Questions across 17 calls

Vibhor Singhal

Nuvama

MphasiS Limited

MphasiS Limited CC-May26.pdf · 2026-04-30

Yeah. Hi, thanks for taking my question and congrats to the Mphasis team for a solid results. Nitin, a couple of questions from my side. The BFSI vertical reported very strong growth in this quarter and for the full year also, I think, the vertical has reported very strong growth shielding the company from the kind of sharp reduction that we saw in the logistics revenue. Sitting where we are today at the end of FY26 and given the pipeline that you see and the deal wins that we have won. Do you believe this growth momentum of BFSI can be sustained in FY27? Do you believe the kind of growth, 17% kind of growth that we have seen would be a little difficult to kind of pull off again in coming quarters? Any headwinds or tailwinds that you're looking at the vertical would be really helpful.

Got it, got it, got it. It's really heartening to hear that. On the logistics vertical, we know basically we took a big hit in the Q1 of this year itself. But for the past three quarters also, the vertical has been hovering at around that $24 -million -mark kind of a number. Anything that you can probably maybe you can probably take us through, any outlook on this vertical, what exactly are we looking at? Any chances for it to basically support the kind of growth that we are looking for BFSI , of course, will be much higher. Any chance if the positive momentum building up in the logistics vertical in FY27?

MphasiS Limited CC-Mar25.pdf · 2025-04-25

Congrats on the solid performance of both growth and the wins. Nitin, two questions from my side. I think our TMT vertical saw very good growth in this quarter. You alluded to a bit about it in your opening remarks. But what is exactly the driving force behind the revenue growth this year? And how do you see this getting impacted given the overall macro uncertainty that we are facing, especially with the tech companies also kind of under the hammer?

Got it. Which part of TMT are we growing , apart from the exceptional growth in the client? Which part of the TMT do you think we are more well placed , both from our own capability perspective and also from a macro point of view, which is where you'll see more opportunities in the coming quarters?

Infosys Limited

Updates Infosys Limited has informed the Exchange regarding 'Transcripts of the press conference and earnings call conducted after the Meeting ofBoard of directors on April 23, 2026'. · 2026-04-23

Yeah hi, thanks for taking my question. Two questions from my side. The first question, Salil, is basically on the AI deflation or the compression part that we have been discussing a lot. So just wanted to get some color as to where do you think we are in that revenue deflation cycle? So, let us say if I were to compare it to the last digital cycle, we had revenue compression which kept kind of increase and then we reached a trough and from there basically that started coming down and along with we had incremental revenue coming from the digital business. External Document © 2026 Infosys Limited 17 I would assume this cycle would pretty much follow the same model. So, while our GenAI revenue and which is for the other companies also is reporting very strong growth, the revenue compression continues to be quite substantial at this point of time. So, do you think we are already at the trough of that revenue deflation cycle? If not, I mean I know it is difficult to quantify the timeline. So basically, are we still away, there is more deflation that you think that that might come in? Or do you think we are basically done with the worst is behind and the deflation will still continue but it might be not as much as let us say going forward as it was before? And then I have a follow -up for Jayesh.

Got it. If I may just extend a bit on that. So, let us say the deals that we are signing at this point of time, you mentioned many of them have that productivity benefit already baked in or let us say built into the original deal. But as the cycle evolves, are we also seeing let us say deals which we had signed let us say maybe 6 months ago or 12 months ago and there the client has come back and asked for incremental productivity benefits to be passed? I am talking about the recent deals, not the earlier deals. I am sure the earlier deals are seeing that kind of a response sometime. But in these in recent deals also are we seeing that kind of a movement in our conversations? External Document © 2026 Infosys Limited 18 So Vibhor, I do not think we have seen, scenarios where what we signed few months back, a client has come back and asked us, different productivity to be baked in again. What Salil was talking about when a deal comes up for bid or when you are bidding for a new deal.

Infosys Limited CC-Apr26.pdf · 2026-04-23

Yeah hi, thanks for taking my question. Two questions from my side. The first question, Salil, is basically on the AI deflation or the compression part that we have been discussing a lot. So just wanted to get some color as to where do you think we are in that revenue deflation cycle? So, let us say if I were to compare it to the last digital cycle, we had revenue compression which kept kind of increase and then we reached a trough and from there basically that started coming down and along with we had incremental revenue coming from the digital business. External Document © 2026 Infosys Limited 17 I would assume this cycle would pretty much follow the same model. So, while our GenAI revenue and which is for the other companies also is reporting very strong growth, the revenue compression continues to be quite substantial at this point of time. So, do you think we are already at the trough of that revenue deflation cycle? If not, I mean I know it is difficult to quantify the timeline. So basically, are we still away, there is more deflation that you think that that might come in? Or do you think we are basically done with the worst is behind and the deflation will still continue but it might be not as much as let us say going forward as it was before? And then I have a follow -up for Jayesh.

Got it. If I may just extend a bit on that. So, let us say the deals that we are signing at this point of time, you mentioned many of them have that productivity benefit already baked in or let us say built into the original deal. But as the cycle evolves, are we also seeing let us say deals which we had signed let us say maybe 6 months ago or 12 months ago and there the client has come back and asked for incremental productivity benefits to be passed? I am talking about the recent deals, not the earlier deals. I am sure the earlier deals are seeing that kind of a response sometime. But in these in recent deals also are we seeing that kind of a movement in our conversations? External Document © 2026 Infosys Limited 18 So Vibhor, I do not think we have seen, scenarios where what we signed few months back, a client has come back and asked us, different productivity to be baked in again. What Salil was talking about when a deal comes up for bid or when you are bidding for a new deal.

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2026-01-14

Hi, thanks for taking my question and congrats on a solid performance. Salil, my question was on two key verticals, Manufacturing and the Hi-Tech division. So Manufacturing, just wanted to pick your brains on how are you seeing the traction in this vertical, given the kind of headwinds the Auto companies are seeing globally in te rms of their EV rollouts and the competition. How are different parts of the Manufacturing vertical looking like at this point of time and do you expect the momentum to pick up in that? On the Hi-Tech vertical, just again I think we sa w a sharp drop in this quarter, might have been due to seasonality of furloughs, but anything that you are looking at? This vertical has been around $370 mn, $380 mn kind of run rate for us for quite a while now. What are you looking at in this vertical in terms of next drivers of growth and are we seei ng any momentum building up in this in the near future?

But just to further on that. Do you see this vertic al maybe picking up for us, not in immediate term, but let us say, in the medium to long term, gi ven that the widespread adoption of AI should be and some of these companies should be at the forefront of that. Do you think this vertical could be a good growth driver for us maybe sometime down the line?

Infosys Limited CC-Jan26.pdf · 2026-01-14

Hi, thanks for taking my question and congrats on a solid performance. Salil, my question was on two key verticals, Manufacturing and the Hi-Tech division. So Manufacturing, just wanted to pick your brains on how are you seeing the traction in this vertical, given the kind of headwinds the Auto companies are seeing globally in te rms of their EV rollouts and the competition. How are different parts of the Manufacturing vertical looking like at this point of time and do you expect the momentum to pick up in that? On the Hi-Tech vertical, just again I think we sa w a sharp drop in this quarter, might have been due to seasonality of furloughs, but anything that you are looking at? This vertical has been around $370 mn, $380 mn kind of run rate for us for quite a while now. What are you looking at in this vertical in terms of next drivers of growth and are we seei ng any momentum building up in this in the near future?

But just to further on that. Do you see this vertic al maybe picking up for us, not in immediate term, but let us say, in the medium to long term, gi ven that the widespread adoption of AI should be and some of these companies should be at the forefront of that. Do you think this vertical could be a good growth driver for us maybe sometime down the line?

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-10-16

Salil, just a question on the overall uncertainty that we are facing in the environment, especially in the light of the recent H-1B visa hike. So, just wanted to pick your brain as to, first of all, I mean, in the near term, let's say, in the last couple of week s or few weeks that that event has passed by, did we see a heightened level of uncertainty, which ma ybe might have led to some of the deals being pushed off and some of the concerns cropping up from the clients? And from a longer-term point of view, I know we and many, most of the industry experts have basically explained that this should not be a big det errent in terms of our business model. But how do you see this change changing the business model? I mean, do we believe that there is a possibility of higher offshoring that can be done now with this when companies try to avoid the higher H-1B visa fee and clients would also be amenable to that? C ould that be, let's say, an unintended benefit that could actually trickle by because of this event that took place?

A bit farfetched maybe, but let's say, if we try to do more of nearshoring and offshoring, do you think clients would be okay with this? Because let's be honest. I mean, I am assuming that at this point of time before, let's say, the announcement, we were operating at a specific onsite to offshore ratio, which we would have tried to optimize by ourselves. So, if there was a specific onsite presence, it would have been maybe requirement of the client, maybe requirement of regulator or our own requirements. So, would it be easy to get this th rough to move that business? There will be some External Document © 2025 Infosys Limited 16 part, as you rightly said, that you will have local hi res. But the part that we are planning to move to nearshore and offshore, how easy or difficult will it be for clients to accept that?

Infosys Limited CC-Sep25.pdf · 2025-10-16

Salil, just a question on the overall uncertainty that we are facing in the environment, especially in the light of the recent H-1B visa hike. So, just wanted to pick your brain as to, first of all, I mean, in the near term, let's say, in the last couple of week s or few weeks that that event has passed by, did we see a heightened level of uncertainty, which ma ybe might have led to some of the deals being pushed off and some of the concerns cropping up from the clients? And from a longer-term point of view, I know we and many, most of the industry experts have basically explained that this should not be a big det errent in terms of our business model. But how do you see this change changing the business model? I mean, do we believe that there is a possibility of higher offshoring that can be done now with this when companies try to avoid the higher H-1B visa fee and clients would also be amenable to that? C ould that be, let's say, an unintended benefit that could actually trickle by because of this event that took place?

A bit farfetched maybe, but let's say, if we try to do more of nearshoring and offshoring, do you think clients would be okay with this? Because let's be honest. I mean, I am assuming that at this point of time before, let's say, the announcement, we were operating at a specific onsite to offshore ratio, which we would have tried to optimize by ourselves. So, if there was a specific onsite presence, it would have been maybe requirement of the client, maybe requirement of regulator or our own requirements. So, would it be easy to get this th rough to move that business? There will be some External Document © 2025 Infosys Limited 16 part, as you rightly said, that you will have local hi res. But the part that we are planning to move to nearshore and offshore, how easy or difficult will it be for clients to accept that?

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-07-23

Thanks for taking my question and congrats again for a solid growth in this quarter. So Salil, my question was on basically the outlook that you pr ovided, that we have not seen much things improving, and that is why the guidance stands where it is. Now, in your conversation with the clients, what is the deduction that we have that, look, the tariff was probably one of the most important reasons that we had in the guidance when we gave at the end of Q4? But July 9 deadline has come and passed, now we are looking at the August 1 deadline. We have a trade deal with Japan. Do you think that over the next few months or quarters, maybe if these trade deals get finalized, the client spending could come back quickly, and basically, they might look at restarting the discretionary spend also or do you think it is more structural in nature? It will also be weighed down upon how the U.S. ec onomy growth picks up, how basically clients are looking to spend on all the other factors? Is it a mix of all? Or do you th ink an improvement in the tariff scenario could restart the spend that have been put on hold?

Got it. Just one last one bit from my side since you touched upon the interest in AI. Is the current AI cycle very similar in nature to the digital adoptio n cycle that we saw in 2015-16? Do you think the level of interest of clients is pretty much the same? The trajectory that the industry took at that point of time, in the sense that initially, the industry's IMS and other revenues were cannibalized by the cl oud adoption, and then gradually, it picked up momentum. Do you think the AI cycle could also play out in a similar manner? Any thoughts on that would be really helpful.

Infosys Limited CC-Jul25.pdf · 2025-07-23

Thanks for taking my question and congrats again for a solid growth in this quarter. So Salil, my question was on basically the outlook that you pr ovided, that we have not seen much things improving, and that is why the guidance stands where it is. Now, in your conversation with the clients, what is the deduction that we have that, look, the tariff was probably one of the most important reasons that we had in the guidance when we gave at the end of Q4? But July 9 deadline has come and passed, now we are looking at the August 1 deadline. We have a trade deal with Japan. Do you think that over the next few months or quarters, maybe if these trade deals get finalized, the client spending could come back quickly, and basically, they might look at restarting the discretionary spend also or do you think it is more structural in nature? It will also be weighed down upon how the U.S. ec onomy growth picks up, how basically clients are looking to spend on all the other factors? Is it a mix of all? Or do you th ink an improvement in the tariff scenario could restart the spend that have been put on hold?

Got it. Just one last one bit from my side since you touched upon the interest in AI. Is the current AI cycle very similar in nature to the digital adoptio n cycle that we saw in 2015-16? Do you think the level of interest of clients is pretty much the same? The trajectory that the industry took at that point of time, in the sense that initially, the industry's IMS and other revenues were cannibalized by the cl oud adoption, and then gradually, it picked up momentum. Do you think the AI cycle could also play out in a similar manner? Any thoughts on that would be really helpful.

Updates Infosys Limited has informed the Exchange regarding 'Earnings Call Transcript'. · 2025-04-17

So my question was basically on the growth trajectory that we are expecting. For the last two years, our growth has been pretty much first half heavy and seasonality of industry and our own seasonality have been coming in Q3 and Q4. This time, a lot of our peers have called out weakness in Q1, especially because of the uncertain macro. So do you believe that could impact the growth traj ectory that we see through the year, it could be more skewed towards, let us say, Q2 and Q3 or maybe the second half and the first half might not be as good as we have seen it over the past couple of years? Just some light on that will be really great.

Right, got it. So okay, let me just ask maybe just a follow-up on that. Are you expecting any, let us say, unexpected, extra weakness in Q1 because of the uncertain macro at this point-of-time?

Infosys Limited CC-Mar25.pdf · 2025-04-17

So my question was basically on the growth trajectory that we are expecting. For the last two years, our growth has been pretty much first half heavy and seasonality of industry and our own seasonality have been coming in Q3 and Q4. This time, a lot of our peers have called out weakness in Q1, especially because of the uncertain macro. So do you believe that could impact the growth traj ectory that we see through the year, it could be more skewed towards, let us say, Q2 and Q3 or maybe the second half and the first half might not be as good as we have seen it over the past couple of years? Just some light on that will be really great.

Right, got it. So okay, let me just ask maybe just a follow-up on that. Are you expecting any, let us say, unexpected, extra weakness in Q1 because of the uncertain macro at this point-of-time?

Tata Consultancy Services Limited

Tata Consultancy Services Limited CC-Jan26.pdf · 2026-01-12

Krithi, you mentioned that the weakness in the BFSI segment was quite seasonal in nature and we had a good amount of business in this quarter and the last quarter as well. Going forward, let's say, next few quarters, do we expect this growth momentum to reﬂect in the revenue growth itself for BFSI? Similarly, in the retail business, we've seen good pickup. Was the retail business kind of driven by the seasonality in this quarter? Or do you see the growth momentum in the retail business also to sustain in the coming quarters? If you could just answer that. After that, I have a follow-up question.

Just one follow-up on that, you had mentioned that we are looking to report a higher growth in the developed markets this year. I mean do you think we can still achieve that in this year? And do you think this would also be the case going forward in FY '27 over a cycle, just on the developed markets?

Netweb Technologies India Limited

Netweb Technologies India Limited CC-Nov25.pdf · 2025-11-03

Sir, just two questions from my side. One is these strategic orders of around INR2,000 crores that we have won, as you mentioned that you might not require any incremental capex on these. But given that these are government orders, which typically would have a 3 - to 4 -month minimum receivable days cycle, do you think we would need some additional funding on our balance sheet to basically support the working capital that might be required for this? And if yes, are we looking at basically some ways of arranging for that?

Got it. But in terms of working capital requirements, will this need any additional funding?

Coforge Limited

Coforge Limited CC-Sep24.pdf · 2024-10-23

Thanks for taking my question and congrats Sudhir and team yet again for a very strong performance. Sudhir my first question was on the travel vertical. This vertical had a pretty weak FY2024 and not just for us entire in fact for the entire industry. What is the outlook on this vertical? How are we seeing this? The growth has been quite strong this quarter for sure. So are things turning around? Are airlines, hospitality and other parts of it looking to increase their expense? And any other large deal pipeline or deal that you might have signed or you might be looking to sign in coming quarters would be helpful.

And what marks this change in the outlook for the vertical from the commentary that we are hearing from peers, I believe in the airlines companies are still re lying under the pressure of delayed delivery from Boeing and that is why many of their programmes have been pushed out and hence the expense have been kind of muted. Any colour on that? What has changed and what is the view on the airline specifically?

Coforge Limited CC-Dec23.pdf · 2024-01-22

Ya, hi! Good evening Sir. Thanks for taking my question and congrats on a great solid performance yet again in a difficult quarter. So Sudhir, just wanted to pick your brain on the BFS vertical. I think that is one vertical which has been the most talked about. One of the larger players mentioned in their commentary that you see bottoming out. Then we had some weakness not just…..but in many other place also because of the higher furloughs. But yes, you said that of course you expect furloug hs to reverse in the next quarter. But from an overall demand perspective, are you seeing any kind of conversations, there are no changes in budgets but any kind of things coming back into the sector or by your experience, when do you think we could see so me green shoots in the banking segment down the year?

Got it! Maybe 4-6 months down the line maybe you might seem some pickup but does it ever happen like that, that in the beginning of the year, the budgets have been frozen and locked in but if the situation improves, the client enhances the spend or fix it up by a couple of percentage points or whatever the number is? Does it actually ever happen or is it like because the current scenario is such that you are expecting like that?

LTM Limited

LTM Limited CC-Dec23.pdf · 2024-01-17

Two questions from my side. DC, if I keep the performance of Q3 and Q4, which was marked by the higher furloughs that you're expecting in Q4. If you keep that aside, given that our deal flows have been quite strong, 20% Y-on-Y for the last couple of quarters itself. Do you expect the execution of these deals to pick up at some time in FY '25? A larger peer commented that BFSI has bottomed out for them. Another large peer commented that they're seeing green shoots in discretionary spend. We know there has been a delay in decision- making and these deals converting into revenue. But do you see those picking up somewhere in FY '25, leading to some good growth momentum for us in that year?

Got it. My second question is for Vinit. So Vinit, a commendable performance on the cash flow conversion. But on the margin front, you mentioned that there were 200 basis points of impact from furloughs and lesser number of working days and the pass-through. Now agreeing that some of the pass-throughs and furloughs, as you mentioned, might be there in the next quarter itself. But shouldn't large part of this 200 basis points of impact in this quarter get reversed next quarter?