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    Ankur Rudra

    Research Analyst at JPMorgan Chase & Co.

    Ankur Rudra is Executive Director and Head of APAC Telecoms at J.P. Morgan, leading Asia Equity Research with a specialization in telecom, technology, and India TMT sectors. He covers major companies such as Infosys, Wipro, and MakeMyTrip, maintaining a 55.56% success rate and an average return of 2.4% across his ratings. Rudra’s career began in 2005 at Espirito Santo, followed by senior roles at Execution, Ambit, and leading the Tech & Internet team at CLSA before joining J.P. Morgan in 2020. He is a CFA charterholder and holds a BTech from IIT Bombay, with multiple rankings as the top analyst by Asiamoney and recognitions from Refinitiv/StarMine.

    Ankur Rudra's questions to Infosys (INFY) leadership

    Ankur Rudra's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Asked about the rationale for the conservative full-year guidance despite strong Q1 organic growth and solid deal signings, and questioned the impact of AI on pricing, margins, and vendor replaceability in consolidation deals.

    Answer

    Management explained that the guidance reflects a persistently uncertain macro environment, which hasn't improved as hoped. The upper end of the guidance now assumes a steady, not improving, environment. On AI, they stated that productivity gains are typically shared with clients, and Infosys's strong AI capabilities are a key advantage in vendor consolidation deals, reducing rather than increasing replaceability risk.

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    Ankur Rudra's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Ankur Rudra of JPMorgan Chase & Co. questioned the decision to lower the upper end of the revenue guidance despite a strong Q1, asking what factors were weakening the growth outlook. He also inquired about margin trade-offs related to AI and whether AI increases vendor replaceability in consolidation deals.

    Answer

    CFO Jayesh Sanghrajka explained the guidance reflects an unchanged, uncertain macro environment, not an improving one, which was the assumption for the previous higher end. CEO Salil Parekh added that AI productivity gains are typically shared with clients, creating opportunities for more work, and that Infosys's strong AI and delivery capabilities make it a net beneficiary in vendor consolidations.

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    Ankur Rudra's questions to Infosys (INFY) leadership • Q4 2025

    Question

    Ankur Rudra of JPMorgan Chase & Co. inquired about the timing of the revenue softness in Q4, the seasonality assumptions embedded in the FY'26 guidance, and whether the infusion of AI into existing projects could lead to revenue deflation.

    Answer

    CFO Jayesh Sanghrajka explained that two-thirds of the Q4 revenue decline was due to a higher-than-anticipated slip in third-party related revenue, which occurred late in the quarter. He noted the FY'26 guidance assumes normal seasonality but has a wide 3-point range to account for heightened uncertainty. CEO Salil Parekh added that while AI creates productivity benefits, it also opens new revenue opportunities, resulting in a net positive impact without causing overall revenue deflation.

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    Ankur Rudra's questions to MakeMyTrip (MMYT) leadership

    Ankur Rudra's questions to MakeMyTrip (MMYT) leadership • Q4 2025

    Question

    Ankur Rudra of JPMorgan Chase & Co. asked about Q1 demand trends prior to the recent conflict, whether the subsequent negative sentiment impacted domestic and international travel equally, and how the company is using AI to manage customer service costs without losing its competitive edge.

    Answer

    Group CFO Mohit Kabra reported that the quarter began on a 'pretty normal' note before the recent disruption, which he and CEO Rajesh Magow confirmed had a broad impact on overall travel sentiment. Magow elaborated on the AI strategy for customer service, stating the focus is on enhancing the user experience through superior self-service options, with productivity gains being a secondary benefit. He emphasized that this focus on improving the customer journey, which predates GenAI, will not be compromised.

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    Ankur Rudra's questions to MakeMyTrip (MMYT) leadership • Q3 2025

    Question

    Ankur Rudra of JPMorgan asked if strong demand was masking underlying weakness seen in other consumer sectors and if there were demand differences between budget and premium travelers. He also inquired about the impact of currency volatility, the current business mix from B2B and international segments, and the potential size of the event and pilgrimage travel markets.

    Answer

    Rajesh Magow, Co-Founder and Group CEO, stated that they have not seen signs of a slowdown in travel and that growth was strong across all segments, including budget and premium. He noted that historically, currency volatility causes travelers to switch destinations rather than cancel plans. Mohit Kabra, Group CFO, added that the international business mix is now over 25% and the corporate business is at a ~$200 million quarterly run rate. He described pilgrimage and event travel as nascent but important long-term growth opportunities.

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    Ankur Rudra's questions to MakeMyTrip (MMYT) leadership • Q2 2025

    Question

    Ankur Rudra asked for clarification on whether the international business share was based on volume or value, the reason for lower international salience in hotels versus air, the drivers of strength in air ticketing, and the level of back-end tech integration for a "connected trip" experience.

    Answer

    Group CEO Rajesh Magow and Group CFO Mohit Kabra confirmed the international share is by value (adjusted margin). They explained that the hotel segment's lower international salience is due to its more recent development compared to the long-standing international air business. Air ticketing strength comes from new features, corporate segment growth, and new distribution channels. Magow detailed that a unified back-end technology enables the "connected trips" feature, which drives cross-selling.

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    Ankur Rudra's questions to WIPRO (WIT) leadership

    Ankur Rudra's questions to WIPRO (WIT) leadership • Q4 2025

    Question

    Ankur Rudra requested details on recent ramp-downs and delays, the impact of AI-driven productivity on contract TCV, and the reasons for softness in client metrics across various revenue buckets.

    Answer

    CEO Srinivas Pallia stated he is not seeing a significant revenue impact from AI productivity pass-backs, as freed-up budgets are often redeployed. He emphasized that Wipro is also using GenAI to create new revenue streams, citing a sovereign AI partnership with NVIDIA. CFO Aparna Iyer added that while the total number of active clients has declined due to weak discretionary spending, the top client cohorts are growing.

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    Ankur Rudra's questions to WIPRO (WIT) leadership • Q2 2025

    Question

    Ankur Rudra requested more detail on the strong trends in U.S. Banking and Financial Services (BFS) and how the performance of Capco reflects discretionary spending. He asked at what point the strength in U.S. BFS could overcome the challenges in other verticals to drive overall growth. He also inquired about how GenAI adoption is impacting deal structures, such as through productivity pass-throughs.

    Answer

    CEO Srinivas Pallia explained that Capco's growth signals a healthy level of discretionary spending and that the U.S. BFS strategy combines Capco's consulting with Wipro's execution. CFO Aparna Iyer noted that for strong overall growth, 'all cylinders need to be firing,' emphasizing the need to stabilize the E&U and Manufacturing verticals. Srini Pallia described GenAI engagements in three buckets, including infusing AI into managed services, which involves productivity benefits, and sees GenAI as a net positive for Wipro.

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