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    Ashwin Mehta

    Research Analyst at Ambit capital

    Ashwin Mehta is the Head of Equity Research at Ambit Capital, specializing in Indian technology and internet sectors. He covers major companies including Infosys, Cognizant, MakeMyTrip, and Mphasis, and has achieved a success rate of 59-80% with individual calls such as a +123% return on Infosys. Beginning his career after graduating from IIM Lucknow in 1999, Mehta has established himself as a leading equity analyst, rising to senior roles and earning recognition for his stock-picking performance. He holds the CFA charter and is listed as a registered analyst, further validating his expertise and professional credentials.

    Ashwin Mehta's questions to Infosys (INFY) leadership

    Ashwin Mehta's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Ashwin Mehta of Ambit Capital Pvt. Ltd. asked for the drivers behind the 50 bps sequential decline in depreciation and amortization and the nearly 90 bps bump-up in SG&A expenses for the quarter.

    Answer

    CFO Jayesh Sanghrajka explained the D&A decline was due to the absence of a one-off amortization charge from the previous quarter. He attributed the higher SG&A to a combination of factors: the impact of compensation increases and variable pay, investments in sales and marketing to improve growth, and costs related to brand-building events during the quarter.

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    Ashwin Mehta's questions to Infosys (INFY) leadership • Q4 2025

    Question

    Ashwin Mehta of AMBIT Capital asked for clarification on an unusual negative number for consultancy charges in the cost of sales line and the reason for a high reversal in the provision for post-sale support.

    Answer

    CFO Jayesh Sanghrajka clarified the negative consultancy charge was a one-time $20 million insurance claim benefit related to a prior-year cyber event. He explained the large reversal in post-sale support provision was driven by two factors: normal Q4 seasonality as projects conclude, and improved project controls under Project Maximus, which reduces future warranty costs.

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    Ashwin Mehta's questions to WIPRO (WIT) leadership

    Ashwin Mehta's questions to WIPRO (WIT) leadership • Q1 2026

    Question

    Ashwin Mehta from Ambit capital asked about the competitive landscape for the recent deal wins, specifically whether the incumbents were Indian or MNC providers. He also inquired about the performance of the core BFSI portfolio excluding Capco and sought more detail on the restructuring charges.

    Answer

    CEO & MD Srini Pallia declined to name competitors but described the deals as 'well fought' and 'very satisfying.' CFO Aparna Iyer explained that the weakness in the core BFSI business was due to ramp-downs, largely concentrated in Europe, and expressed optimism for H2 given recent mega-deal wins in the sector. She clarified the restructuring charges were spread across the board in Europe but were contained and impacted a very small number of employees.

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