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Infosys (INFY) Public Services Opens New Offices Across Canada
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Infosys’ (INFY - Free Report) subsidiary, Infosys Public Services (“IPS”), recently expanded in Canada with new offices in Mississauga in Ontario, Calgary in Alberta and Burnaby in British Columbia. With this, the company intends to accelerate digital transformation for public sector organizations across the country, including federal departments, provincial ministries, municipalities and crown corporations.
The IPS new offices will enable top-tier information technology (IT) talent access and innovative solutions to the local governments in Canada. This will help the organizations improve their service delivery quality for Canadian citizens.
Headquartered in Ottawa, Ontario, IPS will provide cloud solutions to public sector organizations. In particular, INFY intends to modernize public sector service delivery for new and existing Federal, Ontario and Manitoba government and crown corporation clients. IPS Canada has previously aided Innovapost, a Canadian IT service management company, in delivering IT initiatives to meet mail, courier and logistics industry demands.
Infosys’ IPS Canada allows the delivery of managed services that comply with the security requirements of service delivery of different government levels.
INFY has been reinforcing its digital transformation capabilities to expand and solidify its position in the highly competitive environment. It enables its clients across more than 56 countries to create and execute strategies for their digital transformation. Back-to-back contract wins are driving the company’s top-line performance.
In fourth-quarter fiscal 2023 results, the company’s revenues and non-GAAP earnings increased 6.4% and 0.2%, respectively, on a year-over-year basis. Recently, the company launched a dynamic Metaverse museum in collaboration with the International Tennis Hall of Fame to deliver incredible tennis artifacts and stories to the worldwide tennis fan base.
In June, the company entered into a strategic collaboration with one of the leading Nordic banks, Danske Bank, to accelerate the bank's digital transformation journey with speed and scale. In May, Infosys collaborated with Adobe to transform the digital workforce through Infosys Springboard, under its Tech for Good charter.
In the same month, the global integrated energy company, BP Plc, signed a Memorandum of Understanding (MoU) to select INFY as the primary partner for end-to-end application services, including development, modernization, management and maintenance. With the newly signed MoU, the IT consulting services provider deepens its over two-decade long-standing relationship with the global energy company.
Despite continuous deal wins, Infosys’ near-term growth prospects may be hurt by slowing IT spending as organizations are postponing their plans of investing in big and expensive technology products on growing global slowdown concerns amid the persistent macroeconomic headwinds and geopolitical tensions. Moreover, elevated operating expenses related to hiring employees, and sales and marketing strategies to capture more market share are likely to strain margins in the near term.
These, along with the rapid proliferation of customizable Internet-based software, have been hampering Infosys’ traditional outsourcing business. These challenges may weigh on the company’s profitability, going ahead.
Zacks Rank & Stocks to Consider
Infosys currently has a Zacks Rank #4 (Sell). Shares of INFY have gained 65.7% in the past year.
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Infosys (INFY) Public Services Opens New Offices Across Canada
Infosys’ (INFY - Free Report) subsidiary, Infosys Public Services (“IPS”), recently expanded in Canada with new offices in Mississauga in Ontario, Calgary in Alberta and Burnaby in British Columbia. With this, the company intends to accelerate digital transformation for public sector organizations across the country, including federal departments, provincial ministries, municipalities and crown corporations.
The IPS new offices will enable top-tier information technology (IT) talent access and innovative solutions to the local governments in Canada. This will help the organizations improve their service delivery quality for Canadian citizens.
Headquartered in Ottawa, Ontario, IPS will provide cloud solutions to public sector organizations. In particular, INFY intends to modernize public sector service delivery for new and existing Federal, Ontario and Manitoba government and crown corporation clients. IPS Canada has previously aided Innovapost, a Canadian IT service management company, in delivering IT initiatives to meet mail, courier and logistics industry demands.
Infosys Price and Consensus
Infosys price-consensus-chart | Infosys Quote
Infosys’ IPS Canada allows the delivery of managed services that comply with the security requirements of service delivery of different government levels.
INFY has been reinforcing its digital transformation capabilities to expand and solidify its position in the highly competitive environment. It enables its clients across more than 56 countries to create and execute strategies for their digital transformation. Back-to-back contract wins are driving the company’s top-line performance.
In fourth-quarter fiscal 2023 results, the company’s revenues and non-GAAP earnings increased 6.4% and 0.2%, respectively, on a year-over-year basis. Recently, the company launched a dynamic Metaverse museum in collaboration with the International Tennis Hall of Fame to deliver incredible tennis artifacts and stories to the worldwide tennis fan base.
In June, the company entered into a strategic collaboration with one of the leading Nordic banks, Danske Bank, to accelerate the bank's digital transformation journey with speed and scale. In May, Infosys collaborated with Adobe to transform the digital workforce through Infosys Springboard, under its Tech for Good charter.
In the same month, the global integrated energy company, BP Plc, signed a Memorandum of Understanding (MoU) to select INFY as the primary partner for end-to-end application services, including development, modernization, management and maintenance. With the newly signed MoU, the IT consulting services provider deepens its over two-decade long-standing relationship with the global energy company.
Despite continuous deal wins, Infosys’ near-term growth prospects may be hurt by slowing IT spending as organizations are postponing their plans of investing in big and expensive technology products on growing global slowdown concerns amid the persistent macroeconomic headwinds and geopolitical tensions. Moreover, elevated operating expenses related to hiring employees, and sales and marketing strategies to capture more market share are likely to strain margins in the near term.
These, along with the rapid proliferation of customizable Internet-based software, have been hampering Infosys’ traditional outsourcing business. These challenges may weigh on the company’s profitability, going ahead.
Zacks Rank & Stocks to Consider
Infosys currently has a Zacks Rank #4 (Sell). Shares of INFY have gained 65.7% in the past year.
Some better-ranked stocks from the broader Computer and Technology sector are Salesforce (CRM - Free Report) , NVIDIA Corporation (NVDA - Free Report) and Meta Platforms (META - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Salesforce’s second-quarter fiscal 2024 earnings has been revised northward by a penny to $1.90 per share over the past 30 days. For fiscal 2024, earnings estimates have moved up by 2 cents to $7.44 in the past 30 days.
CRM's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 15.5%. Shares of the company have gained 18.9% in the past year.
The Zacks Consensus Estimate for NVIDIA’s second-quarter fiscal 2024 earnings has been revised southward from $1.97 to $2.04 per share over the past 30 days. For 2023, earnings estimates have moved up by 2.7% to $7.66 in the past 30 days.
NVDA's earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 0.26%. Shares of the company have soared 165.6% in the past year.
The Zacks Consensus Estimate for Meta Platforms' second-quarter 2023 earnings has been revised downward by 5 cents to $2.82 per share over the past 30 days. For 2023, earnings estimates have moved south from $12.04 to $11.94 in the past 30 days.
META’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 15.5%. Shares of the company have surged 69% in the past year.