INFY announced better than expected results. How often do we see that? Too often for me. Analysts made their estimates, people read them, the company beats them, the stock soars. It's like a usual situation on the market right now and it really disappoints me. To be honest, I don't see any special here: However, if you take a calculator and check the margins - you'll see that they are pretty stable. I did it for you - operating margin in 2015 is 25.7%, in 2016 - 25.6%. It sounds good, doesn't it? Bu if you take a look at net income margins - to goes down from 23% to 21.7%. It's not a catastrophic decline, but this is still a decline. If you take a look at their cash flow statement, you'll see that almost 20% of their operating cash flow growth was based on higher depreciation: So, I think that the stock will go down a little bit after such a jump.