Stockrabit · Analysts
Questions across 84 calls

Sandeep Shah

Equirus Securities

Wipro Limited

Wipro Limited CC-Jun24.pdf · 2024-07-19
The first question, Srini, Wipro being the first one to call out green shoots especially selectively in Capco financial services, h ealthcare, and directionally the growth is expected to improve versus 4th Quarter being a flattish growth versus this quarter , at least it should have shown the trend of upward trajectory versus actually a (-1%) kind of a growth. So, has it surprised you negatively or is it more Wipro -specific rather than external factors and which you believe can be rectified going forward?
Srini, just wanted to understand, is there any timeline which you believe by that time we could be in a full execution mode and the restructuring changes will start delivering the results which have been aspired to under your strategic direction?
Wipro Limited CC-Mar24.pdf · 2024-04-19
My question is related to one of the questions asked by a previous participant. Most of your earlier colleagues in the CEO realm have also been highlighted and focused in terms of a rigor on execution. But somewhere that has not worked and improved the organic growth rates of Wipro consistently. So, what according to you in your past three decades experience in Wipro is going wrong in the execution rigor? Is it delivery? Is it sales? Is it client mining? Or is it hunting? And where do you believe weakness is higher and how do you plan to rectify that?
And if you want t o define a performance API of your targets and strategy execution, what it could be? And what could be the timeline for the same?
Wipro Limited CC-Sep23.pdf · 2023-10-18
If I just look at the third quarter guidance and look at the first 9 months of this financial year, it ' s likely to be a 4% decline on a Y-o-Y basis in constant currency term s, which would be one of the lowest in the industry and this would be a second period in a row where our growth on orga nic basis would be actually lower than the industry. So, Thierry, my question is do we need t o introspect our growth strategy, our offerings, do you believe is there any gap in the offerings or is it we have to actually check and introspect our go -to-market model because deal wins are one indicator which everybody is winning but our growth rates have been lagging quarter after quarter and per iod after period starting from FY 22 on organic business?
And just a related question, when you expect a pickup in the growth and rebound in the growt h, is it fair to assume that fourth quarter onwards the guidance m ay not indicate any kind of a Q -on-Q dip? Are you indicating a rebound from 4Q or maybe 1 Q of the next financial year?

HCL Technologies Limited

HCL Technologies Limited CC-Jun24.pdf · 2024-07-12
CVK, the first question is any experience to share when the deals in ADM or IMS come for renewal and what are the clients asking for in terms of any benefits to be passed on from GenAI?
Prateek, just the question in terms of the announced acquisition in May of 2024, I do agree it will take another six to nine months to close and not forming part of the guidance. Are you worried it may dilute our margin substantially? And so, it may change our comfort range on the EBIT margin at 18% to 19% whenever it gets consolidated.
HCL Technologies Limited CC-Dec23.pdf · 2024-01-12
Thanks for the opportunity. Most of my questions have been answered. Just one question in terms of margins. Prateek, I think in one of the conversations earlier, you have shown that the medium-term aspiration is being 19% to 20%. Can you throw more light in terms of timelines and how we can reach to that kind of an aspiration and which segment of margin will pull that trigger?
Okay. And the second question in terms of ARR scale in the products and platform business is going up. Is it fair to say the growth pickup could be better entering into FY'25 versus earlier years or still it's some time away and we can continue to grow at a low single digit on a Y oY basis?

Tata Consultancy Services Limited

Tata Consultancy Services Limited CC-Jun24.pdf · 2024-07-11
Yes. Thanks for the opportunity. Krithi, just wanted to understand, is it fair to believe that the first quarter performance has been higher than the management expectation and what has led to this? Is it largely better than expected discretionary spend r evival or better than expected ramp -up in the cost take-out deals?
And second, in terms of ramp -down pace in the discretionary project, are you witnessing any kind of declining pace in the ramp-down of discretionary project on a Q -on-Q or a Y -o-Y basis? Or do you believe the pace of ramp -down continues to remain at the sa me elevated level and there is no change in the pace?

BIRLASOFT LIMITED

BIRLASOFT LIMITED CC-Mar24.pdf · 2024-04-29
Thanks for the opportunity and c ongrats Angan for a great e xecution in the last 1 year under your leadership. The first question is , I think in FY '24 despite macro pressure, ex of Invacare we have done upwards of 9% constant currency growth and FY '24 being a tough year with some emerging green shoots highlighted by some of your large peers I do agree, you commented that the industry leading grow th is again possible in FY '25, b ut do you believe we can be slightly better versus a high single-digit growth in FY '25? I just want an answer on directional basis, I do agree we don't give any guidance.
Angan, a follow-up. It looks like, if I'm wrong just let me know, my assessment is incrementally on your outlook on discretionary IT spend has become slightly more bearish versus 3 months back. So is it coming because of some sudden change with client negotiation s in the last 2 to 3 months? Or this is my wrong assessment there?
BIRLASOFT LIMITED CC-Dec23.pdf · 2024-01-24
Thanks for the opportunity. Just looking at the offshore revenue scale up which has happened in this quarter, a clarification : is it fair to assume the volume growth in this quarter on a QOQ is much higher and material versus the reported growth of 1.8% in CC terms?
Okay. And the second question is in terms of the 2Q earnings call, Angan, you clearly said 3Q would be softer because of furloughs but we can see a bounce back of the growth in the fourth quarter. Versus that, now your commentary is slightly mixed about the fourth quarter growth pick up. Am I wrong in assuming that? Or do you still believe the growth bounce back could be solid in the fourth quarter versus third quarter?

MphasiS Limited

MphasiS Limited CC-Mar24.pdf · 2024-04-26
The first question, Nitin, wanted to understand. I think you are the first one to highlight that the small tenure, small size deals are also forming part of the deal pipeline and the deal wins. So is it concentrated with a few clients in 1 vertical or it has been widespread across many verticals?
Okay. Fair enough. And, Nitin, is it fair to believe now most of your client specific issue, large accounts across many verticals, which has impacted your growth in the last couple of years, are largely behind, especially in the top client within your BFSI vertical?
MphasiS Limited CC-Dec23.pdf · 2024-02-02
Based on whatever replies you have given, is it fair to assume that the conversion of deal wins in the first 9 months, especially the first quarter is not materially happened in Q2, Q3 revenue and may start happening in an incremental fashion from the fourth quarte r? Is it right way of looking at it?
Okay. Okay. And just any update on any of client-specific issues within top 10 are you worried about? Or you believe stability is emerging on a going forward though may not give you any turnaround growth prospects, but leakage and the ramp downs may be slightly behind, especially in the top 10 clients?

LTM Limited

LTM Limited CC-Dec23.pdf · 2024-01-17
DC, the question is in terms of one of the negative surprises which you called out to miss the predic tability on the fourth quarte r has been the discretionary spend outlook not improving. But that statement was loud and clear for the whole industry for the last 2 to 3 quarters. So why we were not able to budget that? And at that in the October month, why we were so optimistic about the H2 being better than H1? We can understand Q3 has higher furloughs, but why were we optimistic in terms of our di scretionary spend outlook improving in the fourth quarter?
Okay. And last question in terms of any large client-specific issue, especially in BFSI or High-Tech because your top client in BFSI is on a roll of big cost- cutting exercise globally. Is it impacting us? And that is also making a slightly more bearish on the BFSI outlook?

Infosys Limited

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2024-04-18
Thanks for the opportunity. My question is in terms of the impact on discretionary projects. If you look at the pace of the growth slowdown for Infosys and maybe for industry, has started from 4Q of FY '23, and most of the reasons cited by you and the others are decline in discretionary spend which is impacting five quarters in a row for the industry in terms of the discretionary spend. So the question is whether the pace of decline, the leakage in the discretionary projects entering FY '25, would be similar to what we have seen in whole of FY '24, starting with the 4Q FY 24 with weak exit rate?
Okay. And the second question, Jayesh, just wanted to understand regarding the reversal of 100 bps on the revenue. What could be the impact related to 1Q to 3Q or earlier quarters, which has been accounted in the fourth quarter, which could have been reversed in the first quarter of FY '25? Sandeep, this is a renegotiation and rescoping that has happened this quarter, and the impact is taken in this quarter. We have not broken down into how much of this quarter and how much of the prior quarters. External Document © 2024 Infosys Limited 21
Infosys Limited CC-Mar24.pdf · 2024-04-18
Thanks for the opportunity. My question is in terms of the impact on discretionary projects. If you look at the pace of the growth slowdown for Infosys and maybe for industry, has started from 4Q of FY '23, and most of the reasons cited by you and the others are decline in discretionary spend which is impacting five quarters in a row for the industry in terms of the discretionary spend. So the question is whether the pace of decline, the leakage in the discretionary projects entering FY '25, would be similar to what we have seen in whole of FY '24, starting with the 4Q FY 24 with weak exit rate?
Okay. And the second question, Jayesh, just wanted to understand regarding the reversal of 100 bps on the revenue. What could be the impact related to 1Q to 3Q or earlier quarters, which has been accounted in the fourth quarter, which could have been reversed in the first quarter of FY '25? Sandeep, this is a renegotiation and rescoping that has happened this quarter, and the impact is taken in this quarter. We have not broken down into how much of this quarter and how much of the prior quarters. External Document © 2024 Infosys Limited 21
Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2024-01-11
Yes, thanks. Thanks for the opportunity. Most of the questions have been answered. Just wanted to understand the 60 bps impact on our cybersecurity, is it possible to break down in terms of revenue and cost? And is it fair to assume the impact, which could have been there because of the cost, will actually no longer be there? It would be a tailwind in the fourth quarter?
Okay. And so even the revenue will come back in the fourth quarter, right?

Cyient Limited

Cyient Limited CC-Dec23.pdf · 2024-01-25
Karthik, the first question, if I look at this year has been a challenging year for all the players, including us. And if I dissect the organic/inorganic, the organic growth looks like could be mid to high single digit. And your commentary about the demand revival is also mixed with some segments doing extremely good, with some segments still not out of the woods. So in the Analyst meeting, you shared the slide about 10% to 20% growth outlook in the DET sales over next three to five years. Do you believe even the double -digit growth can be possible in the forthcoming year? Or this may be slightly back-ended rather than front-ended?
Okay. Fair enough. The second question is in terms of margins. So on an adjusted basis, we have had a strong execution in FY24. And Prabhakar has mentioned in the Analyst meet that it can be further increased to 18% to 20%. So Prabhakar, just the question is whether this journey of a YOY improvement, operational rigor will continue even in FY25? Or you believe growth is a precondition now because the kind of margins we are operating in is more or less optimal to the cost initiatives and further improvement is dependent on growth revival.
Cyient Limited CC-Sep23.pdf · 2023-10-19
Sorry to again ask a question on the guidance. How confident are we even for the lower end of the guidance because the closest peer has downgraded growth guidance for FY24 with expectation of macro impacting the client decision -making in the last few weeks, which may impact the growth in the Q3, Q4. So, my question is, what are the assumptions in terms of rate of 3.3% compounded QoQ even grow at 15%, what are the assumptions baked in? Because in one of your statement s on communication s, you said that 2H for communication s would be flattish versus 1H. So, are you baking in almost a flattish QoQ growth in the communications?
Karthik, just wanted t o understand, do you believe C Y24 could be the year where new engine or aerospace design phase could be launched or it may be in CY25 rather than CY24, and will it further elevate the growth prospects of aerospace starting from next year?

KPIT Technologies Limited

KPIT Technologies Limited CC-Sep23.pdf · 2023-10-31
Again a question related to the previous participant ’s. I think we have done extremely well and congratulations for the same. Even in this year, if I skip out the inorganic growth, the organic growth would be in the high 20s. But it looks like it has been supported through some mega deal wins as well. So you r growth outlook on organic basis with a target and the vision to grow at 20% CAGR on organic basis still continues with whatever macro uncertainty remains? And will that be dependent in terms of 1 or 2 large deals to be signed each year or that is independent of that because the kind of programs we are getting involved in, even the current TCV quarterly basis would be enough for us to post 20% kind of organic growth?
This is the last question. Earlier, we saw KPIT is involved in many strategic engagements related to SDV with 7 out of 10 OEMs. Any update on that? Whether that number from 7 has gone up and the potential for the same to go up?

Tech Mahindra Limited

Tech Mahindra Limited CC-Sep23.pdf · 2023-10-25
Yes, thanks for the opportunity. Rohit, the first question is the rationalization of business has started way back in FY'23. And it looks like it has been restarted again starting from this quarter, which may continue in the third quarter as well. But it doesn't actually yield any results in terms of the margins. When do you expect some benefits in the margin? It may start from the fourth quarter of this financial year or next financial year as a whole. And also a question to Mohit. In terms of whatever in your plan which you have announced, I do agree the more details would be given in the month of April. But can you throw some color, what are your aspirations in terms of the growth and minimum level of margins which you are comfortable with such a big reform or reset which we are planning in the organization?
Okay. Just a follow -up Mohit. The inherent nature of Tech Mahindra business is 40% of the revenue comes out of communication, which is more cyclical. So how do you deal with that? Because there has been a hurdle for Tech Mahindra in terms of its growth not in line with the industry because of the portfolio mix, which is more skewed towards communic ation, which is more cyclical. So how we will plan to deal with that? Mohit Joshi Sure. While telecom I agree is a cyclical vertical, but telecom has been a good vertical from a TechM perspective and many of the capabilities that we have built in telecom, we are taking to other sectors as well through our network services service line. Also, telecom is now less than 40% of our overall revenue. We also have deep inherent strengths in manufacturing because of the M&M association. And because of the very long presence we've had in the auto, aero and the discrete manufacturing space. We also have emerging strength in BFSI, healthcare. But this is the exact portfolio mix that we're thinking about and testing it to make sure that in different sort of scenarios, right, high growth, medium growth, no growth, we're still able to come back to you with a credible plan on margins. So that's what we're working on. I do want to underscore though that there is no intention for us to deprioritize our telecom or our manufacturing heritage. I absolutely want to make sure that it is the centrepiece of the new TechM as well.