Tata Consultancy Services will announce its second-quarter results on Thursday after market hours. The IT bellwether kicks off the earnings season for large Indian companies. Its board will also consider a second interim dividend.

Analysts expect revenue growth of about 0.5 per cent quarter on quarter. Margins are seen broadly stable against the first quarter. Deal wins are forecast between $7 billion and $11 billion. The focus is on whether growth is stabilising.

HDFC Securities expects the company’s tier-1 dollar revenue growth at 0.5 per cent in constant currency terms. It called this trailing expectations for a seasonally strong quarter. The brokerage expects TCS to keep its 26 to 28 per cent margin guidance band.

Investors will track management commentary on demand trends. They will also watch the impact of wage hikes and the recent H-1B visa fee hike on costs. TCS shares have fallen about 35 per cent this year.