A couple of questions. First of all, Travel and Transportation. Keech, can you provide some sense about the Travel and Transport and how you expect growth to play out? Second question is about the top 20 clients. We have benefited in some of the vendor consolidation exercise, you say two and two are in progress. But any challenges you witnessed, let's say, in overall top 20 clients where we might be on the losing end kind of thing and which can provide challenges in coming quarters? If you can give some sense on top 20, any challenges, if any? And last question is about banking. Whether the recent few weeks phenomena likely to lead to some kind of challenges even in banking growth?
Questions across 35 calls
Dipesh Mehta
Emkay Global
Hexaware Technologies Limited
Glenmark Pharmaceuticals Limited
Couple of questions, first about the quarter 4. You indicated about two factors, one is furloughs which is half of Q3. And second factor was ramp down. Now if I look , half of the weakness in Q4, it itself will give you positive growth in quarter 4 on Q-o-Q basis plus ramp down will negate it largely. So, I just want to understand from directional perspective, whether we are seeing any improvement in business , underlying growth momentum perspective, considering last 2 -3 quarters we have taken some steps to accelerate revenue growth, investing in business capability as well as domain kind of thing. So, if you can provide some colour around that? Second thing is about the demand, which also you are indicating some early signs of improvement, which is better than, let's say, 2 -3 quarters back , which ideally should support growth improvement. If you can provide some perspective on that? That is question one. Second question is , I just want to get sector -wise outlook because Life Sciences continues to remain weak for now a long period of time. Manufacturing and E&U is also fairly weak. So, if you can give some sense about the 4 verticals where we are present? How we expect growth to play out in calendar year '25 or some demand trend?
Angan, I think two things left. I think Manufacturing and E&U, I think you have not covered. And second thing is about deal intake. When you said good, do you think current level of order book is sufficient for you to return to double-digit growth rate?
Firstsource Solutions Limited
Yes, thanks for the opportunity. Couple of questions. First about the growth size, whether missing Ascensos, any seasonality because of the exposure to some of the vertical where December is usually strong quarter, because it is first time we integrated for the quarter, if you can view any seasonality playing out in this business? The second question is about the vertical wide. If you can help us understand healthcare, we earlier indicated about some softness and delay in decision making. Are we witnessing now healthcare is doing better and between payer, provider, how things are playing out for us? And same if you can provide some sense about BFS, particularly sub-segment level, if you can give some further detail about the demand outlook across various segment where we operate and how things are playing out. And the last question is about margin. Partly you answered, but if one want to understand usual collection business seasonality playing out, typically between Q3, Q4 kind of thing, or do you think it can be a margin lever entering into Q4? Thank you.
So, typically on margin collection business, seasonality we used to see in the past, which helps your BFS business into this quarter. So, whether those kind of seasonality benefit also likely to play out?
Okay. So two questions. First about I think you earlier in your one Firstsource framework alluded to white spaces. So if you can help us understand the identified white space across segments and any plan to expand into from the major verticals, three vertical where we are to add any fourth vertical kind of thing? Second is about cross-sell and up-sell. Now you indicated about some of the identified client partners and all those. And so if you can help us understand how -- what changes you are making in go-to-market which can help you to create strong even after a strong deal closures? So if you can provide some sense around it.
Yes, it does. The last question is just about the margin. Now we are marginally turning our guidance to 11% and 11.5%. So any specific headwinds which you are forcing in H2, considering any investment plan or something? And how one should look medium term, you indicated profitable top quartile growth, but whether margin also would be top quarter in once we look medium-term perspective?
Coforge Limited
Yeah thanks for the opportunity. Couple of questions. First about the quarter three itself whether it played out, let us say in line with your expectation or better kind of thing compared to let us say beginning of quarter and if it is better what worked well in the quarter. Second question is about the pipeline you indicated very robust deal pipeline so if you can help us let us say when we were two years back, how the nature of the pipeline is shaping for us compared to two years back versus now when we acquired a few capabilities through M&A as well as organic development. So if you can give some sense on how it is helping us to maintain momentum. And last question is for tax rate how one should look or combine tax rate for the entity thanks.
Thanks for the opportunity. I have two questions. First about the margin. Can you help us understand margin decline quarter on quarter, what factors led to margin decline because wage hike was not there and rest of the metrics seems to be stable. So, if you can help us understand what factor led to Q -o-Q weakness in margin. Second question is about insurance. I think you indicated about recovery in insurance and we are I think hearing for some time but if I look underlying growth momentum perspective it is not showing any material change. So, if you can give some comment even deal intake wise, we have seen some momentum in the prior quarters. So, if you can give what is working in insurance and what is yet not played out or so that gives some sense about how to expect trajectory of growth. Thank you.
Okay, thank you.
Thanks for the opportunity. Couple of questions. Just wanted to get some clarity about the ESOP plan. I think ESOP 2005, again we have raised some scheme. So any implication on likely ESOP cost. 2 nd question is about, earlier during the year we always used to maintain that FY25 is likely to be better than 24 in anticipation of some recovery in demand. Considering where we are today, do you think it holds true or do you think some recovery needs to play out for us to see that outcome and last question is about capital allocation. If you look, we hardly have cash on the balance sheet and if in the next 2 -3 years, we intend to do some M&A as part of growth strateg y, so if you want to tweak some of the capital allocation policy? Thank you.
Thank you Sir.
L&T Technology Services Limited
A couple of questions. First about SG&A. You indicated about some normalization of SG&A spend. Do you expect absolute number to go down because of the investment which we made, and you highlighted in a few areas where we made investment? AI, SDV leadership all that stuff. So, first question, whether absolute amount of reduction you are expecting or absolute remain same revenue growth will drive some kind of percentage benefit? Second question is about headcount. If I look at headcount addition remain muted, considering the ask rate what we are aiming for in H2. Do you expect headcount addition to mirror it, reflecting the ask rate? Or you think there is enough utilization potent ial available, which can require much lower headcount addition entering into H2? And last question is about segmental margin. If I look Tech and Sustainability margin, segment margin remain under pressure for both the segments. So, if you can provide some details on what is playing out because Sustainability had a good quarter, but margin remained under decent sizable pressure kind of thing?
Just want to get sense about the investment. Typically, any business investment requirement over the course of the business cycle. So, most of the investment in businesses is all kind of investment. The investment which you are referring to is any specific intervention which we are making, which can have a medium- to long-term growth trajectory difference. If you can provide some clarity on those investment plans? Second question is about the salary hike cycle related thing. Now last year, we gave somewhere in July, the salary hike, any changes we plan to make this year? And third related question is about Q1, Q2 trajectory. You said Q1, Q2 margin will be lower, and we will recover in Q3, Q4. Anyway, it implies considering 100 bps kind of margin lower than expected for the full year. Q1, Q2 maybe below 16% kind of margins. So if you can provide some clarity?
BIRLASOFT LIMITED
Just trying to understand, how one should categorize quarter 1 performance? Is it quarterly blip or you are seeing more cautious near -term outlook kind of thing, considering the delay deal ramp -up as well as delay in decision -making, whether it is differen t than what we have seen, let's say, at the end of Q4? So from incremental perspective, whether things are seeing some kind of more portion ? Second related question is you said Q2 to be better than Q1. Are we confident about Q2 to be positive growth quarter or yet not sure about that to play out kind of thing? And last question, I think in some of the questions you reiterated deal intake kind o f number. Let's say when we look at your deal intake data on TTM basis, which obviously benefit from $100 million large deal, is still 7 percentage -odd growth. Now for a company of our size, obviously, considering the tenure increase because of focus on large deals, ACV -wise, that growth would be even slower. Now it could have good bearing on the future growth on sustainability kind of thing. So if you can give s ome sense about -- because I think for last couple of quarters, we are indicating deal intake numbers should increase to get confidence on growth sustainability. But somehow it is not playing out. So if you can give your thoughts around it?
Yes, thanks for the opportunity. A couple of questions. First, I just want to get clarity about the $100 million deal, which we announced in Q2, which was supposed to start from April, so whether we are on track for that deal from a ramp-up perspective and the contribution will likely to start from Q1. Second question is about BFSI. This quarter also, we have received a significant new business from existing BFSI client, which in a way indicate s net new portion is also decent size. So just want to understand contour of the deal and what played out well for us in BFSI success? Second question is about Life Science. You indicated softness to persist for next 2 quarters. So can you help us understand what is playing out in Life Science s sector and particularly client s who we serve. And last question is about relative performance. I think in one of your comments -- because the steps which we have taken to improve overall organization structure, leadership augmentation plus client mining effort, do we think we are now on track to impro ve relative performance in FY '25 compared to where we are in FY '24?
Relative performance compared to let's say where we were in '24.
Thanks for the opportunity and c ongrats on a very strong execution. Two questions just continuing on these short-term projects. So just want to understand the nature of the short -term projects, whether clients prefer not to commit for longer duration and that's why we are seeing such projects coming to us? Or if you can provide some more color on it? And the sustainability of that trend. Now partly, you touched upon about the relationship and trust when we deal with clients. But still I'm not very clear whether client is not deciding and prefer s to wait for some clarity to emerge and that's why these short-term projects or it is the way business works? If you can provide that clarity. Second question is...
I understand. And the second question is about Other Expenses. In other expenses, I think we have seen good leverage this quarter. So first is, were there any one -offs in that? And second thing is subcon optimization might have played out. So if you can give some color about how subcon has played out maybe Q-o-Q, Y-o-Y comparison?
Couple of questions. First about the la rge deal, I think you've covered a lot of detail, but just want to understand the number of services or overall offerings covered under it. Just try ing to understand in terms of cross service index, what progress we are making because this is a fairly large deal, so if you can provide some sense how we are able to cross sell number of services in our bucket. Second question is about utilization. Now we are already above 86 % this quarter. So, how one should look utilization over medium term, whether we are comfortable at this or you think further scope for expansion? And last question is , just want to get your sense considering overall macro uncertainty and different commentaries which we hear from different managements. So, if you can provide some sense about vertical outlook , the 4 major verticals where we operate? And geographically, Europe seems to be weak, but if you can provide some sense, thanks.
So, just about the major verticals, if you can provide some demand drivers and geographically, US, Europe?
MphasiS Limited
A couple of questions. Starting with medium term, you indicated about increasing TAM by 57%, 58% in last 3 years. If I look our performance, our revenue growth trajectory will be broadly in line with industry. We are not seeing any benefit from TAM expansi on. So if you can help us understand how one should reconcile these two numbers which is fair ? Second thing is about the margin range, you indicated fairly wide range now. Sorry -- yes, you look at a fairly wider range for EBIT?
I have a few follow-ups. First about, let's say, data-wise, depreciation has inched up sharply this quarter, whether this would be new normal or there is any one -off in this quarter, which one should be aware of? Second question about if I look at New-Gen TCV which was always a focus area for us rather than total TCV. Now New-Gen TCV, if I look on TTM basis, it is showing Y-o-Y decline? So if you can provide some context to it, how one should read it? And lastly, let's say, vertical -wise, if I look at it, if you can provide some strength about how you expect growth trajectory to be led by in FY '25. And if any percentage you would like to highlight across vertical?
Okay. So a couple of questions. First, just want to understand the way we report deal intake. If you can help us understand because I think earlier you used to give net new. I just want to reconfirm the deal intake what we report is net new number? Or is t here any change in the definition we used to give?
So in a way, it doesn't contain any renewal of the existing business, the way we report?