Sir, my first question is you recently received ECMS approval for flexible PCB and copper clad laminates. So any color you can provide in terms of the capex, which will go into this and over what time frame we could expect?
Okay. Got it. The second question is on working capital and cash flows. How should we think about working capital for next year? Will it keep on coming down and hence, the OCF will keep on going up in FY '27?
So a couple of questions. Firstly, given how 2Q or, let's say, 1H has panned out, are we sticking to the 30% to 35% revenue guidance from an organic perspective for the full year? And also if you can update your EBITDA margin guidance given that we have done extremely well in the first half?
The question was that given how 1H has panned out so far, are we sticking to the 30% to 35% top line guidance for FY '26? And also if you can update the EBITDA margin guide given 1H has been extremely strong?
So, my first question is around -- just curious to know how the client conversations have evolved over the past couple of months since the Middle East crisis. There have been concerns around supply disruption for the Auto OEMs, right? So how are clients thinking in this environment? Are they still willing to continue with the R&D spend? Or is there some pause they are thinking about given the current situation?
Okay, got it. And second question is on the BMW JV. If I look at the share of profit from that JV was increasing every quarter. But this time, we have seen a blip, it's come down from INR7 crores to INR6.5 crores. So any particular reason for that? And how should we think about it going forward?
So, my first question is around the broader demand in auto ER&D. Obviously, there has been a slowdown. But if you have to characterize the extent of slowdown that's across US, Europe, and Asia, how will you define that in terms of where is the slowdown highest? And also, the related question is, as you expect the pace of recovery to happen, which geography could be the first one to recover from this downturn?
Okay. That's very helpful. The second question was, because of the slowdown we are seeing in Europe, does this impact the planned capacity additions with the BMW JV in India? Is there any risk to it?
Thank you sir. A couple of questions for question. Firstly, when you say 2H is going to be better than 1H. But also, we think about the quarterly growth momentum in 3Q and 4Q versus what we are seeing into Q-on- Q growth accelerating over the next couple of quarters?
Okay. Got it. The second question was on the Air India deal, which was announced today. Can you share any color in terms of when do we expect to start the ramp-up of the deal and how big this deal could be over, let's say, for the next couple of years?
A couple of questions. Firstly, if I look at the head count over the past couple of quarters, it has not gone up much. Now I understand this could be because you're redeploying the people from VinFast project to other projects. But given that VinFast is bo ttom out next quarter, and the demand still remains strong in terms of these wins and pipeline, how should we think about head count growth over the next 2 quarters?
Okay. Got it. The second question is on margins. How should we think about margins for FY '25? Are we trying to maintain margins in that ballpark of 18.5% EBITDA? Or is there a scope for some expansion?
Hi, thank you. So just wanted to understand on GenAI, how are the client conversations evolving? Are you seeing clients asking for productivity pass -throughs or pricing discounts if they want you to implement more of GenAI into the projects? Or is it still at a very nascent stage where it's not part of the conversation in a big way so far? And different for the three different industries you cater to?
And any sense on what could drive this different customer behavior between, let's say, automotive and media? Is it because media is under more pressure right now and hence the clients are more desperate for cost efficiency versus the other two sectors?
Thank you. A couple of questions. Firstly, on the auto vertical. Obviously, the growth was very strong this time mainly because of ramp -up of the previous won deals. But how should we think about the momentum sustaining going forward, based on the pipeline you see currently and the conversation that we are having with the OEM clients?
Okay. Got it. That's helpful. Secondly, just on the margins. Gaurav, can you just highlight what are the utilization levels we're operating at right now and where this can go with growth momentum sustained in auto as well as if growth comes back in telecom and healthcare? I'm trying to understand where can the margins go back to in the next few quarters?
So 3 questions. Firstly, on the auto or the transportation side, how is the demand trending over the past couple of months given that trade days have been finalized, so the uncertainty has gone away. But how are you thinking about R&D spend coming back from the OEM side given the headwinds are away now? How should we think about the demand or the growth trajectory from here on for the auto vertical? Second question is on the cybersecurity incident that happened with one of your top clients in the auto segment. If you can quantify what kind of headwinds on the revenues and margin you saw in 2Q? And what should we expect in 3Q as well given that they're going to gradually start the operations? And lastly, just on margins, we have seen margins come off a lot over the past few quarters. But going ahead with the confidence and growth coming back, how should we think about the trajectory of margins over the next few quarters? Thank you.
Thank you. A couple of questions. Firstly, on the auto vertical, can you com ment in terms of how the demand pattern has changed over the last three months, both in terms of deal closures as well as deal ramp-ups? Are the clients still in wait and watch mode given the tariff situation or are we seeing them restart their spend going forward? And the second question is on healthcare. Can you give more color on the two client specific issues? Is this cancellation of projects? Or was something ramp ed down, which should come back in the second half?
Thank you for the follow up. Just one question on the Media and Telecom segment. Can you explain how does the large-scale transition cost impact the revenue? I understand there are upfront costs because of knowledge transfer, which might impact the margin. But how does it impact their revenues? Just curious about that?
Thank you. So a couple of questions. Firstly on the transportation vertical, the strong growth we saw this time was maybe driven by the ramp-up of some of the deals we had won earlier. But how should we think about the trajectory from a sequential growth momentum perspective going ahead? Do we expect a moderation to happen given that this was something which was bunched up this time around, but maybe we see some moderation going ahead. So any thoughts over there?
Okay. Got it. And secondly on the margin side any reason for pushing out the wage hike because typically, it happens over 1Q and 2Q, but this time we are doing it over 2Q and 3Q. So any particular reason and related question is how should we think about margins from a full year perspective? Are we looking at flattish or is there a scope for some expansion as well?
Just one question. I just wanted to understand what is the update on the Longcheer JV in terms of the ramp -up since it was formed in September? How have the volumes been panning out this year? And what could be the volumes expected in FY '27?
Thank you. So, a couple of questions. Firstly, on the Auto vertical, we do expect recovery from 4Q, but how should we think about the pace of recovery over the course of, let's say, by CY26? Is there something where you expect a gradual recovery or there could be some pent-up demand because of the recovery could be more faster?
Yes, that's helpful. Thank you for that. The other question is the large deal what we are reporting, at $200 Mn, which was trending in the last few quarters, gone up to $300 Mn now. Is this entirely net new? Or does it include an element of renewals also? Because if the renewals are also included, then what is the ratio of net new over the past few quarters trending?
So, couple of questions. Firstly, on all these large deals which we have been winning in 3Q and 4Q, how should we think about the ramp -up of those deals over the next couple of quarters? Because in 4Q we saw some delays in ramp -ups, but how things have change d if you look at April and how should we expect the trend going forward from a next couple of quarters perspective? And secondly, on margins, Rajeev, how should we think about the wage hike this time around, which quarter will you see the impact of that?
Okay. Thank you.
Hi thank you. A couple of questions. Firstly, Amit, if I look at the ask rate for the next two quarters now, it has gone up significantly. Now I understand that 4Q is a seasonally strong quarter because of SWC, but how should one think about Q3 given it is typically a weak quarter from a seasonality perspective, and we did highlight that mobility growth could slow down because of that? So, what gives us confidence of still achieving even the lower end of the guide? And was there a thought process at least cut the guidance at the lower end because it just seems like the top end of the guidance is out of reach right now?
The second question was on margins. I remember last time, it was mentioned that margin trajectory should improve from Q2 onwards, and we have seen margins declining this time despite not having wage hikes. I'm assuming we'll have wage hikes in Q3. So how should we think about margin trajectory from here on?
Just one question, Kishor, you mentioned that you expected tariff which are uncertain to settle down in a quarter. Is this based on client conversations that we're getting confidence that things will start improving from 3Q onwards?
So a couple of questions. Firstly, you did mention that there have been some delays in ramp -up of the projects. But have you seen any ramp down or cancellation since the tariff announcement on 2nd April.
Okay. The second question is on the Mercedes deal. Firstly, a clarification, is it part of the 280 million TCV you announced for the quarter? And secondly, how should we think about the margins on this deal, given that you're working with the India R&D centre of Mercedes?
So a couple of questions. Firstly, obviously, we are -- in auto sales, but based on the client conversation, -- being fastest between US and Europe, between the two I know Asia does well . But between US and Europe, where do you see the recovery happening at a faster growth? That's question number one.
Is it better?
So, a couple of questions. Firstly, on the offshoring, can you explain like what is suddenly driving this offshoring, is this just cost efficiencies that clients are looking at their end they want to move offshore. Or is there some other factors as well? And also, is it right to assume that the volume of the work is already impacted, but the pricing is mainly because of onshore to offshore movement?
Okay. Got it. Second question was on the QIP fund raise, just a clarification. Will you say that it won't be just one large M&A could be two or three companies also you may acquire with the fund raise.
A couple of questions. Firstly, how should we think about growth and margin trajectory in the second half in terms of 3Q versus 4Q? Because basically 3Q tends to have seasonality, but given your business, should we expect Q3 to be lower than 4Q? Or should we expect similar kind of growth and margin expansion in both the quarters?
Okay, got it. That's helpful. The second question, if I look at the headcount, it's actually been coming down over the past 3 -4 quarters. So can you throw some color in terms of are we seeing increasing utilization level which is driving -- or which is not driving the need to add more people given the growth is expected to improve in the second half?