Discretionary spend recovery limited to financial services
Outside financial services, discretionary spending remains constrained, with retail, high-tech, and telecom still focused on cost takeouts, delaying broader demand recovery.
INFY / Q2-FY25 / risks
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Material risks this quarter
medium
Wage hike impact on H2 margins
Deferred wage hikes effective January and April 2025 will create headwinds in H2, and management did not quantify the impact, raising uncertainty about margin trajectory.
Large deal TCV lumpiness and competitive pressure
Large deal TCV fell sharply to $2.4B from $4.1B QoQ, and while management cites lumpiness, the decline raises questions about deal conversion and competitive intensity.
European automotive sector weakness
Management noted continued slowness in the European automotive sector, which could weigh on revenue if the trend persists or spreads to other regions.