Questions across 68 calls

Manik Taneja

Axis Capital

Coforge Limited

Coforge Limited CC-Mar25.pdf · 2025-05-05

Thank you for the opportunity and congratulations for the steady performance. My question is for Saurabh. Saurabh, if you could help us understand how does the number of working days in April, May, June differ and should be a tailwind to sequential growth in the current quarter. If you can provide some insight into that. And the second question is with regards to the margin outlook, i f you could talk about the different margin levers, especially in context of the lower ESOP charge as well as sales and marketing expenses outside of ESOP expenses and the gross margin proportion that we should be seeing in FY2026.

So that is helpful. And if I can check in with one more question, if you could clarify on the segmental margins for Asia, they appear to be the highest in several quarters. If you could help us understand what drove the big upswing in terms of segmental margins in this geography.

Firstsource Solutions Limited

Firstsource Solutions Limited CC-Mar25.pdf · 2025-04-28

Hi, thank you for the opportunity and congratulations once again on a steady performance. I basically had a couple of questions. One was with regards to our segmental margins if I look at the CMT vertical in particular. This is vertical, if I understand correctly, you are going to see significant offshoring at your largest customer and some of which would basically translate to better margins. But if I look at the progression of margins in this vertical through the course of FY25, we have only seen margins come off. So, if you can talk about what’s driving that. And the second question is with regards to our growth outlook across industry segments. If you want to take a stab across which verticals will lead growth, if you could give us some sense in terms of which other industry segment that you would expect to l ead in terms of contribution in FY26?

Sure. Could you talk about the broad split -up of your CMT vertical across the traditional telecom and media customer base, as well as new consumer tech logos that you basically made inroads in the course of the last 18-24 months? So, my question was with regards to the broad construct of the CMT vertical. Historically, this was a business which was largely related to traditional media and telecom customers. Over the course of the last 18 to 24 months, you have made headway with consumer tech customers. If you could give us some sense as to how the broad split up between these two categories of customers would be right now?

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

Thank you for the opportunity. I wanted to get your sense with regard to you made a remark that while you continue to win some of the larger deals, the ramp-up may not be in line with the way these deals have progressed in the past. It would be great to essentially understand in detail about that point. And the second question was for Dinesh. Some of these reversals as well as one-time costs that we have incurred in the current quarter, if you could dwell deeper into which acquisition does this impairment charge relate to? And similarly also talk about the special bonus that has been accounted for in the current quarter. Thank you.

And the impairment charges also relate to QBSS?

Firstsource Solutions Limited CC-Sep24.pdf · 2024-10-28

Congratulations to the leadership for another solid quarter. I just wanted to pro be you with regards to the outlook or the revised outlook both on an organic basis as well as including the acquisition. Given the growth trajectory that you have been showing in the first half of this year, as well as how the deal wins and which once again gets consistent, would be interesting to know why our implied ask rate for the guidance actually remains very conservative, practically very modest growth through the next few quarters, next couple of quarters. That's my question number one. The second question is a bookkeeping question with regards to the headcount for the quarter. If you could help us understand how much of the incremental headcount team in the quarter was aided by the Ascensos' consolidation?

And the last question was with regards to this qualitative commentary that you shared on BFS, something that you even alluded to during the prior quarter’s earnings call, at that point of time also mentioned that one should expect a sequentially improving growth trajectory in BFS through the rest of the year. Just to understand that better, does that mean basically sequential growth rates will see further improvement or exploration or is that just suggesting that you expect to see growth in the vertical for the subsequent quarters?

Zensar Technologies Limited

Zensar Technologies Limited CC-Mar25.pdf · 2025-04-25

Sorry for the technical issue. Manish, basically, I wanted to get your sense on a couple of things. Over the course of last couple of years, you have focused in terms of improving the mining within your existing customer base as well as expanding into or p ivoting the high-tech vertical towards a new set of customers. Could you talk about the progress on this front through FY '25? And how should we be thinking about this aspect going forward? And that's question number one. And the second question is with regards to our on-site offshore mix. Once again, that is a metric we've continued to show progression. How should we be thinking about this now given you've got to a level where we're almost on par with peers? Does it leave more room for improvement? Those would be my two questions.

Manish, this was about the on-site/offshore mix, we've seen continued improvisation of the...

Zensar Technologies Limited CC-Sep24.pdf · 2024-10-22

I had a couple of questions, some of it related to your internals. We've seen an increase in terms of our active client base in the current quarter. Is there a change in the methodology in terms of the way we report that? That's question number one. The second question was with regards to the strong growth that we've seen in the offshore revenues. If you could help us understand what drove that? And the third question was just a clarification to what Nitin had asked earlier. What we see in terms of our P&L, we've seen an increase in terms of cost of traded goods. And thereby, is that leading revenue growth in the current quarter? Those would be my three questions. Thank you.

Growth in offshore revenues. Basically, Manish, you've seen offshore revenues have grown by at almost close to between 4% to 5% in the current quarter and which is possibly the best that we've seen in several quarters?

MphasiS Limited

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

Congratulations on a steady performance. My question is with regards to our segmental marg ins. So even while our logistics revenues have been declining for the last couple of quarters, we've seen a bump up in margins. If you could talk about what's driving that? And the second question was with regards to the strong growth that we've seen in top customers despite the decline in the single largest customer. If you can talk about how do you see growth outlook within some of your major customers that would have to be helpful.

Sure. And if I can chip in with one more question. If I look at your longer-term performance on margins and Nitin has been at the helm for almost now 7 or 8 years, in the initial years when the transformation at Mphasis was playing out, we did see an improvement in profitability as the growth began to improve. And in the more recent past, through periods of high demand or stress that we've gone through in the last couple of years, our margins have been maintained. So would it be fair to assume that for us, margins will not benefit from any operating leverage even if growth improves. Is that the way to think about it?

Tata Elxsi Limited

Tata Elxsi Limited CC-Mar25.pdf · 2025-04-17

I actually wanted to clarify on a couple of things. Number 1 thing is that if I see your last 3 years' performance, you've had challenges in 2 of the 3 industry verticals, Automotive was the one which is driving growth. With some of these deal wins that you've announced in the current quarter, do you think we begin to essentially reverse the course of declines that we've seen in the other 2 industry segments. That's question number one. The second question was with regards to margins. Once again, I would presume that some of the margin decline is on account of revenue weakness as you are now saying that we should probably be looking at stability to improvement in growth from Q4 levels. Does that mean that we should probably start to see an improvement in margins as well?

Manoj, just a question with regards to whatever we've been hearing from some of your IT peers in the course of recent deal s. Typically, you've seen first half being seasonally strong, second half because of the calendar effect and the usual seasonality tends to be weak. With the current backdrop, do you think you probably start slow and see an acceleration in sequential growth rates through the course of the year or do you think it is difficult to essentially building that kind of a trajectory at the current moment?

Wipro Limited

Wipro Limited CC-Mar25.pdf · 2025-04-16

Thank you for the opportunity. Srini basically just wanted to pick your brains on two things. Number one, we continue to see pressure in Europe through the course of last several quarters. Would be great to get your perspectives as to what's driving that. And the second related question to that essentially is that similarly on a segmental margin standpoint as well, while Capco has recovered, we did see no improvement in terms of the segmentary margins for European geography. If you could talk about what's dragging the margins here. Thank you.

So, Aparna my question on margins was that, when during second half of FY23 we started to face some pressure in Capco, we blame some of the margin decline that we saw in European geography also because of the drag from Capco. Through the course of recent quarters, Capco has been doing quite well, but there has been no recovery in segmentary margins for Europe. So, if you could dwell into what's causing that and the last one, if I may if you just clarify on board refresh, if you could talk about where are we in that journey? Are we done with most of the organizational changes?

Hexaware Technologies Limited

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

Keech, in the past and even in your initial years of your tenure you've had challenges around consolidation or customer-specific actions. And through the course of recent years, you've been transforming the client portfolio. How do you think about this asp ect on a go -forward basis? Because in the past, we've had instances where this has impacted our overall revenue growth for certain periods. It would be great to get your perspective on the same.

Sure. But do you think we are in a better situation now from a client mix standpoint and thereby some of the challenges that we've faced with some of the customer-specific issues, they may not arise on a go-forward basis?

LTM Limited

LTM Limited CC-Dec24.pdf · 2025-01-16

The first question was with regards to the productivity benefits that you passed on to your top customer on the Hi-Tech side. I want to understand, do you envisage situation that something similar might happen with other customers as well. That's question number one. The second question was on your margins. So, in your Analyst Meet, you spoke about trying to essentially get margins to about 17%-18% over the medium term given the current margin profile and some of the operating levers and I would presume that through the course of the last 12 months you would have already seen some G&A consolidation gains. How should we be thinking about the bigger drivers for us to recover on margins?

So, does that mean in the near term, this could be diluted to our growth as other customers also look for some of these efficiency gains?

LTM Limited CC-Sep24.pdf · 2024-10-17

DC, just wanted to prod you with regards to the near-term outlook that you've suggested. If I understood correctly, you said, the momentum that we've seen in the first half or the first couple of quarters, there should be some moderation to that in the third quarter. And the second question was for Vipul. If you could help us with the quantum of wage hikes that we have implemented and are they implemented for the full quarter? Or unlike one of our group companies, is it a partial impact? And the last one related to margin, if you could talk about your thought process about the medium- term improvement in margins that we were looking to achieve in a couple of years?

If I can just chip in with one more question. While not having substantial increase over the course of recent quarters, we are once again beginning to see an increase in terms of on-site mix of headcount. Do you think we continue to see this increase further, given the nature of demand or you would be switching to extract some more efficiencies from a higher offshore mix?

L&T Technology Services Limited

L&T Technology Services Limited CC-Dec24.pdf · 2025-01-15

Thank you for the opportunity and congratulations for the steady performance. Just wanted to prod you further with regards to an aspect that you've highlighted with regards to a factor that aided your margin performance in terms of the quality of revenue what would that imply? Is there some element of milestone -based revenue recognition, given what we see from your geographical breakup of revenue? Is that the way to essentially understand that? And the second question was with regards to SG&A expenses. We went through significant investments in first half. How should we be thinking about this cost on a go-forward basis over the next 4 quarters to 6 quarters?

Sure. And second question was with regards to the way we are seeing our headcount metric trend. We've been -- while you've been talking about a higher fresher intake through the course of the year, when I look at your headcount addition has been very muted through the course of FY25 year till date. How should we be thinking about this metric going forward given the strong deal activity and your expectations of growth pickup across almost all the segments?

L&T Technology Services Limited CC-Sep24.pdf · 2024-10-16

And I know you've answered a lot of questions around the implied arithmetic's, etc. But Amit, when you spoke last quarter, you have spoken about a very strong pipeline, and which was reiterated even during the Analyst Day. In the current quarter, when you spoke, you said that you did see some delays due to election related uncertainty etc. Do you think -- and given what you're talking about third quarter, do you think we'll probably see good deal s versus now and thereby helping us in terms of growth in Q4 o r probably just gets pushed through the next year given the typical seasonality of OND quarter? That's question number one. And the second question was for Rajeev. If you could help us understand how the fresher intake for FY25 has progressed through both Q1 and Q2. And the likely trajectory in terms of fresher onboarding for the rest of the year?

Would it be possible to get the number for H1 and thereby probably trying to understand the impact in terms of...

Tata Consultancy Services Limited

Tata Consultancy Services Limited CC-Dec24.pdf · 2025-01-09

Hi. Thank you for the opportunity. My question on BSNL has been answered. I just wanted to understand, in the past, you remarked about an elongation in terms of deal tenures. Are we seeing some normalcy return there? That was the data-keeping question. And the second question was, we've been hearing from some of the industry folks about GenAI giving the managed services players the option to essentially move to a software pricing model. It would be great to understand your viewpoint on this.

But do you envisage such a scenario playing out over the next few years?

Tata Technologies Limited

Tata Technologies Limited CC-Sep24.pdf · 2024-10-28

Hi, thank you for the opportunity. What I just wanted you to share some color with regards to the growth within anchor customers, given some | 20 of the details that have been provided in our annual report. That's question number one. The second question was with regards to the BMW joint venture. Given that BMW does work with a number of Tier 1 IT services companies as well as some ER&D companies. D o you think over a period of time, there is an opportunity for us to consolidate that the ones that BMW may be doing with other vendors?

Sure. Thank you and all the best for the future.

BIRLASOFT LIMITED

BIRLASOFT LIMITED CC-Sep24.pdf · 2024-10-23

Angan, I just wanted to get your thoughts with regards to something that you have emphasized since you came on board. You have been talking about significant focus on in-quarter execution and bringing credibility to the company. But what we have seen play out over the course of the last couple of quarters is things unraveling quite sharply. So, essentially, would you want to give us some sense as to what adverse things may have happened at an internal or within the organization level, given the fact that from a macro -backdrop standpoint, FY '24 was equally bad, but you ended up delivering reasonably well, and now we have seen this unravel. So, would be great to understand what challenges you face internally because of which the performance has taken such a big hit?

Appreciate that input. Angan, a couple of clarification questions. Given the challenging demand that you have spoken about, do we probably see a rehash of our strategy around cutting the long tail of customers? That is question number one. The second question was a bookkeeping question around the sales and support headcount. This number had gone up sharply between Q4 of last year to Q1 of FY '25 and then once again has come back to a similar level in the current quarter. What explains these quarterly changes on this headcount, on this metric?

Tech Mahindra Limited

Tech Mahindra Limited CC-Sep24.pdf · 2024-10-19

So, I was just trying to say to understand the moving parts when I look at your segmental margin performance, it seems that the IT services margins have expanded significantly over the course of recent quarters, practically the highest that we have seen in several quarters. While there is some reduction in terms of the B PO margin. So, it would be great to understand what is driving this segmental margin performance?

Just one clarification on that part, historically our segmental margins on BPO have been higher than IT services. Is that going to change on a go-forward basis because that's a trend from first half performance?

Infosys Limited

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

Thank you for the opportunity. Question was with r egards to the segmental margin performance. If you could help us understand the factors that have driven the sharp decline in margins in verticals like energy utilities, as well as other segment s and the improvement that we have seen on the manufacturing side?

Sure. And the last one was with regards to wage hikes. While you suggested that they will be effective across two periods starting January 1. Could we get some sense on the quantum of wage hikes, the likely impact in Q4 and how is that split up across the workforce between January and April?

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

Thank you for the opportunity. Question was with r egards to the segmental margin performance. If you could help us understand the factors that have driven the sharp decline in margins in verticals like energy utilities, as well as other segment s and the improvement that we have seen on the manufacturing side?

Sure. And the last one was with regards to wage hikes. While you suggested that they will be effective across two periods starting January 1. Could we get some sense on the quantum of wage hikes, the likely impact in Q4 and how is that split up across the workforce between January and April?