Questions across 16 calls

Girish Pai

BOB Capital Markets

Firstsource Solutions Limited

Firstsource Solutions Limited CC-May26.pdf · 2026-05-06

Yes. Thanks for the opportunity. I just had few questions on the fourth quarter and the guidance you've given for FY27. So, fourth quarter you had a 3% Q-o-Q growth in CC terms. I think of which some 130 basis points came from TeleMedik if I heard you right. So, was this quarter softer than what you thought when the quarter started? And if that were to be the case, what drove this softness?

Okay. My second question is with regard to the yearly growth that you clocked in FY26, which is 13.6 on CC basis. How much of this was contributed by inorganic? And for FY27 this 10% to 13%, is there a ny inorganic component to it? So the inorganic components for both FY26 and FY27.

Firstsource Solutions Limited CC-Nov25.pdf · 2025-11-04

Ritesh, I just wanted to get a sense of how the quarter panned out. Was it up to your expectations or was it a tad weaker than what you anticipated to?

Can I have the margin walk for the quarter between Q1 to Q2 in terms of puts and takes, I think you had a salary hike plus there must have been some forex movement.

Firstsource Solutions Limited CC-Dec24.pdf · 2025-02-07

Thanks for the opportunity. Ritesh, you mentioned that if I heard you right, you said that FY26, you are going to have industry -leading growth, and I think that you are talking about organic growth here. Industry growth itself, now that the budgeting cycle is probably done for 2025 amongst your clients, do you think it will be 1.1x, 1.3x, or 1.5x? What is the kind of industry growth pickup that you see in 2025 or FY26? That's question number one. Second, you mentioned that you are going as a challenger in the GenAI projects and taking away projects from incumbents. Are the incumbents not self - cannibalizing or not pushing back or providing their own set of solutions through platforms and stuff like that? Just these two questions.

Okay, thank you very much.

BIRLASOFT LIMITED

BIRLASOFT LIMITED CC-May26.pdf · 2026-05-06

Angan, the year was down – revenue was down negative 6.5% in constant currency terms. How do you see FY '27 play out? Do you think growth in FY '27 will be positive? And if so, how will that growth play out across the 4 quarters or the two halves?

And between H1 and H2, which would be a better half?

BIRLASOFT LIMITED CC-Jun25.pdf · 2025-08-07

Yes, thanks for the opportunity. Angan you mentioned that 2Q is going to be a growth quarter on a Q-o-Q basis. Will that continue into 3Q and 4Q?

Okay, and in the previous calls you've been saying that you would want to lower the exposure discretionary business from what I think was 70% to about a 50/50 mix. Where are you on the journey and is the new business coming at lower margins compared to the discretionary business that you've been getting?

BIRLASOFT LIMITED CC-Mar25.pdf · 2025-05-29

Yes, thanks for the opportunity. Angan, you have mentioned that there are still some gaps in leadership and gaps in capability building. Where exactly are these gaps?

Okay. I had a question for Kamini. You mentioned about 200 basis points of positive impact in the quarter, if I remember that number correctly, because of lower pay , currency, and I think some pay due to senior employee-related senior employees. Can you break this down as to what is one-off and what will be there in 1Q?

Zensar Technologies Limited

Zensar Technologies Limited CC-Jun25.pdf · 2025-07-22

Manish, 3 months back, you had talked about a right shifting of demand, especially in the month of March. Has that demand come back in 1Q? Or has it been right shifted again into the next quarter or the quarters ahead?

You talked about a salary hike starting 1st of July. What will be the impact from a basis, I mean, the number of the basis points impact? And what are the offsetting factors that you kind of think about either in the next quarter or the quarters ahead? What are the levers that you are kind of working on?

MphasiS Limited

MphasiS Limited CC-Mar25.pdf · 2025-04-25

Nitin, do you think FY26 would be a better growth year compared to FY25?

You also mentioned that you have a greater exposure to verticals which are probably susceptible to second order impact of the macro. So, would you say that the visibility on 2HFY26 is a little weaker as things stand today?

Hexaware Technologies Limited

Hexaware Technologies Limited CC-Dec24.pdf · 2025-03-07

This 200-basis point inorganic element, is this for 4Q 2024? Or is it for the full year? I mean, what would be the number for the full year?

Okay. And on the 4Q basis, I think you had an EBITDA margin expansion of about 330 basis points Y-o-Y. How much of that has been because of pricing? Because you mentioned pricing is one of your key levers, which drove margins up?

LTM Limited

LTM Limited CC-Sep24.pdf · 2024-10-17

I have three questions. Did I hear it right that the wage impact will be about 300 basis points? That's question number one. Second, would the average resource cost for a Gen AI skill infused IT service organization be higher? And the third is with regard to mainframe modernization, especially in the BFS space, there's been a lot of talk of Gen AI changing the picture there. Are you seeing anything changing on the ground on this particular aspect?

LTM Limited CC-Jun24.pdf · 2024-07-17

There was some discussion around vendor consolidation where there is a refresh of the vendor landscape, and you mentioned the multiple MSAs signed. What is it the incumbents didn't do, which led you to get those number of MSAs?

And my second question is , the industry has been talking about some ramp- downs and reprioritization by customers. So in this particular quarter, you didn't see any of these clients do that, is that how I should look at it?

Infosys Limited

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2024-10-17

Thanks for the opportunity, My first question is regarding mega deal s. Across the industry, even when I look at the peers, you have not seen any mega deals being signed. So are there similar number of mega deals in the pipeline compared to 2023? Or have the mega deal number kind of come down? That is my first question.

Okay. My second question, TCV to revenue conversion, has that changed versus what it was in the previous quarter or 6 months back? That is question number two. Question number three is you talked about value-based pricing being one of the key le vers in Project Maximus. Can you just give us some examples as to how this is being practiced right now?

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

Thanks for the opportunity, My first question is regarding mega deal s. Across the industry, even when I look at the peers, you have not seen any mega deals being signed. So are there similar number of mega deals in the pipeline compared to 2023? Or have the mega deal number kind of come down? That is my first question.

Okay. My second question, TCV to revenue conversion, has that changed versus what it was in the previous quarter or 6 months back? That is question number two. Question number three is you talked about value-based pricing being one of the key le vers in Project Maximus. Can you just give us some examples as to how this is being practiced right now?

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2024-07-18

Thanks for the opportunity. The 3% to 4% guidance, if I do my math, comes to about 1% to 1.5% CQGR from here on. It seems wa y too conservative because that also includes the in-tech acquisition. So, are you assuming that the 2H FY'25 is going to be pretty bad?

The next question is on U.S. Financial Services. Do you think this is more Infosys-specific situation? Do you think this is much more broad-based that the other vendors who have U.S. Financial Services exposure would also be doing well? This is something very specific to you?

Infosys Limited CC-Jun24.pdf · 2024-07-18

Thanks for the opportunity. The 3% to 4% guidance, if I do my math, comes to about 1% to 1.5% CQGR from here on. It seems wa y too conservative because that also includes the in-tech acquisition. So, are you assuming that the 2H FY'25 is going to be pretty bad?

The next question is on U.S. Financial Services. Do you think this is more Infosys-specific situation? Do you think this is much more broad-based that the other vendors who have U.S. Financial Services exposure would also be doing well? This is something very specific to you?

Wipro Limited

Wipro Limited CC-Jun24.pdf · 2024-07-19

Aparna, the commentary on margins, it ’s moved from a narrow band to a narrow band with an upward bias. I am seeing that being introduced for the first time. So, what’s leading to that?

An upward bias could be in a 50 to 100 basis point upward bias?