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    Surendra Goyal

    Research Analyst at Citigroup

    Surendra Goyal is Managing Director and Head of India Research at Citi, specializing in equity research with deep expertise across key Indian sectors including information technology and renewable energy. He has covered major companies such as Wipro, where he holds a strong record and maintains a 73.91% success rate on stock recommendations, as reflected in his coverage of Wipro with actionable ratings and price targets. Goyal began his analyst career prior to joining Citi and now leads the India research team from Mumbai, publishing macro and thematic sector outlooks, and is recognized for his in-depth analysis driving institutional investment decisions. He holds high-level professional credentials appropriate for his role at a global financial institution, with extensive experience in Indian capital markets and a consistent record of top-tier equity research performance.

    Surendra Goyal's questions to Infosys (INFY) leadership

    Surendra Goyal's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Surendra Goyal of Citigroup Inc. pressed for details on the lowering of the upper end of the revenue guidance, asking if it was based on a more conservative view of the environment or actual negative business data points observed.

    Answer

    CFO Jayesh Sanghrajka reiterated that the change was because the environment has not improved as was assumed for the high end of the initial guidance. He cited client behavior, delayed decision-making, and ongoing discretionary spend caution as the data points supporting the view that the environment remains steady, not improving.

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    Surendra Goyal's questions to Infosys (INFY) leadership • Q4 2025

    Question

    Surendra Goyal of Citigroup asked about the trend observed in discretionary spending throughout the course of March and into April, following up on previous commentary about improvements in FY'25.

    Answer

    CFO Jayesh Sanghrajka responded that the month of March was 'usual' and the company did not see a significant change in the environment in terms of volumes. He confirmed that Infosys experienced positive volumes during March.

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    Surendra Goyal's questions to WIPRO (WIT) leadership

    Surendra Goyal's questions to WIPRO (WIT) leadership • Q1 2026

    Question

    Surendra Goyal of Citi questioned the likelihood of strong TCV growth translating into meaningful revenue acceleration, citing a past disconnect. He also asked for directional commentary on ACV growth and the sequential growth number for Capco.

    Answer

    CEO & MD Srini Pallia expressed confidence that strong Q1 bookings and a healthy pipeline would lead to a better second half (H2). CFO Aparna Iyer added that the discretionary spending environment has stabilized, which should improve the conversion of bookings to revenue. She noted that ACV growth was also strong in the quarter, not just TCV. For Capco, she highlighted its $1 billion in trailing-twelve-month bookings but did not provide a specific sequential growth number.

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    Surendra Goyal's questions to WIPRO (WIT) leadership • Q4 2025

    Question

    Surendra Goyal questioned the year-over-year decline in sales and marketing (S&M) spending, asking if Wipro is investing sufficiently to drive growth and regain market share against its peers.

    Answer

    CFO Aparna Iyer clarified that the company is not cutting investments in client-facing sales roles. The decline in S&M spend is due to the rationalization of non-client-facing G&A roles, which are being moved to lower-cost locations. CEO Srinivas Pallia reinforced this, stating that Wipro continues to invest for growth in strategic areas like consulting and AI.

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