Stockrabit · Analysts
Questions across 60 calls

Nitin Padmanabhan

Investec

Zensar Technologies Limited

Zensar Technologies Limited CC-Mar25.pdf · 2025-04-25
Congrats on the strong deal wins. So, see, from a deal win perspective, if you could just lay some thoughts on how the pipeline has been looking like after the strong wins over the earlier quarters? And considering the environment, do you think that you will still be able to sort of deliver maybe 180 to 200 range? Or do you think that becomes a risk on a going-forward basis? The second is just a follow-up to what Sandeep was asking. Your thoughts from a TMT perspective as well.
Sorry, I kept getting disconnected. So I don't know if you have answered these questions. But broadly from a -- I just wanted your thoughts on whether the deal pipeline has sort of increased or gone down? And second, I wanted your thoughts on how is the uncertainty sort of manifesting in your portfolio right now? Are you seeing sort of pauses, delays? And is that quite meaningful in April? So that's the other bit. And yes, so those are the 2 basic things. I think you did mention that as of now, it looks like we have growth. But if you could just contextualize these 2 things, it will be helpful.
Zensar Technologies Limited CC-Jun24.pdf · 2024-07-23
Congrats on a strong quarter. Manish, I had a few questions -- you did mention that the environment remains unchanged and can be volatile. The current q uarter, the deal wins have been relatively flattish year -on-year and the book -to-bill is 1. And I think as an outsider, basically, what we have seen is there's a reasonable correlation between the wins and the revenue generation in the following quarters. So just wanted your thoughts there in terms of is there a reasonable backlog that could help in the near term? And two, how is the pipeline looking? And does that sort of give confidence? And also, from a large deal in the pipeline, how does that look?
Great. Just a follow-up on the margin, right, so when you look at it , going forward I think this quarter, we also had some reasonable on -site shift. And do you think t hat sort of files in the second half of the year? Do you think there are some offshore shifts in the second half? Second is, from a wage increase perspective, what do you think would be the broad kind of impact? And finally, on the travel and visa and licenses, which is the 150-bps impact, how much of that is sort of nonrecurring? If you could just isolate that portion out, will be helpful.

MphasiS Limited

MphasiS Limited CC-Mar25.pdf · 2025-04-25
Nitin, a couple of questions. One is - even in the last quarter, you mention ed that there's an improvement in pipeline for Logistics, Transportation, etc. And are you seeing that the conversion for those will be a little delayed considering the uncertainties and conversion could take time. Or do you think that these are specific areas which actually help them in the current context and thereby you could see closures? So that's one. The second is , directionally , considering that we are not in the direct line of fire, is it fair to sort of assume that from a revenue trajectory perspective, at least in the near term, it's unlikely that we see any specific headwinds for a large part of our portfolio and thereby, from a momentum perspective, it could sort of continue considering the deal wins? Or is it that there is a risk to ramp up s being delayed a bit? And finally, just your thoughts on margin. So, you still do have a lower band margin at 14. 75% despite an exit at 15.3%. So just sort of curious about what are you worried about from a marg in perspective broadly?
Sure, perfect. That's helpful. And I think the only thing you missed is, from a deal ramp perspective, are you quite comfortable? Or are you seeing customer behaviour in terms of delayed ramps or anything despite the strong wins?

Wipro Limited

Wipro Limited CC-Sep24.pdf · 2024-10-17
Aparna, wanted your thoughts on the drivers that are helping margin, the initiatives that are sort of offsetting the wage increase impact and the revenue headwind, special things?
The second question was around; I think a lot of work has gone behind building deal momentum and sort of looking at the cost and all of those things over the last couple of quarters . In that context, do you think that return to growth could happen sooner rather than later overall? Are you happy with the way things are moving, or do you see there are further areas that require fixes before we are able to really move back to growth?
Wipro Limited CC-Jun24.pdf · 2024-07-19
Good evening. Aparna and Srini, I think you had mentioned that the top 10 have grown around 1.3%, top 20 or 25 have grown around 1%. So, obviously looks like the drag has been from these smaller customers. Are we still cutting tail accounts or is this just a broad based kind of decline that they’re seeing or any color that you could give us in terms of what you’re seeing on that side of things and what do you think will be the drivers for improvement there?
Perfect. And lastly on the BFSI side, so well we have been very early in calling this out and it’s worked out pretty well. What exactly is the current drag that you ’re seeing? Any specific sub segments where you’re seeing a little more pain because relative to the others, although we called it out earlier, the relative growth is slightly softer. So, is there any specific sub segments which is causing a little more pain for us?

Redington Limited

Redington Limited CC-Dec24.pdf · 2025-02-06
Okay. Great. Sir, wanted your thoughts on the working capital intensity. So, I think on a year - on-year basis, the contribution of the Non-Mobility business is actually higher. But we still see that the working capital days are down to around 33 days. Do you think there's something from a mix perspective here that could keep it at these levels? Or do you still think that the normalized working capital days can be higher?
Got it. Got it. So, I think in your commentary, you did mention that at least it looks like for India, Q4 can be strong, because it's fiscal year-end and things get passed on for closure. So when we look at both India and SISA and the Rest of the World business, it looks like SISA could continue the current growth rates, but the Rest of the World will see moderation. Is that a fair kind of understanding?
Redington Limited CC-Jun24.pdf · 2024-08-01
Yes. In the prior quarter, I think the general thought process was that a lot of these headwinds are sort of bottoming out. I wanted your thoughts on 2 elements here. So one is -- was, relative to that, it looks like across the board, there is relative weakness. So I just wanted your thoughts on what sort of surprise generally. The second is that the gross margin drop across businesses. So what's driving that? And finally, your thoughts on the Africa business as well. You already explained Turkey, but how is Africa doing? And do you think both these geographies have sort of bottomed out and things will start improving from here even in those geographies?
Sure. Just a quick follow -up. So one is, how much is the inventory provision for the quarter? And second, the softness that we saw in KSA because of postponements done by the government, do you think that sort of -- we are seeing some recovery there or that will continue to be a weak market?

KPIT Technologies Limited

KPIT Technologies Limited CC-Dec24.pdf · 2025-01-29
Congrats on the solid deal wins in the quarter. I had a couple of questions. One is, I think not only for us but across the industry, I think both US and Europe have been weak. And our strength in Asia has sort of ensured that we are better off. Just wanted your thoughts on -- from both these geographies, when do you see them sort of returning to growth for us on an overall perspective? That's the first question.
Got it. And I think in the last quarter, we were worried about some pushout of deal execution, and this is what even the other players are suggesting. Do you think that's sort of subsiding? And while the deal closures are actually quite solid, do you think the deal to revenue conversion will be normal? Or do you think that also gets pushed out a bit or it's just normal for us?
KPIT Technologies Limited CC-Sep24.pdf · 2024-10-23
Congrats on another solid quarter. Just wanted your thoughts on a couple of things. So, the first is see, we have historically seen that our growth has consistently been very solid for maybe the last -- maybe 15 years plus in this segment. And the only time you really have a real weakness is when there is some major economic impact. Now in that context, when we look at Europe and specifically Germany where it seems to be in a recession, and that's usually the time when we see the play. How would you sort of contrast what you're seeing in terms of behaviours on spending by OEMs today versus what you would have seen during earlier similar periods, whether it's during the COVID period or the GFC period. How would you sort of contrast it?
Got it. So actually, I had 2 follow-ups. So one is that what you're seeing today is not so much of a rate reduction, but more of offshoring to sort of help clients sort of release their overall cost. Is that a fair assumption? And two, from that perspectiv e, maybe there is near -term lower growth, but as and when things pick up, they sort of pick up. So that was one. The second is, do you think that Asia makes up for the related weakness from an incremental revenue contribution perspective , considering that geography seems to be recently solid. Do we have the pipeline and events to really make up for the related weakness?
KPIT Technologies Limited CC-Jun24.pdf · 2024-07-24
Yes. Hi, good evening and congrats on another very strong quarter. Just wanted your thoughts on a couple of things. So first is you did allude to the US geography. We have seen very strong growth across the others. Just wanted your thoughts on what's sort of holding back the strength there, considering that the targets for the emission norms continue to be strict even there. So broadly how should we think about the US geography? You did mention that it should pick up soon, but just trying to understand the underlying dynamics of what's holding it back?
Sure. That's very helpful. Just two other things. One is the -- with the QORIX which is now moved to the JV, would that have had a benefit on margin this quarter considering the costs have moved out? And is it fully baked in for the quarter and or is it partially likely to aid in the next quarter or is it meaningful? I just want to understand that?

HCL Technologies Limited

HCL Technologies Limited CC-Dec24.pdf · 2025-01-13
Two questions from my end. So, the first one is that, see, if you look at the software revenue in the current quarter and compare it with the 1st quarter of this year, I compare it with the 1st quarter because the 1st quarter revenue in this year and the last year was the same . The differential this time is $67 million versus $87 million during the same period in the prior year. Now you also mentioned that one shouldn't assume that the shortfall will come back. So, does this mean that this is like a loss revenue and this is a new base revenue run rate for this business? Second is this really driven by the shutting down of your products or it is just a client has sort of chosen not to sort of renew something.
No, I think that covers it. The second question is, I think, see over the last 18 months, we really have not seen any meaningful spending from clients. So, considering there has been a lull, there are two scenarios. One is that do you think that there will be, because they're not doing spending and you have increasing technical debt, no matter the macro, there will be a pickup in spending. Is that a fair way to assume things? Or do you think that there was an overspending earlier and thereby the 18 months didn't have it? So, how are you thinking about it broadly?

Tata Consultancy Services Limited

Tata Consultancy Services Limited CC-Dec24.pdf · 2025-01-09
Good evening and wishing you a Happy New Year. Just a couple from my end. So, one is you mentioned that BSNL purchase is complete by 70%. So how should we think about it? Do you think the net reduction in revenue there should happen in the following quarter, or it will happen in the next fiscal year? So that is the first one. The second one is that considering we had very strong deal wins this quarter and there is no mega deal and decision cycles are also improving, does that mean that the revenue conversion will also be much quicker, considering these are relatively smaller and more discretionary in nature and that should aid near- term performance? And finally, I think you also mentioned that you were looking at projects that could refill the gap from BSNL? Just your thoughts on if there's anything specific out there that sort of fills that in, that will be helpful.
Sure. That's helpful. Just one clarification. I think on the press conference, you made a comment that the BSNL could come off slowly or sharply, I was just wondering what you mean by that?
Tata Consultancy Services Limited CC-Sep24.pdf · 2024-10-10
Hi, good evening. You mentioned that the deal tenures have sort of expanded. So, is that in specific cases or is that a very broad-based kind of phenomenon?
Got it. And you mentioned that the headwinds that we have seen this quarter in some cases, it could sort of stabilize in the next quarter and then possibly improve I think that was more Life Sciences. But broadly, do you get the sense that in all the areas where you have seen | 26 headwinds in the current quarter that's more or less peaked out and things can incrementally improve for those specific areas?

Tech Mahindra Limited

Tech Mahindra Limited CC-Sep24.pdf · 2024-10-19
I had a couple of questions. So, the first is in terms of Project Fortius, of the 150-bps kind of investments that we were seeking to do in the first year, how much would have been baked in, in the first half ? The second , wanted your thoughts on how you’re seeing f urloughs and the demand environment going forward? And any thoughts on wage increases broadly?
Yes, it does. That’s very helpful. From a offshore mix standpoint, I think there’s been a pretty good sort of improvement on a year-on-year and sequential basis. How are you thinking about your targets on that where you think you’d be pretty comfortable longer term?

LTM Limited

LTM Limited CC-Sep24.pdf · 2024-10-17
So, you spoke about furlough. Are furloughs similar to what you have seen in the prior year? Is it better, is it worse? That's the first one. The second is what are the areas where you continue to see weakness in the market from a vertical perspective where you want to see some improvement? And finally, with regards to the large deals which you announced, that is the vendor consolidation with an existing client, if I'm right? And if that is the case, then in which vertical is this? And by when do you expect to start seeing ramp-up here?
In which geography would that be?

Infosys Limited

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2024-10-17
Yeah, hi. Thank you for the opportunity. So, you m entioned that the deal pipeline for smaller deals which is below $50 mn has sort of improved in doubl e-digits. How has it been in terms of closures for current quarters? When the pipeline has improved, how is the closures doing in the current quarter? Have you seen that improve as well? that is the first question. The second question is around this cost of softwa re packages. That seems to have increased on a sequential basis. How much of that would have been in third-party versus internal? Is there a significant pass-through revenue this quarter was the question around it. So, any color around that would be helpful.
In terms of closures, there is no increase in clos ures in the current quarter. When the pipeline has improved, the closures on less than $50 mn had not r eally improved in the current quarter. Is that a fair way to understand?
Infosys Limited CC-Sep24.pdf · 2024-10-17
Yeah, hi. Thank you for the opportunity. So, you m entioned that the deal pipeline for smaller deals which is below $50 mn has sort of improved in doubl e-digits. How has it been in terms of closures for current quarters? When the pipeline has improved, how is the closures doing in the current quarter? Have you seen that improve as well? that is the first question. The second question is around this cost of softwa re packages. That seems to have increased on a sequential basis. How much of that would have been in third-party versus internal? Is there a significant pass-through revenue this quarter was the question around it. So, any color around that would be helpful.
In terms of closures, there is no increase in clos ures in the current quarter. When the pipeline has improved, the closures on less than $50 mn had not r eally improved in the current quarter. Is that a fair way to understand?
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2024-07-18
Yes, hi. Good evening. Congrats on the quarter. I just wanted your thoughts on, one, the Financial Services space. You did mention that you sa w growth from mortgages, cards, payments and obviously capital markets. When you think of the sustainability of this recovery, how should we think about it, because mortgages, for it to continue to give you a delta would require rates to come down meaningfully? And from a cards perspective, it looks like delinquencies in the U.S. are rising. So it is like a mixed data point that we see on the outside, but just wanted your thoughts on how are you thinking about the sustainability of the recovery on the Financial Services space? And then I had one more quick question? External Document © 2024 Infosys Limited 13 So, Nitin, what we are seeing right now is early sign s, as I said, of recovery. Of course, it is early signs, so we do not know how sustainable at this point in time it is going to remain, but the fact that we saw volume growth after many quarters, we sa w strong growth in our Financial Services after again six-odd quarters. So I think those are the posit ives that we are taking. We are seeing large deals, both the ones that we have signed and the ones there in the pipeline. So all of that put together gives us a little bit of confidence on that. But yes, we have to see more data points to see how the year progress.
So one of your smaller peers characterized it as Financial Services who have sort of stalled multiple projects in the past and having not spent for almost six quarters having to make those spend because that is causing problems and thereby that is seeing a pickup with short-cycle projects on those deals. Would you characterize it similarly? Are you seeing something similar?

L&T Technology Services Limited