“Geography wise, growth is coming in from the Europe side compared to America, Europe growth is higher than growth from America whereas everyone is feeling that Europe and UK is slowing down but this is not visible in HCL’s numbers. Even within verticals, manufacturing growth is coming at 10% quarter-on-quarter which is really commendable because overall there is a slowdown in manufacturing.”

“The overall HCL Tech revenue guidance has also increased from 12% to 13.5-14.5%, whereas services guidance has also improved and stands at 16% to 17% which also shows the management confidence in the services pipelines that they have. The good news is year ending services and the IT services both have improved more than 5% for the quarter which is a good result according to me. ”

"We have chosen the pure play part which is more on Manyavar and Vedant Fashions. In other consumption plays, we have Varun Beverages, Tata Consumer and Jubilant Food. There is a lot of consumption plays already in the portfolio in various strategies. Raymond we like but because it is a combination of real estate and apparel, we are not clear what we are banking on, although we are very gung-ho about real estate. "

“As far as India is concerned, my view is Indian earnings are expected to be very steady. Q2 in all probability will perhaps be the last quarter after the last two-three quarters that will see margin pressures in the results of corporate India. In fact, from Q3 onwards, we will see higher volumes and margin increase panning out for corporate India from Q3 onwards.”

“China may prove to be a genuine bit of a black swan for the first time in a long time because the Chinese leadership is doing things that one would not normally expect of them to, at least along the lines of how China has behaved in the last 40 years.”

“The Rs 3,200-crore debt that is seen on 30th June 2022 balance sheet, would be reduced by Rs 900 crore once the entire rights issue call money has been made available to the company and that is in addition to the scheduled repayments which are ongoing from the operational cash flows of the company. As we approach the March 2023 balance sheet, it will be a much healthier, more linear balance sheet."

“The pick-up in inflation starting in the summer of 2021 was quite obvious to me and I can see certain signs that in six months, we will turn the corner. If that is the case, I am pretty sure the central bank will again change the rhetoric and so that background will have gone. When the Fed policies turn, western markets will probably rally a lot more than India. But until that time, unless there are huge policy mistakes in India, it will stay expensive relative to other markets.”

“By December, we would not have just evidence, we will have real proof the inflation is down then they can up their rhetoric. I think doing it on the November 4 meeting would be premature on the part of Fed because the dot plot was just revised up in September but the December 14 meeting will be an important one for signaling that the rate hike cycle is ending.”