Questions across 15 calls

Rishi Jhunjhunwala

IIFL

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-May26.pdf · 2026-04-29

Yes, thanks for the opportunity. Two questions. Firstly, sir, you have talked about continuing with the price hikes in your portfolio. Given the sensitivity around GST cut being passed on to the consumers and government indicating they are keeping a close eye on that, how do you think you will be able to manage price hike in the near term which is not overlapping or compensating for some of the GST loss? I mean it optics, I understand, but do you believe this will be easier to do than how it looks?

Fair enough, sir. Thank you. The other question is, it has been now 7 -8 months of GST exemption related tailwinds that we have seen. In your portfolio where customers are returning for renewals, out of the Rs. 118 of cash outflow that they used to do for a Rs. 100 premium, can you give some sense of how much have we been able to retain in the form of maybe a higher sum assured and as a result higher premium or attach more riders so that Rs. 118 inflow actually doesn't go down completely to Rs. 100. I just want to understand how much incremental demand we have received from the returning customers.

ETERNAL LIMITED

ETERNAL LIMITED CC-May26.pdf · 2026-04-28

Yes, thank you. A couple of questions. Firstly, if we look at our order growth in food delivery as well as in QC, in food, order growth was 15% YoY but the active delivery partners on a monthly basis went up by 30%. In QC, the order growth was slightly above 90%, but the rider growth was 120%. While in QC, I can still understand that you're expanding rapidly and probably adding a lot more there, but in food, what explains this gap given that effectively if I calculate number of orders per rider per month, it has come down by 10% to 15% in both the businesses over the last one year?

Understood. The second question is on food delivery. We are close to that 20% mark from a growth perspective. We are at 5.5% from a margin perspective. We had taken a mid-quarter hike in platform fee, probably next quarter, it flows down completely to the bottom line. How do we think about incremental operating leverage that you would get in the business as well as some of these increase in monetization to flow through the food delivery P&L? Do you intend to utilize that incrementally in some sort to increase growth? If yes, how? Otherwise, do you believe there could potentially be upside risk to that NOV margin guidance that you have provided in the past?

ETERNAL LIMITED CC-Dec24.pdf · 2025-01-20

Thanks for the opportunity. I have a slightly different way of asking customer-related questions. Can you provide some insight into your customer acquisition costs in areas where you are expanding but where a competitor is already present? Also, what are your customer retention costs in areas where you are already established, but a peer is entering and being very aggressive? One of the reasons I ask this is because, while there is a cost associated with expansion as you scale from 1,000 to 2,000 stores, I'm trying to understand if there is any pressure on profitability for your top 50 to 150 store cohorts, given that you might be undertaking customer retention initiatives.

So, just to conclude on that, is it fair to assume that, sequentially, in your top 300 dark stores, your profitability has actually not declined quarter-on-quarter?

Tata Consultancy Services Limited

Tata Consultancy Services Limited CC-Apr26.pdf · 2026-04-09

Yes, thanks for the opportunity. I think my questions have been answered, but maybe just a quick clariﬁcation. Just if we think about your thought process around wage hikes, right? So, we've deferred it twice in the last ﬁve, six years since COVID. This time, we have reinstated it after when we announced it in September, back to the April cycle. Just wanted to understand what's the thought process behind that, given that the overall demand environment, the supply side environment, and the macro uncertainties largely remain there and haven't seemed to be changing materially over the past six to nine months.

While you've started giving annualized AI revenues, would it be possible to throw some color on AI deals as well, just to get some sense of how those are progressing?

Tata Consultancy Services Limited CC-Sep25.pdf · 2025-10-09

Yes, thanks for the opportunity. So, just harping a little bit more on that AI investment, a couple of reasons that you provide was that the demand in this space is very high and provides a new stream of annuity revenues. But outside of that, does it put us in any kind of disadvantage versus our peers, if we are not doing this investment or does it put us at an advantage versus other peers on the global revenues that we earn here? If that is not the case, then I mean if you look at the overall technology spending landscape, then there would be a lot of pockets around software and solutions, where those kinds of investments probably would have been more synergistic to us.

Understood. All right, thank you sir.

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Feb26.pdf · 2026-01-28

Yes, thanks for the opportunity. A couple of questions. One is this quarter, the amount of par that we have sold is almost more than what we have sold the entire last year or last four quarters. So, just wanted to understand, I mean, what is driving this, right? I mean, is there a specific push towards this product because it was easier to absorb some of the GST impact here or how do we look at it if it is a one -off and then it will drop down to the normal rate going forward?

Understood, sir. The second question is on solvency. So, it is now in this quarter at a multi-year low and we have a potential dividend announcement coming in 4Q when we typically see 10 to 15 percentage point for the drop in solvency. So, how do we look at that and any need for capital requirement if any that could lead to?

Tech Mahindra Limited

Tech Mahindra Limited CC-Jan26.pdf · 2026-01-16

Yes. Thanks for the opportunity. Mohit, one question around your BPO segment, right? I mean, if you look at over the past 3 years, the growth there has been really strong when we compare it to the IT Services business. And if we look around, there are a lot of concerns around this part of the business generally across the value chain, given the risks around AI. So, one question is, what has driven growth in here for us? And what do you think are potential risks to this part of the business, given how much supportive this has been to our overall growth? And secondly, from a profitability perspective, it hasn't really been similar story. So, what do you think are the reasons on that?

Got it. And just one question, maybe it was asked earlier and I missed it, but just on the wage hike cycle, have you guys thought about if and when we would want to do that?

Swiggy Limited

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-07-31

Yes, a couple of questions on the quick commerce side. Firstly, if you can remind us in terms of the contribution margin breakeven in QC, I think, you mentioned December this year or March next year. Does that still hold true? And in case the competition eases off dramatically over the next six months, the potential benefit from lower promotional expenses, are you going to use it to try and expand some of the market sharing initiatives that you are taking and keep the trajectory of, or the target of breakeven intact, or you can potentially reach that earlier as well.

Got it. And second question is, if we look at the contribution loss per order as of this quarter was close to around Rs. 28, there is a Rs. 10 increase in revenue per order and a similar or a Rs. 9 increase in the direct cost per order. If we were to take it down to zero in the next three quarters to five quarters, just trying to understand which part whether revenue per order or cost per order will be the bigger determinant or driver of that.

Swiggy Limited CC-Jun25.pdf · 2025-07-31

Yes, a couple of questions on the quick commerce side. Firstly, if you can remind us in terms of the contribution margin breakeven in QC, I think, you mentioned December this year or March next year. Does that still hold true? And in case the competition eases off dramatically over the next six months, the potential benefit from lower promotional expenses, are you going to use it to try and expand some of the market sharing initiatives that you are taking and keep the trajectory of, or the target of breakeven intact, or you can potentially reach that earlier as well.

Got it. And second question is, if we look at the contribution loss per order as of this quarter was close to around Rs. 28, there is a Rs. 10 increase in revenue per order and a similar or a Rs. 9 increase in the direct cost per order. If we were to take it down to zero in the next three quarters to five quarters, just trying to understand which part whether revenue per order or cost per order will be the bigger determinant or driver of that.

Hexaware Technologies Limited

Hexaware Technologies Limited CC-Jun25.pdf · 2025-07-25

Hi. Thanks for the opportunity. A couple of questions, and to some extent, it may sound repetitive. But firstly, on the SMC acquisition, just wanted to understand the thought process behind that. While financially, it makes total sense, it's EPS accretive from day one. But when we look at it, do you consider it as a capability acquisition? If yes, why? Or is it just getting entry into some of the customers? I thought I addressed it, but I'll do it again. But to that, I want to add one point to the prior question on cyclical versus structure. I think the biggest proof that it is macro is if you look at our numbers by vertical. M&C is minus 11.5%. That's all macro. That I think is the biggest proof point that our weakness is macro- relative. Back to SMC. Some of what I'm going to say will sound repetitive. We think setting up of GCCs is different from an outsourcer agreeing to do a BOT model. That's the most fundamental reason why we think this is a capability. Now, I think a lot of people assume that all it takes is to agree to a BOT model with a client, and that will put you in the lane for setting up their GCCs. What we discovered through engaging with SMC and researching the market is, that is not true. Customers want firms who they see as specialists in setting it up. They will not present firms that don't present a conflict through the process in how they hire people, what salaries they pay them, how they brand the site, resistance, potentially at the end of it for transferring. Now that, they see as coming naturally to outsourcing firms. They see coming naturally to firms that do BOT. That is why we think it is a material new capability. ANSR is a good example. Actually, the person that is there in every one of our GCC deals with SMC is actually ANSR. It's not other outsourcing firms.

Fair enough. Secondly, some of this tempering down in outlook, how much of this is attributable to some of the ramp up in consolidation deals that we were supposed to see in 3Q and 4Q versus the rest of the business where the underlying macro has actually weakened versus where we were 3 months ago?

Infosys Limited

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-07-23

Yeah, thanks for the opportunity. Two questions here. Firstly, if you look at the overall wage hike impact that has played out over the past two quarters , almost 240 basis points, it seems like it is relatively higher than where the industry has been. And of course, the growth has been fairly muted for us and for the industry as well. So I just wanted to understand the thought process behind that kind of wage hike. And is it fair to assume that with that, we would not see any other action in FY26?

Fair enough. And the second question is, some of these vendor consolidation and GCC kind of deals that we have won, just wanted to understand, are these any different in nature when it comes to the kind of upfront investments that are required either on the P&L side or on the balance sheet side versus, say, some of the large deals we have done a few years ago?

Infosys Limited CC-Jul25.pdf · 2025-07-23

Yeah, thanks for the opportunity. Two questions here. Firstly, if you look at the overall wage hike impact that has played out over the past two quarters , almost 240 basis points, it seems like it is relatively higher than where the industry has been. And of course, the growth has been fairly muted for us and for the industry as well. So I just wanted to understand the thought process behind that kind of wage hike. And is it fair to assume that with that, we would not see any other action in FY26?

Fair enough. And the second question is, some of these vendor consolidation and GCC kind of deals that we have won, just wanted to understand, are these any different in nature when it comes to the kind of upfront investments that are required either on the P&L side or on the balance sheet side versus, say, some of the large deals we have done a few years ago?

SAGILITY LIMITED

SAGILITY LIMITED CC-Mar25.pdf · 2025-05-15

Yes. Thanks for the opportunity. Just a couple of questions. So first is, our top three clients this year have grown double -digit. And we know how large these clients are and how deeply we are entrenched in them. And despite that, we have been able to register double -digit growth. So just wanted to understand the incremental nature of work that is coming from these clients given that even at a $140 million and $150 million odd kind of revenue base for each of them. One would assume that or the common concern is that they will start saturating and may not grow. So just wanted to get some colour on the nature of what we are doing in those clients?

Understood. So it would be fair to assume that the current growth momentum should continue over the next 12 months also, and there is no particular macro reasons because of which there could be a dent on that.

SAGILITY LIMITED CC-Sep24.pdf · 2024-11-27

Yes. Thank you for the opportunity. Just wanted to understand a little bit in terms of your medium term growth profile. So if w e look at you have pretty high client concentration with top three clients contributing probably close to around two -third of your revenues. If you look at the industry, the health care services outsourcing grows at 8% to 9%. For you to do 13% to 15% kind of a growth rate on a sustainable basis, assuming that your top three clients probably will grow largely in line with how the industry is growing, given that your wallet shares are pretty high in those, and there will not be a situation where they will dep end on a single vendor. It would typically mean that for the rest of your business has to grow consistently at 20% plus. So just wanted to understand what will drive that growth on, for the rest of the business. And also, if you can give some colour in terms of your say top three clients, how they have grown over say past three to five years just a CAGR?

Understood. And just in terms of additional growth oppo rtunities or addressable markets, so 90% of our revenues comes from the Payer side and Provider is still 10%. Do you see yourself growing aggressively on the Provider side also on one hand from a vertical perspective? And secondly, just thinking outside of U.S., are there any plans to try and do business outside also, given these probably would be replicable capabilities in other geographies as well.

LTM Limited

LTM Limited CC-Dec23.pdf · 2024-01-17

Two questions. Firstly, if you look at the growth rate deceleration that has happened this year, it's almost close to around 15 percentage points from the 20% that we grew last year on a CC basis. And it would be among the highest if you'll just look at companies which are considered to be high-growth companies. What do you attribute it to specifically for us given that it is higher than most of the other high-growing peers? That is one. And secondly, in a period where growth is a bit challenging, and we have pushed out our margin targets also in the near term. Given that we now have almost like INR 10,000 crores of cash on the books, and we have not been much acquisitive. Do you think it's time to potentially increased payouts, given that if we look at most of the large cap companies, they have payouts anywhere between 70% to 100% of their free cash flows?