Q2 2021 Infosys Ltd Earnings Press Conference

October 14, 2020

[music].

Garima: Good evening, everyone, and thank you for joining us for Infosys Q2 FY21 financial results. I am Garima, and on behalf of Infosys, I'd like to welcome you to this press conference. During this testing times, we hope you, your family, and your dear ones are safe and well. Before we begin, I wanted to share a few guidelines with our attendees today. Please note, all journalists will be on mute by default throughout the press conference. You will be requested to unmute yourself when your name is called out for asking a question. Should you drop out, please rejoin using the same invite link. With that, let me invite Mr. Salil Parekh, CEO, Infosys, to take us through the quarter gone by. Over to you, Salil.

Moderator: Good evening, everyone, and thank you for joining us for Infosys Q2 FY21 financial results. I am Garima, and on behalf of Infosys, I'd like to welcome you to this press conference. During this testing times, we hope you, your family, and your dear ones are safe and well. Before we begin, I wanted to share a few guidelines with our attendees today. Please note, all journalists will be on mute by default throughout the press conference. You will be requested to unmute yourself when your name is called out for asking a question. Should you drop out, please rejoin using the same invite link. With that, let me invite Mr. Salil Parekh, CEO, Infosys, to take us through the quarter gone by. Over to you, Salil.

Good evening everyone.

[laughter] right right.

I am very much.

Oh, [laughter] I'd like to welcome you to the best content.

During that same time, New York, New York, how many I guess, one I see [laughter] yeah.

Before we begin I wanted to share a few guidelines that are then used today.

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[music].

Salil Parekh: Good afternoon. I trust each of you are safe and healthy. We've had an exceptional quarter in the Q2 across multiple dimensions, client impact, digital scaling, growth, and operating margins. I'm grateful to our clients for their continued trust in us, and I'm proud of our team for their incredible commitment to our clients. Let me share with you the highlights for Q2. Revenues grew by 2.2% year-on-year in constant currency and 4% quarter-on-quarter in constant currency. Digital revenue grew at 25.4% year-on-year, and now it accounts for 47% of our business. We delivered an operating margin of 25.4%, and large deal wins were at $3.15 billion. Our industry-leading performance over the H1 of this year has been due to the immense commitment of our over 240,000 employees.

Oh [laughter].

[laughter].

[laughter] water in the second quarter.

Last month.

Yes.

[laughter].

Scaling.

Oh, yes.

Yes.

Oh, great. Good luck guys.

Can you just you know.

No problem floppy well, they [laughter] Oh, yes.

Let me share with you the highlights from Q.

Revenues grew by 2.2%.

Golf is gonna see I'm office.

Well water Gotcha gotcha.

They just don't revenue grew at 95.4% year on year and now it accounts for 47% of our business.

Operating margin of 25.4%.

Lastly, Vince.

On one side.

Yes.

Our industry, leading performance over the full topic this year as well.

As you do the immense student Oh boy I wasn't it.

Salil Parekh: Recognizing the continuing stellar commitment from our employees during these times. We are paying out variable pay for the quarter at 100%. We will pay a one-time special incentive in Q3 for our junior employees. The salary increase process will restart now and will be effective 1 January 2021. We restarted promotions in the last quarter at our junior levels, and this will now be expanded to all our levels. I'm thankful to each one of our employees for staying deeply committed to serving our clients as they have navigated their own personal challenges associated with the ongoing COVID situation, and also with the remote operating model that we are working in. A big thank you to all of our employees and all of our clients. Thank you.

Recognizing.

Genuine commitment from us.

From other employees during these times.

We are being out there it will be for the quarter [laughter].

We are going to be a onetime special incentive in June.

Did you get employees.

Let's start with the increased losses should we stop now and we'd be effective.

Hey, Bob.

Uh huh.

Maybe softer motions in the last quarter and a junior levels and this will now be founded.

Yes.

Hi, thank each one of the cornerstones well see deeply committed to serving our clients.

Sadly DC their own personal challenges.

Yes, you did with the ongoing Google situation.

And also with the remote operating model that we are working.

Well a big thank you to all of our employees and all of our clients.

Salil Parekh: With that, let me hand it over to you, Garima, for our questions.

Thank you.

Let me ask you about overview Dave.

Garima: Thank you, Salil. We will now open the floor for Q&A. Joining Salil, we have with us Mr. Pravin Rao, Chief Operating Officer, Infosys, and Mr. Nilanjan Roy, Chief Financial Officer of Infosys. In the interest of time, and to give everyone a fair chance, may I please request our media friends to ask one question per leader only. Let's move on to our questions now. Our first question is coming up from Kushal Gupta from Zee Business. Hi, Kushal. Please introduce yourself and ask the question. Kushal, you're on mute. Could you please? Yes. Thank you.

Moderator: Thank you, Salil. We will now open the floor for Q&A. Joining Salil, we have with us Mr. Pravin Rao, Chief Operating Officer, Infosys, and Mr. Nilanjan Roy, Chief Financial Officer of Infosys. In the interest of time, and to give everyone a fair chance, may I please request our media friends to ask one question per leader only. Let's move on to our questions now. Our first question is coming up from Kushal Gupta from Zee Business. Hi, Kushal. Please introduce yourself and ask the question. Kushal, you're on mute. Could you please? Yes. Thank you.

Good question.

Thank you Brian.

And then I'll then close out here any Johnny.

[laughter] Mr., Kevin Brown, Chief operating officer.

And the London Wright Chief Financial Officer.

In the interest of time I did anyone at that time Matthijs Glastra Mediabrands July one question, but either only.

Let's move onto my questions now.

Hi, first question is coming up from Krish I looked out of the business I guess [laughter].

First I hear anyone could you yeah hi.

Kushal Gupta: Hi. Hi, Garima. First of all, thank you very much for the opportunity. You guys had very brilliant results. First of all, I would like to say that. Here, for Mr. Parekh, my question is that you have increased the guidance on both fronts, on revenue and margins. Is this because of client confidence, or because of cost-cutting or cost savings, as you say? Or is it because of the acquisitions you have made in the recent past? That's what we are seeing. My second question is for Mr. Rao. We have seen that BFSI and retail vertical, we have seen a lot of movement. Will this continue? The manufacturing vertical, which contributes about 90% of your total revenue. When will the revival happen there? My third question is for Mr. Nilanjan. That will be on this.

Hi, Mike.

Oh man those subsequent years.

Someone once you clear and.

Yes.

Hello, gentlemen.

Why do you have.

So everybody can you hear me okay.

He is my right okay.

Got you blame on frequency.

Oscar.

Okay.

Yes. It is.

Issues.

Summit.

What is the I mean do you any commentary you addressed a lot of media.

Yes.

Hello.

It depends on the deal.

Yes so.

Our manufacturing verticals.

Okay.

Good morning.

Wow.

Sure.

Kushal Gupta: From the pandemic, a lot of deferrals that had happened earlier. How is the situation there now? Are any price negotiations happening now or not? Please give us clarity on that, sir.

Pretty much bigger.

Yes.

Let me just give you that.

Well I will respond.

I need to make.

Yes, Christine liquidity.

Oh, yes, the situation today.

Sons of equal then you would add well, but let me.

Salil Parekh: Thank you, Garima and Kushal ji. First, the margin guidance has been increased or the revenue guidance has been increased. Both of those are coming from what we've seen with our book of business and the confidence that the clients have in what we're doing. A lot of that work comes from the digital work that we're doing with our clients on their transformation journey and how we're supporting them in the cloud business. Specifically with respect to margin, and Nilanjan will expand on it, but there were several specific one-off situations that we saw in Q2. Yet we see extreme strength in the way that we're going forward with the business, as also as we increase our commitment in terms of the salary increases that I just talked about.

Yes.

Thank you Doug.

Yes.

Got it.

[music].

Yes.

Revenue guidance.

Increased.

So what we see.

What we see.

Business.

At this time.

Gotcha.

At times on their transformation journey, how we support.

Ben.

Business, specifically with respect to margin.

Exactly and then the second one specific situations that we saw.

Situations that we saw in Q.

Yes, we see exchange center.

Salil Parekh: Overall, on the demand side, we see a good demand and a good pipeline. Thanks to some of the recent wins that we've had over the past few quarters. On the margin side, a very strong discipline on managing the way we're looking at our business, in addition to some things which we saw on a one-time basis. With that, Praveen, over to you for the second part.

Good.

Yes.

As also as we increase our commitment.

So let me just stop.

Just talked about.

We're all on the deposit side you see.

On the pipeline back to some of the recent.

That would be that.

For the past few quarters and on the margin side very strong discipline managing.

Looking at our business in addition to some things so.

Pravin Rao: The segment side, from a financial services perspective, we continue to see good performance both on a year-on-year and sequential basis. The areas of spend include in the mortgage processing, in payment space, in lending, and plans are obviously also particularly banks are also investing heavily in terms of enabling remote ways of working, advisories, digital banking, retail banking, and so on. Though we see a bit muted performance in capital markets and cards and payment space. On the retail side, we had a tough quarter in Q1, but we have seen improved performance in Q2. On a year-on-year basis, performance has been flat, but on a quarter-on-quarter basis, we have seen growth coming back in the retail segment.

Thank you with that.

Okay.

Thanks, Dave.

On the financial services.

We continue to see good performance, both on a year on year and sequential basis.

The area and include in the market growth to be in payment space.

Lending.

And then that obviously helps us, particularly banks that also in listing that.

Heavy in terms of it being a little bit of booking a great digital banking retail banking and salt.

But what we see.

You bet.

Yep.

And.

Best in Spain.

On the retail side.

We had that support that in Portland, but they're in good book.

Or the.

Pravin Rao: However, given the nature of the segment, continued bankruptcies and some of the challenges we are seeing, we remain cautious about it for the future. Manufacturing is another segment which has been severely impacted by the pandemic. We have seen impact on both demand and supply side. In addition, they have also had impact of the trade wars. However, things seem to have stabilized in the coming quarter and we expect spend to come back slowly. While banking has done extremely well, financial services have done extremely well, the pace of recovery in both retail and manufacturing will be slow. It's been very encouraging in Q2, and we expect that pace to continue.

On a year on year basis that business has been flat quarter on quarter basis that you're seeing now.

Looking at coming back into the business.

However, given the nature of the Buckman bankruptcies and Ellen to 50.

We remain cautious about it but if you again.

Affect any of the other segment, but that being the only impact but they dependent.

We have seen the impact on both demand and supply side and in addition.

Does that impact of the tradeoffs.

You seem to have stabilized and because we bought them and.

Thanks for coming back slowly so while banking itself extremely well managed at the rate that has done extremely well.

Okay ability in both retail and manufacturing will be so, but it's that it's been trading into quarter, two and we expect that pace to continue.

Salil Parekh: Yeah. Your question on pricing and margins. If I step back about 2 quarters when the pandemic started, and we all spoke to you at the end of March, when we were looking at entire cost management at that time, I think there was a 3-pronged approach that we took. Firstly, it was about, you know, deferral of costs, which was around, you know, promotions, wage hikes, you know, hiring, et cetera. The second one was how do we cut discrete expenditure, whether it was travel or it was brand expenditure, et cetera, across. The third was our continued strategic cost levers of on-site, offshore, pyramid, and automation subcontractors. These were the 3-pronged approach we had taken. Clearly the impact of all those 3 have been seen in the margin improvements across quarter-on-quarter.

Yes.

Yeah. So your question on pricing and margins, if I step back about two quarters and the pandemic staggered and beyond spoke to you at the end of March or whether you are looking at transact cost management at that time, I think that sort of cheap pronged approach that we took.

Can you talk about being a deferral of costs, which was around promotions wage hikes.

Our hiring et cetera.

Second one is how do we kind of discrete expenditure, whether those travel or it was branded spend to check that truck Ross and the.

Well, our continued strategic cost lever the on site offshore betterment.

And automation subcontractors. So these are the three.

Salil Parekh: Specifically in Q2, our margins, which went up sequentially by 2.7%. About 100 basis points were from RPP, which is pricing. It's a combination of these impacts which we see in this quarter, and also some impact of a moderated discount environment, which is ad hoc. The second one is, of course, around utilization, which had dropped by 80 basis points in the previous quarter. We've seen a margin impact of that as the utilization has improved. The third is the on-site, offshore mix due to the temporary travel restrictions overseas. We have seen that improving substantially, and that was around 80 basis points of margin.

And abroad, we have taken and clearly the impact of all those three have been seen in that margin improvements across quarter on quarter, specifically in <unk>.

Specifically in quarter, two our margins, which went up from sequentially by 2.7% about 100 basis points was from RBC, which is pricing. It's a combination of the impact which we see in this quarter and also some impact of a moderated discount environment, which has.

Right. Okay. The second one is of course around our utilization rates have dropped by about 80 basis points from the previous quarter. So we've seen a margin impact of that as the utilization has improved and the third is the inside onsite offshore mix due to the temporary travel restrictions Oh, let's see we have seen that improving substantially on that around 80 basis points.

Salil Parekh: Now, as you can understand, a part of this margin benefit has been helped by the deferral of these costs, which is why we have seen some of these elevated margins. Going into H2 of the year, as Praveen, Salil mentioned, some of these cost increases will now come back, like the wage hikes, the promotions, the hiring, et cetera. We will see some impact of that as well.

Now as you can understand a lot a part of this margin benefit has been hedged by the deferral of these costs, which is why we have seen some of this elevated margins and going into the second half of the as giving sellers mentioned some of these cost increases will now come back so I like the way types the promotions the hiring et cetera.

Garima: Thank you for the answers. Our next question is from Mugdha from CNBC. Mugdha, could you please unmute yourself and ask the question?

Moderator: Thank you for the answers. Our next question is from Mugdha from CNBC. Mugdha, could you please unmute yourself and ask the question?

We will see some impact of that as well.

Mugdha Variyar: Yes. Firstly, congratulations to all of you on a really, really strong quarter. Salil, let me come to you first, you know. Want to ask you again on, of course, you know, M&A activity has really been strong for Infosys this year. Already four acquisitions in this calendar year. Firstly, is there more appetite for more acquisitions and which areas will you look at? You know, if you can also break down organic and inorganic growth for us. Also highlight what is the contribution from the Vanguard deal to the revenues in this quarter, if you can highlight that. Nilanjan, you know, a little bit on the capital allocation policy. You know, while your peers have announced a buyback, you did not choose to announce a buyback. You have announced an interim dividend as well.

Thank you for Kansas.

Next question is from.

On that front the NDC.

Could you please UN mute stephanopoulos.

Yes.

Well I think a navigation still if you are not the only strong quarter.

Do you feel like you know.

Yes, so again on a farm.

No M&A activity has really been strong things it does it feel ready for acquisitions in this calendar year. Lucky then what appetite for more acquisitions and 80 I think is bad and again. If you can also take on organic and inorganic look right and also highlight what are the conditions on the van Gundy the revenue.

Well you can highlight that.

Mugdha Variyar: What is the rationale behind that, if you can highlight that for us? And also, Nilanjan, on the pricing. Last quarter, Infosys mentioned that there were some pricing discounts in retail and manufacturing. Have those come back or are they coming back to original levels? Pravin, to you. Firstly, it's good to hear that promotions and, you know, hikes are back from January. Will they be on par with pre-COVID levels? And on voluntary attrition, you know it is quite low now. What are the factors that have led to this low voluntary attrition? And of course, verticals as well. You know, you did say that the pace of recovery in retail and manufacturing will be slow. When do you expect to see full recovery?

I know a little bit on the path.

Yes, Jason policy.

Beyond have announced a buyback you did not.

Just on the buyback you have enough.

We didn't have that much.

[laughter] behind that you can highlight that put up.

I mean, I think that Uh huh.

Well I will just mention that.

Sounds MP it is.

They have come back we're not coming back what is 11.

Youre welcome.

Washington.

Hi add back Anthony Yes.

Yes, and I'm glad you appreciate it.

Right No no [laughter].

Let me transition [laughter].

Salil Parekh: Thanks, Mugdha, for those questions. I think on M&A we've always had a view to build out the M&A which is focused on our digital capabilities. You saw something we did with a strong partner, Adobe, with another strong partner, Salesforce. We've done something very exciting with another partner, ServiceNow. Then something in the product design space. Those are all different parts of the company. Now we're looking at how that integration is going. We are certainly open to looking at other things as and when they make sense both from a strategic, structural fit, and a pricing perspective. In terms of the impact of these are very small, and three of them were done in the last three months.

This is Matt.

Your next day the fees.

You know when do you expect to see for the company.

It's a little bit.

Sure.

Okay.

Uh huh.

Then just focus.

Just so because this is a new capabilities. So you saw things.

With a strong.

With another strong profit salesforce is that something.

Excited.

Another positive service now and then.

Thank you.

Our design space as well.

All different parts of the company.

Looking at how efficient is going.

Yes, yes.

Looking at.

Makes sense.

Salil Parekh: They're small businesses really to start to give a real boost to our digital capabilities. In terms of the question on Vanguard, we don't break out specifically the revenue specificities of that client, at least in this scenario. We are very positive with respect to what we see on the demand side, and that's really more underlying how we've looked at the revenue growth margin discussion that we've had. Pravin, go over to you please.

Yes.

Sure.

Hi, Thanks.

Yes.

In terms of the impact of these these are very small a few of them were done in the last three months. This small business is going to stop that view.

Yes.

It does it does.

In terms of the question on backyard, we don't breakout specifically the revenue.

Specificities of faster.

I think this value.

We are very positive with respect to what you see.

Pravin Rao: On the comp increases that Salil mentioned, this will be across all levels, effective 1 January. The quantum of increase will be identical to what we have done in the previous year. The second question was around attrition. Attrition obviously has come down dramatically. It's significantly lower than what we typically see in this time of the year in our comfort zone. There are several reasons to it. Obviously, during this pandemic, we have had tremendous focus on employee engagement. Particularly engaging with employees in the virtual world was a big challenge. We have done several interventions. We have enabled managers to deal with employees in a virtual manner. We have created a lot of focus on physical wellness, emotional wellness.

On the demand side, that's really more like.

The revenue growth margin discussion.

Hi, Debbie.

On the on the comp increases that's at least mention that this will be a portfolio level effective than less.

The quantum of increase will be item because bill.

Yes.

The second question was around attrition.

Additional obviously has come down dramatically.

Significantly lower than what.

What we typically see independently and overcome but so.

Total leases do it obviously.

Let me add to that.

Let's look at some point.

Employee engagement politically and giving it to your question, where you want to.

Pravin Rao: There have been over 200 initiatives. A lot of people have participated. We also engaged employee's family as well. There has been tremendous focus on health and safety of the employees as well. Even when we had employees coming to office, they're coming into a very secure environment. We have also been quickly able to enable them,

Alan.

Early two engines.

We have anybody manages to visit that noise.

Question on the.

Okay.

Lot of focus on typical.

Personal business.

Linda can you shape its a lot of people.

Pravin Rao: To work from home, providing effects and other things. There are a lot of focus on these efforts is ongoing. I mean, even for employees who unfortunately tested positive, we have provided tremendous amount of support, right from hospital tie-ups to providing ambulances and the whole thing, including continuous engagement with them. That's one of the reasons why we feel attrition has come down. Obviously, this may not be sustainable once that growth comes back. We are confident that we should be able to sustain in a very narrow band going forward. In terms of segment performance, as I mentioned, on a year-on-year basis, we had positive growth in Financial Services, in Life Sciences, and in high-tech. CRL retail was flattish. Other segments had lower growth.

Yes, they take the whole thing is im sorry, yes.

But again, the focus on health and safety update.

And even when we had basically adults that have come to a very good and then and we have also been but be able to enable them to work.

Welcome.

The lighting effects and other things so that a lot of.

So there are lot of open ended questions online I mean, you put in place.

Thank you.

They are killing it I mean, that's a wonderful day.

That does add to the wedding and we'll be doing a deal.

With that let's.

So that's one of the reasons why the pill.

And then obviously.

It may not be sustainable level.

We are confident that this.

I should be able to assemble a narrow band going forward.

Pravin Rao: On a sequential basis, almost every segment had a positive growth. From that perspective, we expect the de-growth to have bottomed out and growth coming back. Obviously, the pace of growth will be much faster in high-tech, financial services, and so on. Retail, manufacturing, and other things, it'll take some time for recovery to happen. We have already started seeing some positive signs.

In terms of that mental comment as I mentioned on a year on year basis, we had positive impacts mentioned in late stage.

As Seattle, you did about flattish.

Other statements at that level, but obviously.

But obviously accretion because almost every segment had a book to bill so from that perspective.

But.

What could have been but no.

Hey, good to have bottomed out and go.

Nilanjan Roy: Mugdha, on your first question on capital allocation, I think we have a very clearly articulated capital allocation policy. We rolled that out last year in terms of an increased payout to our shareholders. Earlier it used to be 70% every year, now it's 85% over a period of five years. The whole idea was to give more predictability to our shareholders and actually give more cash back. The board considers in line with that policy every year what is our cash flows and our projected earnings. Based on that, in fact, that's the reason we've given the higher dividend of 50% on interim dividend on a year-on-year basis due to a better performance and higher cash flows on a year-on-year basis.

Salil Parekh: Mugdha, on your first question on capital allocation, I think we have a very clearly articulated capital allocation policy. We rolled that out last year in terms of an increased payout to our shareholders. Earlier it used to be 70% every year, now it's 85% over a period of five years. The whole idea was to give more predictability to our shareholders and actually give more cash back. The board considers in line with that policy every year what is our cash flows and our projected earnings. Based on that, in fact, that's the reason we've given the higher dividend of 50% on interim dividend on a year-on-year basis due to a better performance and higher cash flows on a year-on-year basis.

Obviously, the better growth really much faster in high Tech energy.

Retail manufacturing and other things.

But it could happen but.

Our next season.

So I'm going to your first question on capital allocation I think we have a very clearly articulated capital allocation policy, we rolled that out last year in terms of increased payout to our shareholders. Sorry, you have you have to be 70% every year now to 85% over a period of five years.

And the whole idea was to give more predictability to our shareholder than actually get more cash back. So the board considers in line with our quality every year, what about cash flows and our predicted earnings base.

Garima: Thank you for the answers. We'll now move on to the next question, which is coming from Chandra from ET Now. Chandra, please unmute yourself and ask the question.

Moderator: Thank you for the answers. We'll now move on to the next question, which is coming from Chandra from ET Now. Chandra, please unmute yourself and ask the question.

Based on that in fact, that's the reason we had given the higher dividend up 50% on interim dividend on a year on year basis due to a better performance and higher cash flows on a year on year basis.

Chandra: Yeah. Hi, Salil. Thank you so much for talking to ET Now. You know, when I interviewed you a few weeks ago, you gave us a little hint of what is coming, but this is a clear-cut performance. I wanna start by asking you, can this strong deal win in Q2 be used as a run rate for the future? Digital now, I think, is more than 45% for you. What is it going to be in the next two years? You know, where do you stand as far as Infy's contention as a bellwether is concerned? Do you believe it's a serious contender for the bellwether title? Nilanjan, if you can take us through the pricing. Salil mentioned during the quarter that pricing is stable, but are these newer services, digital services, giving you some pricing power?

Chandra Srikanth: Yeah. Hi, Salil. Thank you so much for talking to ET Now. You know, when I interviewed you a few weeks ago, you gave us a little hint of what is coming, but this is a clear-cut performance. I wanna start by asking you, can this strong deal win in Q2 be used as a run rate for the future? Digital now, I think, is more than 45% for you. What is it going to be in the next two years? You know, where do you stand as far as Infy's contention as a bellwether is concerned? Do you believe it's a serious contender for the bellwether title? Nilanjan, if you can take us through the pricing. Salil mentioned during the quarter that pricing is stable, but are these newer services, digital services, giving you some pricing power?

Yeah.

Now moving onto the next question, which is coming from James FMCG now some Japanese any Jonathan.

Yeah, hi, thanks, so much I could walk into if you know what I intend to do a few weeks ago, you gave us and I think of what is coming but this is actually like outperforming.

Let's start by asking you.

So on the win in Q2 being used as an example for the future.

No I think it's more than 45% for you what is it going to be in the next two yacht.

Revenue than I thought is in peace Convention has a bellwether since I do believe is proceeding and end up with a better tighter than that.

Chandra: Pravin, what percentage of employees continue to work from home? Will you look at a hybrid model going forward? Because, you know, you'll have said that social capital is also important. How is it going to pan out going forward? Thank you.

Chandra Srikanth: Pravin, what percentage of employees continue to work from home? Will you look at a hybrid model going forward? Because, you know, you'll have said that social capital is also important. How is it going to pan out going forward? Thank you.

[laughter] pricing. So you mentioned during the quarter that pricing is stable, but I'd be more. So this is this still sell because getting you some pricing Paula I'm not more.

Salil Parekh: Thanks, Chandra, for those questions. I think on digital, what we are seeing is a continued change in the way different industries and different clients are looking at their digital journey. We've clearly seen through the last six months worldwide, the people who were more advanced in how their digital infrastructure was set up, those companies have accelerated even faster. This is a time when a lot of those industries and those companies are looking to grow at a different pace. With the investments that we have made specifically in digital over the last two and three years, that has been a tremendous benefit in what has happened. In terms of large deal wins, those, as we have discussed and I've shared before, are more volatile. Those are not predictable every quarter at a certain level.

What percentage of employees continue to wash them home.

Look I don't have good margins going forward because you have said that social capital is also important how is it going to our financing public. Thank you.

[laughter].

Should I take home this year.

And what we're seeing is continued change.

She is.

I looking at that is again.

Machine.

Now six months it was like.

Well or bonds.

Interception will set out most companies accident.

Sarah This is.

This is dying brand.

Jesus companies looking to go there.

Base.

The investments that we have made specifically digits.

Salil Parekh: However, we believe our pipeline is very good. If you look at a more annualized basis, we feel quite comfortable that the large deal activity will continue on. In terms of, we are at 47% of digital. I think very shortly we will cross over, of course, to the 50% mark. The journey will keep continuing because the more and more that we build the capability in this and work with different clients, the more that we have opportunities in other spaces. In terms of bellwether, my answer remains the same. I think it's really for other people to look at those points and not for me. Nilanjan, over to you please.

Last two or three years.

In a tremendous benefit in what has happened in terms of lasting engines.

Those as we have discussed actually asking for.

All this time so those are not releasing every quarter has seven however, we believe a fine line is steady.

Okay them, all I do like spaces.

Yeah.

Hi, Steve activities.

On intermodal.

The 7% digital.

I think that shortly be crossing.

Shortly be crossing were costing 57.

Joe do you want to keep continuing because the more and more that we built the capabilities. This work we've got the ball.

Nilanjan Roy: Yeah. Thanks, Salil. So your question on pricing, yes. In fact, if you see digital, we've historically seen our digital pricing has been at a higher level. But at the same time, there has been pricing pressure on the core. So that's the reason why some of that balance is off. From a discount environment, definitely in Q1, we saw a higher elevated level of discounts, whether some were, you know, ongoing or some were one-timers. That has moderated a bit definitely in this quarter, and we've seen some pricing impact of that. Like I said, this varies from quarter to quarter, so there's no secular trend on it, as well.

Did you see it.

In other spaces.

In terms of divested my answer remains the same I think.

Those flights.

Uh huh.

No.

Yeah. Thanks Hello.

Question on pricing or yes. In fact, if you see digital we've historically seen our digital pricing has been at a high level, but the same time they have been margin pressure on the pricing pressure on the call. So that's the reason why some of that balances off.

I'm, a discount environment definitely in quarter, one we saw higher elevated level of discounts and if I'm right on going from a one time us.

Chandra: Thank you so much for the answers. Pravin, on the work from home percentage? Yes.

Chandra Srikanth: Thank you so much for the answers. Pravin, on the work from home percentage? Yes.

Pravin Rao: In terms of work from home, today we have about 99% of the people globally working from home. In India, the Americas, in parts of Australia and New Zealand, it's close to 99%. In Europe, we have slowly started seeing some return to office. We have about roughly 10% of the people working in office in continental Europe. We also have presence in China and Hong Kong, and there it's actually the reverse. We have over 90% of the people working in office and less than 10% working from home. The future, as we have said, is a hybrid model, where people will have the ability to work from home or work from office, in a seamless manner.

That has moderated a bit definitely in this quarter and you're seeing some pricing impact of that but like I said this varies from quarter to quarter. So there's no secular trend on it as well.

Thank you so much money on that let me now.

Yeah, well thanks.

Thank you.

Yes, Thanks, Doug.

Today, we have about 19% of the people globally working from home.

In India the Americas.

So let's begin its limits that goes to maintenance person.

In Europe, we are slowly started seeing some didn't go up if you have about roughly 10% of the bill in Continental Europe. We also.

Pravin Rao: It will depend on the nature of work, client comfort and their own comfort as well. It's not the same set of people always working from home or working from office. For us, I think the percentage is academic, because the same set of people can at times work from home and work from office. Our endeavor is to make sure that we create an environment where people have the ability to do that. Obviously, given the need for social capital and other stuff, there'll always be times when employees want to come, connect and interact with their colleagues and so on. That's the view. I mean, we're not really taking any point on the percentage or anything. We have to be flexible.

We also have such as the day nine Hong Kong and there it's actually that it works, we have a little over 90% of the people are paying off.

Less than 10% Lucky.

To tell us they have said, it's a hybrid model.

People that have the ability to work from all our go to market.

Seamless manner.

It will depend on the nature of the book.

Glenn.

They won't come for assessment and it's not the same set of people. All this work in the room are looking at the market.

Yes, I think the percentage of government.

The same set of people and I looked at home and local market. So I'll, let him do it is to make sure that we did and then add to that.

Pravin Rao: I mean, anyone should have the ability to work from home or work from office.

People have the ability to do that.

And obviously.

Garima: Thank you so much for the answers. We'll move on to our next question. It's coming from Sajeet Manghat from BQ Prime. Sajit, please unmute and ask your question. Sajit, we can't hear you. Sajit, I think you're unmuted. Could you please check again? No, I don't think we can hear you. Let's get back to you. Let's get your audio fixed, and we'll get back to you. We'll move on to our next question for now. It's from Ayushman from Mint, please. Hi, Ayushman. Please go ahead.

Moderator: Thank you so much for the answers. We'll move on to our next question. It's coming from Sajeet Manghat from BQ Prime. Sajit, please unmute and ask your question. Sajit, we can't hear you. Sajit, I think you're unmuted. Could you please check again? No, I don't think we can hear you. Let's get back to you. Let's get your audio fixed, and we'll get back to you. We'll move on to our next question for now. It's from Ayushman from Mint, please. Hi, Ayushman. Please go ahead.

Given the need for associate gap fill another step.

They live with and they might want to come and in fact the principal.

So that's video I mean, they're not really taking any point of sale data or anything.

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You have to be flexible in anyone should have the ability to lots of who might look from.

Thank you so much money on that.

Onto our next question is coming from that keep in mind that John Mcclain Studies and ask your question.

Since you began to hear you.

Ladies I think your revenue just could you please check.

No I don't think they can hear you.

Sajeet Manghat: Hi, Salil. Hi. My first two questions are for you. What are the sort of the trends in discretionary spend that you see? I know that the lines may be blurred now, but still, are clients willing to spend more on good-to-have technologies rather than the must-have sort of. That's one. Second is, what is really driving your recovery? Which geographies? Is it driven by the US or is it driven by the UK and Europe? For Nilanjan, could you just throw some light on the increase in PAT? I mean, is it also affected by people working from home and less of traveling costs, et cetera? Thank you.

Ayushman Baruah: Hi, Salil. Hi. My first two questions are for you. What are the sort of the trends in discretionary spend that you see? I know that the lines may be blurred now, but still, are clients willing to spend more on good-to-have technologies rather than the must-have sort of. That's one. Second is, what is really driving your recovery? Which geographies? Is it driven by the US or is it driven by the UK and Europe? For Nilanjan, could you just throw some light on the increase in PAT? I mean, is it also affected by people working from home and less of traveling costs, et cetera? Thank you.

Let's let's get back to you know what let's get your I'll just take time to get back to you and move onto our next question from now it's John I use mine tremendously.

Hi.

Yeah.

Thanks Ike.

So my first two questions for you. So is this so what sort of trends in discretionary spend that you see I know that the lines, maybe blow it now, but still appliance willing to spend more on good to have technologies rather than the must have.

So that's one and second is what is really driving your recovery, which geography is it driven by the U.S. or is it driven by the.

Salil Parekh: Thanks for your question, Ayushman. Discretionary spend is still patchy. What we see is where clients have embarked on a digital transformation journey or they have a lot of focus on cost efficiency, automation, and in some cases on consolidation of vendors. Those are three big themes that we see in how some of these discussions with our clients are playing out today. In terms of the growth, we've seen growth, as you saw in the numbers in all the geographies on a year-on-year basis and on a quarter-on-quarter basis. To be clear, there is more separation by industry. For example, as Praveen was sharing earlier, high tech is growing quite well for us today. Life sciences is growing quite well. Financial services is quite stable in its growth.

By UK and Europe.

Europe and for a new London.

Could you just throw some light on the increasing at I mean, you did also affected effected by people working from home and less of traveling costs et cetera. Thank you.

So thanks for the question actually on the.

This question, you say scaling patchy, what we see is where I'm sitting back on.

Box on digital transformation journey or they have a lot of focus.

Our focus on cost efficiency automation and in some cases on consolidation of vendors do the three big themes that we see in how some of these discussions with our clients are paying out today.

In terms of the growth we have seen growth as you saw in the numbers they all.

Salil Parekh: We see some of those other industries starting to come back more on a quarter-on-quarter basis, for example, retail. With that, let me pass it to Nilanjan for the other part.

All countries on a year on year basis, and on a quarter on quarter basis to be clear there is no more.

Separation by industry. So for example, as W. Machete earlier, Hi Tech.

Nilanjan Roy: Yeah. Ayushman, I think clearly the reflection in PAT improvement is coming from the higher growth and the higher margins. As I mentioned on the margins side, you know, we had the margin improvement strategy at the beginning of COVID, which was how do we attack all the cost levers. Clearly discretionary costs like travel, et cetera, have helped the margins. You have seen our travel costs actually coming down quite sharply. Of course, we think some of this will return once the pandemic is behind and travel continues to start again. We are seeing some of those benefits of work from home because of lower travel, et cetera. At the same time, I think we also invested some monies, you know, in technology enablement for people to enable to work from home.

Quite well for us today life Sciences is going quite well.

In services is quite stable growth.

And then we see some of those other industries starting to.

More on the quarter.

Automation.

Uh huh.

With that let me pass it to 2014.

Yes, so I wish bone I think clearly the reflection in pack improvement is coming from the higher growth and the higher margins.

As I mentioned on the margins side, you know we had.

Modern American no improvement.

Improvement strategy at the beginning of covered which was how do we attack all the cost leave us carry discretionary costs like travel et cetera, I haven't had the margins you have seen our travel costs actually coming down quite sharply and of course, we think some of this will return once the pandemic is behind and travelers continues to soccer game, but we are seeing some of those benefits Oklahoma.

Nilanjan Roy: Technology spends installing laptops to all our employees. Security communication spends also have gone up. All in all, there has been a benefit because of this, work from home.

Garima: Thank you, everyone. We have Sajeet back with us. Sajeet, can we have your question, please?

Moderator: Thank you, everyone. We have Sajeet back with us. Sajeet, can we have your question, please?

Sure travel et cetera on the same time I think we also invested some money in.

Sajeet Manghat: Yeah. Are you hearing me now?

In technology enablement for people to enable to work from home technology spending sorting laptops to all our employees have security communication spend also have gone up but all in all we have been a benefit because of this work from home.

Garima: Yes, please go ahead.

Moderator: Yes, please go ahead.

Sajeet Manghat: Okay, cool. Mr. Salil, my first question to you is about the IT spend. You've been speaking to a lot of clients of yours. What is the kind of IT spend that you're seeing, especially in the new technology space? Are you seeing a better deal conversions which are happening, now because there was, the industry was holding on to, you know, new deals? Are you seeing new conversions, faster conversions happening of deals, as we speak? For Pravin, especially the BFSI space, if you can give us an idea of how the entire BFSI space is now, looking, with respect to, you know, new applications, clients moving to cloud, and some of the sectors like retail and, energy, how are they looking for you?

Thank you everyone.

Yes, I did not but that said you can we have your question.

Yeah.

Oh, how are you.

Yes go ahead.

Oh, okay.

Okay.

I just didnt.

No no no.

Okay.

Yes.

In the movie.

It will be a better integrated happy or no.

Okay.

Sajeet Manghat: For Nilanjan, the operating margin guidance that you gave of 23% to 24%, my question is, what is the assumptions made behind that 23% to 24%? What percentage of the workforce will be working from home for the entire FY21 to get a margin of 23% to 24%? We also saw your employee benefit expenses coming down in this quarter by INR 200-odd crore. What is the reason behind that?

Maybe I could be implemented.

It is happy or <unk> or <unk>.

Okay.

Yes.

Okay.

Hi, Eric.

No.

Oh.

Yes, it's in the Canadian oil or I was a little bit.

They do.

Our data.

Well you know.

Salil Parekh: Thanks, Sajit. The deal conversions are about the same. There are some deal situations which move quite rapidly. On average, most of the deal conversion timelines look about the same as what we saw at the start, which is about six months or so. Nothing in that sense has moved faster or slower. We see a good pace of deal conversions that's going through right now. In terms of what we see in the market itself, the type of work is still focused more and more on more digital work, more cost efficiency, and vendor consolidation. Pravin, over to you on the BFSI and other sectors.

The only mortgage REIT index.

Okay, well, let me see Oh, there is low to mid year.

Okay.

Uh huh.

Yes.

Am I doing.

Okay.

Right.

This quarter.

I wasn't really begin.

So sad to say city.

These conversions.

About the same that has some these situations Mitch.

I see okay.

Most of this year.

Timelines I look around the same resources.

Which is about 600000 nothing is that possible.

Pravin Rao: In the BFSI sector, as I mentioned earlier, we are seeing positive growth in the banking space, whereas spend in capital market and cards and payment is a bit muted. In the banking space itself, there is a lot of spend in mortgage, in lending, in customer care, in payment space, and also in enabling virtual ways of working through digital bank, digital consultancy and so on. There's also a lot of focus on security, and here there is a lot of application of artificial intelligence, and analytics and so on. In the retail space, we see good traction in the grocery space, health and home care, personal care. We are seeing good traction in the CPG world. We are seeing good traction in the parts of CPG world.

So we see a good piece of Deconversions, that's quite cheap right now.

In terms of what we see in the market itself.

[laughter] work is still focus more and more along with digital rock cost efficiency and better.

So rich.

I mean would you off.

Other sector.

India say sector as I mentioned earlier that we are seeing positive growth in 90 days.

Let us spending capital market, then that constant payment if we can do it.

In the banking space itself that is Florida spending that mortagage in lending in customer care.

Entertainment space and also in enabling what stimulus of bookings to digital bank the consistency and so on.

Pravin Rao: Obviously here again there is a lot of focus on online commerce because there's a tremendous increase in online spend. Adoption of online has hit the roof and almost every retailer and even CPG companies also focusing on direct to consumer. In the utility space obviously there is spend on grid modernization. There's spend on customer care and so on. Net net in general across segments there is a lot of focus on enabling remote ways of working. A lot of focus on accelerated digital transformation. A lot of focus on migrating workloads to cloud.

But a lot of focus on security and that sort of.

Sort of application or artificial intelligence.

And analytics and so on.

In the retail space.

We see good traction in that three bids.

Then on the personal care.

Thing.

But actually indeed.

In the CBD were seeing good traction in the us.

You're right.

Obviously.

Again that is not focused on not on link on this because.

Pravin Rao: Cloud is a big theme today because clients have very clearly recognized that cloud brings in resiliency and the speed in which you can innovate can be much more faster if you are in a cloud environment. There's a lot of spend on cloud as well. Obviously there's also focus on cost takeout, the consolidation of vendor, and those kind of opportunities. These trends are common across verticals.

Im going to stop in late spring.

Okay, and then ill and almost every 11, even begun refocusing on the consumer.

Can you repeat it because obviously they spend on this modernization.

Hi, Dan.

So now let him handle across segments.

It's not a focused on that.

Enabling remote based upon a lot of focus on accelerated a bit that information I will focus on migrating workloads low float.

Nilanjan Roy: Yeah. Yeah. Sajit, your question on margins. Yes, we have upped our margin guidance for the year as you've seen from 2021 to 2023, which was previous guidance to 2023 to 2024. Clearly, as we've seen the H1 improvement, but we think there will be some headwinds in the H2 as we start rolling out some of the deferred cost impact as we talked about, the pay hikes, the hiring, the promotions. We will see some of that impact kicking in and will impact. We also know Q3 is a seasonally weaker quarter because of furloughs from our clients. That has been baked into the overall guidance of 2023 to 2024 for the year.

Got him today that Glenn said very clearly recognize that youre basing the affiliate.

Youre basing the affiliate fee and the speed in which you can easily can be met with austerity what am I missing a lot of us annually I would have liked and obviously there is also focused on boss peco and validation.

Those kind of opportunities and be since a woman's closely.

Yes.

Yeah. So I think the question on margins, yes, we have upped our margin guidance for the year or have you seen from 21 to 23, which our previous guidance to 23 to 24.

Salil Parekh: From the work from home perspective, I think we expect most of the year a lot of the work from home will continue as is. You could see some geographies opening up slightly. I think most of this year we will continue to see that happen.

Clearly as we have seen the first half improvement, but we think there will be some headwinds in the second half as we start rolling out.

The deferred cost impact that we talked about the pay hikes or be hiring across the promotions. So we will see some of that in packaging and in real impact. We also know quarter three is a seasonally weaker quarter, because I've heard a lot from our clients. So that has been baked into the overall guidance equates to 24 for the year.

Garima: Thank you. We'll take our next question. It's coming from Saritha Rai from Bloomberg. Saritha, please unmute yourself and ask your question.

Moderator: Thank you. We'll take our next question. It's coming from Saritha Rai from Bloomberg. Saritha, please unmute yourself and ask your question.

Saritha Rai: Thanks, Karima. Hello, everybody. Two questions from me. One is about digital revenues, which grew over 25% and now closing in on about half your revenues. I'm assuming that a lot of your clients are already sort of digitally transformed. I wanted a more nuanced glimpse into what kind of work are you doing which is new and innovative for clients, especially clients in the BFSI sector. My second question is about H-1B visas. Just last week we saw the Trump administration further tighten the restrictions on H-1B, which might affect almost a third of all H-1B applications. How is that going to affect your on-site, offsite balance? What about cost implications, especially since you use quite a lot of contracted workers? Thank you.

Some of the work from home perspective, I think we expect most the a a lot of the work come home will continue as you could see some geographies opening up slightly but.

But I think most of this year, we will continue to see that happen.

Thank you we'll take our next question is coming from say that I've come here, but let me let me answer your question.

Hello, everybody.

Two questions for me one.

Yes rich.

Oh, 25%.

Now moving on hospital revenue.

No no no client already sort of.

I'll now walk through them one by one.

They tend to go up.

Hi.

Well when we can bring innovation offline.

Salil Parekh: Thanks for that question, Saritha. I think what we are seeing with clients is a lot more work in digital. To give you a couple of examples, there's tremendous movement on how clients are leveraging the cloud. What they are doing with it, they're using the cloud to create new ways of distributing what they're doing in terms of their product, how they're connecting to their suppliers, how they're connecting with their employees. These type of different ways of leveraging these new technologies makes it much more efficient for many of our large clients to scale, to be flexible, to adapt. If you look at the retail industry, the e-commerce revolution is absolutely remarkable in the type of stats you see, whether you see it in the Western European markets, US markets, Asia Pacific markets, what we're seeing in India.

We plan to deemphasize desktop.

Second question is about each fund we saw lots we called the CHMP.

Last week, we held the Trump administration positive tighten restrictions on Sunday, which might affect almost this model it's on the application.

How is that going to affect your on site Hi, Alan.

What about.

Cost implications, especially since you.

Quite a lot on back to school.

Thank you.

Thanks for that question. So I think what we are seeing with guidance is.

A lot more work is digital and to give you a couple of examples.

His tremendous movement, how time television channel.

While there is limited they are using their cloud to create new ways of distributing what they do in terms of the product how they're connected to their suppliers are they're connecting with that bodies. So these several different ways of leveraging this new technology makes it much more efficient Paul.

Salil Parekh: Those are the sorts of digital transformation activities that we are more and more participating in. For the second part, I'll just give one view. Praveen will have much more depth on it. We started a localization work in the US specifically several years ago. That's another example of a strategic decision that was made by the company and that is paying benefits to us because with the regulatory changes, that decision where we built six digital centers recruiting locally will give us some benefit. For more specifics on this, Praveen, over to you.

Many of our large clients scale to be sensitive to adapt.

Industry. The E Commerce Revolution is absolutely remarkable in the type of stats you see that you see.

And the other pockets mass markets Asia Pacific markets, what you're seeing in India as well.

This also digital transformation activities than the mall in all participating.

Well the second time I just gave.

Pravin Rao: As Salil mentioned, since 2017, we have aggressively embarked on a localization strategy. In the last three years, we have recruited more than 13,000 workers in locals in US. Today, nearly 63% of our workforce are local and visa independent. We have also recruited from universities, and we are also creating local talent as well through our re-training and technology capabilities. In addition, we have also expanded our presence in Mexico and Canada, where we can provide same time zone services to our clients.

I'm wondering how are you.

Now we will have a much more identifies a bit softer localization work.

The U.S. disability several years ago.

For example offer strategic decision that was I think.

I think obviously that's been a benefit strategy because we have the regulatory changes was that decision revenue business 60 different centers recruiting locally will give us some benefit for more specifics on this okay.

Okay.

[laughter] as Sallie mentioned since 2017 that we're addressing in Boston the localization strategy.

Pravin Rao: At the end of the day, it's all about talent, and we are very confident that we should be able to bring the right talent, either locally or globally to our clients and meet their needs. We should be able to manage some of the challenges we are seeing on H-1B with probably minimal impact.

In the last three appear recruited more than 13000 or one cents in that opens in U.S. today.

Today, nearly 60% of our first quarter that local and we think that the NIM.

They are also excluded from your Investor day.

To date and we are also taking a look and I think thats going through our training and technology capabilities.

Garima: Thank you. We'll move to our next question now. It's from Shilpa Phadnis from The Times of India. Shilpa, please unmute yourself and ask the question.

Moderator: Thank you. We'll move to our next question now. It's from Shilpa Phadnis from The Times of India. Shilpa, please unmute yourself and ask the question.

In addition, we have also expanded them of their built in Mexico, and Canada, where we can stop right now at same time zone and services to our plan and no delays, although both Alan and medical.

Shilpa Phadnis: Hello, everybody. This is Shilpa. Mr. Parekh, the US fiscal stimulus has so far kept the IP downside in check. Do you think the concerns around discontinuing the stimulus in the US could threaten recovery and also impact the banking sector? My second question is on if you were to review your own three-year transformation strategy, how would you see that playing out? Especially, do you see the runway for recovery is taking a little longer post the pandemic? The third question, your revenue per employee has dropped to $53.5 thousand. I just wanted to get a clarity. Compared to last year, it's a drop of $1,000. How do you see that tying into your strategy of nearing 50% in digital revenue? Thank you.

Very confident that we should be able to Alan.

Hi, there locally globally to our plans and that needs and we should be able to manage that and get the England.

Hi, Neely.

Revenue in an impact.

Thank you.

Our next question now assumptions that I mentioned, the signs of index sympathies I need your stuff.

Yes.

Hello, everyone.

Oh, yes, and that's about it.

Fiscal stimulus has so far kept the I'd downtrading check you would think the concerns around just continuing the significant the U.S. check in comedy and also back the banking sector.

Salil Parekh: Thanks, for your question, Shilpa. I'll start with the first one. I think we see strength in the US economy at this stage. We don't have a specific view on the policy changes, but what we've seen so far from both the European and US where the economies have been supported, we see a lot of strength in those economies, and that is definitely a positive for what we see in our business. More broadly, we see the huge trend in technology, which is a very large mega trend worldwide that's driving some of these changes.

My second question is on if you ask what do they have you know you had only our transformation strategy.

How do you see that things are playing out, especially do you see that I can they afford to coty is taking a little longer post the pandemic attach question, yes revenue.

Lee has dropped.

The 0.5 $5000. So I just wanted to get a flat compared to last year to drop off I wasn't all that.

How do you see that I need to ask I could you help me, adding 60% and it does that help.

Thank you.

[laughter] question, it's in Palestine.

Salil Parekh: In addition to that, to your second point on our three-year plan, I think some of the strategic choices we've made, we've talked about digital, we've talked about localization, our intense focus on large client partnerships and deals, the way we worked on reskilling our own digital infrastructure within the company. All of those elements and choices we made a few years ago are what's resulting in where we are today. In fact, my sense is our recovery is much faster than what we see with the industry as a whole. We are one of the few players who have a year-on-year growth in this environment. We think we are gaining market share compared to what the industry is seeing.

So I think.

We see strength in the US economy did you say.

Yes.

In order to do if you are.

TJ is that what we've seen so far from it.

From Oh, Youre 10 Qs.

The poverty that its important.

You see a lot of strength in those economies.

It's definitely a positive.

Hello. This is Bob will give you see them.

Yes, Bob will give you see the huge traffic in technology, which is a very tiny mega trend worldwide. That's driving some of these changes in addition to that so.

Salil Parekh: That's a function of where we see ourselves with our clients and the commitment of our employees.

I can point out here that at least some of the.

Strategic choices. We've made we've talked about did you do you talked about localization.

Intense focus on larger client partnerships and deals maybe worked our re skilling our call digital infrastructure within the company. So all those elements of choices we made.

Garima: Thank you. Our next question is from Jochelle from ET Prime. Jochelle has sent over a question over text, which I'm gonna read out. It's for Nilanjan. On how the DSOs are holding up since we have seen record low DSOs from other companies. Nilanjan, could you please take that up?

Moderator: Thank you. Our next question is from Jochelle from ET Prime. Jochelle has sent over a question over text, which I'm gonna read out. It's for Nilanjan. On how the DSOs are holding up since we have seen record low DSOs from other companies. Nilanjan, could you please take that up?

Hi, what's resulting in revenue after that in fact, my sense is I think that is a much faster than what we see.

Industry as a whole.

The two players who have a year on year growth in this environment. So we think they're gaining market share.

Nilanjan Roy: Yes. We've also seen very good collections. I think our DSOs sequentially have dropped by 2 days, and that is reflected in our free cash flows. In this time also, we have extended some help out over the last half year to some of our clients in terms of extended credit terms, et cetera. All in all, I think, if you see our cash flows, we've been very pleasantly, you know, happy with what we have achieved and the reduction in DSOs.

The industry is seeing and that's a function of revenue you see ourselves with our clients and it could be better.

[music].

Thank you.

Our next question is from just say start if you time.

Yes, and never ask question on the deck, which I'm going to read out it's one in London.

Garima: Thank you, Nilanjan. Our next question is from Sankalp from Reuters. Sankalp, please go ahead and ask your question after you've unmuted. Sankalp, can you hear us? There seems to be some connectivity issue with Sankalp. We'll move on to our next question for now. It's from Swati Khandelwal from Moneycontrol. Swati, please go ahead and ask your question.

Moderator: Thank you, Nilanjan. Our next question is from Sankalp from Reuters. Sankalp, please go ahead and ask your question after you've unmuted. Sankalp, can you hear us? There seems to be some connectivity issue with Sankalp. We'll move on to our next question for now. It's from Swati Khandelwal from Moneycontrol. Swati, please go ahead and ask your question.

On how many vehicles are holding up since they have been record low dsos from other company.

Yes could you pick that up.

Yes. So we've also seen very good collections I think our dsos sequentially have dropped by two days and that is reflected in a free cash flows.

And this time also we have extended some help out over the last half year to some of our clients in terms of extended credit terms et cetera. So all in all I think if you see our cash flows we've been very ready currently.

Swati Khandelwal: Hello, sir. Good afternoon, sir.

Garima: Yes, Jyoti, go ahead.

Moderator: Yes, Jyoti, go ahead.

Swati Khandelwal: Just a couple of questions. One is regarding the H-1B. So you had mentioned that attrition definitely has increased, but the sudden change in immigration or wage hike is coming into this immediately. How much of an impact it's gonna have on margins, and what are the alternatives you have in hand? Offshoring has increased compared to last year to 76.9%. Some thoughts on that. Second question is about the hiring output. So compared to the last quarter, the number of headcounts increased to only 9,500, despite hiring only freshers. You can...

Happy with what we have achieved and the reduction in Dsos.

And then on to our next question is from some questions I did some guys ill go ahead and ask a question after using it.

No nothing yet.

There seems to be some connectivity issues with some guys.

We'll move onto our next question for now.

I'm slapping, we'll see some money essentially sloppy you go ahead and ask your question.

[laughter].

[laughter], yes.

Garima: Oh, God. Okay.

Moderator: Oh, God. Okay.

Yes, you are right.

[laughter] [laughter].

Salil Parekh: Yeah. Pravin, go ahead please on the question.

[laughter].

Pravin Rao: Yeah. We are not able to hear fully. Anyway, on the first question, on the impact of H-1B, as we said earlier, there are several levers, and today we are less dependent. Also the wage increase while immediately will impact only people going on new LCAs going forward. It will not impact people who will go on older LCAs or existing LCAs. I think we have enough time for us to use many of the levers I talked about, including nearshore, offshore, more aggressive on-site hiring, and so on. I think, as we said earlier, we should be able to manage these challenges with minimal impact. The second question, I think, was on hiring.

[laughter] well that doesn't come back [laughter].

Our Oxford has increased.

[laughter], 49% some thoughts on that.

[laughter].

Oh, okay.

[laughter].

Yeah. So they can go at least on the others.

Yes, yes, we are.

Pravin Rao: In this quarter, we had about 5,500 additions in Infosys Limited. About roughly 3,000 were freshers and about 2,500 were laterals. For this year, we are looking at about 16,500 freshers in India joining us. Next year, obviously, the hiring has started for next year, and we are probably looking at about 15,000 hires.

We are not able to hear fully but anyway 90 plus percent on the impact of it Wendy as I said earlier that there are certainly worse than today, we are less dependent and also the big increase light immediately back that when the people going on you will see it going forward.

But they do not impact people go on ordinary CA products. It BNP.

I think we have a back end up paying for us to use many of the USA comfortable inclusive in yet your offshore more accurate data.

Garima: Thank you. We will try Sankalp again from Reuters. Sankalp, if you can hear us, please go ahead and ask your question. All right. I think there is still some issue. We'll move on for now. Let's have Rukmini Rao from Business Today, please.

Moderator: Thank you. We will try Sankalp again from Reuters. Sankalp, if you can hear us, please go ahead and ask your question. All right. I think there is still some issue. We'll move on for now. Let's have Rukmini Rao from Business Today, please.

They hiring and so on I think we should be as we said earlier that we should be able to manage this data.

The celanese.

Okay.

That's a good question I think was on the hiding.

In this quarter and I'd be handled by total payment that additions in into this limited.

Rukmini Rao: Sure. Thank you. Just wanted some bit of insight around, really, the pandemic-driven cloud migration or any of those deals that are happening. Is there some sense of commoditization of that? You know, is there pricing pressure on such deals with most of the companies doing similar kind of work? Some bit of understanding around that. Thank you.

About roughly at the dose in their fair share spend level in 2000 and that led to that.

Laterals.

And that's for this year and we are looking at about 16500 plus.

Yes, John units.

Next year, obviously, the heading that subject for next year and probably looking at about the buildup in highs.

Thank you Linda Tsai, Congrats again from greater sometimes you can hear that Eagle had an after question.

Salil Parekh: On the cloud deals that you reference in this current environment, we are seeing today. Actually, there's no commoditization. In fact, what we are noticing is if you have depth of expertise, and so some of the acquisitions we've done and plus the organically what we've grown within the capabilities. Whether it's in some of our partners on the public cloud, whether it's some of our partners on the hybrid cloud, or whether it's some of the SaaS players. The more expertise there is, the more capability combined with existing knowledge, the better positioned you are where you are less commoditized. These are the sorts of things most clients are looking for.

All right I think there is still some issue may move on for now.

Let's have broken it out some business that they did.

Sure. Thank you.

I just wanted some they got inside that own the sealy.

I'm going to give any cloud migration or any of those deals that are happening is there. Some sense of commoditization of that then you know is is that I think they ship on such deals with it most of the companies doing similar kind of what somebody to one standing around that thank you.

Rukmini Rao: Is the premium really more than what it was earlier on such deals if they were?

Oh, no no news there.

Views that you referenced in this current environment so be it.

Salil Parekh: I wouldn't say there's a premium. I would definitely say there's no commoditization. The more differentiated you are, the more you are able to become more and more close to your client in how these transactions and deals are done. As you build up scale over time, we can start to look at what sort of premiums that generates.

See today.

Our commodities as well.

The thing is you have to have some expertise so some of the acquisitions.

Yes.

I actually want to be on time within the capabilities.

Yes.

Yes on the cloud.

Garima: Thank you so much for the answers. We'll take our next question, which is from Malini from the Financial Express. Malini, please unmute yourself and ask the question. Malini, can you hear us? All right. There's some network connectivity issue, I think. We'll take our next question for now, which is from Stuti from CNBC-TV18. I'm gonna read out that question. The question is for Salil. What will be the impact of recent announcement on H-1B visa? Infosys had announced new hiring plans for US. How much of that has been completed? And the last part is 63% locals in the US. Is there scope to increase it further?

Moderator: Thank you so much for the answers. We'll take our next question, which is from Malini from the Financial Express. Malini, please unmute yourself and ask the question. Malini, can you hear us? All right. There's some network connectivity issue, I think. We'll take our next question for now, which is from Stuti from CNBC-TV18. I'm gonna read out that question. The question is for Salil. What will be the impact of recent announcement on H-1B visa? Infosys had announced new hiring plans for US. How much of that has been completed? And the last part is 63% locals in the US. Is there scope to increase it further?

No.

Yes hybrid cloud.

Some of the SAS players.

These days the market liquidity combined with the C bench the better position.

Yes.

Thank you to those sorts of things well Scott.

[music].

Oh, so it definitely me really more than what it was earlier on Saturday is it if they work.

I wouldn't say that premium I will definitely bulk of monetization and the more differentiated value over volume.

Wonderful.

Now is that.

Actually that is.

As you may not see overtime, we can stop okay.

Premiums generated.

Salil Parekh: I think, Praveen, you might be appropriate in answering some of those points, and I can come back at the end.

Thank you so much money on that.

Salil Parekh: I think, Praveen, you might be appropriate in answering some of those points, and I can come back at the end.

We'll take our next question, but just some money from the financial expense management needs I get your sense when asked the question.

My name is any yet.

Garima: Pravin, I think you are on mute. Please unmute.

Moderator: Pravin, I think you are on mute. Please unmute.

All right I guess I'm, just I missed them on network connectivity issue I think.

Pravin Rao: Hello.

Garima: Yes.

Moderator: Yes.

Pravin Rao: Can I hear you?

Garima: Absolutely.

Moderator: Absolutely.

Pravin Rao: No, I think I've already stated earlier, today we have about 63% of our employees who are local, so visa independent in US. We have recruited about 13,000 people since we started this program about 3 years back. Even before the new regulations, we announced our intent to hire another 12,000 in the next 2 years. Finally, the number of people we hire is subject to availability of talent. We are not only hiring laterals, but we are also hiring people from community colleges, people from local college universities, and we are training them, imparting them digital skills and so on.

Our next question denominated jumps that these MPCI and.

Im going to read on that question.

A question first on it what to that meeting.

What will be the impact of recent announcement on H. When we see these out interest this has announced new hiring plan for you and how much of that has been completed and the last part is 63% local in the UK is there scope to increase its fine.

Hello.

Sorry.

Yeah.

Announcing some of those slides.

Yes.

Pravin Rao: I think as long as talent is available, we should be able to recruit as much as needed. In terms of again, we have recruited 13,000 people, and the announcement we talked about 10,000 people, and that's for two years, and it'll happen over a period of time.

I mean, I think you're on mute even mute.

Hello.

He was asking.

Absolutely.

Yeah, and I think I've already stated earlier today, we have about 60% of our employees all around local but we think on the internet.

And.

Garima: Thank you so much. Our next question is from Nikita Agrawal from Cogencis. I'm gonna read out this question as well. Want to get a sense on interactions with clients in the retail and insurance space. Could retail be one of the last ones to recover?

Moderator: Thank you so much. Our next question is from Nikita Agrawal from Cogencis. I'm gonna read out this question as well. Want to get a sense on interactions with clients in the retail and insurance space. Could retail be one of the last ones to recover?

We have recruited about 13000 people that they started this program over three years now and even before the new regulations the unknowns.

Our intent behind another 12000 in the next two years and I really does a lot of people behave is available.

Well, let me go Alan and we are not only adding lateral but we are also having people.

Pravin Rao: Yeah, I can take that. As I said, we have seen very little of majorly one of the segment other than manufacturing majorly impacted by the COVID. We have seen very encouraging trends. This quarter, we have seen positive growth in retail. We have had three. Out of the large deal wins, we had three were from retail space. So we feel reasonably confident about this space. Clients are continuing to invest in online, and in analytics and so on. At the same time, we are also a little bit cautious, given the continued number of store closings. Also we have this festival season where spend is likely to be lower and could have a further impact and so on.

While it is.

I have some will take on the universities and finding them.

In digital skills until.

I think that as well.

As long as talented I will let bill that we should be able to have missed that.

Yes.

So I mean.

And in terms of again, yeah, we could at that 30000 people in the announcement, we talked about a dozen people in that for two years and it will happen what if at all.

Thank you so much.

[laughter] very modest some core Genesis I'm going to read out. This question is then.

Wanted to get a sense on interactions with clients in the retail and insurance speak well, we didn't even know the last one to the consumer.

Pravin Rao: The positive thing is growth has come back, and I think over the next two quarters we'll probably start seeing things come back to normal. That's from the retail space.

I can take that.

Yeah, I can take that.

As I said that we have been laid it will immediately one of the segment other than manufacturing immediately impacted medical it they have been.

[Analyst]: Hello. Hi, am I audible?

Megha Mandavia: Hello. Hi, am I audible?

Pravin Rao: Yes.

They have been very encouraging trends, but this quarter you have been positive growth in retail.

Megha Mandavia: Hi. I actually have a couple of more questions. Your peers have indicated that they're seeing a mix of large as well as small deals. Is this something that you are seeing as well? If yes, what are these new industries that are coming up for spending in technology? You know, what are they looking at? The second thing is, you mentioned that you've been seeing a lot of vendor consolidation, and people are obviously choosing bigger companies like Infosys, which they trust. In which sector are you seeing the maximum benefit of this vendor consolidation? Any impact from Brexit because the deadline is nearing now.

We have had three of the last dividends at the last from you get paid.

So we feel that reasonably confident about this is glenn.

Glenn So continue to invest in Maine.

In analytics and so on.

The same time.

And also a little bit cautious given a deal number of store closings and also we have the skill sets and vas.

And you'd like it to be lower than.

And so on but the positive thing its growth has come back and I think we're.

Of the start seeing.

Back to normal.

That's some of the retail space.

Salil Parekh: Let me start off on the trends. There, what we are seeing is more and more where we see companies which are focused on new retail, online, tech companies which are changing what they're doing for different types of consumers. Companies which are more focused on taking advantage of the cloud infrastructure or their digital capabilities. Those are the sorts of companies, our client base is the larger companies in the Global 2000 or the Global 3000, and those are the types of companies there that we see the biggest impact in, where we see more and more activity for the change.

Hello, Hi, Oliver.

Yes.

Hi.

So I actually have a couple of more questions. So I guess you guys have indicated that they're seeing a mix of large and small ideas.

Is this something that you are seeing as bad and if yes, what hobbies, new industries that are coming up for spending in technology. You know what are they looking at the second thing is you mentioned that you're thinking a little bit net consolidation and people are obviously are choosing bigger companies like infosys.

We could they cast.

In which there are you seeing the maximum benefit of this like a consolidation and any impacts from other banks. It because the deadline is really nothing else.

Salil Parekh: For the others, we see where they're going through large transformation programs, where they're making changes to their established business models to leverage these new business models that are emerging and how those can be leveraged. On the vendor consolidation, we see several discussions, but we don't see a distinction across industries, in those discussions. Those discussions are positive, in that we see a good affinity from our clients for us. Those discussions will play out, in my view, over the next several quarters.

Oh, okay.

And what we are seeing is.

We are seeing is more and more.

The company, which are focused on you retain online.

Desktop needs, which are changing.

All different types of consumers.

Companies, which are more focused on.

Taking advantage of the cloud infrastructure on their digital capabilities and all other sorts of companies are John.

Garima: Thank you. We'll take our next question now. It's from Mini Tejaswi from The Hindu, which I'm gonna read out. It's for Salil. She asks, you spoke about 100% variable pay, one-time special incentive, promotions, salary hike, et cetera. Can you elaborate on timeline and number of employees going to be covered under these? Also percentage of wage hike, please.

Moderator: Thank you. We'll take our next question now. It's from Mini Tejaswi from The Hindu, which I'm gonna read out. It's for Salil. She asks, you spoke about 100% variable pay, one-time special incentive, promotions, salary hike, et cetera. Can you elaborate on timeline and number of employees going to be covered under these? Also percentage of wage hike, please.

Hi, John This is the largest companies in the global 2000, or 3000 and those are the types of.

Actual copy there that we see the biggest impacting revenue you see more and more activity on the change for the other species that integrated large transformation programs and then making changes to the established business models. We leveraged this new business model the other margin and how those get bigger.

On the vendor consolidation.

Salil Parekh: Here, as Praveen shared earlier, we are going to look at what we do in terms of salary increases, which is gonna be similar in the approach we've taken in previous years. The non-salary I've already shared. In terms of number of employees covered in the one-time incentive, our focus is really much more on our junior employees. All of our employees have contributed tremendously. Everyone in this environment, as you can imagine, is going through individual challenges in how anyone is working. Even if it's work from home, everyone has different ways that they're dealing with that situation. We feel the contribution that the employees have made has been absolutely incredible. That is in part a huge contributor to how the company has performed.

We see several discussions, but we don't see a distinction across industries those discussions and those discussions are positive in that we see good synergies from our clients for us.

Those discussions if they are in my view over the next several quarters.

Okay.

Thank you.

We'll take our next question now it's John Let me say this is on the Hindu which I'm going to read out.

It doesn't it.

You spoke about kind of thing.

Thanks, very they'd be onetime special incentive emotion Saturday high et cetera can you elaborate on that and can you elaborate on timeline and number of employees going to be just waiting to be covered under d. also personally don't be tightly.

Salil Parekh: That's the reason why we've laid out those, different components on how we want to really recognize all the work that's been done.

HM.

Yes.

Okay.

In terms of salary increases.

As soon as the approach we've taken is yours.

Garima: Thank you, Salil. We'll move on to our next question. It's from Megha Mandavia from The Economic Times. Hi, Megha. Can you hear us?

Moderator: Thank you, Salil. We'll move on to our next question. It's from Megha Mandavia from The Economic Times. Hi, Megha. Can you hear us?

The launch dates are operationally.

The number of employees covered in the bank.

Our focus is really much more or not.

Megha Mandavia: Hi, Garima. Thank you for the opportunity to ask this question. Hello, everyone. Congratulations on this stellar quarter. The question I wanted to ask you was on that change of guard that is expected in the US. How is that impacting client decision-making on IT spends? Are they delaying or deferring till, you know, after US presidential elections? The second question I wanted to ask was, can we expect a continued decline in on-site mix of employees going forward in the US? Thank you.

Junior employees all of our employees.

Tremendously.

Well in this environment.

It is great Sue individually challenges.

Yes that is working.

Even if it's a workable everybody is dealing with that situation and we see the contribution that the employees that made it absolutely incredible.

Yes.

Perhaps a huge contribution to the company as informed.

Yes, yes, yes.

Salil Parekh: On the first part, we don't see. Of course, there's a lot of activity going on in the US with respect to the elections. In the way we see it, our interactions with our clients across different industries, the decision-making has continued on as they've progressed in their business or in their transformation activities. In terms of the on-site mix, the way we see it, as Nilanjan was sharing earlier, there were travel constraints in the last few months. That has in part helped. There was also a program we had put in place to become much more efficient. However, over time, we'll see that some of the on-site mix will change as the travel opens up more.

Audience, Oh, you want to.

Hey, guys.

Yeah.

Thanks Alan.

Let me move onto our next question it.

Let me comment now hear from the economy time.

Yes.

Hi, meager getting yet.

Hi.

Thank you for I know you asked this question you asked me back now.

Congratulations I understand why.

The question I wanted to ask you one on that energy in your guidance.

In the U.S., Oh, how does that impact.

Maybe might be Ben on the behavior, including you know obviously, you expect to be deferred into next year.

And your second question when you are.

Megha Mandavia: Thank you.

Back then [laughter] continued declining onstage Nielsen insight insolvent could be thanks.

Garima: Thank you so much. Since we couldn't have Sankalp join us, we have his question over text, which I'm gonna read out. For Salil, his question is: While digital is growing to become nearly 50% of the business, how is the run side of the business doing in this environment? We've seen some pricing pressure there earlier. Has it improved or has the pricing pressure increased? The second question is for Pravin. You're saying that you're largely going to depend on the steps previously announced to meet H-1B visa challenges. Is there nothing new on that front that you will do?

Moderator: Thank you so much. Since we couldn't have Sankalp join us, we have his question over text, which I'm gonna read out. For Salil, his question is: While digital is growing to become nearly 50% of the business, how is the run side of the business doing in this environment? We've seen some pricing pressure there earlier. Has it improved or has the pricing pressure increased? The second question is for Pravin. You're saying that you're largely going to depend on the steps previously announced to meet H-1B visa challenges. Is there nothing new on that front that you will do?

Thank you.

The first trial.

We don't see a.

[laughter].

Thats correct.

Actions.

Maybe you can see our interactions that caps across different indices decision, making has continued.

Okay.

On their transformation activities.

Although the onsite mix.

The way we see it.

Then we're sharing earlier.

Charlie constraints in the last few months is in Boston.

Salil Parekh: Okay. Let me start on the first part, in terms of the run and the digital. Digital, as we shared, is growing at 25%. What we are also seeing very clearly is, in many situations, clients are transforming their core to become digital. In doing that's where we see a lot of the changes, a lot of the transformation happening in the client IT landscape. In terms of run, the run business is still a large part of our activity, running quite well. We have a special expertise in automation.

Also program implementation become much more efficient however over time, we see that Saudi onsite mix will change I travel a lot.

Yeah.

Thanks.

Thank you so much.

Since we couldn't have some good join US we have a question on the Texas I'm going to read out.

First question I like this it is going to become nearly 50% of the business. How does the run side of the business is doing in this environment. We have seen some pricing pressure that earlier have you haven't improved or has the pricing pressure to increase.

Salil Parekh: We've deployed a lot of our AI capability into that space, and that's giving us tremendous benefit, both in expanding with our clients, giving them some of the benefits of this efficiency, and then ensuring that we remain competitive in that space. For the second part, Praveen, over to you.

Yes, I think Richie it's okay, I mean, you're saying that you're not going to depend on the spec previously announced to meet expense timing it isn't nothing new on that front that you do.

Okay, Let me start on the first half.

In terms of the down entities and so this is.

Pravin Rao: I think, I mean, the kind of regulatory changes we are seeing is something we have seen in the past, and it will continue irrespective of which government comes to power. I think the only way out is to reduce dependency on visa, and that is a journey we are on in the last three years. We need to continue the journey and maybe that journey ourselves. I said there are multiple levers available. One is, of course, increasing localization and strengthening our presence in nearshore centers, same time zone. Then, finally, it's also about availability of talent. As long as we have good talent, in the past, in this COVID environment, we have seen how majority of the work can be done in a remote manner from home. So it's possible.

Michelle.

Go ahead.

So what we also see that it clearly is in many situations.

Clients are transforming them all to become digital and that's the way that that's where we see a lot of the change in the local jobs patient outcomes.

I'd landscape.

In terms of them that I mean business is stable.

A large part of our activity.

They are quite well, we have a special expertise in automation you'd be disappointed about lucky I keep 58.

Into that space, and that's giving us tremendous benefit both expanding with our clients, giving them. Some of the benefits of this efficiency and then ensuring that we remain competitive.

Pravin Rao: I think we are extremely confident to service our clients based on whatever talent they need with local onshore or with talent available in India or in other parts of the world. That's our focus. In the long run, I think we have to derisk the business and reduce dependency on visa.

States.

Second Bob.

Okay.

I think having the kind of regulatory thing just we are seeing is something we have seen in the past and it will continue irrespective of spot.

Garima: Thank you so much. That wraps up our Q&A segment for today. Thank you so much, Salil, Pravin, and Nilanjan for answering all those questions so patiently.

Moderator: Thank you so much. That wraps up our Q&A segment for today. Thank you so much, Salil, Pravin, and Nilanjan for answering all those questions so patiently.

Which government comes to billing I think.

The reality is to reduce dependency on these and other other than maybe at all in the last three years.

Salil Parekh: Thank you.

Pravin Rao: Thank you.

And we need to continue beginning maybe.

Salil Parekh: Thank you.

Pravin Rao: Let's stay safe.

Let them yet.

And I said that it might dip a little less than 11.

Garima: With that, we will close today's press conference. As we sign off, I'd like to inform that the archived webcast of this press conference will be available on the Infosys website and our YouTube channel later today. Thank you once again for joining us. Take care and stay safe.

Moderator: With that, we will close today's press conference. As we sign off, I'd like to inform that the archived webcast of this press conference will be available on the Infosys website and our YouTube channel later today. Thank you once again for joining us. Take care and stay safe.

Of course in the localization and Centennial builds in the ships and the same thing those.

And then it's also availability of talent as long as they are with Alan or the Boston is but we don't know that we have seen how they go.

They go do the work and we will.

And next from book Thanks.

Thats, probably but I think we are extremely confident to service our clients based on what they were.

At its local phone tumor with alent availability or something like.

Something like that.

That's that's our focus but the longer than I think you have to it.

Yes.

Thank you so much that wraps up even if it meant for today. Thank you so much that it's doubling and the London for answering all those questions. So patiently.

Thank you.

Yes.

Well, that's going to close today's best country at least I know, but I think from that the archived webcast of this best content will be available on the investors next night and all right. Yes. Jana later today. Thank you once again for joining that Teekay MTV.

[music].

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