Questions across 84 calls

Sandeep Shah

Equirus Securities

LTM Limited

LTM Limited CC-Dec24.pdf · 2025-01-16

DC, if I look at our growth within the top 10 for the last two, three quarters, has been slightly volatile. So, you explain that most of the growth has been coming through your top 10 clients. So, to explain very well on the Hi-Tech account, is there any other large top 10 client specific issues which makes us slightly cautiously optimistic?

And also in terms of AI related productivity, you are saying the theme which is growing is more with less. So, in that scenario, one can assume that in the near term, there could be more benefits to be passed on, which may lead to an increase in the volume starting at FY26.

Infosys Limited

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-01-16

Yes. Thanks for the opportunity. Salil, just the first question. When we entered FY'25, we had a lot of support of the megadeal, large deals which have ramped up in the first 9 months of FY'25. With those largely into the ramp-up stage and might go on into steady state, do you believe FY'26 we may have to worry? Or do you believe FY'26, as some of the industry peers are calling out, better than FY'25? So, do you believe that for the industry FY'26 could be better than FY'25?

External Document © 2025 Infosys Limited 19 Okay. Just other questions. Any color in terms of deal pipeline below $50 mn which has grown 10% QoQ in the 2Q? Any update on the same? Second, in terms of margin, Jayesh, do you believe the likely reversal in the third party would be enough to offset the wage hike impact in the third quarter? And also in terms of the recruitment which we have done in this quarter, can you throw color, is it more fresher driven or is it more lateral driven?

Infosys Limited CC-Dec24.pdf · 2025-01-16

Yes. Thanks for the opportunity. Salil, just the first question. When we entered FY'25, we had a lot of support of the megadeal, large deals which have ramped up in the first 9 months of FY'25. With those largely into the ramp-up stage and might go on into steady state, do you believe FY'26 we may have to worry? Or do you believe FY'26, as some of the industry peers are calling out, better than FY'25? So, do you believe that for the industry FY'26 could be better than FY'25?

External Document © 2025 Infosys Limited 19 Okay. Just other questions. Any color in terms of deal pipeline below $50 mn which has grown 10% QoQ in the 2Q? Any update on the same? Second, in terms of margin, Jayesh, do you believe the likely reversal in the third party would be enough to offset the wage hike impact in the third quarter? And also in terms of the recruitment which we have done in this quarter, can you throw color, is it more fresher driven or is it more lateral driven?

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

Thanks for the opportunity, and congrats on a good execution. Most of my questions have been answered. Just wanted to understand, how to read this double-digit increase in a smaller deal below $50 mn. Is it first broad-based across verticals? A nd can if it continues as a trend, can it be a precursor of a better demand in the calendar year 2025? Why I am asking this is one of the reasons for Infosys' better performance in FY'22 and FY' 23 has been a lot many conversion of deals which were below $50 mn in terms of faster conversion to revenue.

Okay. And is it broad-based across verticals and markets?

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

Thanks for the opportunity, and congrats on a good execution. Most of my questions have been answered. Just wanted to understand, how to read this double-digit increase in a smaller deal below $50 mn. Is it first broad-based across verticals? A nd can if it continues as a trend, can it be a precursor of a better demand in the calendar year 2025? Why I am asking this is one of the reasons for Infosys' better performance in FY'22 and FY' 23 has been a lot many conversion of deals which were below $50 mn in terms of faster conversion to revenue.

Okay. And is it broad-based across verticals and markets?

HCL Technologies Limited

HCL Technologies Limited CC-Dec24.pdf · 2025-01-13

CVK, if I understood correctly, last year in the 1st quarter, we called out close to a 2% QoQ dip because of the normal seasonal softness in services business, offshoring in one of the large BFSI deal and some revenue run downs in the discretionary sales. While entering in the 1st Quarter of this coming financial year, FY26, seasonal softness may continue but the other two parts may not continue. In that scenario, one can directionally believe that the 1Q FY26 as a start could be better than 1Q FY25?

Okay, fair enough. And second, on discretionary spend revival, do you see across most verticals or which verticals you believe it has not been happening? Is it more beyond BFSI and Tech services?

HCL Technologies Limited CC-Sep24.pdf · 2024-10-14

CVK, just wanted to understand what are the assumptions for the upper end of the guidance to be achieved at 2% for services business?

So, if the furloughs are similar and you expect the better ramp up of the deals signed earlier, then 5% is achievable plus some pipeline comes on an expected deadline.

Tata Consultancy Services Limited

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

Krithi, just wanted to understand that the 3Q growth when you entered versus final results, was it as per our initial expectation because all the verticals outside emerging markets or growth markets and to some extent, except consumer, all other verticals have declined in a constant currency Q-on-Q?

Okay. And Krit hi, if I look at last 4 quarters growth in international markets, outside India has been really sluggish. With deal wins picking up, do you believe fourth quarter international market may help us to compensate the impact of BSNL gap, which may come in the fourth quarter?

Tata Consultancy Services Limited CC-Sep24.pdf · 2024-10-10

Yes. Thanks for the opportunity and deepest condolence for TCS and Tata Group. Krithi, just some bookkeeping questions. I wanted to understand and reconcile as you are saying, the BFSI has been showing signs of revival in the US and North America, but this quarter, North America as a region has not shown a growth, while Europe has shown | 17 a growth. So, can you reconcile, is it fair to say challenges in non -BFSI segment are bigger in North America?

Okay. And just on the BSNL deal, one of the comments of CFO has been it's at a peak rate. So is it fair to assume BSNL deal revenue in the second half would be materially lower versus first half? And this could be a growth headwind in the second half on a consolidated level?

Coforge Limited

Coforge Limited CC-Dec24.pdf · 2024-12-27

Thanks for the opportunity and congrats on a great execution. Sudhir just wanted to understand the profile of the deals on GCC in terms of margin profile will it be slightly linear or non -linear and will this impact our free cash flow and what is the pipeline around GCC deals we are tracking?

Yeah and Saurabh, just the follow up question, any impact on pre -cash where we may have to invest upfront in the asset?

Cyient Limited

Cyient Limited CC-Sep24.pdf · 2024-10-24

Thanks for the opportunity and c ongrats on good execution. Just we are reiterating the guidance. So the typical question which comes every quarter is the ask rate being 5% in Q3 and Q4. So you believe based on the order pipeline because order wins in the last two quarters were also not great. And Q3 generally sees a furlough. So are we expecting a broad -based growth or are we expecting some skewness in terms of performance in the second half?

Okay. Thanks for this clarity. So this second half performance based on the implied guidance is based on the orders won or you expect some orders to come in the order win in Q3, Q4 and some of them would be executed as part of the revenue to achieve the guidance in Q3 & Q4?

BIRLASOFT LIMITED

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

Angan, just wanted to understand what has made you go so aggressive in terms of a vendor consolidation deal because in the last six quarters, we were investing, we were expecting the growth to remain better on a Y-o-Y basis which we have delivered in the first four quarters. So, is it some portfolio specific issue, client specific issue which makes you compelled to go on vendor consolidation deals and take the margin to 10% which is multi-quarter low?

So, Angan, any number you would like to throw in terms of percentage annuity business versus project base today versus when you joined?

BIRLASOFT LIMITED CC-Jun24.pdf · 2024-07-31

The first question, Angan, is it fair to assume the cost of equipment is also sitting in the revenue line? Or it is just in the cost line?

So that means, Angan, the core services growth, the core business growth decline could be as big as 6% to 8% on a quarter -on-quarter?

Zensar Technologies Limited

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

Congrats on a good execution. Manish , just wanted to understand, there has been one M&A closure in this quarter, which has come close to 2.25 months in the quarter. So what could be the contribution of same and that is the reason the Healthcare and Life Sciences vertical has seen a substantial growth?

Because the acquisition press release has showed $2 0 million to $3 0 million annual revenue from BridgeView. So you are saying that may not reoccur to us?

Zensar Technologies Limited CC-Jun24.pdf · 2024-07-23

Manish, in the last Analyst Meet, you said you are aspiring to add a large deal acr oss just the vertical segment where we operate. So , any update on that? And what are the prospects of improving traction on the large deals in FY 2025?

Yes. So, what I meant is do you believe the pipeline creation and the growth on the large deals is increasing because of the efforts and the focus?

Netweb Technologies India Limited

Netweb Technologies India Limited CC-Sep24.pdf · 2024-10-21

Yes. Thanks for the opportunity and congrats on a strong quarter. Just on the government AI mission, the press articles imply that the turnover threshold is now being lowered and many companies are eligible in terms of bidding. So, are you worried this may lead to many competition and this may dilute the margins and are we in a major RFP stage, we will participate or in the initial phase of smaller RFPs we will also participate?

Okay. So, Hriday, just to follow up in terms of deal pipeline, does this would be forming our part of the deal pipeline starting FY '26 or it may start from Q3, Q4 of this financial year itself?

Netweb Technologies India Limited CC-Jun24.pdf · 2024-07-22

Yes, can you hear me?

Fine. Congrats again on a strong execution. Sir, the first question is regarding the tie -up with NVIDIA on the Grace Hopper. Any discussions with the client whether that tie-up is creating a bigger pipeline, and the deal wins, and the order pipeline can further grow at a material rate? Because you also said in your initial remarks that the AI adoption in India is increasing. So any color on that would be helpful.

Wipro Limited

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

Just wanted to understand Srini, post you took control, what in your assessment are the internal factors outside the macro factors which is affecting the demand? We have to correct, or we have to rectify for us to go into a sustainable consistent growth path.

But despite this top five priorities every quarter, we have somewhere or the other portfolio related issue which keeps our growth rate marginally positive, negative or flattish. So, any timeline when you expect whatever rectification we wanted to do would be over and we can come back on a consistent growth path?

L&T Technology Services Limited

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

Congrats on good execution. Rajeev the questions -- sorry to harp again on the margins, but if I look at the aspiration and target is 16% versus first half being 15.3%. So, second half you have to do 16.7% kind of an EBIT margin to achieve the full year at 16% versus that we have wage hikes which is coming into play in Q3, Q4 and there would be a ramp-up in SWC business which is generally the low margin business versus your traditional export business. And we are starting on a base of 15.1%. So, what can go wrong in terms of achieving this target?

And that's the bookkeeping for the Maharashtra cyber security project, is it fair to assume the bulk of the Phase 1 of the revenue in terms of the project completion could be booked in Q4 and Q1 of next year rather than Q3 of this year?

KPIT Technologies Limited

KPIT Technologies Limited CC-Jun24.pdf · 2024-07-24

Yes. Thanks for the opportunity. Just wanted to understand, you have given a color about the deal pipeline and the deal wins in this quarter. But on the mega deals, any commentary would help. I do agree those are cyclical and sporadic rather than recurring, but any commentary in the pipeline any mega deals shaping up?

Second question is, we have touch base in terms of the market headwinds, which we also read in the newspapers. But do you believe these market headwinds, especially in the mobility is impacting our addressable market in the R&D budgets of the OEM?