Tata Consultancy Services reports its September-quarter results on October 9, and as India’s largest IT company, its numbers set the tone for the entire earnings season. Here is what to watch.

Revenue growth is the headline metric. Analysts expect constant-currency growth of 0.5 to 1.5 percent over the June quarter, with dollar revenue of 7.7 to 7.9 billion dollars. In rupee terms, that translates to roughly 66,500 crore rupees.

Margins come next. TCS is expected to hold operating margins near 24 percent. Management commentary on wage hikes, utilisation and pricing will show whether profitability can improve from here.

Deal wins matter more than ever. Brokerages expect 8.5 to 9.5 billion dollars in new contracts. Large deals signal future revenue visibility in an uncertain demand environment.

The board will also consider a second interim dividend, closely watched by income investors. Finally, listen to what management says about banking clients, hiring and artificial intelligence, since TCS commentary typically previews what Infosys, HCLTech and Wipro will report later this month.