Q4 2022 Infosys Ltd Earnings Press Conference

April 13, 2022

make it real. Building, augmenting, sensing, exploring, evolving. To the future of the internet and your enterprise. To reshape business processes and reinvent human experiences. So ask yourself again, what can you do in the metaverse? The future awaits and we are ready to take you there. We are Infosys Metaverse Soundbreak.

Building augmenting.

Sensing.

Exploring.

Evolving.

So the future of the Internet and your enterprise.

To reshape business processes and reinvent human experiences. So ask yourself again, what can you do in the Med affairs, the future of weight and we are ready to take you there suite, our infosys meta versus foundry.

[Company Representative] (Infosys): The future awaits, and we are ready to take you there. We are Infosys Metaverse Foundry.

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Rishi Basu: A very good evening, everyone, and thank you for joining Infosys' Q4 financial results. My name is Rishi, and on behalf of Infosys, I am delighted to welcome all of you at our campus today. All participants at this press conference are fully vaccinated and adhering to COVID-19 protocols. With that, let me invite our Chief Executive Officer, Mr. Salil Parekh, for his opening remarks. Over to you, Salil.

Speaker Change: A very good evening everyone and thank you for joining Infosys' fourth quarter financial results.

Very good evening, everyone and thank you for joining Infosys is fourth quarter financial results.

Richy: My name is Rishi and on behalf of Inforces, I am delighted to welcome all of you at our campus today.

My name is Rishi and on behalf of Infosys I am delighted to welcome all of you at our campus today.

All participants at this press carbon since our fully vaccinated and adhering to COVID-19 protocols.

Richy: All participants at this press conference are fully vaccinated and adhering to COVID-19 protocols.

Richy: With that, let me invite our Chief Executive Officer Mr. Saleel Parik for his opening remarks.

With that let me invite our chief Executive Officer, Mr. Felipe <unk> for his opening remarks over to Italy.

Salil Parekh: Thanks, Rishi. Good afternoon, good evening. Welcome. Welcome to the campus after a long time. Good to see all of you here and good to see all the energy in the room. We've had an exceptional year this year with an annual growth of 19.7% in constant currency terms. This was the fastest growth that we've had in 11 years. We are gaining market share. We are building on our leadership in cloud and digital, and we are working more closely with clients on the transformation programs. Our growth was broad-based across business segments, service lines, and geographies. Each of our business segments grew in the double digits. US and Europe grew 20%. Very strong performance all around.

Richy: Thanks, Rishi. Good afternoon. Good evening. Welcome. Welcome to the campus. After a long time. Good to see all of you here and good to see all the energy in the room.

Thanks Rishi.

Good afternoon, good evening welcome welcome to the campus.

For a long time.

Good to see all of you and good to see all the energy in the room.

Richy: We've had an exceptional year this year with an annual growth of 19.7% in constant currency terms.

We've had an exceptional year this year with an annual growth of 19, 7% in constant currency terms.

Richy: This was the fastest growth that we've had in 11 years.

This was the fastest growth that we've had in 11 years.

Richy: We are gaining market share, we are building on our leadership in cloud and digital, and we are working more closely with clients on the transformation program.

We are gaining market share we are building on our leadership in cloud and digital.

And we are working more closely with clients on the transformation programs.

Salil Parekh: Our growth was broad-based across business segments, service lines, and geographies. Each of our business segments grew in the double digits. US and Europe grew 20%. Very strong performance all around.

Richy: Growth was broad-based across business segments, service lines and geographies.

Our growth was broad based across business segments service lines and geographies.

Richy: Each of our business segments grew in the double digits, US and Europe grew 20%. So very strong performance all around.

Each of our business segments grew in the double digits U S and Europe grew 20% so very strong performance all around.

Salil Parekh: Our digital revenues now account for 59.2% of our company, and they grew at 41.2% for the year. Within digital, our cloud work is growing faster and our Cobalt cloud capabilities are seeing significant traction with our clients. Our growth has been accompanied by a robust operating margins at 23%. We delivered these margins while maintaining focus on our employees with increased compensation and benefits. Our large deal wins were at $9.5 billion for the full year and $2.3 billion for the quarter. In Q4, our revenue growth was 20.6% year-on-year and 1.2% quarter-on-quarter in constant currency terms. Our industry leading performance in FY22 would not have been possible without the enormous contribution and commitment of all of our employees.

Richy: Our digital revenues now account for 59.2% of our company and they grew at 41.2% for the year.

Our digital revenues now account for 59, 2% of our company and they grew at 41, 2% for the year.

Richy: Within digital, our cloud work is growing faster, and our cobalt cloud capabilities are seeing significant traction with our clients.

Within digital our cloud work is growing faster and our cobalt cloud capabilities are seeing significant traction with our clients.

Richy: Our growth has been accompanied by robust operating margins at 23%.

Our growth has been accompanied by a robust operating margins at 23%.

Richy: We deliver these margins while maintaining focus on our employees with increased compensation and benefits.

We delivered these margins, while maintaining focus on our employees with increased compensation and benefits.

Richy: A large deal wins were at 9.5 billion for the full year and 2.3 billion for the quarter.

Large deal wins were at $9 5 billion for the full year and.

And $2 3 billion for the quarter.

Salil Parekh: In Q4, our revenue growth was 20.6% year-on-year and 1.2% quarter-on-quarter in constant currency terms. Our industry leading performance in FY22 would not have been possible without the enormous contribution and commitment of all of our employees.

Richy: In Q4, our revenue growth was 20.6% year-on-year and 1.2% quarter-on-quarter in constant currency terms.

In Q4, our revenue growth was 26% year on year, and one 2% quarter on quarter in constant currency terms.

Our industry, leading performance in FY 'twenty, two would not have been possible without the.

Richy: Our industry-leading performance in FY22 would not have been possible without the enormous contribution and commitment of all of our employees.

<unk> contribution and commitment of all of our employees.

Salil Parekh: I'm extremely proud and grateful for their extraordinary efforts in delivering all the work for our clients. We recruited 85,000 college graduates in this financial year. We added 22,000 employees in Q4. We have an extremely strong recruitment program. This is really a reflection of our enhanced recruitment capabilities, solid brand, and deep penetration into various talent markets. This increases our comfort to support our clients in their digital transformation programs as we look ahead. Our sustained momentum in FY22, large deal wins, robust deal pipeline, and client confidence in our capabilities give us comfort to provide a guidance of 13% to 15% for growth in FY23 in constant currency terms. With the pace of digital disruption accelerating across industries, we see a robust demand environment and immense potential to partner with our clients.

Richy: I'm extremely proud and grateful for the extraordinary efforts in delivering all the work for our clients.

I'm extremely proud and grateful for the extraordinary efforts and delivering all the work for our clients.

Richy: We recruited 85,000 college graduates in this financial year.

We recruited 85000 college graduates in this financial year.

Richy: we added 22,000 employees in the fourth quarter.

We added 22000 employees in the fourth quarter.

We have an extremely strong recruitment program. This is really a reflection of our enhanced recruitment capabilities solid brand and deep penetration into various talent markets. This increases our comfort to support our clients in their digital transformation programs as we look ahead.

Richy: We have an extremely strong recruitment program, this is really a reflection of our enhanced recruitment capabilities, solid brand and deep penetration into various talent markets.

Richy: This increases our comfort to support our clients in their digital transformation programs as we look ahead.

Salil Parekh: Our sustained momentum in FY22, large deal wins, robust deal pipeline, and client confidence in our capabilities give us comfort to provide a guidance of 13% to 15% for growth in FY23 in constant currency terms. With the pace of digital disruption accelerating across industries, we see a robust demand environment and immense potential to partner with our clients.

Our sustained momentum in FY 'twenty, two large deal wins robust deal pipeline.

Richy: Our sustained momentum in FY22, large deal wins, robust deal pipeline and client confidence in our capabilities give us comfort to provide a guidance of 13 to 15% for growth in financial year 2023 in constant currency terms.

And client confidence in our capabilities give us comfort to provide a guidance of 13% to 15% for growth in financial year 'twenty three in constant currency terms.

Richy: With the pace of digital disruption accelerating across industries, we see a robust demand environment and immense potential to partner with our clients. Our One Infosys approach is serving us well to bring the best of Infosys in the service of our clients' needs.

With the pace of digital disruption accelerating across industries, we see a robust demand environment and immense potential to partner with our clients. A one infosys approach is serving us well to bring the best of Infosys in the service of our clients needs.

Salil Parekh: Our One Infosys approach is serving us well to bring the best of Infosys in the service of our clients' needs. Our strategy that we launched four years ago has really served us well. We've delivered industry-leading growth and industry-leading TSR. Now, as we look ahead to the next phase, we want to further enhance our leadership along the digital innovation curve. We plan to expand our capabilities by scaling our cloud capabilities even further, expanding our digital work, expanding on our automation, increase relevance with large enterprises and the technology native companies, and strengthen our employee value proposition. Our focus on staying ahead in the cloud and digital ecosystem, and the focus on employees and some of the costs which are coming back after the COVID phase is behind us, result in our operating margin guidance to be at 21% to 23% for FY23.

Our strategy that we launched four years ago has really served us well, we've delivered industry, leading growth and industry, leading T. S. R.

Richy: A strategy that we launched four years ago has really served us well, we've delivered industry-leading growth and industry-leading TSR. Now as we look ahead to the

Salil Parekh: Now, as we look ahead to the next phase, we want to further enhance our leadership along the digital innovation curve. We plan to expand our capabilities by scaling our cloud capabilities even further, expanding our digital work, expanding on our automation, increase relevance with large enterprises and the technology native companies, and strengthen our employee value proposition.

Now as we look ahead to the next phase.

Richy: We want to further enhance our leadership along the digital innovation curve.

We want to further enhance our leadership along the digital innovation curve.

Richy: We plan to expand our capabilities by scaling our cloud capabilities even further, expanding our digital work, expanding on our automation, increase relevance with large enterprises and the technology native companies and strengthen our employee value proposition.

We plan to expand our capabilities by scaling our cloud capabilities even further.

Expanding our digital work expanding on our automation.

Increased relevance with large enterprises, and the technology native companies and strengthen our employee value proposition.

Salil Parekh: Our focus on staying ahead in the cloud and digital ecosystem, and the focus on employees and some of the costs which are coming back after the COVID phase is behind us, result in our operating margin guidance to be at 21% to 23% for FY23.

Richy: Our focus on staying ahead in the cloud and digital ecosystem, and the focus on employees, and some of the costs which are coming back after the COVID phase is behind us, result in our operating margin guidance to be at 21 to 23% for financial year 23. With that, let me pause.

Our focused on staying ahead in the cloud and digital ecosystem and the focus on employees.

And some other costs, which are coming back after the COVID-19 .

Is behind us.

The result in our operating margin guidance to be at 21% to 23% for financial year 'twenty three.

Salil Parekh: With that, let me pause and open it up for questions.

With that let me pause and open it up for questions.

Rishi Basu: Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Nilanjan Roy, Chief Financial Officer, Infosys. As always, ladies and gentlemen, we request you to ask only one question each to accommodate everyone over the next hour. With that, I'm going to ask the first question from Reema Tendulkar from CNBC-TV18. Reema has sent her questions to us. One question for Salil and one for Nilanjan. Salil, you started FY22 with a guidance of 12% to 14% and finally ended with a 19.7% growth for FY23. This year again, you're starting with a guidance of 13% to 15%. Is there conservatism built into it? The macro environment is far more uncertain now. Economists are bringing down their GDP forecasts.

Speaker Change: Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Nilanjan Roy, Chief Financial Officer in 4th.

Thank you Sally we will now open the floor for questions joining Phil is within the London, Roy Chief Financial Officer of Infosys.

elandon Roy: As always, ladies and gentlemen, we request you to ask only one question each to accommodate everyone over the next hour.

As always ladies and gentleman, we request you to ask only one question each to accommodate everyone over the next hour.

elandon Roy: And with that, I'm going to ask the first question from Reema Tendulkar from CNBC TV18. Reema has sent her questions to us.

And with that I'm going to ask the first question from Rima and Volker from CNBC deviating reminders sent her questions to us.

Rishi Basu: One question for Salil and one for Nilanjan. Salil, you started FY22 with a guidance of 12% to 14% and finally ended with a 19.7% growth for FY23. This year again, you're starting with a guidance of 13% to 15%. Is there conservatism built into it? The macro environment is far more uncertain now. Economists are bringing down their GDP forecasts.

elandon Roy: one question for Salil and one for Nilanjan. Salil, you started FY22 with a guidance of 12 to 14 percent and finally ended with a 19.7 percent growth for FY23.

One question for cellular and one from the London.

You started FY 'twenty, two with the guidance of 12% to 14% and finally ended with a 19, 7% growth for it for FY 'twenty three.

elandon Roy: This year again you are starting with a guidance of 13-15%. Is there conservatism built into it?

This year again, you're starting with a guidance of 13% to 15% is there conservatism built into it.

elandon Roy: And the macro environment is far more uncertain now. Economists are bringing down their GDP forecasts. Do you see any impact on technology budgets as your clients face a squeeze?

And the macro environment is far more uncertain now economists are bringing down their GDP forecast do you see any impact on technology budgets as you as your clients with a screen.

Rishi Basu: Do you see any impact on technology budgets as your clients face a squeeze? For Nilanjan, what led to the sharp 200 BPS margin decline in Q4? Your guidance in 21% to 23% is also lower than the 23% that you closed FY22 with. What is the reason and what about pricing? Do you see pricing being a key in margin levers?

elandon Roy: And for Nilanjan, what led to the sharp 200bps margin decline in Q4? Your guidance in 21-23% is also lower than the 23% that you closed FY22 with. What is the reason and what about pricing? Do you see pricing being a key margin?

And for the London, what led to the shop 200 bps margin decline in Q4 your guidance in 'twenty, 1% to 23% is also lower than the 23% that you've closed FY 'twenty two with what is the reason and what about pricing do you see pricing being a key margin.

Sorry, being key in margin levers.

Salil Parekh: Thanks, Rishi. I think the first question, let me start off with that. We see the demand environment to be robust today. Yes, the macro environment, there's a lot of talk going on. But in our pipeline and in the work that we're doing in digital and cloud, we see a clear demand with our client base. Based on what we've had in terms of large deals, $9.5 billion in FY22, $2.3 billion in Q4. 40% of our large deals being net new, 48% in Q4. What we are seeing in our pipeline going ahead gives us good confidence that this is the guidance in which we start the year at 13% to 15%.

Speaker Change: Thanks Rishi, I think the first question, let me start off with that.

Thanks, Rishi I think the first question, let me start off with that.

Speaker Change: We see the demand environment to be robust today. Yes, the macro environment, there's a lot of talk going on. But in our pipeline and in the work that we're doing in digital and cloud, we see a clear demand with our client base. Based on what we've had in terms of large deals, 9.5 billion in FY22, 2.3 billion in the fourth quarter.

We see the demand environment to be a robust today, yes, the macro environment, there's a lot of talk going on but in our pipeline and in the work that we're doing in digital and cloud, we see a clear demand with our client base based on what we've had in terms of large deals nine 5 billion.

In FY 'twenty two.

$2 3 billion in the fourth quarter.

Speaker Change: 40% of our last deal being net new, 48% in the fourth quarter.

40% of our lives these being net new 48% in the fourth quarter and what we are seeing in our pipeline going ahead gives us good confidence that this is the guidance, which we started the year at 13% to 15% as the year progresses, we'll see what the various forces are that will play.

Speaker Change: And what we are seeing in a pipeline going ahead gives us good confidence that this is the guidance in which we start the year at 13 to 15 percent. As the year progresses, we'll see what the various forces are that will play into all of this. We've also had 22,000 net additions in terms of employees, and that supports our view that we see a good, strong outlook in this current financial year.

Salil Parekh: As the year progresses, we'll see what the various forces are that will play into all of this. We've also had 22,000 net additions in terms of employees, and that supports our view that we see a good, strong outlook in this current financial year FY23.

And to all of this we've also had a 22000 net additions in terms of employees and that supports our view that we see a good strong outlook in this current.

Financial year 'twenty three.

Rishi Basu: Okay.

Nilanjan Roy: Yeah. On the margin question first, on the quarter-on-quarter, I think we were clear at the beginning of the year. We gave a margin guidance band of 22% to 24%, and we've ended up smack in the middle at 23.0%. What we've achieved this quarter, a part of it has been planned as well. For instance, in this quarter, our utilization, which is a big driver of margins, has come down. That was planned. We were sitting at 88.5%, uncomfortably high for us, and we brought that down, 88.5% to 87% actually in this quarter. That's one planned intervention we've done. We knew that margins would get impacted. Some of it is seasonality of Q4. That is because the working and calendar days are lower than the previous quarter.

Yes.

Speaker Change: So on the margin question first, on the quarter and quarter, I think we were clear at the beginning of the year, we gave a margin guidance band of 22 to 24, and we went up smack in the middle at 23.0. So what we've achieved this quarter, a part of it has been planned as well.

The margin question first on the quarter on quarter I think we were clear at the beginning of the year. We gave up margin guidance band of 22 to 24, and we've ended up smack in the middle at 23.0, So what we've achieved this quarter a part of it had been planned as well.

Speaker Change: So, for instance, in this quarter, utilization, which is a big driver of margins, has come down. That was planned. We were sitting at 87.5%.

So for instance in this quarter for utilization, which is a big driver of margins have come down that was planned we were sitting at 87.5 uncomfortably high for us and we brought that down $88 five to 87 actually in this quarter. So that's one planned intervention. We've done we knew that margins would get impacted some of it is seasonality of quarter for that is because.

Nilanjan Roy: That was planned. We were sitting at 88.5%, uncomfortably high for us, and we brought that down, 88.5% to 87% actually in this quarter. That's one planned intervention we've done. We knew that margins would get impacted. Some of it is seasonality of Q4. That is because the working and calendar days are lower than the previous quarter.

Speaker Change: uncomfortably high for us, and we brought that down 88.5 to 87 actually in this quarter. So that's one planned intervention we've done. We knew that margins would get impacted. Some of it is seasonality of quarter four. That is because the working and calendar days are lower from the previous quarter. That also impacts margin. And some of it has been some headwinds on the revenue side. We've taken a specific commercial contractual for a client provision, which we expect to recover in the times ahead.

The working in calendar days are lower from the previous quarter that also impact margin and.

Nilanjan Roy: That also impacts margin. Some of it has been some headwinds on the revenue side. We've taken a specific commercial contractual provision for a client, which we expect to recover in the times ahead. Overall, I think we've added 22,000 people in this quarter as well, as Salil said. This is looking ahead for the demand environment and some of that cost pressure of cost sales in the quarter ahead. Like I said, we are very, very comfortable where we are for the year at 23. Looking ahead, 2021 to 2023, we have seen what we want to do. As Salil talked about, you know, this demand environment is very, very robust. Making upfront investments behind talent, both in terms of getting freshers in earlier in advance.

And some of it has been some headwinds on the revenue side, we've taken a specific commercial con.

Contractual for a client a provision, which we expect to recover in the times ahead, but overall I think we've added 22000 people in this quarter as well.

Speaker Change: But overall, I think we've added 22,000 people in this quarter as well, as Salil said. And this is looking ahead for the demand environment and some of that cost pressure of cost tales in the quarter ahead.

And this is looking ahead for the demand environment and some of that cost pressure for sales in the quarter ahead, but like I said, we're very comfortable where we offer the year at 23 looking at 'twenty one to 'twenty three we have seen what we wanted to do as <unk> talked about.

Speaker Change: But like I said, we are very, very comfortable where we are for the year at 23. Looking at 21 to 23, we have seen what we want to do as Salil talked about, this demand environment is very, very robust.

Nilanjan Roy: Looking ahead, 2021 to 2023, we have seen what we want to do. As Salil talked about, you know, this demand environment is very, very robust. Making upfront investments behind talent, both in terms of getting freshers in earlier in advance.

The demand environment is very very robust, making upfront investments behind talent. Both in terms of getting fresher than earlier and advanced also looking at where we can invest ahead of the point with a little talked about so I think we've seen the success of that in 2019. When we made these investments in the last four years have been out there.

Speaker Change: making upfront investments behind talent, both in terms of getting freshers in early in advance.

Nilanjan Roy: Also looking at where we can invest ahead with the points which Salil talked about. I think we've seen the success of that in 2019 when we made these investments, and the last four years have been a tribute to that of the market share gain as well. That is one part of the margin. Of course, the second part is travel will come back. We've seen that already. Some of the facilities costs as people come back to work were the tailwinds due to COVID on the margin side, and some of that will return to norm. Therefore, our 2021 to 2023 is a comfortable band which we think we can operate in and builds in both of these, you know, impacts as well.

Speaker Change: also looking at where we can invest ahead with the points which Khalil talked about. So I think we've seen the success of that in 2019 when we made these investments and the last four years have been a tribute to that of the market share gain as well. So that is one part of the margins and of course the second part is travel will come back. We've seen that already. Some of the facilities cost as people come back to work. Those were the tailwinds due to COVID on the margin side and some of that

The beauty of that.

The market share gain as well so that is one part of the margins and of course. The second part is travel will come back we've seen that already some of the facilities cost of people come back to work those what the tailwind due to covered on the margin side and some of that will.

Nilanjan Roy: Some of the facilities costs as people come back to work were the tailwinds due to COVID on the margin side, and some of that will return to norm. Therefore, our 2021 to 2023 is a comfortable band which we think we can operate in and builds in both of these, you know, impacts as well.

Speaker Change: will return to norm and therefore 21 to 23 is a comfortable band which we think we can operate in and builds in both of these impacts.

<unk> returned to norm and therefore, our 'twenty one to 'twenty three they're comfortable bandwidth. We think we can operate it and building both of these.

Factors that.

Rishi Basu: Thank you. I'm going to move to the questions to our journalist friends who are present here and then return to some of the questions we've received from broadcast media on text. I'm going to go to The Economic Times. Sai Ishwar joins us in person. Sai, why don't you ask your question?

Thank you.

I'm going to move to the questions to our journalist friends, who are present here and then return to.

Speaker Change: I'm going to move to the questions to our journalist friends who are present here and then return to some of the questions we've received from broadcast media on tech.

Some of the questions. We've received from broadcast media on text.

Speaker Change: So I'm going to go to the economic times. Sai Ishwar joins us in person. Sai, why don't you ask your question?

So I'm going to go to the economic times.

Issuer joined US in person site why don't you ask your question.

Sai Ishwar: Hi. Hi, sir. Could you tell us, like, recently in a brokerage event, you said your platforms and products and platforms business is doing well. Could you give us some color on what's happening there? Also, could you give us, like, overall, what percentage of your revenue is from the platform business? Also talking about this recent influx of GCCs in India from global MNCs, have you entered into any partnerships recently? Do you see that also aiding revenue or expanding your partnerships with global companies? Yeah. Thanks.

Hi.

Hi, Sharon.

Si: So, could you tell us like recently in a brokerage event, you said your platforms and products and platforms where business is doing well, so could you give us some color on what's happening there? Also, could you give us like overall percentage of what percentage of your revenue is from the platform business?

So could.

Could you tell us like.

Recently.

But a brokerage.

Event, you said youre platforms and products and platforms business is doing well. So could you just give us some color on what's happening. There also could you give us a like all percentage of what percentage of your revenues from the platform business and also talking about this a reason influx of gcc's.

Si: and also talking about this recent influx of GCCs in India from global MNCs. So have you entered into any partnerships recently and do you see that also aiding revenue or expanding your partnerships with global companies?

India.

Our global MNC. So have you entered into any partnerships.

Recently and do you see that also aiding revenue.

Expanding your partnerships with global companies.

Yeah. Thanks.

Salil Parekh: Thanks for that question. I think on the platforms and products. First, we have a very strong business, as you know, in Finacle in the banking sector. It's a completely digital core banking product today. We see continued traction in the growth that we are seeing there. We don't break that out individually, but we see good traction with that business. We are also putting together other platforms. For example, we have a platform called Equinox. This platform is focused on e-commerce, on retail companies. We had a very large deal win in Q4, which is built on the Equinox platform. We are starting to see traction across multiple of these areas that we've put in place. We've also had a platform on insurance with McCamish, which is working well.

Speaker Change: Thanks for that question. I think on the platforms and products, so first we have a very strong business as you know in Finnacle in the banking sector, it's a completely digital core banking product today and we see continued traction in the growth that we are seeing there. We don't break that out individually, but we see good traction with that business. We are also putting together other platforms. For example, we have a platform called

Thanks for that question I think on the platforms.

And product. So first we have a very strong business as you know in finical in the banking sector, it's a completely digital.

Our core banking product today, and we see continued traction and the growth that we're seeing there we don't break that out.

Individually would we see a good traction with that business. We are also putting together other platforms. For example, we have a platform called equinox. This platform is focused on E. Commerce on retail companies, we had a very large.

Salil Parekh: This platform is focused on e-commerce, on retail companies. We had a very large deal win in Q4, which is built on the Equinox platform. We are starting to see traction across multiple of these areas that we've put in place. We've also had a platform on insurance with McCamish, which is working well.

Speaker Change: This platform is focused on e-commerce, on retail companies. We had a very large deal win in Q4, which is built on the Equinox platform. And we are starting to see traction across multiple of these areas that we've put in place. We've also had a platform on insurance with McImish, which is working well. We don't disclose the platform and product revenue breakup, but we are comfortable with how we are seeing the growth and the traction in that at this.

Deal win in Q4, which is built on the equinox platform and we are starting to see traction across multiple of these areas that we've put in place. We've also had a platform on insurance with Mccamish, which is working well we don't disclose the.

Salil Parekh: We don't disclose the platform and product revenue breakup, but we are comfortable with how we are seeing the growth and the traction in that at this stage. The global companies with the centers, yeah. We have very strong partnerships with the global companies that have centers in India. We see a life cycle with them at the early stages. If you look back five, 10 years and as you look ahead, at the early stages, there's a strong interest in partnering as a scaling up. In the middle stages to make sure there's more efficiency, and in the later stages to see if we can take those over and transform them. We are working with clients in all these different stages.

Our platform and product revenue breakup, but we're comfortable with how we're seeing the growth and the traction in that at this stage.

Speaker Change: and the global companies with the centers here. So we have very strong partnerships with the global companies that have centers in India. And we see a life cycle with them at the early stages. So if you look back five, 10 years, and as you look ahead.

And the global companies with the centers here. So we have very strong partnerships with the global companies that have centers in India, and we see a lifecycle with them at the early stages. If you look back 510 years and as you look ahead.

Speaker Change: At the early stages, there's a strong interest in partnering as the scaling up in the middle stages to make sure there's more efficiency and in the later stages to see if we can take those over and transform them and we are working with clients in all these different stages, we are in conversations.

The early stages, there's a strong interest in partnering as the scaling up in the middle stages to make sure theres more efficiency and in the later stages to see if we can take those over and transform them and we are working with clients in all of these different stages, we are in conversations.

Salil Parekh: In the middle stages to make sure there's more efficiency, and in the later stages to see if we can take those over and transform them. We are working with clients in all these different stages.

Salil Parekh: We are in conversations in actual work with clients where they're building out a new capability. We are in discussions with clients where they're looking to see if there's something we can take over and transform completely, and all of that in between. Those are very important locations for the global clients. These are places from where the leadership of these centers in India are making global decisions for the companies. We are quite fortunate that we are partnering with many of them.

Speaker Change: in actual work with clients where they're building out a new capability. We are in discussions with clients where they're looking to see if there's something we can take over and transform completely and all of that in between. Those are very important locations.

She will work with clients, where they are building out a new capability. We are in discussions with our clients, where they're looking to see if that's something we can take over and transform completely and all of that in between those are very important locations for the global clients. These are places from where the leadership of the center.

Speaker Change: for the global clients. These are places from where the leadership of these centers in India are making global decisions for the companies. And we are quite fortunate that we are partnering with.

In India, I'm, making global decisions for the companies and we are quite fortunate that we are partnering with many of them.

Rishi Basu: Thank you. The next question is from Ayushman Baruah from Mint.

Thank you. The next question is from Irishman Baruah from the mid <unk>.

Speaker Change: Thank you. The next question is from Ayushman Barua from The Mint.

Ayushman Baruah: Hi, Salil. Firstly, what has been the impact on business from the Russia-Ukraine war, right? That's one. Point number two is you have recently launched the Infosys Metaverse Foundry, right? What has been the initial traction? Have you managed to win any contracts or deals with regards to this? Thank you.

Speaker Change: Firstly, what has been the impact on business from the Russia-Ukraine war, that's one. And point number two is you have recently launched the Infosys Metaverse Foundry. So what has been the initial traction? Have you managed to win any contracts or deals with regards to this? Thank you.

Hi, Sal.

Firstly.

What has been the impact on the business from the Russia, Ukraine War right. That's one.

Point number two is you have recently launched the Infosys meta was foundry right. So what has been the initial traction have you managed to win any contracts. So deals with regards to these this thank you so.

Salil Parekh: First, with respect to the situation in Europe. Infosys as a company very much would like to see that the two sides come together and come to some agreement on peace. We've also launched a fund for $1 million to help on the humanitarian areas. Given what is going on in the region, we have started to transition all of our work from our centers in Russia to our centers outside Russia. We have less than 100 employees in Russia. We work with no Russian clients. The work we do is with a small number of global clients in Russia, for which, as I just mentioned, we started the transition.

Speaker Change: first with respect to the situation in Europe , Infosys as a company

So first with respect to the situation.

In Europe .

Infosys as a company.

Very much.

Speaker Change: very much would like to see that the two sides come together and come to some agreement on peace. We've also launched

I would like to see that the two sides come together and come to some agreement on piece. We've also launched.

A fund were $1 million to help on the humanitarian areas.

Speaker Change: fund for $1 million to help on the humanitarian areas, given what is going on in the region, we have started to transition all of our work from our centers in Russia, from in Russia to our centers outside Russia. We have less than 100 employees in Russia. We work with no Russian

Given what is going on in the region.

We have started to transition all of our work from our centers.

In Russia from from in Russia to our centers outside Russia, we have less than 100 employees in Russia, we work with know Russian clients.

Speaker Change: And the work we do is with a small number of global clients in Russia, for which, as I just mentioned, we started.

The work, we do is with the small number of global clients in Russia, which as I. Just mentioned we started the transition. So at this stage, we have no impact within our business given what is going on from an Infosys perspective. Once again, we are very much concerned with what is going on there.

Salil Parekh: At this stage, we have no impact within our business given what is going on from an Infosys perspective. Once again, we are very much concerned with what is going on on the ground, and we are doing everything we can to help. We're also providing some assistance for reskilling of individuals that are displaced and seeing as they move to other geographies, if they can work in some of our locations in Eastern Europe.

Speaker Change: So at this stage, we have no impact within our business given what is going on from an Infosys perspective. Once again, we are very much concerned with what is going on on the ground and we're doing everything we can to help. We're also providing some assistance for reskilling of individuals that are displaced and seeing as they move to other geographies, if they can work in some of our locations in Eastern Europe .

Ground and were doing everything we can to help we also providing some assistance for re skilling of individuals that are displaced and seeing as they move to other geographies. If they can work in some of our locations in eastern Europe .

Ayushman Baruah: Are you clear that you don't do business with Russian clients?

Hi.

Yes.

Salil Parekh: Yeah. We don't do any business with Russian clients today. We have no plans of doing any business going ahead.

Speaker Change: So, we don't do any business with Russian clients today and we have no plans of doing any business going ahead.

Yeah. So we don't do any business with Russian clients today.

And we have no plans of doing any business going ahead.

Ayushman Baruah: The other one was on the metaverse.

Salil Parekh: The Metaverse has been an incredible launch. I'm glad you mentioned it. We have created an ecosystem, a Metaverse Foundry, which was launched a few days ago. We are already in active discussions with several clients to start to see how they can use it. There are examples, whether on AR, VR. There are examples where we're already using, for example, the work we do in supporting ATP. There's active work in the manufacturing segment because there's a lot of use within the Metaverse of what is going on in supporting, whether it's training, whether it's security, whether it's safety procedures. A lot of discussions. We are excited about it, and our clients are excited about it.

The meta was has been an incredible launch I'm glad you mentioned it. So we have created an ecosystem of meta versus foundry, which was launched a few days ago and we are already in active discussions with several clients.

Speaker Change: Metaverse has been an incredible launch. I'm glad you mentioned it. So, we have created

Speaker Change: an ecosystem, a metaverse foundry which was launched a few days ago. We are already in active discussions with several clients to start to see how they can use it. There are examples whether on

And to start to see how they can use it there are examples whether on a AR VR that I examples where if you're already using for example, the work we do in supporting ATP.

Speaker Change: AR, VR, there are examples that we are already using, for example, the work we do in supporting ATP. There's active work in the manufacturing segment because there's a lot of use within the metaverse of what is going on in supporting whether it's training, whether it's security, whether it's safety procedures. So a lot of discussions, we are excited about it and our

As active work in the manufacturing segment, because theres a lot of us within the meta versus what is going on in supporting whether it's training, whether it's security whether it's safety procedures and so a lot of discussions we are excited about it and our clients are excited about it.

Salil Parekh: A lot of discussions. We are excited about it, and our clients are excited about it.

Rishi Basu: Thank you. The next question is from Chandra Ranganathan, from Moneycontrol.

Thank you.

The next question is from Sander and cannot interim money control.

Chandra Ranganathan: Hey, Salil. Nilanjan. I have questions for both of you, so, you know, please bear with me. Salil, you know, the Q4 numbers, I think Rima covered it, but, you know, it's still below what the street was estimating. Are these one-off factors? Because Q1, you typically have a strong start to the year. Are these one-off factors? Will you sort of regain momentum? Because you don't have the mega deals that you had that, you know, cushioned you in the previous fiscal. I also wanted to ask you about, you know, the whole controversy around Russia. You recently closed your presence there. There are also questions about Akshata Murty's stake in Infosys.

Speaker Change: Hey Salim and Anjan, I have questions for both of you, so please bear with me.

He said in the London I have questions for both of you. So please bear with me.

Speaker Change: You know, the Q4 numbers, I think Rima covered it, but you know, it's still below what the street was estimating. So are these one-off factors? Because Q1, you typically have a strong start to the year. So are these one-off factors? Will you sort of regain momentum? Because you don't have the mega deals that you had that, you know, cushioned you in the previous fiscal.

The Q4 numbers I think remark about it but it's still below what the street was estimating so are these one off factors because Q1, you typically have a strong start to the year. So are there are these one off factors. When you started to regain momentum because you don't have the mega deals that you had that question during the <unk>.

Chandra Ranganathan: I also wanted to ask you about, you know, the whole controversy around Russia. You recently closed your presence there. There are also questions about Akshata Murty's stake in Infosys.

This fiscal I O.

Speaker Change: I also wanted to ask you about, you know, the whole controversy, first of all, the whole controversy around Russia. You recently closed your presence there. There are also questions about Akshita Murthy's stake in Enforce as well. I know, you know, you have nothing to do with it. Are these discussions happening at the board level, you know, our clients asking you about it because North America and Europe is, you know, where you get a majority of your business?

Also wanted to ask you about the <unk>.

<unk>.

First of all the whole controversy around Russia, you recently closed your plans in states that are also questions about Oxford, a moody's ups taken infosys, while I know you have nothing to do with it are these discussions happening at the board level are clients asking you about it because North America, and Europe is where you'll get a majority of your business.

Chandra Ranganathan: While I know, you know, you have nothing to do with it, are these discussions happening at the board level? You know, are clients asking you about it because North America and Europe is, you know, where you get a majority of your business. How serious are those concerns? Questions for Nilanjan. Attrition has zoomed to 27.7%. You know, TCS is still at 17%. Do you see this getting worse in the coming quarters before it gets better? What are you doing to rein in attrition? And if you can give us numbers in terms of the number of freshers hired in the previous fiscal and your fresher hiring target for this fiscal, if you can, you know, break that down for us. Thank you.

Speaker Change: So how serious are those concerns? Questions for Nilanjan, attrition has zoomed to 27.7%. You know, TCS is still at 17%. So do you see this getting worse in the coming quarters before it gets better? What are you doing to rein in attrition? And if you can give us numbers in terms of the number of freshers hired in the previous fiscal and your fresher hiring target for this fiscal, if you can, you know, break that down for us. Thank you.

So how serious are those concerns.

Since when the luncheon attrition has zoomed to 27, 7%.

Yes, it's still at 17%. So do you see this getting worse in the coming quarters before it gets better what are you doing to regain attrition and if you can give us numbers in terms of the number of insurance hired.

Chandra Ranganathan: What are you doing to rein in attrition? And if you can give us numbers in terms of the number of freshers hired in the previous fiscal and your fresher hiring target for this fiscal, if you can, you know, break that down for us. Thank you.

In the previous the school and the all flash all hiring target for this fixed because if you can break that down for us. Thank you.

Salil Parekh: Thanks, Chandra. I think on the first one, we had very strong volume growth in Q4. As you mentioned, this is a one-off, as Nilanjan was sharing with a client, which relates to a contract situation. We fully expect that this will be reversed in the coming quarters. We see very good momentum into our business as we look ahead. Our view is, with the guidance we've given 13% to 15% growth, and the fact that we have a significant new number of recruits in Q4 22,000. We have clear understanding that we are in a good place and the growth there is working well. With respect to the discussions in the UK, we have no comments to make on any individual shareholders.

Speaker Change: Thanks, Sanjay. I think on the first one, we had very strong volume growth in Q4. As you mentioned, this is a one-off, as Nilanjan was sharing with the client, which relates to contract situation. We fully expect that this will be reversed in the coming quarters. We see very good momentum into our business as we look ahead.

Thanks, Andrew I think on the first one.

You had very strong volume growth in Q4 as you mentioned this is a one off as the London was sharing with our client which relates to our call.

Contract.

Situation, we fully expect that this will be reversed in the coming quarters, we see very good momentum into a business as we look ahead.

Speaker Change: Our view is with the guidance we have given 13 to 15% growth and the fact that we have a significant new number of recruits in Q4 2022, we have clear understanding that we are in a good place and the growth there is working well.

Our view is with the guidance, we've given 13% to 15% growth.

And the fact that we have a significant new number of recruits.

Q4 22000.

Salil Parekh: We have clear understanding that we are in a good place and the growth there is working well. With respect to the discussions in the UK, we have no comments to make on any individual shareholders.

We have a clear understanding that we had a good place and the growth there is working well.

Speaker Change: with respect to the discussions in the UK.

With respect to.

The discussions in the U K.

<unk>.

Speaker Change: We have no comments to make on any individual shareholders. Our approach in Russia, I just outlined, we are transitioning our work from Russia and we have a real concern for what is going on on the ground and we are providing humanitarian support and help on that.

We have no comments to make on any individual shareholders. Our approach on Russia. Just outlined we are transitioning our work from Russia, and we have a real concern for what is going on on the ground and we are providing humanitarian support and help on that.

Salil Parekh: Our approach in Russia, I just outlined, we are transitioning our work from Russia, and we have a real concern for what is going on on the ground, and we are providing humanitarian support and help on that.

Chandra Ranganathan: These operations in Russia came on the back of that controversy. That's why I'm asking you since, you know, she's part of the promoter family, is this a concern? Has it been taken up at the board level?

On the backlog.

That's fine.

Has it been picking up.

Salil Parekh: There again, I have no comments to offer on any individual shareholder with the company. Our approach has been driven essentially by what we see, the work that we are doing in that location, how we have to manage the delivery of that work, and what are the implications to our employees that are in that location. Those were mainly the factors that we looked at, and that was a discussion that we had within the management and the leadership team.

Speaker Change: So there again, I have no comments to offer on any individual shareholder with the company. Our approach has been driven essentially by what we see the work that we are doing in that location, how we have to manage the delivery of that work and what are the implications to our employees that are in that location. Those were mainly the factors that we looked at and that was a discussion that we had within the management and the leadership team.

But then again I have no no comments too off on any individual shareholder.

The company.

Our approach has been driven essentially by what we see the work that we're doing in that location are how we have to manage the delivery of that work and what are the implications to our employees that are in that location and those are mainly the factors that we looked at and that was a discussion that we have.

Within the management and the leadership team.

Nilanjan Roy: Yeah. Just to add to Salil's point. I think in Q4, if you see our year-on-year, we ending the year at 20.6%. The full year is 19.7%. It's very important not to get fixated just on the quarter. Our exit velocity is very high. The volumes are very good for the quarter. There is some seasonality on the revenue line, as well, which I talked about. I think overall that's giving us a guidance. I think 13% to 15%, I don't recall in the last 10 years if we've given such a guidance, Salil. I think that's something as well. Your questions were on, attrition as well.

Yes.

Speaker Change: Just to add to Salil's point, I think in quarter four, if you see a year on year, we ending the year at 20.6.

Just to add to with a little point I think in quarter four we could see a year on year. We ended the year at 26.

Speaker Change: The full year is 19.7. It's very important not to get fixated just on the quarter. So our exit velocity is very high. The volumes are very good for the quarter. There is some seasonality on the revenue line as well, which I talked about. But I think overall, that's giving us the guidance. I think 13 to 15. I don't recall in the last 10 years if we've given such a guidance.

Full year $19 seven it's very important not to get fixated just on the quarter. So our exit velocity is very high.

The volumes are very good for the quarter. There is some seasonality on the revenue line as well, which I talked about but I think overall, that's giving US a guidance I think 13 to 15 I don't recall in the locked any other video inside your guidance and so I think that's something as well all your questions were on attrition.

Speaker Change: So I think that's something as well. Your questions were on attrition and the pressure hiring.

Chandra Ranganathan: The fresher hiring.

And the fresher hiring.

Nilanjan Roy: The fresher hiring. In the last year, we hired 85,000 freshers across both globally and in India. The year before, I think it was the pandemic year. I don't think there were many hires, maybe few thousand. We are planning to do upwards of 50,000 at least, and we will see how that plays out. That's just initial. The good news is we have these two bright gentlemen who have mastered the art of off-campus recruitment. Earlier the engine used to just be go to the campus, and we used to actually not have any flexibility in our volumes. I think today we have that flexibility to ramp up volumes anytime.

Speaker Change: So in the last year, we've hired 85,000 freshers across both globally and in India. And the year before, I think the pandemic year, I don't think there were many hires, maybe a few thousand.

So in the last year, we hired 85000.

Pressures across both globally and in India, and the year before the.

The pandemic there I don't think there was many hundreds maybe thousands.

Speaker Change: And we are planning to do upwards of 50,000 at least. And we will see how that plays out. But that's just initial. And the good news is we have these two bright gentlemen who have mastered the art of off-campus recruitment. Earlier, the engine used to just go to the campus and these two actually not have any flexibility in our volume.

And we will we are planning to do upwards of 50000 at least.

And we will see how that plays out but that his initial and the good news is we have these two bright gentleman who have.

Mastered the art of off campus recruitment earlier, the engineers to just be go to the campus and we used to actually not have any flexibility in our volumes.

Speaker Change: I think today we have the flexibility to ramp up volumes anytime and I think this year, I mean, we had no idea that we would be able to service a 20% demand with a limited pressure set. So that's working very well. Attrition is 27.7 on a LTM basis, which is last 12 months. Actually, attrition for the quarter has come down by close to 5%.

Today, we have the flexibility to ramp up volumes anytime and I think this year I mean, we had no idea that we would be able to service a 20% demand right.

Nilanjan Roy: I think this year, I mean, we had no idea that we would be able to service a 20% demand, right? With a limited fresher set. That's working very well. Attrition is 27.7% on a LTM basis, which is last twelve months. Actually, attrition for the quarter has come down by close to 5%, both in percentage and in absolute headcount. We talked in last quarter, attrition had actually stabilized. In this quarter we are seeing both as a percentage for the quarter. Of course, the tail effect being you're seeing it on annual basis will continue to climb. But the good news is we've seen some of the stability and hopefully with the interventions we are looking at and with the first April comp hike planned, we should continue to see some improvement in that.

Limited Fisher said, so that's looking very well attrition is $27 seven on an LTM basis. We did last 12 months actually attrition for the quarter has come down by close to 5% Boston authentic and an absolute head count. So we talked in last quarter attrition that actually stabilized and in this quarter, we are seeing both as a percentage.

Speaker Change: both in percentage and in absolute headcount. So we talked in last quarter, attrition had actually stabilized. And in this quarter, we are seeing both as a percentage for the quarter. Of course, the tail effect being using it on an annual basis will continue to climb. But the good news is we've seen some of the stability and hopefully with the interventions we are looking at and with the first April hike planned, we should continue to see some improvement in that. Thank you.

Nilanjan Roy: Of course, the tail effect being you're seeing it on annual basis will continue to climb. But the good news is we've seen some of the stability and hopefully with the interventions we are looking at and with the first April comp hike planned, we should continue to see some improvement in that.

The quarter of course, the tail effect being you're seeing it on an annual basis will continue to climb but the good news is we've seen some of that stability and hopefully the interventions. We are looking at with the first April comp plan, we should continue to see some improvement in that.

Salil Parekh: Thank you. Swati, if there's time later. Next question. Later, Chandra, if we'll have to come back to you. There are a lot of people. Sorry. The next question is from Reuters, N. Sethuraman.

Rishi Basu: Thank you. Swati, if there's time later. Next question. Later, Chandra, if we'll have to come back to you. There are a lot of people. Sorry. The next question is from Reuters, N. Sethuraman.

Thank you, but if there's time later.

The next question.

Speaker Change: later. Chandra, we'll have to come back to you, there are a lot of people, sorry.

Sandra will have to come back to you there are a lot of people sorry.

Speaker Change: The next question is from Reuters News in Sethuraman.

The next question is from Reuters news and Fay to Raman.

N. Sethuraman: Sir, could you please be more specific about like what exactly was the business in Russia and like what exactly are you moving out? You said like there's no impact on ops. If there is no impact on ops, like what is the work earlier being done in Russia? What is the impact of Finacle? Because like you had been working with some clients for Finacle in Russia. Alpha Bank was part of it, right? Like there was a blockchain environment that was created a couple of years back and it was tested. What is the update on that? You said like there's no plan to work with like clients going forward in Russia.

So could you please be poised to seek public one.

Speaker Change: Sir, could you please be more specific about like what exactly was the business in Russia and like what exactly are you moving out and you said like there's no impact on off.

Exactly what is the business in Russia, Nick what exactly moving out and you said like there's no impact on ops.

Speaker Change: So if there is no impact on ops, like what was the work earlier being done in Russia? And what is the impact of Finacle? Because you had been working with some clients for Finacle in Russia.

If there was no impact on ops like what are the local youre being done in Russia.

What is the impact of nickel because like you Hi Dara.

You had been working with.

Some claims for pinnacle in Russia.

Speaker Change: alpha bank is part of it, there is a block chain.

Bankers perfect right like those.

There was a block chain.

Speaker Change: environment that was created a couple of years back and it was tested and what is the update on that?

And when does this create a couple of years back when it is tested and what's the update on that and you suddenly there is no plan.

Speaker Change: And you said like there is no plan to work with like clients going forward in Russia. So it means that like.

To work with like claims going forward in Russia, So which means the like.

N. Sethuraman: Which means that like, there are a lot of major banks there, like under sanctions. What would be the impact of your Financial Services and banks business if you are moving out of the region, and like because it's all interlinked, right? Like in Europe. Could you be more specific about like those ops that you are moving out? Could you please also help me out like what like how many resources were there in place in Russia, and like what exactly is the plan for them? Is there any sale you are considering for the Russia ops? I think it's not a 100 percent subsidiary for you.

Speaker Change: So there are a lot of major banks there like under sanctions, so what would be the impact of your financial services and banks business if you are moving out of the region and like because it's.

So the large major banks there like on the sanctions so what would be the impact of your financials lenses and banks business.

If you're moving out of the region and like because it's it's all entering trade like in Europe would be most placebo those office there youre moving out and could you. Please help me.

Speaker Change: It's all interlinked right like in Europe could be most basic but those ops that you're moving out and could you please also help me out like What like how many resources with their in place? In Russian like what exactly is a plan for them? Is there any fail you are? considering for the Russia I think it's not a substrate hundred percent substrate for you

Uh huh.

These loses were there in place.

In Russia, and like what exactly is the plan for them is there anything you are considering.

Considering for the Russia, I think its not a subsidiary 100% of St.

Salil Parekh: Thanks for the question. I think, the work we do is for a few of our global clients that have operations in Russia. We have less than 100 employees in Russia, working with our clients. We've initiated how we can transition some of that work, all of that work outside of Russia. We have no work with any Russian client today, and we have no plans for any work with any Russian client going ahead.

Speaker Change: So thanks for the question. I think the work we do is for a few of our global clients that have operations in Russia. We have less than 100 employees in Russia working with our clients. We are in the process. We've initiated how we can transition some of that work, all of that work outside of Russia.

So thanks for the question I think.

The work we do is for a few of our global clients that have operations in Russia.

We have less than 100 employees in Russia.

Working with our clients we are in the process. We have initiated how we can transition some of that work.

All of that work outside of Russia.

Speaker Change: We have no work with any Russian client today and we have no plans for any work with any Russian client going ahead.

We have no work with any Russian clients today, and we have no plans for any work with any Russian client going at.

N. Sethuraman: The Finacle part about the

Salil Parekh: We have no work with any Russian client today, and no plans for any work going ahead. Finacle of course works with companies, but not in Russia. They work with banks all over the world. That market was not a market that we were servicing in the past as well. We have no active clients in Russia and no plans for any more clients there. There are less than a hundred.

Speaker Change: We have no work with any Russian client today and no plans for any work going ahead. Finical, of course, works with companies but not in Russia. So they work with banks all over the world. But that market was not a market that we were servicing in the past as well. So we have no active clients in Russia and no plans for any more.

We have no work with any Russian client today.

No plans for any work going ahead.

<unk> of course.

Works with companies, but not in Russia, So they work with banks all over the world.

That market was not a market that we were servicing.

In the past as well so we have no active clients in Russia, and no plans for any more clients.

Yeah.

Speaker Change: There are less than 100. I think probably less than what does this room. Thank you.

Rishi Basu: I think probably less than what there is in this room.

N. Sethuraman: I think probably less than what there is in this room.

That Alison on it I think probably less in this room.

Salil Parekh: Thank you. The next question is from Reshab Shaw from Deccan Herald.

Rishi Basu: Thank you. The next question is from Reshab Shaw from Deccan Herald.

[laughter].

Thank you.

The next question is from Richard Shaw from Deccan Herald.

Speaker Change: Hi, gentlemen. So my question is, have you gained market share from some of your bigger rivals? And so you spoke about attrition. I never have been spoken, but are we, you know, is the worst behind us? And the third question is, okay, so you spoke about Russia. So in Eastern Europe , what's your presence?

Reshab Shaw: Hi, gentlemen. My question is, have you gained market share from some of your bigger rivals? You spoke about attrition. Enough has been spoken, but are we, you know, is the worst behind us? The third question is, okay, so you spoke about Russia. In Eastern Europe, what's your presence?

Hi, gentlemen.

So my question is have you gained market share from some of your bigger language and.

So you spoke about attrition.

And if there's been a booking but avi.

Is the worst behind us and the third question is okay.

Okay. So you spoke about.

Two in eastern Europe , what's your presence.

Salil Parekh: On market share, we are clearly gaining market share in our view. At 19.7%, from what we understand, we are one of the fastest-growing. All of this growth was based on an organic basis, and we see the tremendous traction we have with clients that gives us an increase in the market share. On attrition, as Nilanjan shared, in the quarter, the attrition was about 5 points lower than in the previous quarter. Everything we see gives us a view that attrition is coming more and more into the range that we would become comfortable with. We will see how that progresses. We are actively working on many of the initiatives that are helping on this.

Speaker Change: So on market share we are clearly gaining market share in our view at 19.7% from what we understand we are one of the fastest growing all of this growth was based on an organic basis and we see the tremendous traction we have with clients and that gives us an increase in the market share.

So.

On market share, we are clearly gaining market share in our view.

At 19.7%.

From what we understand we are one of the fastest growing.

All of this growth was based on an organic basis.

We see the tremendous traction we have with clients and that gives us an increase in the market share.

Speaker Change: On attrition, as Nilanjan shared, in the quarter, the attrition was about five points lower than in the previous quarter. And everything we see gives us a view that that attrition is coming more and more into the range that we would become comfortable with. We will see how that progresses. We are actively working on many of the initiatives that are helping on this.

On attrition as the London shed.

In the quarter, the attrition was about five points lower than in the previous quarter and everything we see gives us a view that that attrition is coming more and more into the range that we would become comfortable with we will see how that progresses.

Salil Parekh: Everything we see gives us a view that attrition is coming more and more into the range that we would become comfortable with. We will see how that progresses. We are actively working on many of the initiatives that are helping on this.

Actively working on many of the initiatives that are helping on this.

Rishi Basu: Thank you. The next question is from Uma Kannan from The New Indian Express.

Thank you.

The next question is from Omar coming from the New Indian Express.

Uma Kannan: Congrats on a strong execution in the quarter, and it's fantastic to see you all in person here. Yeah. My question is, considering the present geopolitical risks, since you have presence in Eastern Europe, are you planning to increase local talent there? Since you were talking about skilling there. Are you planning to increase there? And my next question is, on workforce. Are you facing any challenges in terms of A, retaining employees and B, bringing them back to base locations? Thank you.

Speaker Change: Congrats on your strong execution in the quarter and it's fantastic to see you all in person here.

Congrats on a strong execution in the Guangdong and it's fantastic to see you all in person here.

Speaker Change: My question is, considering the present geopolitical risk...

Yeah. My question is considering the present geopolitical risks.

Speaker Change: since you have presence in Eastern Europe , are you planning to increase local talent there, since you were talking about skilling there? So are you planning to increase there? And my next question is on workforce. Are you facing any challenges in terms of A, retaining employees and B, bringing them back to base locations?

And do you have presence in eastern Europe are you planning to increase local talent it seems.

Seems you were talking about killing did so are you planning to increase.

And my next question is.

On workforce.

Phasing any challenges in terms of AP dining employees and be bringing them back to base locations.

Salil Parekh: In Eastern Europe, I mean, putting aside the geopolitical point that you mentioned, I think we have a plan of expanding in Eastern Europe. We have strong locations in multiple geographies. We are growing all of those locations. We had an approach, as you know, over the last few years for localization. And in that light, we've already expanded quite significantly, whether it's Poland or Romania, and we will continue to expand in the Eastern European geography. We have the work that is done there is really strong, and we believe that will continue to expand. The second one was?

Speaker Change: So on Eastern Europe , putting aside the geopolitical point that you mentioned, I think we have a plan of expanding in Eastern Europe .

Thank you so in eastern Europe .

I mean.

Putting aside the geopolitical point that you mentioned I think we have a plan of expanding in eastern Europe , we have a strong locations in multiple geographies. We are growing all of those locations. We add an approach as you know over the last few years, while localization and in that light we've already expanded.

Speaker Change: strong locations in multiple geographies. We are growing all of those locations. We had an approach, as you know, over the last few years for localization. And in that light, we've already expanded quite significantly whether it's Poland or Romania. And we will continue to expand in the Eastern European geography.

Quite significantly whether it's Poland, Romania, and we will continue to expand in the eastern European geography, we have.

Speaker Change: the work that is done there is really strong and we believe that that will continue to expand.

The work that is done there is really strong and we believe that that will continue to expand.

The second one was.

Uma Kannan: Challenges in terms of retaining employees.

Yes.

Salil Parekh: Retaining.

Uma Kannan: bringing back employees to base locations.

Alrighty.

Sure.

Salil Parekh: As we were both mentioning, our approach to attrition, our approach to employee engagement, we're making huge changes there. We're seeing increased numbers internally on what we track with employee engagement, employee connect. What we've done as a company through the COVID period has really resonated with our employees in the flexibility that we provided, the support and the care, you know, complete support around any medical issues, the vaccination program that we ran, among other things, for our employees. Now, in terms of the base location, our approach to return to work has been to work keeping in mind what our clients are looking for and keeping in mind what our employees are comfortable with. We are slowly moving work back onto campus.

Speaker Change: So there, as we were both mentioning.

As we were both mentioning.

Our approach to attrition our approach to employee engagement, we're making huge changes there and we're seeing increased numbers internally on what we track with employee engagement employee connect what we've done as a company through the Covid period has really resonated with.

Speaker Change: our approach to attrition, our approach to employee engagement, we're making huge changes there and we're seeing increased numbers internally on what we track with employee engagement, employee connect.

Speaker Change: what we've done as a company through the COVID period has really resonated with their employees in the flexibility that we've provided and the support and the care you know complete support around any medical issues the vaccination program that we ran among other things for our employees.

Their employees and the flexibility that we've provided and the support and the cure.

A complete set.

Bought around any medical issues. The vaccination program that we ran among other things for our employees now in terms of the base location.

Salil Parekh: Now, in terms of the base location, our approach to return to work has been to work keeping in mind what our clients are looking for and keeping in mind what our employees are comfortable with. We are slowly moving work back onto campus.

Speaker Change: Now in terms of the base location, our approach to return to work has been to work

Our approach to return to work has been to work keep.

Speaker Change: keeping in mind what our clients are looking for, and keeping in mind what our employees are comfortable with, we are.

Keeping in mind, what our clients are looking for and keeping in mind, what our employees are comfortable with.

Speaker Change: slowly moving work back onto campus, we understand that some of our employees are of course not in the primary location and today the work from home is working extremely well.

Slowly moving work back onto campus, we understand.

Salil Parekh: We understand that some of our employees are, of course, not in the primary location. Today, the work from home is working extremely well. What we build as we go through the next several months and quarters will be with that flexibility. There's a tremendous advantage to the employees with the flexibility, and we will keep in mind what our clients are looking for. There are certain requirements within some clients and some industries which will require some of those teams to come back sooner. Then over time, with this massive recruitment from colleges, we also want to be aware and responsive to how we build a culture within the company going ahead and rebuild our social capital.

Some of our employees and of course not in the primary location and today. The work from home is working extremely well so what what we build as we go through the next several months and quarters, we'll be with that flexibility. There is a tremendous advantage to the employees with the flexibility and we will keep in mind what are key.

Speaker Change: So what we build as we go through the next several months and quarters will be with that flexibility. There's a tremendous advantage to the employees with the flexibility. And we will keep in mind what the clients are looking for. There are certain requirements within some clients and some industries which will require some of those teams to come back sooner.

Clients are looking for there are certain requirements within some clients in some industries, which will require some of those teams to come back sooner and then over time with this massive recruitment from colleges. We also want to be aware and responsive to how we build the culture within the company going.

Salil Parekh: Then over time, with this massive recruitment from colleges, we also want to be aware and responsive to how we build a culture within the company going ahead and rebuild our social capital.

Speaker Change: And then over time, with this massive recruitment from colleges, we also want to be aware and responsive to how we build the culture within the company going ahead and rebuild our social capital. But all of those will be done in keeping the best interests of our clients, employees, and the company in mind.

And rebuild our social capital, but all of those will be done.

Salil Parekh: All of those will be done in keeping the best interests of our clients, employees, and the company in mind.

Keeping the best interests of our clients employees and the company in mind.

Rishi Basu: Thank you. Salil, Nilanjan, I'm going to read out some questions we've got from some of our media friends who haven't been able to join us physically. We have about five or six journalists who sent questions. The first in the order is from ET Now, and the question is: The reported numbers on top line and margins are below street expectations. Was there a delay in execution? And on TCV pipeline, should we continue expecting a range of $2 to 2.5 billion going forward? Or is there a plateauing of deal wins?

Thank you.

Speaker Change: I'm going to read out some questions we've got from some of our media friends who haven't been able to join us physically. We have about five or six journalists who sent questions.

So little Melungeon I'm going to readout some questions we've got from <unk>.

Some of our media friends, who haven't been able to join US physically we have about five or six journalists to send questions.

lon: The first in the order is from ETNow and the question is, the reported numbers on top line and margins are below street expectations, was there a delay in execution? And on TCV pipeline, should we continue expecting a range of 2 to 2.5 billion dollars going forward or is there a plateauing of deal wins?

The first in the order is from ETE now and the question is the reported numbers on topline and margins are below street expectations was there a delay in execution.

And on <unk> pipeline should we continue expecting a range of $2 billion to $2.5 billion going forward or is there a plateauing of deal wins.

Salil Parekh: Let me start with that. I think on the full year, as we had shared earlier and Nilanjan mentioned, we have tremendous growth at 19.7%, and the margin at 23%, so very strong execution all around. For Q4, as Nilanjan shared and I shared, we had one-off instance which is related to a contractual situation. We see strong volume in Q4. We see very strong net addition to the employee base at 22,000. We have a very strong guidance of 13% to 15% growth. All of the factors give us a view that we see good traction in the market with our clients, and we continue on with that execution.

lon: So let me start with that. I think on the full year, as we had shared earlier and Ilanjan mentioned, we have tremendous growth at 19.7%

So let me start with that I think.

The full year as we had shared earlier and the London mentioned.

We have tremendous growth at 19, 7%.

lon: and the margin at 23%. So very strong execution all around. For Q4, as Nelanjian shared and I shared, we had one-off instance which is related to contractual situation. We see strong volume in Q4.

And the margin of 23% so very strong execution all around for Q4, as the London Shannon I shed.

<unk>.

One of <unk>.

<unk>, which is related to our call.

Contractual situation.

We see strong volume in Q4, we see very strong net addition to the employee base at 22000, and we have a very strong guidance of 13% to 15% growth. So all of the factors give us a view that we see good traction in the market with our clients.

lon: We see very strong net addition to the employee base at 22,000 and we have a very strong guidance of 13 to 15% growth. So all of the factors give us a view that we see good traction in the market with our clients and we continue on with that.

And we continue on with that execution.

Rishi Basu: Thank you. The next question is from CNBC Awaaz. They want to know if you're seeing signs of inflationary pressures on client budgets. If you could throw some light on the texture of the deals for this quarter, which sector are they from?

Speaker Change: Thank you. The next question is from CNBC Awaz.

Thank you. The next question is from CNBC Ahwaz.

Speaker Change: They want to know if you are seeing signs of inflationary pressures on client budgets and if we could throw some light on the texture of the deals for this quarter which sector are they for?

They want to know if youre seeing signs of inflationary pressures on client budgets and if you could throw some light on the texture of the deals for this quarter, which sector away from.

Salil Parekh: On the inflationary pressure, I think what we see with clients and what we see in the environment all around, we see most industries are facing inflation in their own businesses. They appreciate and understand that we also have wage increases and other aspects to our business that have been put in place. Yes, there are discussions. We are having more today with our clients, which relate to discussions on pricing. We will see as and when they convert actually into concrete steps. Certainly, there are discussions on that basis. In terms of the deals, we had a good spread across all of our sectors. We had 25 large deals in Q4, spread pretty well across most of our business segments.

Speaker Change: So, on the inflationary pressure, I think what we see with clients and what we see in the environment all around, we see in the future.

So on the inflows.

Inflationary pressure I think what we see with clients and what we see in the environment all around.

We see most industries are facing inflation in their own businesses and they appreciate and understand that we also have a wage increases and other aspects to our business that have been put in place. So yes. There are discussions we have more.

Speaker Change: Most industries are facing inflation in their own businesses and

Speaker Change: they appreciate and understand that we also have wage increases and other aspects to our business that have been put in place. So yes there are discussions we are more having today with our clients which relate to discussions on pricing. We will see as and when they convert actually into concrete steps but certainly there are discussions on that basis.

More having today with our clients, which relate to discussions on pricing, we will see as and when they convert actually into concrete steps, but certainly there are discussions on that basis.

Salil Parekh: In terms of the deals, we had a good spread across all of our sectors. We had 25 large deals in Q4, spread pretty well across most of our business segments.

Speaker Change: In terms of the deals, we had a good spread across all of our sectors.

In terms of the deals we had a good spread across all of our sectors we add.

Speaker Change: 25 large deals in Q4 spread pretty well across most of our business segment.

25 large deals in Q4 are spread pretty well across most of our business segments.

Rishi Basu: Thank you. The next question is from BloombergQuint, from Sajeet Manghat. He has one question for Salil and one for Nilanjan. Salil, with Infosys ending the year with nearly 20% dollar growth due to the FY21 base effect, and with the kind of order book we closed the year, what is the challenge to replicating a similar growth rate in FY23? For Nilanjan, the margin band maintained at 22% to 24%, what is the big challenge to the margin given cost pressures? What are the levers to ensure you're at the upper end of the band?

Thank you. The next question is from Bloomberg Quint from Sujit manga.

Speaker Change: Thank you. The next question is from Blumberg Quint from Sajis Mangas. He has one question for Salil and one for Nilanjan.

He has one question for cellular and one in London.

Speaker Change: Celil, with the, with Infosys ending the year with nearly 20% dollar growth due to the FY21 base effect and with the kind of order book we closed the year, what is the challenge to replicating a similar growth rate in FY23?

Sally will be with Infosys, ending the year with nearly 20% dollar growth due to the FY 'twenty, one base effect and with the kind of order book, we closed the year what is the challenge to replicating a similar growth rate in FY 'twenty three.

Speaker Change: And for Nilanjan, the margin band maintained at 22% to 24%, what is the big challenge to the margin given cost pressures? What are the levers to ensure you're at the upper end of the band?

And for Neil engine, the margin band maintained at 22% to 24% what is the big challenge to the margin given cost pressures what are the levers to ensure you're at the upper end of the band.

Salil Parekh: On the growth question, I think, we've really gained tremendous market share in FY22 by having the growth at close to 20%. We can see that in the way our interactions are working with clients. We can see that in the way we've done on various analyst ratings. We can see that in the way the perception of the company is positioned vis-à-vis digital with our clients. We've given a strong guidance of 13% to 15%, and we look forward to executing on that with our clients' support and trust and with the work of our employees.

Speaker Change: On the growth question, I think we were

On the growth question I think veeva.

We've really gained tremendous market share in financial year, 'twenty, two but by having the growth at close to 20%. We can see that in the way our interactions are working with clients. We can see that in the way we've done on various analyst ratings, we can see that in the way.

Speaker Change: We've really gained tremendous market share in financial year 22 by having the growth at close to 20%. We can see that in the way our interactions are working with clients. We can see that in the way we've done on various analyst ratings. We can see that in the way the perception of the company is positioned vis-a-vis digital with our clients.

The perception.

The company is positioned vis vis digital with our clients, we've given our strong guidance of 13% to 15% and we look forward to executing on that with our client support and trust and with the work of our employees.

Speaker Change: We've given a strong guidance of 13 to 15 percent and we look forward to executing on that with our clients support and trust and with the work of our employees.

Nilanjan Roy: On the margin, I think the guidance somebody mentioned as if it's been maintained at 22% to 24%. It is actually 21% to 23%, firstly. Like I mentioned earlier, as we look ahead into the year, we are very clear there's a very robust demand environment which we need to capture. This also calls for investments to be made upfront. We already talked about utilization, putting freshers early into the mix. You know, hiring 22,000 freshers even before we start next year. Some of the other headwinds of the pandemic, which we enjoyed in a way as a tailwind, which was the travel, which was also facilities, et cetera, and some of that will come back. We of course have a very strong cost optimization program which we run throughout the year.

Speaker Change: On the margin, I think the guidance somebody mentioned as if it's been maintained at 22 to 24, it is actually 21 to 23 firstly.

And on the margin I think the guidance somebody mentioned as if it's been maintained at 22 to 24.

It could be 'twenty, one to 'twenty three firstly so.

Speaker Change: Like I mentioned earlier, as we look ahead into the year, we are very clear there's a very robust demand environment which we need to capture. And this also calls for investments to be made up front. We already talked about utilization, putting freshers early into the mix, you know, hiring 22,000 freshers even before we start next year.

I've mentioned earlier.

As we look ahead into the year, we are very clear there is a very robust demand environment, which we need to capture them.

It also calls for investments to be made upfront, we already talked about utilization, putting fresh as all into the mix higher inquiry 2000, Freshers, even before we start next year and some of the other headwinds of the pandemic, but we you enjoyed as a tailwind which was the travel which was also facilities et cetera, and some of that will come back we of course have a very strong.

Nilanjan Roy: Some of the other headwinds of the pandemic, which we enjoyed in a way as a tailwind, which was the travel, which was also facilities, et cetera, and some of that will come back. We of course have a very strong cost optimization program which we run throughout the year.

Speaker Change: and some of the other headwinds of the pandemic which we enjoyed in a way as tailwind which was the travel which was also facilities etc and some of that will come back.

Speaker Change: We, of course, have a very strong cost optimization program, which we run throughout the year. This is elements of onsite offshore mix, as you all know. It's about the pyramid. It's about automation at scale. We've put bot factories across all our delivery lines, so these are reusable resources and assets which we can deploy into many of our fixed price projects.

Cost optimization program, which we run throughout the year. This is elements of onsite offshore mix as you all know it's about the pyramid, it's about automation at scale, we've put bought factories across all our delivery line.

Nilanjan Roy: This is elements of on-site offshore mix. As you all know, it's about the pyramid. It's about automation at scale. We've put bot factories across all our delivery lines. These are, you know, reusable resources and assets which we can deploy into many of our fixed price projects. Subcontractor costs, which were a massive, you know, headwind for us. My friends here, we're gonna solve it from a recruitment team this year to get us a tailwind on subcontractors. 21 to 20 is a margin band we are comfortable with. Like I said, pricing is another element. We are talking to our clients. Of course, this is a much more longer-term discussion because it only happens largely with renewal.

So these are reusable resources and assets, which we can deploy into many of our fixed price projects subcontractor costs, which were a massive.

Speaker Change: subcontractor costs, which were a massive headwind for us.

I know a headwind for us and my friends here, we're going to solve it from and recruitment team this year to get us a tailwind on subcontractors. So 21 to 20 low margin band, we are comfortable with and like I said pricing is an element we are talking to our clients of course, it's a much more longer term discussion because it only happens largely with renewal, but we can go and start pushing for things like Cola.

Speaker Change: And my friends here, we're going to solve it for a recruitment team this year to get us a tailwind on subcontractors. So 21 to 23 is a margin band we are comfortable with. And like I said, pricing is another element. We are talking to our clients.

Nilanjan Roy: 21 to 20 is a margin band we are comfortable with. Like I said, pricing is another element. We are talking to our clients. Of course, this is a much more longer-term discussion because it only happens largely with renewal.

Speaker Change: Of course, this is a much longer term discussion because it only happens largely with renewal, but we can go and start pushing for things like COLA, change requests, etc. But that's something which we really are trying to press the pedal on with our sales folks and I don't see them. I see one gentleman just meet here, but that's a very, very important part of next year's

Nilanjan Roy: We can go and start pushing for things like COLA, you know, change requests, et cetera. That's something which we really are trying to press the pedal on with our sales folks. I don't see them. I see one gentleman, Jasmeet, here. That's a very, very important part of next year's strategy.

Change requests et cetera, but that's something which we really are trying to press the pedal on with our sales folks and I don't see there might be one gentleman just media, but that's a very very important part of next year as a strategy.

Rishi Basu: Thank you. We have a couple more questions on attrition and client spending. I'll just read it out. This is from Zee Business. We have seen attrition levels rising across IT companies, and it has been similar for your company as well. When do you see this easing, and what's your strategy to control? And on the client part, how do you see client spending for FY23, and in which vertical do you see the highest spending coming?

Thank you.

We have a couple more questions on attrition and client spending I'll just read it out there for some of the business.

Speaker Change: We have a couple more questions on a cushion and and client spending. I'll just read it out. This is from V business

Speaker Change: We have seen attrition levels rising across IT companies and it has been similar for your company as well. When do you see this easing and what's your strategy to control? And on the client part, how do you see client spending for FY23 and in which vertical do you see the highest spending coming?

We have seen attrition levels rising across Iot company than it has been similar for your company as well.

When do you see this easing and what's your strategy to control.

And on the client, but how do you see clients spending for FY 'twenty, three and in which vertical do you see the highest spending coming.

Salil Parekh: On the attrition, we've already given a view on it. What we see today is attrition having come down 5 points in the quarter. We also see, as we look ahead, many of the initiatives we've put in place, whether it's greater employee engagement, the compensation reviews, different ways of people working on projects, different rates in which we go through various career progressions. All of those are some of them starting to have impact now and some over the course of the next few quarters. We feel attrition is definitely something which we've seen a small decline from the previous quarter, and we will watch it to see how it plays out in the quarters ahead.

So on the attrition.

We've already given.

Speaker Change: We've already given a view on it, what we.

View on it.

What we saw.

Speaker Change: See today is attrition having come down five points in the quarter.

<unk> today is.

Attrition, having come down five points in the quarter.

Speaker Change: We also see as we look ahead many of the initiatives we put in place whether it's greater employee engagement, the compensation reviews, different ways of people working on projects, different rates in which we go through various career progressions.

We also see as we look ahead many of the initiatives we've put in place where there is greater employee engagement.

The compensation reviews different ways of people working on projects.

Different rates in which we go through various career progression all of those.

Speaker Change: All of those are some of them starting to have impact now and some over the course of the next few quarters. We feel attrition is definitely something which we've seen a small decline from the previous quarter and we will watch it to see how it plays out in the quarters ahead.

Some of them starting to have impact now and some over the course of the next few quarters.

Salil Parekh: We feel attrition is definitely something which we've seen a small decline from the previous quarter, and we will watch it to see how it plays out in the quarters ahead.

We feel attrition.

Is definitely something which we have seen a small decline from the previous quarter and we will watch it to see how it plays out in the quarters ahead.

Salil Parekh: In terms of the client spend, we see today our pipeline is actually very strong. We see in all of our discussions, clients are more and more ready to spend, much more focused on the cloud area, very much on the data analytics business, on IoT, and lots of discussion on automation, which also has impact on cost and efficiency. In all of the elements where we have strengths, we see good traction with client discussions and client spend.

In terms of the client spend.

Speaker Change: In terms of the client spend, we see today our pipeline is actually very strong. We see in all of our discussions, clients are more and more ready to spend, much more focused on the cloud area, very much on the data analytics business.

See today, our pipeline is actually very strong.

See in all of our discussions our clients more and more ready to spend a much more focused on the cloud area very much on the data analytics business.

Speaker Change: on IOT, and lots of discussion on automation, which also has impact on cost and efficiency. So in all of the elements where we have strengths, we see good traction with client discussions and clients.

And lots of discussion on automation, which also has impact on cost and efficiency. So in all of the elements, where we have strengths, we see good traction with client discussions and plans.

Rishi Basu: Thank you. The next question is from Shivani Shinde from Business Standard. Similar to the Russia-Ukraine conflict, what is the impact of Russia-Ukraine conflict on Europe business and do you see any reservations or step back on spends? For Nilanjan, two quick questions. What are the plans on getting people back to office? In addition to Chandra's question, Shivani has asked, compared to Q3, this quarter looks soft. Can you give some more color?

Thank you.

Speaker Change: The next question is from Shivani Shinde from Business Standard, and similar to the Russia-Ukraine conflict, what is the impact of Russia-Ukraine conflict on Europe business, and do you see any reservations or step back on spend?

The next question is from Chevron it shouldn't be from from business standard and similar to the Russia, Ukraine conflict, what is the impact of Russia, Ukraine conflict on Europe business and do you see any reservations or step back on spend.

Speaker Change: And for Nilanjan, two quick questions. What are the plans on getting people back to office? And

And for Neil engine.

Two quick questions what are the plans on getting people back to office.

And.

Speaker Change: In addition to Chandra's question, Shivani has asked, compared to Q3, this quarter looks soft. Can you give some more color?

In addition to general questions. She when he had us compared to Q3 this quarter looks soft can you give some more color.

Salil Parekh: On the first point, the clients that we are working with and we are interacting with in Europe, today, we don't see any impact of the situation between Ukraine and Russia directly with those clients. We will wait and watch how that plays out. In our pipeline today, in our discussions today, we don't see any change to what they are doing with the project they're thinking of, with the transformation they're looking at, with the cost and efficiency they are looking at.

So on the first point.

The clients that we're working with and we are interacting with in Europe today, we don't see any impact of.

Speaker Change: clients that we are working with and we are interacting with in Europe today, we don't see any impact of the.

The situation between Ukraine, and Russia directly with those clients, we will wait and watch how that plays out but in our pipeline today in our discussions today, we don't see any change.

Speaker Change: the situation between Ukraine and Russia directly with those clients. We will wait and watch how that plays out, but in our pipeline today, in our discussions today, we don't see any change to what they are doing with the project they're thinking of, with the transformation they're looking at, and the cost and efficiency they're looking at.

To what Theyre doing with the project that you're thinking of with the transformation. They are looking at with a cost and efficiency. They are looking at.

Nilanjan Roy: Yes. On the return to work, we have a three-phase plan. In fact, we've rolled it out in April itself. The first phase is people who are in their home locations. In the DCs where they are, and whether it's in the base DC or they're in an upcountry town which is close to a DC, we are encouraging people to come at least twice in a week, eight days in a month, into the DCs. We are already seeing a lot of traction there. Senior leaders are already coming in and teams are already having huddles, et cetera. That's the first phase.

Speaker Change: Yes on the return to work. We have a three phase plan. In fact, we've rolled it out in April itself So the first phase is people who are in their home locations

So the return to work we will have a three phase plan in fact, we've rolled it out in April itself for the first phase is people who are in their home locations. So in the D. C is where they are.

Speaker Change: So in the DCs where they are, whether it's in the base DC or they're in an upcountry town, which is close to a DC, we are.

And they basically are there and in our country it down which is close to a b C. D. R.

Speaker Change: encouraging people to come at least twice in a week, eight days in a month into the DCs and we're already seeing a lot of traction that senior leaders are already coming in and teams are already having huddles etc, that's the first phase.

Currently people to come at least twice in a week it isn't a month into the D. C than we are already seeing a lot of traction that senior leaders already coming in and teams already having hurdles et cetera. That's the first phase. We will also now encouraged and as part of phase two encouraging people who are outside the DC towns to start making preparations over the next few months.

Nilanjan Roy: We are also now encouraged, and that's part of phase two, encouraging people who are outside their DC towns to start making preparations over the next few months, to see if they can come back into the base DC. This is again based on their individual circumstances, et cetera. Over a longer period of time, we are looking at the more hybrid sort of work. Of course, that will depend on clients, it'll depend on the regulatory environment, and a number of other considerations. This will be a phased approach and we are seeing it, really each quarter.

Speaker Change: We are also now encouraged, and that's part of phase two, encouraging people who are outside their DC towns.

Speaker Change: to start making preparations over the next few months to see if they can come back into the base DC. This is, again, based on the individual circumstances, et cetera. And then over a longer period of time, we are looking at the more hybrid sort of work. Of course, that will depend on clients. It'll depend on the regulatory environment and a number of other considerations. So this will be a phased approach, and we are seeing it really each quarter.

To see if they can come back into the base D. C. This is again based on their individual circumstances et cetera, and then over a longer period of time, we are looking at the more hybrid photo work of course that will depend on client will depend on the regulatory environment and a number of other consideration. So this will be a phased approach and we are seeing it really each quarter.

Ayushman Baruah: What percentage are coming to office versus work from home?

Rishi Basu: What percentage are coming to office versus work from home?

Nilanjan Roy: Currently working from home.

We're currently working from home.

Ayushman Baruah: Working from office or what?

Rishi Basu: Working from office or what?

Nilanjan Roy: From office. I think we're about 95% are remote and about probably 5% at tops are. If I'm not wrong. Yeah.

From office I think we are about 95% are remote and what's probably 5% of tops are if I'm not wrong here.

Speaker Change: From office, I think we have about 95% of remote and probably 5% of tops are if I'm not

Rishi Basu: Thank you. The next question is from Shilpa on similar lines. Infosys' attrition has gone up to 27.7% from 10.9% in the last one year. Despite all the measures put in place, it's a tight talent market. Do you see a downward spiral in the coming months? The second question is, the subcontracting expenses have gone up substantially to INR 16,000 crore from a little over INR 9,500 crore in the last one year. How are you revisiting the employee pyramid when there is a steady ramp up in subcontractor costs impacting margins?

Thank you. The next question is from from she'll ponds similar lines.

Speaker Change: Thank you the next question is from from shelpan similar lineines.

Speaker Change: Infosys' attrition has gone up to 27.7% from 10.9% in the last one year. Despite all the measures put in place, it's a tight talent market. Do you see a downward spiral in the coming months?

Infosys is attrition has gone up to 27, 7% from 10, 9% in the last one year. Despite all the measures put in place at the tight talent market do you see a downward spiral in the coming months and the second question is the subcontract subcontracting expenses have gone up substantially to 16000 crore from little over.

Speaker Change: And the second question is the subcontracting expenses have gone up substantially to 16,000 crore from a little over 9,500 crore in the last one year.

9.9 thousand 500 crore in the last one year.

Speaker Change: How are you revisiting the employee pyramid when there is a steady ramp-up in subcontractor costs impacting market?

Are you revisiting the employee pyramid when there is a steady ramp up in subcontractor costs impacting margins.

Salil Parekh: Sir, take it. On the attrition, what we see today is, in Q4 our attrition is down by about five points from the previous quarter. We also see that many of the initiatives that we've put in place with regard to employee greater engagement, compensation, rotation of work, career progression, those are already starting to have an impact, and we anticipate they'll have an impact over the coming quarters. We believe we have several of these initiatives in place that will help us as we go ahead. What was the second part?

Okay.

Speaker Change: On the attrition, the what we see today is.

On the attrition.

The what we see today is.

In Q4, our attrition is down by about five points from the previous quarter.

Speaker Change: In Q4, our attrition is down by about five points from the previous quarter.

Speaker Change: We also see that many of the initiatives that we've put in place with regard to employee greater engagement, compensation, rotation of work, career progression, those are already starting to have an impact and we anticipate they'll have an impact over the coming quarters. So we believe we have several of these initiatives in place that will help us as we go ahead.

We also see that many of the initiatives that we've put in place with regard to employee greater engagement compensation.

Rotation of work career progression those are already starting to have an impact and we anticipate they will have an impact over the coming quarters.

So we believe we have several of these initiatives in place that will help us as we go ahead.

What was the second.

Rishi Basu: The second was on subcontractor costs.

The second was in subcontractor costs Umpqua.

Salil Parekh: Subcon. You wanna do that?

Nilanjan Roy: I can do it. You know, just to add to Salil's thing on attrition. I think firstly it's important to understand, is we are in an environment where demand is chasing supply. I mean, this is an industry to be in, right? If you are in an industry where actually supply chases demand, you have 10 times worse problems. That's in a way a good problem to have. The way we have to fulfill this demand is through freshers, right? Otherwise attrition is rotational. It is zero. It's a net zero game. My attrition is somebody else's lateral and somebody else's attrition is my lateral. End of the day, as the freshers feed into this entire system across all companies, we've put 80,000. There are larger peers, somebody who's put, you know, 100,000 plus.

Speaker Change: I can do it. Just to add to Salil Singh on attrition, I think firstly, it's important to understand that we are in an environment where demand is saving supply.

I can do it you have to act with a lifting on attrition I think it's important to understand is we are in an environment, where demand is getting supply I mean, this is an industry to be in right. If you are in this industry. We're actually supply to end use demand you have 10 diverse problems. So that's very.

Speaker Change: I mean, this is an industry to be in, right? If you're in an industry where, at least, supply changes demand, you have 10 times worse problems. So that's, in a way, a good problem to have.

Good problem to have and the way we have to fulfill the demand. It's refresher right advisor attrition is well tested at a zero net zero gave my attrition if somebody else's lateral at somebody else's that attrition with my lateral so end of the day as the fractures feeding into this entire system across all our companies. We put 80000 they are larger peer somebody.

Speaker Change: And the way we have to fulfill this demand is through freshers, right? Otherwise, attrition is rotational, it is zero, it's a net zero game. My attrition is somebody else's lateral and somebody else's attrition is my lateral. So, end of the day, as the freshers feed in into this entire system across all companies, we've put 80,000, there are larger payers, somebody who's put 100,000 plus. So once these freshers feed in, they take three to four months to come into production, etc.

Nilanjan Roy: End of the day, as the freshers feed into this entire system across all companies, we've put 80,000. There are larger peers, somebody who's put, you know, 100,000 plus.

Nilanjan Roy: Once these freshers feed in, they take 3 to 4 months to come into production, et cetera. That's the time you will start seeing this benefit of this coming into the overall, you know, macro environment of the hiring market as well. Now, until then, you have to make sure that you are also meeting that demand and not leaving demand on the table, right? Which is why you go for subcons. You of course have to pay higher for lateral compensations, et cetera. Like I said, this is an opportunity to grab demand. These are deals which are going 5 years, 7 years. You don't want to leave them on the table because you're not able to fulfill them for a year.

100000, plus a one P sectors feed and they take three to four months to come into production et cetera, and that's the time you will start seeing this benefit of this coming into the overall.

Speaker Change: And that's the time you will start seeing this benefit of this coming into the overall you know macro environment of the hiring market

No.

Macro environment of the housing market as well now until then you have to make sure that you are also meet meeting that demand and not leaving demand on the table right, which is why you would go for before sub cons, you've got have to pay higher for lateral compensation et cetera, but like I said. This is an opportunity to grab demand. These are deals which are going five years seven years, you don't want to leave them on the table.

Speaker Change: Now until then, you have to make sure that you are also meeting that demand and not leaving demand on the table, which is why you go for sub-cons, you of course have to pay higher for lateral compensations, etc. But like I said, this is an opportunity to grab demand. These are deals which are going five years, seven years, you don't want to leave them on the table because you're not able to fulfill them for a year.

Nilanjan Roy: These are deals which are going 5 years, 7 years. You don't want to leave them on the table because you're not able to fulfill them for a year.

Because you're not able to fulfill them for a year and so I think over a period of six months et cetera, definitely with pressures coming in into the entire industry and you will see a moderation of this from a more macro perspective, and coupons and one of them, where we're already seeing a plateauing of our sub concourse I think the last quarter and this quarter and of course, we've planned as part of the year. This will definitely ramped down.

Nilanjan Roy: I think over a period of, you know, six months, et cetera, definitely with freshers coming in into the entire industry and you will see a moderation of this from a more macro perspective. Subcons is one of them where we're already seeing a plateauing of our subcon costs. I think the last quarter and this quarter and of course we've planned as part of the year, this will definitely ramp down.

Speaker Change: And so I think over a period of six months, et cetera, definitely with pressures coming in into the entire industry. And you will see a moderation of this from a more maximum.

Speaker Change: And Subcon is one of them where we are already seeing a platinuing of our Subcon costs. I think the last quarter and this quarter, and of course we have planned as part of the year, this will definitely ramp down.

Rishi Basu: Thank you. We've covered all our questions from our friends from media. Chandra, I can give you time for one more question, and I have one more question from Economic Times on text. Okay. Swati, one question, please.

Thank you.

We've covered all our questions from our friends from media and that I can give you a time for one more question and then I have one more question from economic times on text.

Speaker Change: We've covered all our questions from our friends from media. Chandra, I can give you time for one more question. And I have one more question from Economic Times on text.

Okay.

The one question please.

Ayushman Baruah: Yeah.

Rishi Basu: Yeah.

Rishi Basu: No, just one, Chandra, please. Either you or Swati, one question.

Speaker Change: No, just one Chandra please. Either you or Swati, one question.

No just one turns I believe either you are slightly one question okay.

[Journalist]: I wanna ask more about the metaverse that you said. I mean, when we spoke to Ravi last, I think couple of months back, he told about you are in conversation with a lot of clients. How are you actually looking at it? Is it going to be a separate service unit? What is the scale of people working here? Any metrics you can share. Internally, are you looking at any metrics to measure? Because suddenly everyone is, like, talking about metaverse and actively looking at, I mean, in talks with clients to, like, take this forward.

[Analyst]: I wanna ask more about the metaverse that you said. I mean, when we spoke to Ravi last, I think couple of months back, he told about you are in conversation with a lot of clients. How are you actually looking at it? Is it going to be a separate service unit? What is the scale of people working here? Any metrics you can share. Internally, are you looking at any metrics to measure? Because suddenly everyone is, like, talking about metaverse and actively looking at, I mean, in talks with clients to, like, take this forward.

Speaker Change: I want to ask more about the metaverse which you said. I mean when we spoke to Ravi last, I think a couple of months back, he told about you are in conversation with a lot of clients. But how are you actually looking at it? Is it going to be a separate service unit? What is the scale of people working here and any metrics you can share internally? Are you looking at any metrics to measure? Because suddenly everyone is like talking about metaverse and actively looking at I mean in talks with clients to like take this forward.

I wonder if.

Ask more about the metals that you said I mean, when we spoke to that we lost I think couple of months back. He talked about you are in conversation with a lot of claims but how are you actually looking at it is it going to be separate. So this unit what is the scale of people working here and any metrics you can share yet internally how are you looking at any metrics.

Because suddenly everyone is talking about metabolize and actively looking at are.

I mean in talks with clients to like take this forward.

Salil Parekh: Yeah. The metaverse foundry launch was a huge success for us. What we have are a set of assets which form a part of this metaverse foundry. These are ways in which we can help our clients as they are considering their journey into the metaverse. Let's say there are different segments. In the manufacturing segment, there are clients who are considering how they can use this in terms of replicating actions on a factory floor, on training, on various areas. Where you're in retail, people are looking at the metaverse concept to demonstrate various aspects of their products to engage with the new customer who is more present in the metaverse. We have created a set of assets which can help us help our clients to engage in that activity.

Speaker Change: So the Metaverse Foundry launch was a huge success for us. What we have are a set of assets which form a part of this Metaverse Foundry. These are ways in which we can help our clients as they are considering their journey into the Metaverse.

Yeah, So the meta versus foundry launch was a huge success for us.

What we have a set of assets, which form a part of this net diverse foundry. These are ways in which we can help our clients as they are considering their journey into the matter. So.

Speaker Change: Let's say there are different segments in the manufacturing segment, there are clients who are considering how they can use this in terms of replicating actions on a factory floor, on training, on various areas.

Let's say there are different segments in the manufacturing segment. There are clients, who are considering how they can use this in terms of replicating actions on a factory floor on training on various areas.

Salil Parekh: Where you're in retail, people are looking at the metaverse concept to demonstrate various aspects of their products to engage with the new customer who is more present in the metaverse. We have created a set of assets which can help us help our clients to engage in that activity.

Speaker Change: where you are in retail, people are looking at the metaverse concept.

Retail people are looking at the meta versus.

Concept.

Speaker Change: to demonstrate various aspects of their products to engage with the new customer who is more present in the metaverse.

Demo demonstrate various aspects of their products to engage with the new customer who is more present in the metaverse, we've created a set of assets, which can help us.

Speaker Change: We have created a set of assets which can help us, help our clients to engage in that activity. And there are several discussions which are ongoing, which give us good comfort that this is starting to become important. Internally, we have some goals we've set for ourselves, which we want to drive through. And as and when we see some of those things that we can share outside, we will.

Help our clients to engage in that activity and there are several discussions which are ongoing which give us. Good comfort that this is starting to become important internally. We have some goals we've set for ourselves, which we wanted to drive thru and as and when we see some of those things that we can share outside we win.

Salil Parekh: There are several discussions which are ongoing, which give us good comfort that this is starting to become important. Internally, we have some goals we've set for ourselves, which we want to drive through. As and when we see some of those things that we can share outside, we will.

[Journalist]: Rini, what are those goals, Salil?

[Analyst]: Rini, what are those goals, Salil?

Yes.

Rishi Basu: Swati, one question.

But the one question.

[Journalist]: Yeah, it's just a follow-up. I'm done.

[Analyst]: Yeah, it's just a follow-up. I'm done.

Yes.

Salil Parekh: Those are internal goals because we see some of the things that we have in place there are giving us tremendous traction. We will also have this as part of the living labs that we have in different locations all around. We will also have this when we do events with clients. We have a way to showcase some of this. It's starting to come into it, but there are some internal goals we've set for this.

Speaker Change: Yeah so those are internal goals because we see some of the things that we have in place there are giving us tremendous traction. We will also have this as part of the living labs that we have in different locations all around. We will also have this when we do events with clients. We have a way to showcase some of this and so it's starting to come into it but there are some internal goals we've set for this.

Yeah. So those are internal goals, because we see some other things that we have in place that are giving us tremendous traction. We will also have this as part of the living labs that we have in different locations. All around we will also have this.

When we do events with clients, we have a way to showcase some of this and so it's starting to come into it but there are some internal goals we've set for this.

Rishi Basu: Thank you. Salil, we have just a couple more questions. One is from The Economic Times. Ravi says: Could you talk about a bit in detail about the demand environment and client spending in the coming year, especially where, you know, where is the demand coming from, which verticals, given the COVID situation and the geopolitical situation? And also, is the 20% growth reported, is this year, is it sustainable or a one-off? And what would you attribute this 20% growth to?

Thank you.

Finally, we have just a couple more questions. One is from the economic times, So repeat says.

Speaker Change: We have just a couple more questions. One is from the economic time. So Ruby says Could you talk about a bit in detail about the demand environment and client spending in the coming year, especially where? You know, where is the demand coming from which verticals given the covert situation and the geopolitical situation?

Could you talk about a bit in detail about the demand environment and client spending in the coming years, especially where.

Where is the demand coming from which verticals given the COVID-19 situation and the geopolitical situation.

And also is the 20% growth reported it is this year is it sustainable or a one off and what would you attribute this 20% growth too.

Speaker Change: And also is the 20% growth reported this year, is it sustainable or a one-off? And what would you attribute this 20% growth to?

Salil Parekh: On the demand environment, we see good demand across many industries, and there are different dynamics in each of the industries. You look at high tech businesses, they're looking to really connect with their customers in a different way, in a faster way, and we are part of that. They're trying to rework their supply chains given all of that's going on globally, and we are part of those discussions. We see good demand in financial services, which is our largest industry segment. There we are part of areas where this is really an ops and tech transformation programs where clients are looking to have someone who can help them with the transformation of their operations while we infuse technology and create a modernized estate for them.

So on the demand environment.

We see good demand across many industries and there are different dynamics in each of the industries. When you look at our high Tech business is they are looking to really connect with their customers in a different way in a faster way and we are part of that they're trying to rework their set.

Speaker Change: We see good demand across many industries and there are different dynamics in each of the industries. You look at height. ened.

Speaker Change: They're looking to really connect with their customers in a different way, in a faster way and we are part of that. They're trying to rework the supply chains given all of that's going on globally and we are part of those discussions. We see good demand in financial services, which is our largest industry segment.

<unk> changed given all of that is going on globally and we are part of those discussions we see good demand in financial services, which is our largest industry segment.

Salil Parekh: There we are part of areas where this is really an ops and tech transformation programs where clients are looking to have someone who can help them with the transformation of their operations while we infuse technology and create a modernized estate for them.

Speaker Change: there be a part of areas where this is really an up and tech transformation programs.

We are part of areas, where this is really an ops and tech transformation programs, where clients are looking to have someone.

Speaker Change: where clients are looking to have someone who can help them.

Who can help them with the transformation of their operations, while we infused technology and create a modernized estate for them. We have good demand in the manufacturing segment, where we see our clients looking at leveraging the Iot infrastructure, leveraging what is going on with the cloud.

Speaker Change: with the transformation of their operations while we infuse technology and create a modernized estate for them.

Salil Parekh: We have good demand in the manufacturing segment where we see clients looking at leveraging the IoT infrastructure, leveraging what is going on with the cloud, and the data center evolution. The demand is broad-based across many of our industry segments today, and we see that looking good in terms of our pipeline as we look out to this financial year.

Speaker Change: We have good demand in the manufacturing segment where we see clients looking at leveraging the IoT infrastructure, leveraging what is going on with the cloud and the data center evolution. So the demand is broad based across many of our industry segments today and we see that looking good in terms of our pipeline as we look out to this financial year. Thank you.

<unk> and data center evolution. So the demand is broad based across many of our industry segments today, and we see that.

Looking good in terms of our pipeline as we look out to this financial year.

Rishi Basu: Thank you.

[Journalist]: The second part was?

[Analyst]: The second part was?

Thank you Bob.

Rishi Basu: The second part was on the 20% growth.

The second part was on the 20% growth.

Salil Parekh: Yeah. The growth, I think, we see clearly that we've got very good traction with our clients and we are gaining market share. We anticipate and hope with the new phase of expansion of capabilities in cloud and Cobalt, in automation in the new digital tech companies, that we will continue to gain market share as we go ahead.

Speaker Change: Yeah, so the growth I think we see clearly that we've got a very good traction with our clients and we are gaining market share and we anticipate and hope with the new phase of expansion of capabilities in cloud and cobalt in automation in the new digital tech companies that we will continue to gain market shares.

Yeah, So the growth I think.

Clearly that we've got very good traction with our clients and we are gaining market share and we anticipate and hope, which the new phase of expansion of capabilities in cloud and cobalt in automation and the new digital tech companies and that we will continue to gain.

Market share as we go ahead.

Rishi Basu: Thank you. The last question is from CNBC once more. Reema asks: You alluded to an impact due to a client contract which you expect to get reversed. Can you quantify the hit on revenue and margins due to this?

Speaker Change: Thank you. The last question is from CNBC once more and Reema asks, you alluded to an impact due to a client contract which you expect to get reversed. Can you quantify the heat on revenue?

Thank you. The last question is from CNBC once more in it.

<unk> asks.

You alluded to an impact due to a client contract, which you expect to get reversed.

Can you quantify the hit on revenue and margins due to this.

Salil Parekh: At this stage we won't quantify any of those specifics within that. As Nilanjan shared and as one of the questions earlier mentioned, it's a one-off contractual impact. We see very strong volume growth in Q4, and we see 22,000 new employees joining, good demand going ahead and a good growth outlook with our guidance at 13% to 15%.

Speaker Change: At this stage, we won't quantify any of the specifics within that. As Nilanjan shared and as one of the questions earlier mentioned, it's a one-off contractual impact. We see very strong volume growth in Q4 and we see 22,000 new employees joining, good demand going ahead and a good growth outlook with our guidance at 13% to 15%.

At this stage, we want to quantify any of the specifics within that as Neal engine shed and is one of the questions earlier mentioned.

One of our contractual impact we see very strong volume growth in Q4, and we see 22000, new employees joining good demand going ahead, and a good growth outlook with our guidance at 13% to 15%.

Rishi Basu: Thank you. With that, we come to an end of this Q&A session. We thank all our friends from media who are here in person and who've sent us questions for being part of this press conference. Thank you, Salil, and thank you, Nilanjan.

Thank you.

Speaker Change: With that, we come to an end of this Q&A session. We thank all our friends from media who are here in person and who sent us questions for being part of this press conference. Thank you, Salil, and thank you, Nilanjan. Thank you, Rishi. Thank you, everybody.

With that we come to an end of this Q&A session.

We thank all our friends from media, we're here in Boston, and who sent US questions for being part of this press conference. Thank you Sally and thank you Neil engine.

Salil Parekh: Thanks.

[Journalist]: Thank you.

Salil Parekh: Thank you.

Salil Parekh: Thank you, everyone, for joining us.

Thank you everybody. Thank you.

Rishi Basu: Thanks, everyone. Thank you.

[Journalist]: Thanks.

Rishi Basu: Thanks.

Rishi Basu: Before we conclude, please note the archived webcast of this press conference will be available on the Infosys website and on our YouTube channel later today. Thank you once again, and please join us for some high tea outside.

Speaker Change: Before we conclude, please note the archived webcast of this press conference will be available on the Infosys website and on our YouTube channel later today. Thank you once again and please join us for some high tea outside.

Before we conclude please note the archived webcast of this press conference will be available on the Infosys website and on our Youtube channel later today. Thank.

Thank you once again and please join us for some high tea outside.

[music].

Okay.

[music].

Q4 2022 Infosys Ltd Earnings Press Conference

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