Stockrabit · Analysts
Questions across 33 calls

Kumar Rakesh

BNP Paribas

Tata Consultancy Services Limited

Tata Consultancy Services Limited CC-Jul26.pdf · 2026-07-09
Hi, good evening, thank you for taking my question. My first question was around the demand environment, especially from a near-term perspective. So how did you see the quarter, if you could quantify the impact from some of the macro and geopolitical uncertainties you saw in the quarter and did that pick up during the quarter and how do you see that panning out in the September quarter? Are there any more incremental impacts that you see going into the September quarter?
Thanks a lot for that. My second question was about the SG&A investments, and you have called out earlier as well that you are making investments, especially around AI. And that line item is up by about 16% in dollar terms YoY . If you could give us some more granular color, what investments are we making over there? Is it sales hiring? If so, in which geography, which areas are you focusing, or anything else which can have a better sense of what areas we are incrementally investing in?
Tata Consultancy Services Limited CC-Apr26.pdf · 2026-04-09
Hi, good evening and thank you for taking my question. My first question was around what you were just talking about, that getting into FY27, we are exiting at a healthy growth. We are also exiting with a bulk of multiple mega deals and across verticals as well, it seems demand has started improving, at least growth for TCS has started improving. Would you call out and say that we should start getting back to 3- 4% sort of a growth in the international business where we used to be or better than that or the recovery is going to be far more gradual this year?
Got it. Thanks for that and my second question was around margins, so SG&A in the second half has been elevated. So, is this the new normal we should now start looking at or it should normalize back to below 15% where it used to be?
Tata Consultancy Services Limited CC-Jan26.pdf · 2026-01-12
Hi, good evening. My first question was that you spoke about that you are targeting to improve your international revenue this financial year. Now looking at your book-to-bill ratio over the last 2 years, it has been in the range of 1.3x to 1.5x. This year, it has been largely below 1.3x, are you comfortable that this level of order book can help you continue to see revenue growth improvement beyond fiscal '26 as well? Or you would need to see an improvement in the deal wins?
Thanks, Krithi. My second question was on the AI services revenue, which you spoke about is growing pretty strongly on a quarter-on- quarter basis. Can you give some more color on what is driving that growth? You also spoke about that Agentic AI implementation is proceeding cautiously. Why is it so?
Tata Consultancy Services Limited CC-Sep25.pdf · 2025-10-09
Hi, thank you for taking my question. My first question was for clarification. So, the statement which you made is that TCS intends to become the world's largest AI-led technology services company. How are you defining that as the largest AI-led technology company, which metrics you are targeting at?
Got it. Thank you for that. My second question was on margins. So, we have seen sequential improvement now the wage hike is behind you, and pyramid rationalization also will start kicking in and going by your comment, your second half growth should be better than first half. So, for the rest of the year, is it fair to expect the margin should continue to see an expansion?

LTM Limited

LTM Limited CC-May26.pdf · 2026-05-22
Thank you for taking my question. My first question was about the revenue opportunity from the five-year GCC partnership, which you are forming with the company?
Got that and How the deal conversation would have gone through? Were you in the process of having a conversation around the GCC partnership in which this deal came along and you were asked to look at this asset or it is the other way around that you were looking to expand your footprint and the GCC partnership came along with that?

HCL Technologies Limited

HCL Technologies Limited CC-Apr26.pdf · 2026-04-21
Hi, good evening and thank you for taking my question. My first question was more of the near-term performance. In first quarter, we usually see a seasonality when there is a productivity pass -through which happens. Given there are a couple of account -specific issues which will have a full quarter impact, should we see higher than usual seasonality going into the first quarter? And also, on the deal TCV, you spoke about that there was some deflationary impact of AI as well in that. From at least near-term, should we expect the deal TCV also to remain muted, around $2 billion-odd?
And deal TCV, the AI impact?
HCL Technologies Limited CC-Jun25.pdf · 2025-07-14
Hi, good evening and thank you for taking my question. My first question was more of a clarification. So, you called out lower utilization as one of the drivers for the lower margin in the quarter by about 80 bps. If I look at your headcount, sequentially it has come down in line with your services revenue and on a Y oY basis, the decline is actually lower than revenue growth being actually higher. So, where is this lower utilization coming from? Is it the subcontracting which has hinged up and that’s where you were building capacity?
Thanks, CVK for that. My second question was a couple of weeks back you announced your collaboration with OpenAI. So, how do you plan to use that to create a differentiation in your offerings?

Hero MotoCorp Limited

Hero MotoCorp Limited CC-Feb26.pdf · 2026-02-06
My first question was around your Colombia subsidiary. So last year, we had taken impairment loss for that subsidiary. How is that business progressing now? And any investment, if there is, needed for that?
That's very good to hear. My second question was around financing. So Hero FinCorp l osses have been increasing over the last 3 quarters. Do you see that becoming a bottleneck for the availability of financing for Hero MotoCorp? I'm asking this because our share of financing of total two-wheeler sales has been trending down for the last 3 quarters?
Hero MotoCorp Limited CC-Jun25.pdf · 2025-08-07
My first question was on the growth expectations. So last quarter, you had spoken about that you expect the industry growth to be about 6% to 7%. So how do we stand on that after how the first quarter has gone by? And your inventory in June quarter inched u p to about 6, 7 weeks. I would estimate that in June, July and inventory would be higher than that. So what kind of growth going into festival season you are building in?
Great. My second question was around financing, more specifically Hero FinCorp. So what exactly is ailing that business in terms of not able to generate profitabilit y, asset quality being under pressure? And by when do you see those things to start peaking and start reversing?

Tech Mahindra Limited

Tech Mahindra Limited CC-Jan26.pdf · 2026-01-16
Hi! Good evening. Good afternoon. Thanks for taking my question and good to see all your performance. My first question was on the BFSI side, which you spoke about higher-than-usual furloughs and productivity pass -through. So, what led to this higher -than-usual furlough -- is there any sub-segment or client-specific factor which drove that? And also, is the productivity pass-through done entirely for the quarter, or is there something more to come into the next quarter?
Thanks, Mohit, for that. I was actually going to ask about the same thing on the deal-win side as well. Is it fair to say that your deal-win mix for BFSI would be higher than your revenue mix? I think you alluded that you have been getting a lot of new log os, so that is a fair conclusion to make, right?

Maruti Suzuki India Limited

Maruti Suzuki India Limited CC-Oct25.pdf · 2025-10-31
Hi. Thanks. Good evening. My first question, Rahul, was around the same question which Amyn was also asking. So, you have said that you have spoken multiple times about 50% in terms of market share but you have not spoken ever anything about the range in which you want to operate from profitability perspective. Many of your peers in India do talk about the sort of profitability that they would be operating at. So I can understand earlier you did spoke about that the discounts and all of those things are a factor of lot of things but just on the framework how you decide in terms of what kind of discounting you would do, the price correction that you will take, what kind of market share that you will chase, are there any guardrails similar on ter ms of the profitability margin as well? I completely appreciate that Maruti would want to have higher number of volume and would want to do as you to quote you what's good for India is good for Maruti but the profitability is also critical to keep on inves ting in future technologies future , product development and the capacities as well and hence the question from that angle as well . Is there any broader picture that you have in mind from the profitability perspective while you will be incentivizing many of the segments to drive your growth?
Got it. Is there any similar number or goals for Maruti Suzuki that you would want to share?

TVS Motor Company Limited

TVS Motor Company Limited CC-Oct25.pdf · 2025-10-28
My first question was on the impairment charge, which you have taken in this quarter. Can you help us understand for which entity that is related to? And if all the entities have gone through the fair value assessment during the quarter?
Got it. My second question was on the overhead cost in this quarter, especially other expenses. So we saw revenue increasing sequentially by 18%, but we haven't seen that benefit of that reflecting in terms of margin expansion to that extent or the overhead cost helping us lower the overhead cost. So what led to this additional expenses in the quarter? And how should we see that in the coming quarters as you are expecting the growth to sustain in the second half?
TVS Motor Company Limited CC-Dec24.pdf · 2025-01-28
My first question was around the investments that you have made in the international businesses. Have you taken the fair value assessment of all the international subsidiaries recently, which all are pending to be done? I see that you have taken some write -off in this quarter. So for which entity is that and which all entities are yet to be evaluated for that?
Okay. Related to that, during the quarter you invested in DriveX, which raised your stake and that was though secondary sale of shares. So can you just help understand that what is the rationale behind making that to be a subsidiary, especially when it is a resale business, which largely many of the other OEMs have built by themselves. So what is the unique use case that we are looking at this business, we have raised their stake and want this to be our subsidiary?

Infosys Limited

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-10-16
Salil, my first question was a little of medium to l ong term. So, there is a lot of companies who have announced their capex plans for setting up the AI dat a centers. And many of these companies are our ecosystem partners. We do go to market along wi th them. We partner with them in many of the projects. In all these conversations of these capacity expansion and potential modernization in the future, are we having any conversation with them how Infosys can partner with them in the future for implementation and inference work potentially in t he future? Any of your conversation which is happening with them that you can share?
So, my question was that at some stage, they wi ll start looking at modernization, enterprise implementation of inferences on those large capacities. Will we be participating in any of those, any of the conversation happening on the modernization side in the future and Infosys participation in that?
Infosys Limited CC-Sep25.pdf · 2025-10-16
Salil, my first question was a little of medium to l ong term. So, there is a lot of companies who have announced their capex plans for setting up the AI dat a centers. And many of these companies are our ecosystem partners. We do go to market along wi th them. We partner with them in many of the projects. In all these conversations of these capacity expansion and potential modernization in the future, are we having any conversation with them how Infosys can partner with them in the future for implementation and inference work potentially in t he future? Any of your conversation which is happening with them that you can share?
So, my question was that at some stage, they wi ll start looking at modernization, enterprise implementation of inferences on those large capacities. Will we be participating in any of those, any of the conversation happening on the modernization side in the future and Infosys participation in that?

Eicher Motors Limited

Eicher Motors Limited CC-Jun25.pdf · 2025-07-31
Hi good evening, Thank you for taking my question. Govind, my first question was around growth, which you are prioritizing now since late last year when we started focusing on it. Our domestic monthly volume has been around 80,000 monthly volume. Now post September quarter, we'll be lapping over that volume. So what do you think will help you to push or inflect the volume higher from here to keep the growth focus ahead? I understand that you have highlighted multiple initiatives that you guys are taking, but a couple of them which you think can materially help in pushing your volume higher from here on?
Great that you brought in the industry context. Historically, we have seen that the middleweight segment, especially the customers that you cater to, has a significant overlap with the passenger vehicle industry. And over there, we don't have a lot of optimism or growth expectation. However, you have been seeing pretty strong growth, at least in the recent months. So do you see there is some segregation which has happened in terms of the addressable market or there is a risk that eventually these two growths will again converge the way it used to be earlier?

Wipro Limited

Wipro Limited CC-Jun25.pdf · 2025-07-17
Hi, good evening . A nd thank you for taking my question. I have just one question, more of a clarification. So, it seems like on margin earlier when you used to talk about that it will be in a narrow band, what you seem to be focusing more on driving top line growth. Earlier, Srini had talked about that the priority would be on profitable growth and you have spoken about that the second half performance would be stronger than first half. Will you say that would also be reflecting in the bottom line growth as well? Will that also be better than the first half than second half?
Got it. Thanks, Aparna, for that. The only reason I was trying to ask this question was to understand what could be the bottom for margin if you are investing , is there something you would want to bet on. Earlier, we have seen during this period, earlier period when we were focusing on driving growth, margin had even fallen to 15% sort of a level. So, is there a scenario in which for a few quarters we could see similar contraction in margin by ramping up the deals and hence could have an impact --
Wipro Limited CC-Mar25.pdf · 2025-04-16
Hi, good evening. Thank you for taking my question. My first question, for a minute, if I assume that I didn't know about the macroeconomic issues and would have looked at the numbers that you have reported just as on. Your headcount on a sequential basis has increased quarter -on-quarter after a couple of quarters of decline. Your total bookings and large deal wins are pretty strong in the quarter and Capco, which is quite discretionary focused, reported pretty solid growth in the quarter. I would have expected that the next quarter would see a decent growth. In contrast to that, the guidance that you have given at the midpoint implies that you would see one of the lowest growth outside of the COVID period, probably . So, what is incrementally that you are looking at, which is essentially making your guidance to be that weak? Are there specific ramp downs that you are looking at? Are there volume declines that you are building into that assumption? If you can give some more granular details, essentially what specifically is pulling down this guidance?
Thanks for that, Aparna and Srini. My second question was if I step back and take a little longer term view on the full year performance and the recent history. So, this is the second year in which we are seeing the revenue decline. And looking at where we would be exiting this year, the first quarter, even if for the rest of the year you grow, you most likely will see a revenue decline in FY26 as well. So, there is a high likelihood that we would end up with 3 years of revenue decline. The first quarter revenue would be back to where it was, the quarterly revenue back where it was four years back. So, while I'm aware of the five criteria, the five focused areas that you are working on and we have started seeing progress on those areas, what do you think is the problem that essentially is ailing that we are consistently underperforming and likely to continue to underperform for the next few quarters?