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    Kumar Rakesh

    Director and Equity Research Analyst at BNP Paribas

    Kumar Rakesh is a Director and Equity Research Analyst at BNP Paribas, specializing in technology and semiconductor sector coverage with a primary focus on companies like Tata Consultancy Services, Infosys, HCL Technologies, and Wipro. Recognized for his insightful industry analysis and actionable stock recommendations, he has delivered a strong track record on platforms such as TipRanks, maintaining a success rate of over 60% and positive average returns over multiple years. Rakesh began his research career in 2005, progressing through roles at firms including Credit Suisse and Ambit Capital before joining BNP Paribas in 2018. He holds professional credentials such as Chartered Accountant designation and is a qualified Chartered Financial Analyst (CFA), underlining his expertise and commitment to rigorous research standards.

    Kumar Rakesh's questions to Infosys (INFY) leadership

    Kumar Rakesh's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Sought clarification on whether the guidance revision was purely due to macro assumptions, asked for details on the Q1 pricing and productivity benefits, and inquired about the drivers and sustainability of Europe's strong growth.

    Answer

    Management confirmed the guidance change is due to the macro environment not improving, not operational issues. The 70 bps margin benefit in Q1 was attributed to both Project Maximus and seasonality. Europe's outperformance was credited to early investments, winning large deals, and the region's increasing openness to outsourcing, with a continued strong pipeline.

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    Kumar Rakesh's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Kumar Rakesh from BNP Paribas S.A. sought clarification on whether the guidance revision was due to macroeconomic assumptions or operational factors. He also asked for details on the 70 bps pricing benefit and the sustainability of Europe's strong growth.

    Answer

    CFO Jayesh Sanghrajka confirmed the guidance change is tied to the macro environment not improving as previously hoped for the upper-end scenario. He attributed the 70 bps benefit to 'Project Maximus' and seasonality, and noted Europe's outperformance is driven by past investments and large deal wins, with a continued strong pipeline.

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    Kumar Rakesh's questions to Infosys (INFY) leadership • Q4 2025

    Question

    Kumar Rakesh from BNP Paribas asked about the volume trends during Q4, the expected contribution from third-party revenue in FY'26, and the long-term risk of clients reassessing low-ROI projects if macroeconomic uncertainty persists.

    Answer

    CFO Jayesh Sanghrajka stated that Q4 volumes saw a soft start in January but recovered through the quarter. He clarified that third-party revenue is expected to be lower in FY'26 than in FY'25. CEO Salil Parekh noted that while recently signed deals are on track, a significant deterioration in the economic environment could lead clients to re-evaluate discretionary spending, though this is not happening significantly at present.

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    Kumar Rakesh's questions to Infosys (INFY) leadership • Q2 2025

    Question

    Kumar Rakesh inquired about the traction of the Topaz generative AI platform compared to the initial rollout of the Cobalt cloud platform, and asked about the market positioning of Infosys's new small language model.

    Answer

    CEO Salil Parekh explained that comparing Topaz to Cobalt is difficult as enterprise GenAI adoption is in its early stages. He highlighted that Topaz is being deployed via enterprise platforms, multi-agent frameworks, and is a key productivity component in nearly every large deal. Regarding the small language model, he positioned it as a foundational layer, trained on Infosys and industry data, upon which clients can build specific business applications, serving as both an accelerator and a base for new solutions.

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    Kumar Rakesh's questions to WIPRO (WIT) leadership

    Kumar Rakesh's questions to WIPRO (WIT) leadership • Q1 2026

    Question

    Kumar Rakesh of BNP Paribas asked for clarification on the company's priorities, noting a potential shift from 'profitable growth' to focusing more on top-line growth. He questioned if the stronger second-half performance would apply to the bottom line as well and probed for a potential floor for margins during the investment phase.

    Answer

    CFO Aparna Iyer reiterated that Wipro does not provide full-year guidance for revenue or profit. She stated that while the company has consistently improved margins, the current priority is to invest in and execute the recently won large deals to drive growth. She acknowledged these investments are necessary but did not provide a specific margin floor, stating the focus is on execution and they will keep the market posted on how margin pressures are being offset.

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    Kumar Rakesh's questions to WIPRO (WIT) leadership • Q4 2025

    Question

    Kumar Rakesh highlighted a contradiction between positive indicators like strong bookings and a weak growth guidance. He also asked for a long-term view on why Wipro is underperforming peers and facing a potential third year of revenue decline.

    Answer

    CFO Aparna Iyer cited ongoing weakness in Europe and softness in consumer and manufacturing sectors for the weak guidance. CEO Srinivas Pallia added that clients are delaying large projects due to uncertainty. He identified the turnaround of the European business as the central challenge and key to improving Wipro's overall performance, while noting that the Americas business grew 1.2% in FY'25.

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