Questions across 9 calls

Vibhor Singhal

Firm not listed in source transcripts

Persistent Systems Limited

Persistent Systems Limited CC-Jul26.pdf · 2026-06-28

Yeah. Hi. I hope I am audible. Thanks for taking my question. So, Sandeep, I think the business logic and all is very well explained. I won't take much of your time. I'm just looking for a couple of transactional details from Vinit. So, Vinit, I'm just trying to draw out the decision tree here. The press release says that we have basically understanding of 21% stake from the existing promoters. And our transaction is basically subject to the fulfillment of 50% acceptance plus one share. So, I am just trying to play out the different scenarios, not necessarily which of them will fructify. If we acquire, let's say, 21% stake and whatever stake that we have commitment to, but if there is less than 50% commitment, let's say, acceptance from the open offer, what does that happen? Does the transaction go null and void? If we acquire 50% plus one share, then but let's say whatever number we reach to 60% or 70%, then how does this happen? And eventually, is the target to take this company public? And would that happen after the DPLTA comes into force? And how will be the timeline of that?

Got it. And just one last part on that, post 50% are the rules pretty much like Indian open offer? Is it the majority of minority that have to agree, and then basically the company can be taken private? Or is there a different threshold to eventually acquire 100% stake in the company?

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

Yeah, hi. Thanks for taking my question and congrats on a solid quarter again. Sandeep, two questions from my side. The BFSI segment reported a very strong growth in this quarter. We've seen this vertical basically pick up over the past 4 quarters from a single - digit YoY growth to almost 30% growth in this quarter. So , any color on basically what is driving , which sub -segments of BFSI a re driving this growth? You mentioned that BFSI will lead the growth, do you expect this kind of momentum to continue in coming quarters as well? Second question is on the healthcare vertical. You mentioned again that this will be the lowest growing vertical in the 3 segments but it will still be a growth. Have you seen any, apart from the client impact that we saw in this quarter, in your conversation with this vertical client are you hearing any concerns about the big bill that the Trump administration had brought in and if that could impact the healthcare spends of some of the clients in th e segment? And how they are looking at it from a forward - looking point of view?

Got it, got it. If I could just have one last question to Vinit. Vinit, the ESOP cost that came down in this quarter, will the ESOP cost be at similar level through the year or do you think it can vary in the coming quarters as well?

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

Yeah. Hi. I hope I'm audible. Thanks for the opportunity and congrats Sandeep and team for a very rock solid quarter yet again. Sandeep, my question was related to the macro and I know you have answered it in multiple parts before but if we hear the commentary of the players up till now. I think manufacturing and retail verticals are the two verticals that seem to be hit the most because of the tariff uncertainty and because of the input costs that we are looking at. Now these are the two verticals which of course we don’t have much of a presence and that kind of insulates us from being impacted to a large extent. But given our target of 2 billion dollars and 5 billion dollars and our plans to maybe incubate new verticals, where are we on the plans to basically look at these verticals and how are we looking at this and how do you see them playing out. Any I mean let’s say milestones that we could see on these in the next one or two years?

If I could just delve maybe get a bit more, given the revenue that we have at this point of time, I think the path to 2 billion dollars is fairly visible. Do you think I mean I know you mentioned probably look at other verticals. But do you think these 3 verticals can actually take us to that 5 billion dollars mark, or to reach that mark we will definitely need some new greenfield verticals.

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

Hello. Am I audible?

Yeah, hi. Thanks Sandeep. Thanks Vinit. Thank s for taking my question and congrats on a very solid performance yet again. Sandeep, just want to pick your brain on the FY31 target that you have set. I know, in the subsequent quarters you mentioned you are going to come up with a proper roadmap to it, but just on the preliminary thoughts , I mean, what will it take for us to do differently from what we are doing at this point of time to reach that goal? I mean, can we continue doing the same that we are doing and reach there or do you see some different kind of opportunities? For example, a lot of your peers have called out this big opportunity in the ERP refresh cycle, is there anything that something of that sort that we're looking to do? Just some color on that would be helpful. I'm sure you would come with a detailed plan later on, but any preliminary thought will be really helpful . Then I have a follow up question for Vinit.

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

Hi! Thanks for taking my question and congrats Sandeep and team for a very strong execution yet again. Just 2 questions from my side. One is, Sandeep, I just wanted to check on the hi -tech segment. You mentioned that ex of the top client , the Hi-tech segment did grow in this quarter as well. What is the overall outlook in this segment going forward in FY25 , again excluding the top client. Are the clients coming back on the spends and what is the kind of demand that we are expecting from that segment? My 2 nd question is a broader level question for Persistent as a company. Now that we are well over a billion dollars revenue in size, what are the challenges, company specific challenges that we see for ourselves? I mean we will keep aside the macro part which is of course same for everybody but as a company, I mean in terms of being able to win large managed services deal in t erms of let’s say, if there is more of past revenue which impacts our ability to expand margins, anything of those sorts which you believe are the things that you are probably taking at the top of your to-do list to tackle in the coming years?

Thank you.

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

Yeah, hi. Am I audible?

Yeah. Hi, thanks for taking my questions. Sandeep, just one question from my side. You just mentioned AI cybersecurity is probably the focus areas for M&A, but as you mentioned that if you look at our profile at more than a billion dollars today, do you believe those traditional areas of let's say ERP or let's say BPO, which are kind of white spaces for us, would you also be looking to expand your portfolio with them as we become full -service companies and as you mentioned, we get attracted to, invited to more and more large deals, wouldn't our, let's say, I mean I wouldn't say inferior, but let's say lesser -capability in those domains hamper our chances to win those deals? Any thoughts on that in terms of growth and whether organic or inorganic that you're looking at?

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

Yeah hi. Thanks for taking my question, and co ngrats on the great set of numbers. I hope I am audible? Sandeep, great performance again. I just wanted to get some points from you on the Hi-tech vertical. I think the Hi- tech vertical overall , I mean, our competitors , I know our business is different fr om our competitors, but it has not been doing that great, maybe apart from one who has seen green shoots in the last two quarters. How are we seeing the Hi-tech vertical? Of course, it has been growing very steadily. How are we seeing the Hi-tech vertical play out, let’s say, in the next 2 -3 quarter s? And also, many of the hyper scalers and the Hi-tech companies, do you believe the layoffs at their end, we could be coming to an end for that, and they themselves could be more confident of their overall business environment so as to be able to give us more business?

Got it. Thanks a lot for that detailed explanation. Just my second question on the top client. I think this quarter, the top client again grew. But I think the contribution that we saw from the top client towards our overall growth was, to our good surprise, much lower than the high concentration that we had in the last two quarters. And prior to that, of course, we had been talking about gradually the top client tr ending down. So, is this quarter’s performance in line with the roadmap that we have planne d for the top client in terms of how they will grow? And where will they end up being as part of our overall business?

Persistent Systems Limited CC-Apr26.pdf ·

Yeah. Hi. Thanks for taking my question. And congrats on a great quarter yet again to the team. Sandeep and Vinit just one quick question from each of you. Sandeep, from a growth point of view, if I look at FY’26, we probably had 3 challenges this year in terms of a weak US macro, the tariff uncertainty as well as GenAI. Now, standing as we are, when FY’27 is about to start, I think there is an additional overhang of the war that we are seeing at this point of time. So how are we looking at FY’27 versus FY’26? Are there more challenges than we had probably seen last year? Or some of the headwinds that we had seen, let's say, in terms of US macro being weak or the GenAI deflation, those have kind of come down to be able to maybe, let's say, give us some headroom to expand this year. And Vinit, a quick question on the margins front. The margins that we have delivered for this year at around 15.6%. Going forward, do we feel comfortable with the earlier margin guidance that we had said that we will probably look at around 16% margins itself? And over and beyond that, how are we looking at the trajectory from a next 2- year point of view, not just the quarterly, but next 2 years, how are we looking at that directionally in terms of margins?

Got it, got it. Thank you so much for taking my questions and wish you all the best.

Hexaware Technologies Limited

Hexaware Technologies Limited CC-Feb26.pdf · 2026-02-05

Yeah, hi. Thanks for taking my question. Couple of qu estions from my side, and then I have one question for Vikash. On the Healthcare vertic al, I just wanted to pick your brains on how are you looking at the outlook given that the US government Medicare spending next year is expected to be flattish as against it has been growing around 5% historically. This qua rter also, we saw basically a sharp correction in the Healthcare vertical. How do we tie these two things together, and the overall outlook for the Healthcare vertical for us, specifically, and maybe for the industr y in CY26? My second question was on the margin outlook for next year. From the face of it, it look s like you're downgrading the margin by almost 100 basis points. If you could basically call out the put s and takes for this, what are the major reasons for this? Also, do we expect this band to be back to the 14 to 15% in CY27, or do you think this is where we will settle it?