Stockrabit · Analysts
Questions across 12 calls

Bryan Bergin

TD Cowen

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 wanted to ask on the AI productivity that you are seeing here. So with the AI model advances happening as fast as they are, has the amount of productivity during compression that you are seeing changed in the current contracts relative to what you may have been seeing, say, one or two quarters ago? And can you dimension maybe the mix of the business that is directly exposed to the productivity pass-throughs versus maybe the mix of the business that is more insulated?
Okay. And then my follow -up on kind of how you are thinking about the overall business and headcount. Hiring extensions for fiscal '27, I think I heard you say, roughly targeting the fresher target of around 20,000 again. But do you envision a scenario where, I guess, the total head count could ultimately be down in total when the year is over. And also, if you can help talk about the subcontractor intensity that you are anticipating in the year ahead.
Infosys Limited CC-Apr26.pdf · 2026-04-23
Hi. Thank you. I wanted to ask on the AI productivity that you are seeing here. So with the AI model advances happening as fast as they are, has the amount of productivity during compression that you are seeing changed in the current contracts relative to what you may have been seeing, say, one or two quarters ago? And can you dimension maybe the mix of the business that is directly exposed to the productivity pass-throughs versus maybe the mix of the business that is more insulated?
Okay. And then my follow -up on kind of how you are thinking about the overall business and headcount. Hiring extensions for fiscal '27, I think I heard you say, roughly targeting the fresher target of around 20,000 again. But do you envision a scenario where, I guess, the total head count could ultimately be down in total when the year is over. And also, if you can help talk about the subcontractor intensity that you are anticipating in the year ahead.
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-10-16
I wanted to ask on deal activity and kind of average sizes. Can you comment on what you are seeing in some of the smaller deal activity? Any changes there versus the prior quarter? And then just on the signings, so the TCV has been healthy now for 2 quarters. Can you comment on just how ACV levels in new work that you are booking may be trending?
External Document © 2025 Infosys Limited 13 And then my follow-up on the delivery and the operat ing model. So, I am curious how you may see the delivery mix changing beyond Fiscal '26 when you consider navigating the visa changes next year. Just understanding you have a majority of your employee base in the U.S. that are not on visas. But as we look at the numbers, subcon mix, pi cked up here in the quarter, while your offshore mix also rose. So, I am curious if you think those two trends will continue? And where do you think the potential ceilings of those are as it relates to offshore mix and subcon usage?
Infosys Limited CC-Sep25.pdf · 2025-10-16
I wanted to ask on deal activity and kind of average sizes. Can you comment on what you are seeing in some of the smaller deal activity? Any changes there versus the prior quarter? And then just on the signings, so the TCV has been healthy now for 2 quarters. Can you comment on just how ACV levels in new work that you are booking may be trending?
External Document © 2025 Infosys Limited 13 And then my follow-up on the delivery and the operat ing model. So, I am curious how you may see the delivery mix changing beyond Fiscal '26 when you consider navigating the visa changes next year. Just understanding you have a majority of your employee base in the U.S. that are not on visas. But as we look at the numbers, subcon mix, pi cked up here in the quarter, while your offshore mix also rose. So, I am curious if you think those two trends will continue? And where do you think the potential ceilings of those are as it relates to offshore mix and subcon usage?
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-01-16
External Document © 2025 Infosys Limited 11 Hi, thank you for taking the question. I wanted to start on pricing. So I think you mentioned a 3.6% 9-month realization tailwind, is very solid. I am just curious how you think that progresses from here as you pursue this value-based pric ing strategy and what is a reasonable level of potential pricing impact you would expect going forward? And then just more broadly, can you comment on the competitive pricing situations in the market?
Okay. And then on utilization, remains m odestly above your normalized range around 86% ex trainees. Can you comment, is this a new normal? Wil l this move lower as hiring continues? Where do you see that progressing?
Infosys Limited CC-Dec24.pdf · 2025-01-16
External Document © 2025 Infosys Limited 11 Hi, thank you for taking the question. I wanted to start on pricing. So I think you mentioned a 3.6% 9-month realization tailwind, is very solid. I am just curious how you think that progresses from here as you pursue this value-based pric ing strategy and what is a reasonable level of potential pricing impact you would expect going forward? And then just more broadly, can you comment on the competitive pricing situations in the market?
Okay. And then on utilization, remains m odestly above your normalized range around 86% ex trainees. Can you comment, is this a new normal? Wil l this move lower as hiring continues? Where do you see that progressing?
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2024-10-17
Hi. Thank you. I wanted to ask, just as you think about how you built the forecast forward and the discretionary view, aside from the improvement you have cited in U.S. BFSI, have you basically held everything else muted in your discretionary vi ew as you go through the December and the March quarters?
Okay. Thank you. And then just a follow-up, ju st to make sure I understand the furloughs. how do you think about composing the furlough activity that you are embedding in the year-end? Any difference than what you saw from last year or historical levels?
Infosys Limited CC-Sep24.pdf · 2024-10-17
Hi. Thank you. I wanted to ask, just as you think about how you built the forecast forward and the discretionary view, aside from the improvement you have cited in U.S. BFSI, have you basically held everything else muted in your discretionary vi ew as you go through the December and the March quarters?
Okay. Thank you. And then just a follow-up, ju st to make sure I understand the furloughs. how do you think about composing the furlough activity that you are embedding in the year-end? Any difference than what you saw from last year or historical levels?
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2024-07-18
Hi. Good evening. Thank you. First question I had is on Generative AI. Can you provide some detail on how Gen AI may be impacting your delivery productivity and whether it may be changing any nature of the contracting conversations with clients yet?
External Document © 2024 Infosys Limited 18 Okay. That is helpful. Thank for the color. My follow-up's a clarification just on the 1Q onetime item. I think you cited 40 bps quarter-over-quarter op margin benefit and a similar revenue impact. Was that expected in your prior guidance? Or was that a surprise or a new item that was not expected before on the plan?
Infosys Limited CC-Jun24.pdf · 2024-07-18
Hi. Good evening. Thank you. First question I had is on Generative AI. Can you provide some detail on how Gen AI may be impacting your delivery productivity and whether it may be changing any nature of the contracting conversations with clients yet?
External Document © 2024 Infosys Limited 18 Okay. That is helpful. Thank for the color. My follow-up's a clarification just on the 1Q onetime item. I think you cited 40 bps quarter-over-quarter op margin benefit and a similar revenue impact. Was that expected in your prior guidance? Or was that a surprise or a new item that was not expected before on the plan?
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2024-04-18
Hi, good evening. Thank you. First one on the workforce. So understanding you have still some room for utilization to move higher, but do you expect t hat the June quarter headcount might stabilize or may that still be declining sequentially?
Okay. So implying headcount may continue to decline se quentially, if that is the case and just a normal course on attrition? External Document © 2024 Infosys Limited 18 And coming back to your other question on headcount. If you look at through the year, we started the year with 77% utilization including trainees and the demand environment was different. So we had a different expectation. Through the year, the demand environment has changed. So that has impacted the need of headcount. The attrition has significantly come down. We are now trending at around 12.6%. Plus, we got some benefit from our value-based selling in terms of pricing. So, all of that has also resulted in lesser requirement in terms of headcount. And that is why you see a net negative. Going forward, again, as I said, we still have some headroom on utilization. So we will tap into that. We will look into demand and over the years we have moved to an agile hiring model where we can hire a large number of freshers off the campus. So we will tap into that as required as we go through the year.
Infosys Limited CC-Mar24.pdf · 2024-04-18
Hi, good evening. Thank you. First one on the workforce. So understanding you have still some room for utilization to move higher, but do you expect t hat the June quarter headcount might stabilize or may that still be declining sequentially?
Okay. So implying headcount may continue to decline se quentially, if that is the case and just a normal course on attrition? External Document © 2024 Infosys Limited 18 And coming back to your other question on headcount. If you look at through the year, we started the year with 77% utilization including trainees and the demand environment was different. So we had a different expectation. Through the year, the demand environment has changed. So that has impacted the need of headcount. The attrition has significantly come down. We are now trending at around 12.6%. Plus, we got some benefit from our value-based selling in terms of pricing. So, all of that has also resulted in lesser requirement in terms of headcount. And that is why you see a net negative. Going forward, again, as I said, we still have some headroom on utilization. So we will tap into that. We will look into demand and over the years we have moved to an agile hiring model where we can hire a large number of freshers off the campus. So we will tap into that as required as we go through the year.