Questions across 9 calls

Sandeep Shah

Firm not listed in source transcripts

Persistent Systems Limited

Persistent Systems Limited CC-Jun25.pdf · 2025-07-23

Yeah, thanks. Thanks for the opportunity. Sandeep, if I just look at book - to-bill, we were consistently at 1.5 -1.6 in last many annual years versus last two quarters we are between 1.3 -1.4. So , does that give you some amount of discomfort where near -term growth could be slightly lower than our strong history of Q on Q growth ? T hough the growth is still better but could be relatively lower versus our own history? And how do you see the TCV opportunity in the coming quarters? Can we go back to book-to-bill of 1.5-1.6X?

And just the last question on margin. Last Earnings Call, we said we can be in this year a margin similar to the fourth quarter exit. So, do we still stand by it? And just wanted to understand what could be the major tailwind, especially on the ESOP cost because it was much higher in the Q4 in FY25? How to model that in FY26?

Persistent Systems Limited CC-Mar25.pdf · 2025-04-24

Yeah. Thanks for the opportunity and congrats on good execution in a difficult environment. Just wanted to understand, Sandeep, regarding one of your large accounts in the healthcare has given a profit walk just a few days back. So, did it create any uncertainty though you sounded optimistic about healthcare, may it result into some large clients’ specific issue in this account. And also in terms of your view in the sector vertical-wise growth in the coming year, given the macro uncertainty being higher on . Then I have a couple of questions for Vinit.

Yeah, last couple of questions, Vinit, this year if you look at intangible asset and their development has gone up and includes a 250 bps to the revenue on an incremental basis, what I am saying is the entry which is reflected on the balance sheet rather than the P&L. So, what is the nature of the same? And second, on the operating cashflow , I feel that the improvement has not been in line with the revenue growth. So, any aspirational target entering FY26 in terms of cash generation.

Persistent Systems Limited CC-Dec24.pdf · 2025-01-22

Yeah. Thanks for the opportunity and congrats on good execution . Sandeep, just wanted to understand entering FY26 or CY25, are you worried about demand in Healthcare with a change in US administration because some of your peers are highlighting the same in terms of uncertainty.

And just the last clarification , margin aspiration to improve by 20 0-300 bps in medium term remains, right because t here are no comments in the opening remarks?

Persistent Systems Limited CC-Sep24.pdf · 2024-10-22

Yeah, thanks for the opportunity. Just wanted to understand, Sandeep, in this quarter, if we look at new business to total TCV, it is close to 74%, one of the highest in any quarter. Is it fair to say the client decision -making on our discretionary projects have picked up? That's question number one. Question number two is if I look at the 1st half reversal of earnout, that has been close to 190 bps. And if I'm not wrong, we called out, it may continue in the 2nd half as well. So Vinit, are you worried in the next year absence of this, with wage inflation, it could be a big headwind to maintain margin in FY26? Thanks.

Thanks and all the best.

Persistent Systems Limited CC-Jun24.pdf · 2024-07-19

Yeah, thank s for the opportunity, Sandeep wanted to understand if the 5.6% growth was in line with your expectation at the start of the quarter, or because there are higher on-site efforts also which might have led to this? And is it also the pass -through sales being higher because the software license cost has gone up to 7% from 5.8%? And if it is higher than your expectation, is it led by a pickup in the discretionary IT spend? That's question number 1. Question number 2 is an extension to a previous question . T he margin heavy lifting might have to be done in the second half versus first half. And we are expecting a healthy run rate on EBIT margin in the 4th quarter. So, is it fair to assume the 4th quarter EBIT margin would be a long -term sustainable margin, or will have also some one-off, which may lead to a tight margin walk again in FY 26?

Thank you.

Persistent Systems Limited CC-Mar24.pdf · 2024-04-22

Ya, thanks for the opportunity and congrats on the good set of numbers. Sandeep, the 1st question is, entering FY25 versus entering FY24, based on client discussion, do you foresee some change in terms of the client pattern, in terms of discretionary spend because some of your peers on the hyper scalers are saying, “Cost optimization effort o n the workload migration has been bottoming out.” Some of your other global MNC peers who are into software products engineering. They are saying that some of the projects which were once stalled in terms of discretionary pattern have been coming back. Are you witnessing and if that turns out to be true, do you believe that FY25 could be better for us despite we are doing much better than the industry?

And Sandeep, coming to the margins, I think in search of changing the growth profile, from just being project based and a discretionary based, we even a managed services player. That will lead to many contracts where we may have to schedule a plan ned ramp down, we have to do slightly higher onsite efforts, slightly higher sub -contracting cost, so why we call out this like a one-off cost and this may postpone your margin achievement target of 200 -300bps. When do you expect that movement to start happening? Will it be FY26 or beyond that?

Persistent Systems Limited CC-Dec23.pdf · 2024-01-22

Yeah, good morning. Can you hear me?

Yeah, yeah. Congrats on a good execution. Sandeep, just wanted to understand entering into 2024 , any signs of recovery in a discretionary , small-size, faster -converting deal wins in terms of client discussion , starting some of the projects which are put on hold in any of the verticals?

Persistent Systems Limited CC-Sep23.pdf · 2023-10-19

Yeah. Can you hear me?

Yeah, yeah. Congratulations on a good quarter and very strong bookings and good execution. Just wanted to understand on the BFSI, I, I do agree the flattish growth is on a base of a good quarters earlier, but anyth ing to read in terms of any further caution by any of your large clients or other clients within the BFSI and Sandeep , the recent conversation with any of your clients indicates any amount of green shoots because kind of order book you have reported, it looks like we did closures especially outside the larger deals are happening better in Q2 versus what it used to be earlier.

Tech Mahindra Limited

Tech Mahindra Limited CC-Mar24.pdf · 2024-04-25

Yeah, thanks. Thanks for the chance and congratulations, Mohit, on a detailed presentation to you as well. The first question, Mohit is, if I look at the CME vertical contribution, although today it is 46%, and your aspiration to outgrow the market in FY27, do you budget CME contribution will come down? My question for asking this is, if it comes down, your growth aspiration for the non- communication business has to be much steeper versus the industrial growth rates, and are we keeping that angle in mind as well while riding this?

Okay. Second, Rohit, this saving of $250 million per annum for next three years, even in FY25, you expect minimum saving of $250, or it could be lower than $250 as well?