Questions across 22 calls

Ankur Rudra

JP Morgan

ETERNAL LIMITED

ETERNAL LIMITED CC-May26.pdf · 2026-04-28

Hey, thank you, and thank you for the targets on growth and profitability this time. Firstly, in terms of the 60% growth guidance, and thank you for the color in terms of the building blocks, but in the more near term, are you seeing any early signs of competitive activity easing, which gives you any kind of visibility of this starting to play out from the next couple of quarters?

Super helpful. You've given a three-year guidance this time. If I look at the last two to three years, there's been a significant amount of linearity between store additions and growth. Is there anything to suggest that will change over the next three years?

ETERNAL LIMITED CC-Jan26.pdf · 2026-01-21

Hey, thank you. Nice to see a quick commerce break even here. Maybe to start with, could you highlight whether the slower growth in orders this time seems to have slowed down a bit more than your headline revenues in the quick commerce business, and it again has not been impacted by GST. Is that a reflection of the more aggressive stance from a competitive perspective? Did you lose some share to peers?

Got it. Going forward, do you think this will normalize?

ETERNAL LIMITED CC-Jun25.pdf · 2025-07-21

Thank you, and a nice set of numbers overall. Just starting with quick commerce, pleased to see very strong growth there. Is it possible to give us a sense of how same- store sales growth compares with growth from new stores given that we'll probably see store additions potentially begin to slow down a bit more? And, also on the quick commerce side, I think you did mention competition, but if you think competition is able to raise capital, then if your strategy will change in the short term anyway. Thanks.

Thank you. Is it possible to give us some color then in terms of a city like Delhi as an example. How much of the growth is coming from category expansion? What's the scope there over the next few years?

ETERNAL LIMITED CC-Mar25.pdf · 2025-05-01

Alright, thank you. Just the first question on quick commerce, maybe a follow-up to the last question. Hyperpure is currently doing some of the non-restaurant business for Blinkit. Could you maybe highlight what is the level of working capital that's currently being deployed there?

Okay. In the quick commerce business, the MTC growth was quite nice, but you've referenced the competition a lot in the letter and in this call. Are you seeing any kind of loss of customer wallet share in existing areas where store density is going up because of competition?

ETERNAL LIMITED CC-Dec24.pdf · 2025-01-20

Thank you. The first question is about the reason for the accelerated additions and bringing the growth forward. Is this because you see a bigger opportunity in the market versus before, or are you matching competition in the space? And secondly, to stick with the city side, our data says you've gone very long in terms of covering over 80 cities probably. Can you talk about the opportunity you see beyond the top 10 or 20 cities, which we previously understood was a core value proposition and how the unit economics, the average bill values and the time to breakeven changes here?

Thank you. Just a follow up question on the fall in take rate as well. Overall, the unit economics seem to have suffered a bit on Quick Commerce. Could you talk a bit about whether it was entirely due to the upfront costs of the network and warehousing? Or were there factors related to marketing costs or subsidies, perhaps given out to match with the competitive activity in the space?

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

Hi, thank you. I noticed you have chosen to guide in a 200 basis point band versus a slightly wider band in the last couple of years. Is your visibility better this year versus the last few years? And furthermore, if you can dig a bit better a bit more into the guidance, as a follow -up to the previous question? You are guiding for 2.25% organic at the midpoint approximately, which appears to be a bit of a slowdown versus the 2.4% organic in F iscal '26. Can you maybe talk about what are the push and takes of the outlook and if you can especially elaborate on if the slowdown is because of; A, demand External Document © 2026 Infosys Limited 9 environment; B, structural AI deflation or; C, the impact from that one large account which is ramping down this year? Thank you. Yeah, so Ankur, if you look at the guidance last year we gave a 3-point guidance because the whole environment changed pretty much very close to the time when we were giving guidance, right? And we had very little clarity in terms of how that environment c hange on the back of tariff changes is going to impact the client behavior etc. So where we stand today, I think there is a better clarity in terms of what happened, the environment has been like this for last few quarters and we know how clients are behaving at least at this point in time. Of course, if things change, you know, the client behavior will change, that is given always. But at this point in time from a comparative perspective we have a better clarity and better handle versus the last year.

External Document © 2026 Infosys Limited 10 Thank you for the elaboration, Salil. If I could, just a quick follow-up. What would need to happen for you to see an acceleration at the midpoint on an organic basis? Thank you.

Infosys Limited CC-Apr26.pdf · 2026-04-23

Hi, thank you. I noticed you have chosen to guide in a 200 basis point band versus a slightly wider band in the last couple of years. Is your visibility better this year versus the last few years? And furthermore, if you can dig a bit better a bit more into the guidance, as a follow -up to the previous question? You are guiding for 2.25% organic at the midpoint approximately, which appears to be a bit of a slowdown versus the 2.4% organic in F iscal '26. Can you maybe talk about what are the push and takes of the outlook and if you can especially elaborate on if the slowdown is because of; A, demand External Document © 2026 Infosys Limited 9 environment; B, structural AI deflation or; C, the impact from that one large account which is ramping down this year? Thank you. Yeah, so Ankur, if you look at the guidance last year we gave a 3-point guidance because the whole environment changed pretty much very close to the time when we were giving guidance, right? And we had very little clarity in terms of how that environment c hange on the back of tariff changes is going to impact the client behavior etc. So where we stand today, I think there is a better clarity in terms of what happened, the environment has been like this for last few quarters and we know how clients are behaving at least at this point in time. Of course, if things change, you know, the client behavior will change, that is given always. But at this point in time from a comparative perspective we have a better clarity and better handle versus the last year.

External Document © 2026 Infosys Limited 10 Thank you for the elaboration, Salil. If I could, just a quick follow-up. What would need to happen for you to see an acceleration at the midpoint on an organic basis? Thank you.

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2026-01-14

Hi. Thank you, and Happy New Year to you too. Good to see a nice print here. Just first couple of questions on the revenue and the demand side. You know, the signs have been quite strong for the last couple of quarters. And momentum has been quite strong as well. I am just curious why the outlook, the implied outlook for fourth quarter cannot be stronger than it is. And secondly, I just want to confirm that your comment is for a growth acceleration in FY '27 for the overall business and not for a segment alone? And are you seeing any signs of short-cycle pr ojects or discretionary spending expanding beyond financial services and energy also, especially when you think about FY '27? Thank you.

Appreciate that. Thank you so much.

Infosys Limited CC-Jan26.pdf · 2026-01-14

Hi. Thank you, and Happy New Year to you too. Good to see a nice print here. Just first couple of questions on the revenue and the demand side. You know, the signs have been quite strong for the last couple of quarters. And momentum has been quite strong as well. I am just curious why the outlook, the implied outlook for fourth quarter cannot be stronger than it is. And secondly, I just want to confirm that your comment is for a growth acceleration in FY '27 for the overall business and not for a segment alone? And are you seeing any signs of short-cycle pr ojects or discretionary spending expanding beyond financial services and energy also, especially when you think about FY '27? Thank you.

Appreciate that. Thank you so much.

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

Hi, thank you. So I mean, clearly, good to see a refreshing revenue print here. Key question is on your organic growth momentum. On a year-over-year basis for the quarter, it is quite strong, probably 3.5%, 3.4%. Overall growth was about 5% last quarter. So the question is, why are you still guiding for like 2% at the midpoint? What is it that you are seeing that makes you feel that the year-over-year growth trajectory on constant currency will weaken, given the solid signings you have had? Or asked another way, why you dropped the upper end of the guide here? Thank you.

Okay. Appreciate it. Maybe a couple of questions on AI. Are there any kind of margin or pricing trade- offs you see when you engage with clients on renewals or maybe even out of turn where the expectation is some of the benefits of AI is baked into their contracts? Are you also proactively taking this to clients? That is part number one. Part number two is, there seems to be a lot of significant increase in vendor consolidation, and I think AI is part of those contracts as well. Do you think that is potentially increasing the replaceability of vendors such as yourselves because of more use of Generative AI? Thank you.

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

Hi, thank you. So I mean, clearly, good to see a refreshing revenue print here. Key question is on your organic growth momentum. On a year-over-year basis for the quarter, it is quite strong, probably 3.5%, 3.4%. Overall growth was about 5% last quarter. So the question is, why are you still guiding for like 2% at the midpoint? What is it that you are seeing that makes you feel that the year-over-year growth trajectory on constant currency will weaken, given the solid signings you have had? Or asked another way, why you dropped the upper end of the guide here? Thank you.

Okay. Appreciate it. Maybe a couple of questions on AI. Are there any kind of margin or pricing trade- offs you see when you engage with clients on renewals or maybe even out of turn where the expectation is some of the benefits of AI is baked into their contracts? Are you also proactively taking this to clients? That is part number one. Part number two is, there seems to be a lot of significant increase in vendor consolidation, and I think AI is part of those contracts as well. Do you think that is potentially increasing the replaceability of vendors such as yourselves because of more use of Generative AI? Thank you.

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-01-16

Thank you and nice print. Can you comment a bit ab out if there were any one-time items in your revenues or margins this time? I do notice that y our third-party costs moved up quite a bit perhaps ahead of revenue growth, and also volume growth was quite soft. So if you can talk a bit about how you think about volume growth into fiscal '26? I know you mentioned that you think it will be better than last year. And if there is any impact of AI impacting the volume of work? Thanks.

Appreciate the color. Just if you can talk a bi t about the guide. Now the guide increase is positive, but if you look at the implied number for Q4, it implies a negative number. Is this primarily due to seasonality or also partly from the third-party sales led business, which might shrink and which you have baked into the guide this time?

Infosys Limited CC-Dec24.pdf · 2025-01-16

Thank you and nice print. Can you comment a bit ab out if there were any one-time items in your revenues or margins this time? I do notice that y our third-party costs moved up quite a bit perhaps ahead of revenue growth, and also volume growth was quite soft. So if you can talk a bit about how you think about volume growth into fiscal '26? I know you mentioned that you think it will be better than last year. And if there is any impact of AI impacting the volume of work? Thanks.

Appreciate the color. Just if you can talk a bi t about the guide. Now the guide increase is positive, but if you look at the implied number for Q4, it implies a negative number. Is this primarily due to seasonality or also partly from the third-party sales led business, which might shrink and which you have baked into the guide this time?

HCL Technologies Limited

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

Thank you. Just want to quickly check, starting with demand, could you elaborate a bit of reason for the slightly softer than expected signings? I know you said it will complete by July but any particular reason for that and also the delay in the large deal ramp -up you’re seeing, is that client -specific or is that something in the demand environment you ’re seeing? That ’s question number one. Secondly, on the margin side, if you could also elaborate, is there anything you’re seeing from clients in terms of asking for lower pricing or AI -led productivity passthroughs which is out of turn, which is also making you a bit more cautious about where margin is going?

Thank you. No, the demand was good. I think on the margin side, my question was, were you getting any demands for pricing or cost takeout out of turn?

HCL Technologies Limited CC-Dec24.pdf · 2025-01-13

Just a quick question on the guidance and also your comment on the AC V up 9%, 20% YoY. Seems to be implying a negative at the midpoint for the 4th Quarter. Can you maybe elaborate a bit more in terms of where that comes from? And, since you mentioned smaller deals are converting faster, could you broadly talk about discretionary spending across the industries?

Thank you. How does calendar 25 looks to you right now, given how you're seeing conversations around budgets and spend perspective? One of your peers highlighted that they are seeing improved deal signings and revenue conversion. Now you of course have some one-offs in 4th quarter, but historically we've also seen a softness in your 1st quarter. How should we think about the next four quarters on a momentum perspective?

Coforge Limited

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

Hey thank you. Maybe just wanted to talk about the outlook to start with. So ye s thanks for taking my call. I wanted to get a sense of the outlook outside of the Sabre deal. We understand that will be a significant component of the growth outlook. But outside of that, if you can share, how does the overall momentum look like, given the environment has probably weakened a bit? And if you can give us any kind of update about the medium term target of hitting $2 billion in revenues.

Understood and there is no risk to that number for FY20 27 that you previously stated right given the weakness in the short term and you are saying very soon.

Wipro Limited

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

Hi, thank you and thanks for the guidance as well. Can you elaborate a bit on the extent of the ramp downs, cancellations, delays you mentioned that has happened only in the last 2 weeks since the tariffs came out? How much of this is fresh and is that what you are building into both ends of your guidance now?

Right. So I am just trying to dig in a bit deeper to your previous answer where you spoke about if macro improves the upper end if that does not the lower end, I was wondering how much of that has changed in the last two weeks?

Wipro Limited CC-Sep24.pdf · 2024-10-17

Maybe the first question, Srini, if you can elaborate a bit more on the US BFS strong credit sale and also how that leads into discretionary spending, your business at Capco has a very high exposure to the capital market segment and the segment, which is seeing very strong growth recovery over the recent results season. Many of your peers have commented about how they expect that to help them. If you could elaborate how you expect to see that opportunity?

And just to read a bit more into your previous comment you said and how the US has been a dominant economy and financial services, if I might add, is a dominant vertical. At what point does US BFS strength overcome all the small pocket challenges you are seeing all of your other verticals where the smaller challenge you are seeing is overwhelmed by this and overall good momentum begins to look a bit stronger?

Swiggy Limited

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-02-05

Hi, thank you. The first question is on, you know, starting with the quick commerce side, you mentioned the actual additions were quite strong, user activation has been quite high. But if I look at the order growth this quarter, it seemed a bit soft at about 7% sequential only, which was softer than both the MTU growth and the increase in the real estate footprint you mentioned, the growth largely from AOV expansion. Can you help describe what's happening here within the business? Is there any issue with retention of customers or is the order frequency falling for you?

No, I appreciate the fact MTU has grown a lot. My point, Amitesh, was in terms of the order growth was only 7% sequentially. If you had about 12% growth in MTU, you should have ideally had -- if the frequency of ordering is broadly similar, you should have had a stronger overall headline number of order growth given footprint is rising. I was just wondering if there's anything specific which you faced during the quarter, which may have held the order growth back? Or is there anything seasonal in your business, which you may have seen?

Swiggy Limited CC-Dec24.pdf · 2025-02-05

Hi, thank you. The first question is on, you know, starting with the quick commerce side, you mentioned the actual additions were quite strong, user activation has been quite high. But if I look at the order growth this quarter, it seemed a bit soft at about 7% sequential only, which was softer than both the MTU growth and the increase in the real estate footprint you mentioned, the growth largely from AOV expansion. Can you help describe what's happening here within the business? Is there any issue with retention of customers or is the order frequency falling for you?

No, I appreciate the fact MTU has grown a lot. My point, Amitesh, was in terms of the order growth was only 7% sequentially. If you had about 12% growth in MTU, you should have ideally had -- if the frequency of ordering is broadly similar, you should have had a stronger overall headline number of order growth given footprint is rising. I was just wondering if there's anything specific which you faced during the quarter, which may have held the order growth back? Or is there anything seasonal in your business, which you may have seen?