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    Rishi Jhunjhunwala • IIFL Institutional Equities

    Rishi Jhunjhunwala's questions to Infosys Ltd (INFY) leadership

    Rishi Jhunjhunwala's questions to Infosys Ltd (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 Ltd (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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