Stockrabit · Analysts
Questions across 22 calls

Abhishek Pathak

Motilal Oswal

HCL Technologies Limited

HCL Technologies Limited CC-Jul26.pdf · 2026-07-13
Yeah, hi team, hi CVK. A fantastic quarter. I had a couple of questions. Firstly, how do you view token costs in context of AI adoption? If they had not been so high, do you think our AI services revenue would have been higher? And over a 2-to-3-year perspective, how does your team look at token costs? I mean, do you guys expect token costs to collapse, which leads to massive AI implementation revenues, or do you expect them to be elevated, which slows down AI displacement and hence leads to better defense for IT services? So that's the first question on AI. Maybe I'll just follow up with the second one after this?
Understood. And in that context then, it was interesting when you mentioned that Sarvam AI is something that you're looking at from the Indian market standpoint. Is it possible to take Sarvam's, low-cost models maybe to global clients as well and are you k ind of, in discussions about that too? And the last question was to Shiv on margins. Do we expect to kind of, get back to our original 18% to 19% sort of margin band, anytime soon, maybe in FY28, or do we expect the AI investments to kind of continue and kind of hold back our margins a bit going forward in the in the medium term as well? Thank you.
HCL Technologies Limited CC-Jan26.pdf · 2026-01-12
Yes, hi team. Thanks , and congrats on another good quarter. So , I got a couple of questions. Firstly, when you talk to clients right now versus exactly this time last year, what differences do you see in conversations? Are we moving towards more serious discussions around AI implementation? What is impeding clients from getting there? Are we indicating that some foundation, that will begin maybe in the next 3 -4 months ? Just trying to understand the YoY colour and how is it different versus the same time last year? That's one. Second question and related, of course . In which service lines do you think is the client coming in and saying that earlier, we were constrained by budgets, but now that AI is helping us immensely , we can really unlock and maybe do a lot more of something we weren't doing at all? That's the second question. And lastly for S hiv, if you can p art a brief update on how much more restructuring charges are pending? And update on the SG&A investments as well, whether they should continue into Q4, or how should we model that in? Thank you, that's all from my side.
Got it. Thank you and all the best.
HCL Technologies Limited CC-Sep25.pdf · 2025-10-13
Hi, team. Thank you for the opportunity and congrats on a solid quarter. CVK, very encouraging to see Advanced AI revenue broken out. Quite curious to know how are these revenues being offered to clients? Are they mostly through standalone POCs or standalone projects or are they embedded into a bread - and-butter business? That's one. And secondly, how do you see HCL Tech's revenue mix evolve over the next 3 to 4 years? Do we expect IPs to contribute more and more percentage of our revenues? And if that's the case, how do you see our R&D expenses go up considering we will be competing head -on with a lot of the rich world OEMs in their own backyard? And lastly, a question on margins for Shiv. On the res tructuring charges, would we expect a similar sort of quantum of hit over the next couple of quarters as well? That's all from my side. Thank you.
That's very helpful.
HCL Technologies Limited CC-Jun25.pdf · 2025-07-14
Hi, team. Congrats on a good quarter. So, just to double click on the margins, do we expect the AI investments to continue into FY27 as well? I ask that because should I be expecting FY27 margins to again operate in the 18%-19% ballpark or are we rebasing the expectations a little bit because the investments I am sure will be slightly higher than what we are building in right now? That is the first question. And the second question CVK was around revenue conversion from deals. Did you expect that or rather did you see that getting slightly better in Q1 and do you expect that to improve in the next couple of quarters considering a couple of deals that we were supposed to win have spilled over, should we expect those deals to pick up and ramp up quicker than earlier, which means the revenue impact will be much better as compared to earlier. So, those are two questions. Thank you.
Got it. Thanks and all the best.
HCL Technologies Limited CC-Sep24.pdf · 2024-10-14
I have got a couple of questions, CVK. So, firstly, I mean the ask rate for the second half in terms of growth now seems fairly benign. So, does the top end of the guidance still assume aggressive furloughs or is it a slight conservatism baked into the numbers or are you assuming, if there is a recovery in discretionary spends, is there upside risk in number, that’s one? And the second question is on ER&D . I think it ’s great to ER&D to return to growth again. Could you throw some light on which areas have recovered and where we still see some pressure going forward? And also, how do the recently announced job cuts at a major airline affect the outlook here for industry and for us, if at all?

Infosys Limited

Updates Infosys Limited has informed the Exchange regarding 'Transcripts of the press conference and earnings call conducted after the Meeting ofBoard of directors on April 23, 2026'. · 2026-04-23
Yeah. Hi Salil, so I had a question around, the deals that we left on the table. We saw similar comment from one of your peers as well. So just curious sort of what is happening over here, are we being disrupted by let us say leaner, more AI native sort of companies who are pricing the deals very low by the delivery model changing, or is this a race to the bottom from traditional vendors who are just essentially creating a pricing, creating irrational pricing? So very curious as to, what is happening here and over the next two- to-three-year period do you think, the industry needs to find, newer leaner models to sort of, price the deals and how much is possible to kind of change over here in the short term? Thank you.
Understood. Thank you so much and all the best.
Infosys Limited CC-Apr26.pdf · 2026-04-23
Yeah. Hi Salil, so I had a question around, the deals that we left on the table. We saw similar comment from one of your peers as well. So just curious sort of what is happening over here, are we being disrupted by let us say leaner, more AI native sort of companies who are pricing the deals very low by the delivery model changing, or is this a race to the bottom from traditional vendors who are just essentially creating a pricing, creating irrational pricing? So very curious as to, what is happening here and over the next two- to-three-year period do you think, the industry needs to find, newer leaner models to sort of, price the deals and how much is possible to kind of change over here in the short term? Thank you.
Understood. Thank you so much and all the best.
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2026-01-14
Hi, team, congrats on a good quarter. So, a couple of questions. Firstly, do you think this is the year when clients kind of move from the AI strategy being good to have to something of a necessity, right, which means that, is this a year when foundational AI work starts getting taken seriously across verticals? That is the first one. And secondly, on the Cognition deal, being a very inte resting sort of partnership. Very curious to know how you are pricing this, how you are taking it to clients? I mean, is Devin kind of initially leading to a bit of cannibalization in revenues? A nd how are those contracts structured? And over the next 1 to 2 years, how do you expect a typica l deal with, let us say, an agent like Devin and yourself sort of structured? So those are two questions.
Got it. Thanks, and all the best.
Infosys Limited CC-Jan26.pdf · 2026-01-14
Hi, team, congrats on a good quarter. So, a couple of questions. Firstly, do you think this is the year when clients kind of move from the AI strategy being good to have to something of a necessity, right, which means that, is this a year when foundational AI work starts getting taken seriously across verticals? That is the first one. And secondly, on the Cognition deal, being a very inte resting sort of partnership. Very curious to know how you are pricing this, how you are taking it to clients? I mean, is Devin kind of initially leading to a bit of cannibalization in revenues? A nd how are those contracts structured? And over the next 1 to 2 years, how do you expect a typica l deal with, let us say, an agent like Devin and yourself sort of structured? So those are two questions.
Got it. Thanks, and all the best.
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-07-23
Yes, hi, team. Morning, and congrats on a good quarte r. A couple of questions. Just firstly, on the inorganic contribution. So the 40 bp s impact that you are referring to , is this entirely from the acquisitions consolidated in this quarter? Because if I were to assume some residual impact from in- tech, the full year inorganic number comes out to be sl ightly higher? So just that clarification will be helpful. External Document © 2025 Infosys Limited 23 And the second question is, there was a comment ary around how discretionary spends are being kind of bank rolled entirely by the sa vings made by AI. So just wondering, is this going to be sort of a structural trend where there is going to be a cannibalization going forward regardless of how the demand improves? Will the clients expect us to ju st keep self-funding the discretionary initiatives based on these gains or is there sort of a more structural demand recovery built in, let us say, post the next 12 to 18 months, where the clients do need a serious amount of investment in their data and their tech stack to basically modernize? So those are two questions. Thank you.
Right. I think I was just referring to your comment on the press conference that you said, even the full-year impact will be 40 bps and hence, the confusion.
Infosys Limited CC-Jul25.pdf · 2025-07-23
Yes, hi, team. Morning, and congrats on a good quarte r. A couple of questions. Just firstly, on the inorganic contribution. So the 40 bp s impact that you are referring to , is this entirely from the acquisitions consolidated in this quarter? Because if I were to assume some residual impact from in- tech, the full year inorganic number comes out to be sl ightly higher? So just that clarification will be helpful. External Document © 2025 Infosys Limited 23 And the second question is, there was a comment ary around how discretionary spends are being kind of bank rolled entirely by the sa vings made by AI. So just wondering, is this going to be sort of a structural trend where there is going to be a cannibalization going forward regardless of how the demand improves? Will the clients expect us to ju st keep self-funding the discretionary initiatives based on these gains or is there sort of a more structural demand recovery built in, let us say, post the next 12 to 18 months, where the clients do need a serious amount of investment in their data and their tech stack to basically modernize? So those are two questions. Thank you.
Right. I think I was just referring to your comment on the press conference that you said, even the full-year impact will be 40 bps and hence, the confusion.
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-04-17
Yes, hi. Thanks for the opportunity. So, my first question was, could you please just expand a bit on the underlying assumptions at the top end of our guidance? Do we assume an acceleration in deal wins for this to be achieved or do you think a better-than-expected ramp-ups could probably take us to 2%, 3%? That is one. And the second question was – which I think is pr obably partly answered. But considering a few of your peers have called out some deferrals or at least some uncertainty in decision-making. How does the next immediate quarter looks in terms of, let us say deferrals or ramp-downs? And do you see any significant risk in the extreme short term? External Document © 2025 Infosys Limited 12 And lastly, do the current events kind of push-down the recovery in short cycle deals a bit more and do you feel short cycle deals are again, something that will struggle to take-off? Thank you. Yes. So, leading up to guidance, we always run multiple models that leads us to the top end, bottom end or the middle end of the guidance. That is the same process that we have followed even at this point in time. The reason that we gave a 3-point guidance band was because there is an uncertainty. So, at the lower end of the guidance, we have baked in some further deterioration in the environment. And at the top end of the guidance, we have baked in steady to marginally improving environment. So that is how the guidance has been panned out from the environment perspective. Having said that, on the ramped downs, we have not really seen any major ramped downs at this point in time or major closures of the deals, we do see clients being cautious that decision making is delayed in pockets. But as I said, what we se e today has been baked in in the lower end of the guidance from the uncertainty perspective.
Yes, sorry. No, just the last bit on the wage hi ke impact for Q1 and how do we just model that in? Thanks.
Infosys Limited CC-Mar25.pdf · 2025-04-17
Yes, hi. Thanks for the opportunity. So, my first question was, could you please just expand a bit on the underlying assumptions at the top end of our guidance? Do we assume an acceleration in deal wins for this to be achieved or do you think a better-than-expected ramp-ups could probably take us to 2%, 3%? That is one. And the second question was – which I think is pr obably partly answered. But considering a few of your peers have called out some deferrals or at least some uncertainty in decision-making. How does the next immediate quarter looks in terms of, let us say deferrals or ramp-downs? And do you see any significant risk in the extreme short term? External Document © 2025 Infosys Limited 12 And lastly, do the current events kind of push-down the recovery in short cycle deals a bit more and do you feel short cycle deals are again, something that will struggle to take-off? Thank you. Yes. So, leading up to guidance, we always run multiple models that leads us to the top end, bottom end or the middle end of the guidance. That is the same process that we have followed even at this point in time. The reason that we gave a 3-point guidance band was because there is an uncertainty. So, at the lower end of the guidance, we have baked in some further deterioration in the environment. And at the top end of the guidance, we have baked in steady to marginally improving environment. So that is how the guidance has been panned out from the environment perspective. Having said that, on the ramped downs, we have not really seen any major ramped downs at this point in time or major closures of the deals, we do see clients being cautious that decision making is delayed in pockets. But as I said, what we se e today has been baked in in the lower end of the guidance from the uncertainty perspective.
Yes, sorry. No, just the last bit on the wage hi ke impact for Q1 and how do we just model that in? Thanks.

Coforge Limited

Coforge Limited CC-Mar25.pdf · 2025-05-05
Hi thank you for the opportunity and congrats team on a great quarter. So I have got a couple of questions. Firstly, as you mentioned right over the past eight years, the growth has been quite significant, but would you agree that this is probably going to be an extended period of downturn for the industry? And if so, does the deal win engine have to kind of permanently pivot towards large deals and cost takeouts or there is still room for discretionary and in other areas that is one. The second question is on the Sabre ramp up. Could you please tell us how the margins have been impacted in the short term and how should we model that? And just on the margins as well, right, I mean how should we expect the reported EBIT margins to expand from here on in terms of margin walk? Thank you.
Thank you so much, all the best.
Coforge Limited CC-Sep24.pdf · 2024-10-23
Hi Sudhir, hi Saurabh. Thanks for the opportunity and for us and a great quarter. So I think as Sudhir mentioned, I guess the Cigniti revenue growth was probably a bigger surprise than the margin beat. The first question is considering the demand is now certainly recovering across the board, does it now become easier to sort of cross -sell service lines and services to Cigniti clients in this environment? And if yes, does it significantly sort of change or rather upgrade our expectations from Cigniti versus what we acquired maybe six, seven months back that is one. And secondly, on the headcount bit, I guess, you have been hiring quite strongly over the past couple of quarters and the utilization levels are now at 82%. I guess a lot of your peers are operating at 85%. So is it tempting to just sort of sweat the asset a bit more and go to 85% and manage margins or even exceed over there or do you think the demand is recovering sort of so much that you still want to hire and still sort of build up that muscle on that concept. Thank you.
Very, very clear, Sudhir. And if I could just squeeze in one more on the Cigniti’s margins. So, the three-tiered expansion is incredibly heartening. Now going forward is there any more low -hanging fruit that you will quite easily pluck and the margins may expand to your guided range or do you think it requires further, it requires more discipline going forward on Cigniti? Thanks.

LTM Limited

LTM Limited CC-Dec24.pdf · 2025-01-16
I had a couple of questions, DC. Firstly, on the composition of deals, have you started seeing short cycle deals coming in more aggressively in this quarter? A lot of your peers have indicated that discretionary spends are coming back or at least are partly coming back more strongly than earlier expected and considering LTIMindtree has a heritage of transformation and what you would call discretionary deals, are we seeing more of that as well? And the second thing was I guess the margins were a positive surprise this quarter despite a 3% headcount addition and the productivity gains that you passed. And now that utilization levels are at 85%, how should we model margins going forward, will you be comfortable at this utilization level or should we expect this to dip further, and for FY'26 then, considering once the productivity benefits are absorbed, how do you expect margins to play out?
Yes, one on the deal composition, the second on comfortable level of utilization and likewise the margin outlook because of that.
LTM Limited CC-Sep24.pdf · 2024-10-17
So, on discretionary spend, our comments are, I think, slightly cautious as compared to the players who have reported so far. Just wondering like what's the divergence here? I mean, is it a portfolio mix? Or is it a more short-term election-led or furlough-led approach that's leading us to be slightly cautious? That's one. And the other bit is, of course, the growth this time has been fairly broad- based. So is it fair to assume that whatever recovery that's happening on the client side is now finding more legs and it is becoming more widespread. And just if that is the case, how comfortable are we on the headcount? What's the comfortable level of utilization that we think we should operate at? And in case growth really comes back in earnest, how would we sort of look at the hiring strategy from hereon?
Just a bit around hiring and if the growth recovery is more broad-based, what's the comfortable level of utilization? And how do we hire from here?

Tata Consultancy Services Limited

Tata Consultancy Services Limited CC-Dec24.pdf · 2025-01-09
Krithi, just a question on your point earlier around retail is about seeing some recovery. I just wanted to know the drivers behind that and the outlook for that, let's say, for CY'25? And the other thing, likewise on technology and hi-tech, what's your view on the hi-tech vertical? : Do you think a lot of the capex spend around GenAI and GPUs is all behind then, can we expect the US big tech companies to maybe shift their focus on services spends for the next year?
Great, thank you so much, all the best.

Zensar Technologies Limited

Zensar Technologies Limited CC-Sep24.pdf · 2024-10-22
And again, congrats on good set of numbers. Sir, on the TMT vertical, from a strategic perspective, considering healthcare has been growing so consistently across the Board. Are there any plans to sort of focus more over there and steadily reduce the expos ure to telecom a bit? I mean, from a two -three year perspective, can we expect the contribution from telecom to probably reduce from here? Or do you expect that to remain at the current levels?
And just as a follow -up on the Manufacturing vertical, a few peers have called out some weakness, right? So any color to add there? Are we seeing anything intimately difficult there in terms of converting deals or ramping up revenues or anything of that sort?

Tech Mahindra Limited

Tech Mahindra Limited CC-Sep24.pdf · 2024-10-19
I think the first phase of the transformation, which was essentially the turnaround phase, seems to be admirably on track. So, congrats on that. My question was, as we move to the stabilization phase, FY26 might coincide with a slightly liberal spend environment. Just like in your case, everybody has again reported probably a bottom out attrition. We saw slight inch up in attrition across the board. In FY26, as attrition levels inch up, the cost of backfilling employees again goes up, how easy or how difficult does it become to fix the pyramid, and get the average resource cost down? And what are the challenges that arise in that margin expansion journey as you move to the next phase in context of the changing demand environment? Thank you.