Questions across 51 calls

Abhishek Kumar

JM Financial

Tata Technologies Limited

Tata Technologies Limited CC-Oct25.pdf · 2025-10-17

Hi. Good evening. Warren, you mentioned in your initial opening remarks that Q3 headwind is because of delays in JLR, IT systems still being restored, etc., Just wanted to understand what is the visibility we have at this stage of these challenges getting resolved during the quarter, and what would be the potential impact from JLR alone in Q3? And a related question is that when we say headwind in Q3, are we referring to some decline in sequential growth or just lower growth for Q3?

Yes, and so potentially Q3 can be a negative quarter from services perspective, negative growth quarter?

Tata Technologies Limited CC-Jun25.pdf · 2025-07-14

Good to hear you're still being optimistic given the dynamic environment. My question was on the deal pipeline or the environment around deals. Last quarter, we spoke about potentially some of the German OEMs looking at more offshoring. Have you seen any progress on that front? Do you think they are still looking at higher offshoring or given the uncertainty, there has been a pause around large deal decision-making as well?

Okay. The second question is on OEMs versus Tier 1. One of your peers recently said that the pain is higher in Tier 1. How do you see that? Do you think for us also Tier 1 decline is higher? And if we can get some idea of what would be our share of OEM versus Tier 1 in th e auto vertical? Thank you so much.

Tata Technologies Limited CC-Mar25.pdf · 2025-04-25

Yes. Hi. Good evening, Warren, you sounded optimistic despite the obvious challenges facing industry. I just want to understand whether there are tangible signs that some of these global OEMs are looking at increasingly doing more offshoring, are there any deal, RFP, etc., which we are pursuing, just wanted to understand what's driving the optimism that you share?

Okay, that's clear. In that context, what explains better than expected ramp up in BMW, right, that also is an OEM which is facing these issues, logically one would have imagined that they will also pause. So, any color on why you think that JV is scaling faster than expectations? Thank you.

Infosys Limited

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-10-16

I have a question on your second half outlook. Now we understand the seasonal factors and probably that is what is driving decline at the midpoint of the implied guidance. But I just wanted to get a sense that this year, deal wins has been strong, then you have closed $1.6 bn deal, which if my calculation is right, is a $100 mn-plus ACV deal. So, is it just your conservatism at this stage, given Q4 generally is weaker? Or is there anything else that is restricting you from raising the upper end of the guidance?

So, maybe a quick follow-up on the mega deal you ju st announced. Is it expected to start ramping up this fiscal year? And what would be net new contribution, if you can call that out?

Infosys Limited CC-Sep25.pdf · 2025-10-16

I have a question on your second half outlook. Now we understand the seasonal factors and probably that is what is driving decline at the midpoint of the implied guidance. But I just wanted to get a sense that this year, deal wins has been strong, then you have closed $1.6 bn deal, which if my calculation is right, is a $100 mn-plus ACV deal. So, is it just your conservatism at this stage, given Q4 generally is weaker? Or is there anything else that is restricting you from raising the upper end of the guidance?

So, maybe a quick follow-up on the mega deal you ju st announced. Is it expected to start ramping up this fiscal year? And what would be net new contribution, if you can call that out?

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-07-23

Yes. Good evening. Thanks for taking my question. I have a question on vendor consolidation. This has been going on for last at least a couple of years now. Do you think there has been a shift in the vendors we are competing with? Maybe earlier, it wa s the longer tail of small vendors, which these enterprises had added post-COVID. And you think now it has shifted to more larger, like, peers, and therefore, the fight to hold on to your turf and add more becomes a bit more challenging and kind of puts pressure on our margins?

My second question is on your seasonality. You are probably the only company who is saying that H2 will be weaker than H1. Most of the others are hopeful of a rebound in second half. So is it just seasonality that is driving this kind of a view? Or do you think some of the large deals, which are helping us in sectors like Communication, they kind of get into steady state and therefore, the visibility, given the large deals last year were weak er than the year before, the visibility from deals ramping up in the second half is lower? External Document © 2025 Infosys Limited 13

Infosys Limited CC-Jul25.pdf · 2025-07-23

Yes. Good evening. Thanks for taking my question. I have a question on vendor consolidation. This has been going on for last at least a couple of years now. Do you think there has been a shift in the vendors we are competing with? Maybe earlier, it wa s the longer tail of small vendors, which these enterprises had added post-COVID. And you think now it has shifted to more larger, like, peers, and therefore, the fight to hold on to your turf and add more becomes a bit more challenging and kind of puts pressure on our margins?

My second question is on your seasonality. You are probably the only company who is saying that H2 will be weaker than H1. Most of the others are hopeful of a rebound in second half. So is it just seasonality that is driving this kind of a view? Or do you think some of the large deals, which are helping us in sectors like Communication, they kind of get into steady state and therefore, the visibility, given the large deals last year were weak er than the year before, the visibility from deals ramping up in the second half is lower? External Document © 2025 Infosys Limited 13

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-04-17

Hi, good evening. Thanks for taking my question. I have a question on cost of third-party items. First is, when we say, some of the booking of the third-par ty item got spilled over. Does that mean that it will come back in Q1 and that will help Q1 revenue? And a related question is, is the visibility getting into Q1 similar to what we have seen maybe Q1 of last year; better, worse, any color on that? Thank you. Sorry. Abhishek, if you could repeat the first question on the third-party, I did not get that well.

External Document © 2025 Infosys Limited 18 Yes. So I mean we said that some of the weakness in Q4 was because some third-party item got spilled over. So is that just a deferral and it will co me back in Q1 or that is something that we have lost?

Infosys Limited CC-Mar25.pdf · 2025-04-17

Hi, good evening. Thanks for taking my question. I have a question on cost of third-party items. First is, when we say, some of the booking of the third-par ty item got spilled over. Does that mean that it will come back in Q1 and that will help Q1 revenue? And a related question is, is the visibility getting into Q1 similar to what we have seen maybe Q1 of last year; better, worse, any color on that? Thank you. Sorry. Abhishek, if you could repeat the first question on the third-party, I did not get that well.

External Document © 2025 Infosys Limited 18 Yes. So I mean we said that some of the weakness in Q4 was because some third-party item got spilled over. So is that just a deferral and it will co me back in Q1 or that is something that we have lost?

Tata Consultancy Services Limited

Tata Consultancy Services Limited CC-Sep25.pdf · 2025-10-09

Hi, good evening. T wo quick questions about the cybersecurity instance, just wanted to check if the issue has now been resolved and the projects you said which couldn't start, have they now started resuming?

Great. That's good to hear. Second, near term especially 3Q, any early indication of how furloughs are looking this year compared to previous years. Generally, we have seen that in a weak demand environment furloughs tend to be longer. Any such signs at this stage?

Zee Entertainment Enterprises Limited

Zee Entertainment Enterprises Limited CC-Jun25.pdf · 2025-07-22

Most of my questions have been answered. I have one question on the strategic initiatives that we had announced around value unlocking. While you mentioned that you're in the process of deciding which KPI to disclose, but anything in terms of, any progress in terms of carving out that business into a separate subsidiary? We got a Chief Business Officer for those businesses. Any progress so far? And any timeline that we can share in terms of when and what we plan to do?

Second question is on the cash infusion. Obviously, the company had certain plans with the fresh cash that was supposed to come in. Now with that resolution not getting passed, anything that changes in our plans in terms of we were thinking of re-entering into sports or certain acquisitions? Do you think any change in plan is needed now because that cash is not coming.

Zee Entertainment Enterprises Limited CC-Mar25.pdf · 2025-05-08

First off, any change in our guidance that we have provided earlier, because I didn't find that in the presentation, 18% to 20% EBITDA margin next year, I mean, any specific. I mean, are we still sticking to that guidance, or is there any change in the timeline?

All right. Okay. So, thanks for the clarification. Second question is on linear subscription, you mentioned some churn, et cetera, which resulted in sequential decline. How are we seeing the market evolving? Are instances of cord cutting continuing? Is any stability in the nu mber of pay TV households? And also, the appetite for the market to absorb further price hikes from there.

Wipro Limited

Wipro Limited CC-Jun25.pdf · 2025-07-17

Yes. Hi, good evening. Thanks for taking my question, and congratulations on very strong deal wins. My first question is on the deal win itself. So, you know, on an LTM basis, the overall deal TCV has grown by 10%. But if I look at the smaller deals on an LTM basis, it's down 8% Y -o-Y. So, my question is, have we seen any kind of given, these large deals are longer in tenure, any material increase in duration? And therefore, how should we look at the ACV growth for us to really model growth going forward?

Sure, that's clear. The second question is on capital allocation. The last 2 payouts after the tax regime change has been in the form of dividends. So, have we decisively moved towards the dividend route and is buyback now not in consideration?

Wipro Limited CC-Mar25.pdf · 2025-04-16

Yes, hi, good evening. Thanks for taking my question. Srini, first of all, congratulations on good dealings in a difficult environment. My question is on deal to revenue conversion. If we look at our book-to-bill, over the last 2 years, it has been consistently, at least on an LTM basis, above 1.3x, but it has not really translated into revenue growth. And if we add to that better performance in Capco, where the conversion would be even better. Looks like ex of Capco, the conversion is quite soft. So, I just wanted to understand what exactly has driven this poor conversion so far. Is it cancellations? Is it lower ACV growth because of longer tenure? And which of these 2, you think going forward might change for us to build some growth, given improved deal wins?

Sure, maybe a quick follow-up there. Do you think those ramp downs, which are client-specific, are now largely behind us? And therefore, it is just a matter of timing before these deals start to reflect in revenues?

SAGILITY LIMITED

SAGILITY LIMITED CC-Mar25.pdf · 2025-05-15

Yeah. Hi, good morning. I have a couple of questions first, on this Medicare Advantage. Obviously, there's a lot of noise, and looks like I mean there are a certain section of the Street that believes it is specifically United because they have been little more aggressive in expanding in that space. Just from your perspective, your clientele, especially the top three, do you see them already asking for some price reduction? And also, if we were to look at the growth for this quarter, can you break that down between volume growth and pricing growth, especially the organic growth? Just for us to get some sense of any impending pressure on pricing?

Understood. Maybe one more question on regulation, then I have one on margin. The other thing that, the Trump administration is trying is to put pressure on the pharma companies. Do we have any second order impact of that on the claim amount, and therefore our realisation with our clients?

C.E. Info Systems Limited

C.E. Info Systems Limited CC-Mar25.pdf · 2025-05-12

Congratulations on a good quarter. My first question is on the order book. We have seen significant improvement in fixed price order. I'm assuming some of it is because of the higher government order share. How do we infer this? Does it mean that it's more lumpy now? Or does it also mean that it could be more predictable given it is not linked to volumes? So that's my first question.

Okay. Okay. So there's no lumpiness in order book to revenue...

Coforge Limited

Coforge Limited CC-Mar25.pdf · 2025-05-05

Hi good evening. Thanks for taking my question. First question is on Sabre deal and it is a question that is asked to us very frequently by investors. Given the financial situation of Sabre, do we foresee any risk of ramp down or any challenge to receivables or receivable days? And if at all any risk mitigation that we kind of use to protect ourselves?

Okay, that is helpful. My second question is in the others vertical which saw a sharp decline this quarter. A lot of what is included in the others vertical like retail, healthcare etc seems to be where Ciginiti has contributed. So just wanted to understand is that attributable to some softness in Ciginiti or that is just quarter noise? Thank you.

KPIT Technologies Limited

KPIT Technologies Limited CC-Mar25.pdf · 2025-04-28

My first question is on the dichotomy between the deal momentum that we have seen building throughout the year and the decision to not give guidance. But if you could just help us understand, you know, how much -- how difficult it is, what kind of visibility we have right now getting into FY '26?

Okay. My second question is on this collaboration with Mercedes -Benz. Now Mercedes, their strategy was to do their vehicle operating system, which was called MB.OS, if I'm not wrong, all in -house. So do you see any change in stance by Mercedes in this case ? And in general, across OEMs who are now more open to collaborating and offshoring even their SDV programs, especially the German OEMs?

Hexaware Technologies Limited

Hexaware Technologies Limited CC-Dec24.pdf · 2025-03-07

Congratulations on your first quarter. First question, Keech, is on your initial remarks where we have said that some of the ramp -ups that we are seeing will happen in Q3 and H2. So does it mean that the growth in CY '25 would be slightly back -ended with second half, again, like we saw in CY '24 on a Y-o-Y basis better than first half? That's my first question.

Okay. Maybe a quick follow -up. You said you expect your growth to be resilient. Could you define resilience? Does it mean growth similar to CY '24? Does it mean double -digit growth? Any color on what do you mean by resilience?

Inventurus Knowledge Solutions Limited

Inventurus Knowledge Solutions Limited CC-Dec24.pdf · 2025-02-06

Hi. Good morning, Sachin. Always good to hear from you. A couple of questions from my side. First, as we look at 12% dollar revenue growth year-over-year this quarter, can we break this down between the growth in the heritage IKS business and in the AQuity? The reason I am asking is, as you pointed out, there is some dampening impact of tail cutting and offshoring. So, just wanted to appreciate the strength in the heritage IKS business from a year-over-year perspective.

Okay. Maybe a related question. When I look at the standalone numbers, on a Y-o-Y basis they seem to have kind of remained flat or a slight decline actually. So, I was wondering if that standalone number is a reflection of heritage IKS business or there are some subsidiaries which are excluded and therefore my reading is wrong.