Consumer segment sequential decline
Consumer revenue declined 7% QoQ due to delayed project ramps in India and Middle East (IT tax department project) and hardware shipment delays including memory chip supply constraints. Recovery expected from Q2.
LTM / Q1-FY27 / risks
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LTM · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Subcontractor cost escalation
Subcontractor costs increased 130bps QoQ and 320bps YoY due to vendor consolidation exercises where clients asked LTM to manage tail vendors. Management expects this to normalize as engagements move to end-state model.
Hardware supply chain dependency
Income tax deal in India depends on hardware shipments (memory chips) for LLM/AI model deployment. Shipment timelines remain uncertain and need to be monitored over next 1-2 months.
Geopolitical risks in Middle East
Middle East represents less than 3% of revenue but remains subject to geopolitical volatility. Management could not rule out escalation impacts on that portion of business.