Just  a quick chart update. No positions.

The stock is up 5% at 2070.

I’m not enthused enough to buy, but this is better than I expected. What do you think?

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