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    Rishi Jhunjhunwala

    Lead Analyst at IIFL Institutional Equities

    Rishi Jhunjhunwala is a Lead Analyst at IIFL Institutional Equities, specializing in Indian IT sector equities with a focus on large-cap technology companies. He covers major IT firms and regularly provides top stock recommendations on platforms such as IIFL Securities, demonstrating reputed expertise in the sector; however, detailed performance metrics and industry-wide analyst rankings are not publicly available. Jhunjhunwala has held this role since at least 2021 at IIFL Institutional Equities, with previous senior analyst experience at IIFL Finance and an Executive Director position at Goldman Sachs where he headed TMT research. He brings over 13 years of experience in equity research, building a reputation as a thought leader within the Indian institutional investing community, though information regarding FINRA registration or specific securities licenses is not found.

    Rishi Jhunjhunwala's questions to Infosys (INFY) leadership

    Rishi Jhunjhunwala's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Rishi Jhunjhunwala of IIFL Securities Limited asked about the rationale behind the significant wage hike impact and if another hike was planned for FY26. He also questioned if recent vendor consolidation and GCC deals require different upfront investments.

    Answer

    CFO Jayesh Sanghrajka explained the 100 bps margin impact was a combination of phased wage hikes and higher variable pay, and that it's too early to decide on future hikes. He stated that the new deals do not significantly differ in structure and are not expected to negatively impact cash flow conversion, which remains guided above 100% of net profit.

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    Rishi Jhunjhunwala's questions to Infosys (INFY) leadership • Q2 2025

    Question

    Rishi Jhunjhunwala pointed out the apparent contradiction between strong, broad-based growth in H1 and a guidance that implies a significant H2 slowdown. He also asked if future hiring will now closely track revenue growth given high utilization.

    Answer

    CFO Jayesh Sanghrajka reiterated that the company has consistently guided for a stronger H1 than H2 due to seasonality like furloughs and fewer working days, and that this is fully baked into the current guidance. He confirmed that with utilization at the comfort level of 84-85%, there is no significant headroom left, and future volume growth will need to come from net hiring.

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