Stockrabit · Analysts
Questions across 60 calls

Nitin Padmanabhan

Investec

Wipro Limited

Wipro Limited · 2026-07-16
Yes, hi, good evening. Thank you for the opportunity. First, wanted your thoughts on how should we see margins recovering to the band that we stated? Do you think it'll be gradual through the year or do you think there's any element that can help a faster sor t of recovery considering we don't have wage increases and that's done and behind? The second is from an overall business perspective, when do you think the headwinds sort of recede where we can start showing some level of growth as a business? And do you think these headwinds are largely over in Q2 or do you see any specific things that could linger? Yes, thank you.
Yes, qualitatively, do you think it's fair to assume that it's gradual rather than quicker? Just a qualitative thought process is fine?
Wipro Limited CC-Jul26.pdf · 2026-07-16
Yes, hi, good evening. Thank you for the opportunity. First, wanted your thoughts on how should we see margins recovering to the band that we stated? Do you think it'll be gradual through the year or do you think there's any element that can help a faster sor t of recovery considering we don't have wage increases and that's done and behind? The second is from an overall business perspective, when do you think the headwinds sort of recede where we can start showing some level of growth as a business? And do you think these headwinds are largely over in Q2 or do you see any specific things that could linger? Yes, thank you.
Yes, qualitatively, do you think it's fair to assume that it's gradual rather than quicker? Just a qualitative thought process is fine?
Wipro Limited CC-Jun25.pdf · 2025-07-17
Yes, hi. Good evening. Good quarter. Aparna wanted your thoughts on the margins. Now you did mention that a lot of these deals are, obviously, will have some margin impact. So, considering that you will have an execution of a lot of these deals coming through, do you believe that current margins can hold on from where it is or how should we sort of think about margins on a going forward basis?
Sure. Fair enough. That's helpful. Thank you so much and all the best.

Tata Consultancy Services Limited

Tata Consultancy Services Limited CC-Jul26.pdf · 2026-07-09
Yes, hi, good evening. Thank you for the opportunity. A couple of quick ones. Last year we had very solid deal-win growth in retail and consumer, while consumer vertical seems to be soft, so is it that those deals aren't converting to revenue, or you think that pipeline should start converting to revenue and should lead to some growth as we move forward?
2 questions from demand perspective. One is that in the US, corporate revenue growth seems to be quite decent, and I think consensus expectations on growth for this year on growth overall is broad-based across industries and seems pretty strong. And historically, we have seen a very high correlation, but this time around, it looks like it's not really coming through. Why do you think we are seeing this dynamic? Is it more attuned to the demand that is not happening, or is there a real caution on spend? But if there is velocity of growth, then why should spending be so curtailed is the first question. The second question is, are you cautious on BFSI? If I understood your commentary, or do you think that BFSI continues to do well?
Tata Consultancy Services Limited CC-Apr26.pdf · 2026-04-09
Yeah. Hi. Good evening. Thank you for the opportunity. Krithi, initially, you mentioned some caution in BFSI during the quarter. I just wanted your thoughts on how clients are thinking about spending going forward, considering the macro. Do you think this ends up like last year where you had the Liberation Day and we thought we were probably getting into good start, but then you had all these headwinds. So, in the context of what you see today, what are the conversations with clients? It would be great to have your perspective there, maybe across a few key sectors at least.
That's very helpful. The second is on, from a margin perspective, how should we think about margins going forward? Because on one hand, you do have the currency giving you a tailwind and on the other side, you have to invest on capabilities and multiple other things. So just how should we broadly think from a margin perspective as we get into the next year?
Tata Consultancy Services Limited CC-Jan26.pdf · 2026-01-12
Good evening and Happy New Year. I had few questions. North American market has been relatively soft over the last 12 quarters or so. You think with international coming back, North America will really start contributing and we should start seeing this edging up from a growth perspective? The second is, do you think the restructuring costs are largely over? And then the third one is, do you think we should see any revenue from BSNL this fiscal or it just moves over? Lastly your thoughts on the recent development on credit card rates in the U.S., do you think that in some form, impacts your payment customers and what could be the exposure there?
Perfect. That’s helpful. Thank you so much and all the very best.

LTM Limited

LTM Limited CC-May26.pdf · 2026-05-22
. Good afternoon and congrats on the deal. I have a couple of quick ones. So one is, Venu, you mentioned that there is a lot of domain centric contextual capability that is difficult to build, which is highly appreciated. The only question I had around that was that what is the format of this engagement? Is it more of a staffing engagement where it is difficult to migrate that knowledge or you think there needs to be a re-architecting of the way that engagement happens for us to really migrate that knowledge that was the first one? The second is 15 plus large accounts that we have, how big is it as a percentage of the overall revenue at the moment and how big is the tail? Do we need to really cut the tail and that will be a drag for a year or so and then from year two or year three is when we really see a scale up and finally, in the context of the way this is, do you believe that initially it will start with the pitch that we currently have onsite resources with you, let us put in an offshore mix and that becomes the first part of call and how long do you think before the set of wins from a revenue synergy perspective starts kicking in? Those were the three questions. Thank you.
Yes, so just a quick follow up on that one, if you could correct me if I am wrong. So these people have been with the client for multiple years. Obviously they are valuable and very core to the client and usually they would not want to let go of those people. How fungible is the knowledge transfer for us to be able to use those same people to drive things because these will be controlled by the client. I am just trying to ask you about the assumption on being able to use those same people to drive a new deal creation when they are completely controlled by the client, so that is the only assumption that I worry about and wanted your thoughts there?

Redington Limited

Redington Limited CC-May26.pdf · 2026-05-14
Congrats on a very solid performance in a very tough environment. I had a couple of questions. The first is, if you think about all the challenges and the way things have evolved this year, how are you thinking -- how should one sort of think about the ne xt year considering that India has been very solid this year. We possibly benefited from some prebuying and all of that this year. So that's on one side. And well, on the other side, you have had the rest of the world business be relatively weak. Do you think the growth sort of flips between -- from an India to ROW, with ROW sort of improving a lot more next year? And maybe India sort of growth sort of tapering down. So that's the first one. The second is in the context of the large deals and the pipeline, how is that sort of -- how is the sort of the shortage, the price increases sort of impacting that? And is that sort of -- you do think that has a higher sort of impact from a margin perspective? Or how do you manage that? And finally, on the Software Solutions Group, this business has scaled extremely well, now 17% of business. Do you think that at this level, growth sort of tapers or there are certain capability sets that we have been adding, which would help sort of sustain the growth as we go forward?
Very helpful. Just one quick follow-up. During the COVID period, when there were shortages. Obviously, working capital intensity went down, velocity of business went up, right? And ROCEs went to the roof. You think that happens this time or it's different?
Redington Limited CC-Feb26.pdf · 2026-02-05
So, I had a couple of questions. So, one is to start with this government mandating appointing a reseller from a data center perspective for global guys for selling in India. Does that sort of open up a large opportunity for us? Or that's not a given in terms of an assured opportunity? So that was the first one, and then I had a few others.
Got it. And your thoughts on this chip shortage and how that's sort of impacting business at the moment. Are you seeing people sort of preponing their buying decisions because prices are on the rise? And are you seeing a situation wherein it's flying off t he shelves, inventory days are falling, right? You're seeing better working capital conversion on these and thereby better margins? Or how are you basically seeing and how do you see this evolve?
Redington Limited CC-Nov25.pdf · 2025-11-06
You have disclosed the SSG, I think, combined it and given it, so thanks for that. Just wanted your thoughts on since we have it as a separate sort of thing, both cloud and I think put together, how would the working capital intensity here be related to the rest of the business? If you could just give a comparison versus the company average working capital? How would this look?
The second thing was, I think you had mentioned that there is pickup in the PC refresh cycle and the AI PCs and so on and so forth. And we could -- if it continues, it's possible that the second half could be stronger. Is this common true across markets or is this specific to India?

MphasiS Limited

MphasiS Limited CC-May26.pdf · 2026-04-30
Good morning. Congrats on the quarter. Couple of things. So first, a very high -level question. And then there's a nuanced one. So, you mentioned 80% of the transformation happens outside of IT. And obviously, that requires budgets for clients at the end o f the day. How are clients actually sort of managing this? There are thoughts around, whether IT and ops b udgets can be combined. But there are nuances to this even happening. So, just your thoughts on when the budget unlocks can really happen? And if you're thinking about the top 100 enterprises, where are they in their thought process on this? And your thoughts on the same as well. And the second is primarily on the working capital intensity. Obviously, we are in a phase, where you have BFSI, which is growing strongly. They have increasing budgets. And you're growing pretty strongly there as well. So obviously, conversion can be lower. But in that context, when we look forward, you mentioned 80% sort of conversion , if that includes the $16 million, which passed out from last year to this year, which is FY '27 . How are you thinking about free cash flow conversion in the near term? And how should we think about that sort of normalizing longer term? In that context also, this contrac t assets moving to DSO. What should be your ideal DSO? Because obviously, DSO will come off over a period of time. What should be the ideal DSO one should think about? Yeah, those are the two questions. Thank you.
Hi, thanks for the follow -up. Aravind, I lost you, while you were explaining. So, just an add-on, as you continue on that, where we lost you is, you essentially mentioned that contract assets have come down, it's moved to DSO, which means customer has accepted the milestone and you were giving context there. Just to add some flavor of what I'm seeking is that, see, there are a lot of questions that we're getting on this. So, just your thoughts around from a strategic perspective, because obviously, when you're growing at BFSI, maybe 18%, for that, it will consume working capital. And strategically, when you're looking at participating on the AI side of things, you need to be there and get market share to be able to participate there. But just to hear your thoughts on a high level and some granularity on a question, which is that the $16 million is released post this year, which was supposed to come last year. So overall, that 80% looks lower. So, just a high -level view there would be very helpful to sort of assua ge some concerns .
MphasiS Limited CC-Jun25.pdf · 2025-07-25
Hi, good morning. Congrats on a solid quarter. It looks like a very tightly executed quarter and quite impressive at that, because if you look at EMEA sort of declined, we have had the top customer decline , we have the ATM business has declined and still we sort of delivered this solid growth. Just if you could just contextualize the growth that we saw in both BFS and Insurance. All of these are just closures of the earlier wins, or they were something that incrementally came through the quarter, which surprised positively? And just as a follow -up is from a deal win perspectives overall, I know you said this in different tids and bits over the quarters, what's driving this change for us structurally ? W herein our deal wins are extremely solid, our pipeline still continues to grow. So, from an organizational perspective, if you could just quickly summarize the changes that you made that's sort of really driving this in a quick short summary would be very helpful .
Perfect. That's helpful. I have a lot of questions but if I can just slip in one more. From a margin perspective, I think this quarter has been pretty solid. We have had utilization move up like 400 basis points and then we also have these large deals coming through. So, is it fair to assume that one should, at least from a modelling perspective, assume the lower end of the band or do you think you still have room to sort of deliver on margins as well?

L&T Technology Services Limited

L&T Technology Services Limited CC-Jan26.pdf · 2026-01-15
Hi, good evening. Wishing you a very Happy New Year. I just wanted some context around the margins. So, one, obviously, the support that we were giving for the customer has come off and we have also had some currency benefit as well. And looks like, well, we have cut down these businesses, the headcount is still pretty flattish. So, just wanted some context around how should we understand this? Is the margin benefit from the cut down of businesses likely to accrue more in the next quarter and beyond? Or that is largely already factored in, in the current quarter? So, yes, that was the first question. The second one was around when are we expecting to sort of give out salary increases? And finally, well, our deal wins have been consistently strong, I think, for the past couple of quarters. And I think if you look at it YoY, it is a very strong growth. When should we start expect that to really start showing up from an overall portfolio perspective in terms of higher growth?
Perfect. That's helpful. Just one clarification. So, as we get into the next quarter with the wage increases in place, are there any, could you give us some sense in terms of puts and takes on how to think about margins there or should we expect margins t o be lower? We will not be able to offset the wage increase, I presume.

HCL Technologies Limited

HCL Technologies Limited CC-Apr26.pdf · 2026-04-21
Yes. Hi. Good evening. Thank you for the opportunity. The impact we had in Telecom this quarter, I think sequentially some $12-odd million, so that began in March. We should assume that you will see a full quarter kind of an impact in the next quarter. So over and above this 50 basis points which is with those two other clients, this itself is quite a drag. Is that a fair understanding? Almost a 1% drag?
Sure. That's helpful. The second one I wanted to ask you was on the cancellation of SAP programs. Is this purely a budget decision or is it a technology or that kind of a strategic decision on the cancellation of the SAP programs?
HCL Technologies Limited CC-Jan26.pdf · 2026-01-12
Yes. Hi, good evening and wishing you a very Happy New Year. I had a question related to the products business. This quarter, after many, many quarters, we have seen the perpetual license upfront sort of see significant revenue accretion. Usually, that's been on a downtrend as we shifted to subscription. I wanted your thoughts on how we should think about this, any change in strategy or this was opportunistic?
Got it. And 1 last on the products / Will Actian be amongst your top three products right now by revenue?

Tech Mahindra Limited

Tech Mahindra Limited CC-Jan26.pdf · 2026-01-16
Hello! Good evening. Happy New Year and congrats on a very strong quarter. Had a couple. So, on the telecom deal, which you mentioned, is the entire 500 million net new , because it looks like it will drive significant growth for Europe next year ? The second is, from a BFSI perspective, how big is payment for us considering all this, the recent thing around the credit card rates being capped at 10 %, do you think that becomes a headwind for us or it is not a meaningful part of the portfolio? And finally, with this large win, in some form, does it sort of impact margins as we start executing this? And has this already started executing?
Perfect. That is very helpful. Thank you so much and all the very best.

KPIT Technologies Limited

KPIT Technologies Limited CC-Jun25.pdf · 2025-07-30
I think it's been pretty solid execution in a very tough quarter, both on deal wins and margins. I wanted your thoughts on a couple of things. So first is, I think, we have had a lot of OEMs make a lot of announcements, like I think Honda spoke about their change in plans on or at least pushing out plan from an EV time line perspective and a lot of things, Daimler today, there was a new guidance on lower volumes and so on and so forth. So there's a lot happening. It would be good if you could sort of contextualize what is happening from a spend priority perspective if you compare now versus last year on how they're looking at those spends. So that is one. Second is, I think, see, we have seen a good almost 20% growth in deal wins, right, both on a TTM basis and year-on-year basis. Now for the older deals, are you seeing versus what was originally signed, is there any change in the scope or anything because of the change in plans? Are you seeing any impact or that continues to sort of hold true in terms of what the original scope and scale of those deals were ? Those are the two questions to start with.
Yes. The second question was that our deal wins are up like almost 20% this quarter and even on a trailing 12 -month basis. So, if you look at the trailing 12-month deal wins, basically, it suggests the order book is very solid. Now the question was on this order book, which needs execution with all these changes that are happening, does this change the scope and size of those deals in your view because of these reprioritizations and change. So in reality, would it still be a 20% increase on a TTM basis? Or that number would have come down because people have changed what they want to spend on is the question. So from a visibility perspective, is it the same as what the numbers suggest?
KPIT Technologies Limited CC-Mar25.pdf · 2025-04-28
I had a couple of questions actually. The first is this quarter, we saw a decline in pass-cars, but growth was primarily driven by the other segment. Could you give some context as to what kind of work actually drove growth there? Yes, is it better?
So my question was that during the quarter, we saw a sequential decline for passenger cars. And growth was largely driven by the others segment. So could you give some context on what kind of work actually drove this?

Zensar Technologies Limited

Zensar Technologies Limited CC-Jun25.pdf · 2025-07-22
Hi, good evening. Congrats on the quarter. It is nice to see good growth in most vertical, especially TMT. Do you believe the headwinds on TMT are largely behind us? So , that is the first one. The second is just your thoughts on MCS considering we have had two relatively softer quarters, how do you see that going forward? And I have a few more.
So, from a pipeline perspective, do you think it still looks good? And do you think it sort of get backs to that $200 million kind of a range that we have had in the past? Or does that look challenging at the moment?