Infy is probable candidate to announce buyback given its strong FCF/PAT conversion (105% on 9MFY21), strong cash balance & lower payout ratio. in payout of most of the IT companies in FY20 as compared to their historical average payout. (Exhibit 4). However, strong cash flow management in FY21 resulted in improving capital allocation for HCLT & TechM. While TCS and Wipro have healthy FCF/PAT, they have recently completed...