Stockrabit · Analysts
Questions across 21 calls

Sudheer Guntupalli

Kotak Mahindra AMC

Tata Consultancy Services Limited

Tata Consultancy Services Limited CC-Jul26.pdf · 2026-07-09
Hi Krithi, thanks for the opportunity. Firstly, on the incremental AI revenue, we added $75 million of incremental AI revenue this quarter versus $125 million of incremental revenue added in the March quarter. Is there any peculiar seasonality here, or was this quarter impacted by West Asian conflict or any other matters? The reason I'm asking is we don't have the full time series pattern to sort of understand the trend.
Understood, sir, and the second question is the latest buzz term in the industry is the Forward Deployed Engineers. If we were to loosely equate this, would the role of a product manager in the digital era be a comparable benchmark for the role of the FDE? And a connected question is, if you were to assess your overall workforce, so how many FDEs would you count upon in the overall global workforce that you have right now?
Tata Consultancy Services Limited CC-Apr26.pdf · 2026-04-09
Hi Krithi, thanks for the opportunity. My first question, is there any foreseeable change in quantity or quality of client inquiries or even bookings around agentic AI implementation post first week of Feb when Anthropic announced a string of agentic AI launches?
Fair enough. The second question, many of these frontier model companies, they're just announcing a new project or agent, which may be in their development pipeline, but not yet launched. The latest example being Claude Mythos. Is this in any way leading to client’s sort of deferring their existing IT spends to maybe wait and watch, once the product actually hits the shelf, maybe a few months or years down the line?
Tata Consultancy Services Limited CC-Jan26.pdf · 2026-01-12
I am just doubling down on your initial remark of the confidence of the good CY '26. Maybe if you can contextualize the statement, it a bit more there, it will be helpful. Are you seeing any green shoots of improvement in discretionary or short-cycle projects that is giving you this confidence? Or also, if we have to see a demand recovery in international markets in CY '26, which specific segments do you think should drive this?
Sure, sir. Some of the key segments like North America and UK across geographies have either declined or were soft in this quarter, so seasonality and furloughs alone explain this? Or is there any other issue along with the normal seasonality that might be playing out here?
Tata Consultancy Services Limited CC-Sep25.pdf · 2025-10-09
Hi Krithi. Thanks for the opportunity. And a follow -up to what Yogesh has asked. So, on this AI data center move, currently, do we have any tie ups with any of the, let's say, large consortium players like a Stargate or any of the deep tech players, either for bringing in more equity investments or for being our tenants once this is set up in the st eady state? And any broad indications on the revenue per megawatt you're looking at and the EBITDA margins and the IRR ’s you are expecting on this data center investment?
Fair enough, sir. And just to get to understand the operating model right. Did you say that we will provide it on a cloud service provider basis or a co-location basis or just on a managed services basis?
Tata Consultancy Services Limited CC-Dec24.pdf · 2025-01-09
Krithi thanks for the opportunity and H appy New Y ear. You seem to be sounding much more confident on the broader demand environment than what we had noticed in the last two quarters. And you are seeing CY'25 should be better than CY'24. So given that BSNL deal will ramp down over CY'25, which is a big headwind, and despite that, we are expecting a better year in CY'25 over CY'24. So, if we reverse engineer the math, are you sort of alluding to a double -digit kind of revenue growth expectation in the core markets in CY'25?
Okay. So, what I was trying to understand is I think India business, we had seen close to $1 billion incremental revenue in CY’24 over CY’23 and that should taper off or unwind in CY'25, which means the core market should at least do the heavy lifting of going up to double digit. And that is when you can be better than...
Tata Consultancy Services Limited CC-Jun24.pdf · 2024-07-11
Hi, Kriti. Congrats on a good set of numbers. In March, you indicated that the demand visibility has certainly improved over December quarter. Now you delivered growth better than expectations. In that backdrop, just trying to get a context of your comments in the press that you don’t want to yet call out the sustainability of current growth number given the volatile environment. Is it just a philosophical stance you are taking not to indulge in near -term guesswork or quarterly guidance given the uncertainty or is this by any chance led by a relative weakening of demand visibility versus March quarter for whatsoever reasons? What I am trying to understand is that directionally are we seeing a steady improvement or stability in demand over time or is demand moving more like a sinusoidal curve over quarters?
And the second question is on your other statement that clients are neither going for large -scale technology initiatives nor going for deep spending cuts. | 14 So if we were to quantify this qualitative statement, is it fair to say that since the deep spend cuts are already in the denominator, incrementally not having them should still be a mathematical tailwind for us in terms of growth?
Tata Consultancy Services Limited CC-Mar24.pdf · 2024-04-12
Yes. Hi, team. Congratulations on a good set of numbers. Krithi, you reported solid deal wins, and you are indicating that the demand visibility has improved over the previous three months, I think on the press meet. On the contrary, one of our consulting heavy peers has indicated that demand situation further deteriorated over the previous three months. | 14 So, is it fair to assume that the problem of incremental deterioration over the last three months is more pertinent to the discretionary strategy consulting kind of engagements, and the rest of the portfolio remains largely resilient?
Sure, Sir. Second question to Samir. If we adjust for BSNL deal ramp-up led margin dilution over the previous two quarters, your EBIT margins would have already been somewhere midway of your aspirational band of 26% to 28%. So, my question is, have we peaked out in terms of margins or you see further scope for a margin upside?

LTM Limited

LTM Limited CC-Sep25.pdf · 2025-10-16
Yes, hi Venu, congrats on a good quarter. So just on this productivity issue, if I remember it right, I think we had gone through a couple of back-to-back quarters where we had seen stress because of this productivity issue in the top account. And then we called out that that issue was completely behind. Now we are talking about this productivity pass-on issue again, just trying to get some clarity whether this is a new issue in the same account or this was the overhang related to the same productivity pass on thing that has started three, four quarters back, it is still continuing. So any further clarity on this?
Okay, so what you might be referring to is maybe the other four accounts where you would have seen some productivity pass on issue and not related to the high-tech top account. Is that the correct understanding?

Swiggy Limited

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-07-31
Hi team, thanks for the opportunity. First question is follow-up to what Abhishek was asking on the AOV increase spend, is there any seasonality in the current quarter, which would have helped the very sharp increase in the AOV apart from the factors, which you had already called out?
Yes, thanks Amitesh. And maybe a question to Rahul. So, if I look at your larger competitor, the cost structure of Instamart is very similar to the cost structure of their entity, with the only exception being a dramatic differential on the AOV front so far. Now that you have seen a very sharp convergence of AOV in the current quarter and you are just about 8% - 9% lower than where they are, is it fair to assume that the rest of the profitability structure items will fall in place with this kind of an AOV increase?
Swiggy Limited CC-Jun25.pdf · 2025-07-31
Hi team, thanks for the opportunity. First question is follow-up to what Abhishek was asking on the AOV increase spend, is there any seasonality in the current quarter, which would have helped the very sharp increase in the AOV apart from the factors, which you had already called out?
Yes, thanks Amitesh. And maybe a question to Rahul. So, if I look at your larger competitor, the cost structure of Instamart is very similar to the cost structure of their entity, with the only exception being a dramatic differential on the AOV front so far. Now that you have seen a very sharp convergence of AOV in the current quarter and you are just about 8% - 9% lower than where they are, is it fair to assume that the rest of the profitability structure items will fall in place with this kind of an AOV increase?
Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript of the Earnings Conference Call for Analysts and Investors conducted on December03, 2024 · 2024-12-03
Congrats on a good IPO and also a good set of numbers. A few questions from my end. Firstly, on food delivery, you're guiding for outpacing the category growth. Given there are only two players in the category, what gives you confidence now that you will be able to grow faster than competition?
Fair enough, Harsha. And we are guiding for 4 million square feet of dark store area by March '25. That's almost doubling our dark store capacity in let's say four to six months, maybe assuming you're following this out from September. So, what gives you confidence on the pace of addition, number one, and also the demand uptake at let's say 2x our current capacity?
Swiggy Limited CC-Sep24.pdf · 2024-12-03
Congrats on a good IPO and also a good set of numbers. A few questions from my end. Firstly, on food delivery, you're guiding for outpacing the category growth. Given there are only two players in the category, what gives you confidence now that you will be able to grow faster than competition?
Fair enough, Harsha. And we are guiding for 4 million square feet of dark store area by March '25. That's almost doubling our dark store capacity in let's say four to six months, maybe assuming you're following this out from September. So, what gives you confidence on the pace of addition, number one, and also the demand uptake at let's say 2x our current capacity?

Wipro Limited

Wipro Limited CC-Dec24.pdf · 2025-01-17
So, couple of questions. Firstly, your top account continues to see very good traction. So, any specific reason behind this? I think for the last few quarters we had seen that this is steadily increasing in terms of its revenue share.
Second question is in terms of headcount. So, in the last 10 quarters, if I look at it, I think net addition is negative in seven of them including the current quarter. Now that we are talking about an improvement in demand and our guidance also sort of reflects some amount of growth in the coming quarter. Adjusted for furloughs, we are operating at 86% to 88% kind of utilization. So, when should we think that the hiring engines should start picking again?
Wipro Limited CC-Jun24.pdf · 2024-07-19
Hi Srini, thanks for the opportunity and just perplexed with a set of comments from your side, which seems to be contradicting each other. On one side, we are saying that for the last three quarters, we are seeing an uptick in Capco, which is consulting/discretionary heavy and that is not necessarily translating into a very strong growth at the BFSI level or at the overall company level, which I think some of our competitors have reported almost 7.5% to 8% sort of sequential revenue growth in BFSI in this quarter. So, if you were to give us a cut on if Capco within BFSI is doing well, what is not doing well? I understand the geographical slicing and dicing you gave earlier, but any specific color on if you’re facing any client specific issues or any corporate action related impacts so on and so forth. That would be helpful.
Thanks, Aparna. And Srini, if you can, is that in any way related to the corporate action that ’s going on between a couple of large European banks by any chance?

MphasiS Limited

MphasiS Limited CC-Dec23.pdf · 2024-02-02
Hi. Thanks for the opportunity. First question, Nitin, weak macro has been the lowest common denominate for most of the companies. However, some of our comparable peers have been delivering almost 20 percentage points higher growth. Even the Tier 1 compani es with much larger revenue base seem to be outperforming us on growth. So when we introspect about this growth differential, is there any internal or structural issue that bothers you? Or is it just a portfolio mix differential wherein we are sort of exposed to more pronounced cyclical headwinds than others due to the mix issues.
So what you are highlighting is that internal execution issues or any company -specific issues, you don't see at this point. Rather, it's only going in the positive direction. Is that the correct way to understand?

HCL Technologies Limited

HCL Technologies Limited CC-Mar25.pdf · 2025-04-22
Yes, hi, CVK. Congrats on the good numbers and a couple of questions. So , if you look at the general consensus of the economists, we are almost in a recessionary environment with median odds of US recession pegged at around 50-60%. However, that kind of gloom is not reflecting in your guidance or the outlook shared by a couple of your competitors. So, what is driving this disconnect? Is this because of the fact that industry is now coming off to back- to-back low growth years, and we might be at a stage where the business cycle and easy comps, sort of put a floor on the extent of growth deterioration this time around?
CVK, thanks for that color. So, at the bottom end of the band, just for clarity, when you say macro is assumed to deteriorate further, is this a scenario where the US may actually go ahead implementing the reciprocal tariffs announced on 2nd April after a 90-day pause?

Cyient Limited

Cyient Limited CC-Dec24.pdf · 2025-01-27
Firstly, Krishna on your thoughts on the tradeoff between an external and internal candid ate. Any external candidate may mean hitting a refresh button on strategy, go-to-market, growth and margin targets, both in the near term and medium term. So, how are you thinking on the strategy and go-to-market continuity?
And we have a very strong cash balance sheet and we are a very strong cash generating company. So, any thoughts of let's say in terms of capital allocation, looking around something, sort of, a buyback because the stock also seems to have corrected quite a bit and at least the market sentiment is that it's available at very attractive valuations?

BIRLASOFT LIMITED

BIRLASOFT LIMITED CC-Jun24.pdf · 2024-07-31
So just I think on the Microsoft part, they seem to have indicated on the call that they are seeing a big supply -demand mismatch in the Azure and AI space. So how well are we entrenched in Azure and its adjacen cies? Because historically, whenever they had that demand far exceeding supply, I think their subcontractors or partners always have seen great benefits. So how well are we entrenched in that ecosystem? If you can give us some color?
Fair enough, Angan. And just a clarification from Kamini. So in your prepared remarks, you essentially said that there is a cost and revenue mismatch, wherein you had people on -boarded but the project got delayed and that has a negative impact on margin. And that was partly offset by the provision reversal. So that interplay , of these 2 factors, you are still seeing has negatively impacted you in the current quarter. Is that a fair assessment?