Q1 2025 Infosys Ltd Earnings Call - Press Conference

July 18, 2024

[inaudible]

Rishi Basu: Very good evening, everyone, and thank you for joining Infosys' first quarter financial results. My name is Rishi, and on behalf of Infosys, I'd like to welcome all of you.

Rishi: A very good evening, everyone, and thank you for joining Infosys' Q1 financial results. My name is Rishi, and on behalf of Infosys, I'd like to welcome all of you. As I always do, I request one question from each media house to accommodate everyone over the next hour. With that, let me invite our Chief Executive Officer, Mr. Salil Parekh, for his opening remarks. Over to you, Salil.

Rishi Basu: A very good evening, everyone, and thank you for joining Infosys' Q1 financial results. My name is Rishi, and on behalf of Infosys, I'd like to welcome all of you. As I always do, I request one question from each media house to accommodate everyone over the next hour. With that, let me invite our Chief Executive Officer, Mr. Salil Parekh, for his opening remarks. Over to you, Salil.

and others.

Rishi: Very good evening everyone and thank you for joining Infosys' first quarter financial results. My name is Rishi and on behalf of Infosys I'd like to welcome all of you.

Rishi Basu: As I always do, I request one question from each media house to accommodate everyone over the next hour.

Rishi: As I always do, I request one question from each media house to accommodate everyone over the next hour. And with that, let me invite our Chief Executive Officer, Mr. Salil Parekh, for his opening remarks.

Rishi Basu: And with that, let me invite Archive Executive Officer, Mrs. Salil Parekh, for his opening remarks. Over to you, Salil.

Rishi Basu: Over to you, Salil. Thanks, Rishi. Good afternoon, and thank you all for being here with us today.

Salil Parekh: Thanks, Rishi.

Salil Parekh: Thanks, Rishi. Good afternoon, and thank you all for being here with us today. We started the financial year with a strong performance in Q1 across multiple dimensions, including broad-based revenue growth, expansion in operating margin, strong large deal wins, and strong cash generation. Our revenues for the quarter grew 3.6% sequentially and 2.5% year-on-year in constant currency terms. I'm particularly pleased with 7.9% growth in the Financial Services segment, where we are seeing improvement in client spend in North America. All geographies and most industry groups grew sequentially. Volume growth turned positive after several quarters. We had another strong quarter of large deal wins with 34 large deals at a total contract value of $4.1 billion. Our clients see us as a preferred partner of choice in consolidation, cost takeout, and efficiency opportunities.

Salil Parekh: Good afternoon, and thank you all for being here. We started the financial year with a strong performance in quarter one across multiple dimensions, including broad base revenue growth expansion and operating margin, strong large deal wins, and strong cash generation. We had another strong quarter of large deal wins with 34 large deals at a total contract value of $4.1 billion. Our clients see us as a preferred part of our choice in consolidation, cost, take out, and efficiency opportunities. This is also a reflection of our leadership strength. With the mobilization of our margin program, we see a positive impact on operating metrics.

Speaker Change: Over to you Salil.

Salil Satish Parekh: Thanks Rishi, good afternoon and thank you all for being here with us today. We started the financial year with a strong performance in quarter 1 across multiple dimensions including broad based revenue growth, expansion in operating margin, strong large deal wins and strong cash generation.

Salil Satish Parekh: We started the financial year with a strong performance in quarter one across multiple dimensions, including broad-based revenue growth, expansion in operating margin, strong large deal wins, and strong cash generation. Revenues for the quarter grew 3.6% sequentially and 2.5% year-on-year in constant currency terms. I'm particularly pleased with 7.9% growth in the financial services segment, where we are seeing improvement in client spend in North America. All geographies and most industry groups grew sequentially.

Salil Satish Parekh: Our revenues for the quarter grew 3.6% sequentially and 2.5% year-on-year in constant currency terms. I'm particularly pleased with 7.9% growth in the financial services segment where we are seeing improvement in client spend in North America.

Salil Satish Parekh: Volume Group turned positive after several quarters. We had another strong quarter of large deal wins with 34 large deals at a total contract value of $4.1 billion. Our clients see us as a preferred partner of choice in consolidation, cost take-out, and efficiency opportunities. This is also a reflection of our leadership strength. With the mobilization of our margin program, we see a positive impact on operating metrics, which resulted in our margin expanding by one point sequentially.

Salil Satish Parekh: All geographies and most industry groups grew sequentially. Volume growth turned positive after several quarters.

Salil Satish Parekh: We had another strong quarter of large deal wins with 34 large deals at a total contract value of 4.1 billion dollars.

Salil Satish Parekh: Our clients see us as a preferred partner of choice in consolidation, cost takeout and efficiency opportunities. This is also a reflection of our leadership strength.

Salil Parekh: This is also a reflection of our leadership strength. With the mobilization of our margin program, we see positive impact on operating metrics. This resulted in our margin expanding by 1 point sequentially. Free cash flow was highest ever at $1.1 billion. We continue to see strong traction from our clients for generative AI programs delivered through Topaz. Enterprises are focused on their own datasets that can be used in generative AI large language models that create huge impact for them. Along with our overall robust performance in Q1, and strong opportunity pipeline, we are seeing early signs of improvement in financial services vertical in the US. While discretionary spends continue to be under pressure, our highly differentiated offerings around driving efficiencies at scale and the transformation capabilities around generative AI have positioned us well in this market.

Salil Parekh: This resulted in our margin expanding by one point sequentially. Free cash flow was highest ever at $1.1 billion. We continue to see strong traction from our clients for generative AI programs delivered through TOPAS. Enterprises are focused on their own data sets that can be used in generative AI large language models that create huge impact for them. Along with our overall robust performance in Q1 and strong opportunity pipeline, we are seeing early signs of improvement in the financial services vertical in the US. While the discretionary spends continue to be under pressure, a highly differentiated offerings around driving efficiencies at scale and the transformation capabilities around generative AI have positioned us well in this market.

Salil Satish Parekh: With the mobilization of our margin program, we see positive impact on operating metrics. This resulted in our margin expanding by one point sequentially.

Salil Satish Parekh: Free cash flow was the highest ever at 1.1 billion dollars. We continue to see strong traction from our clients for generative AI programs delivered through Topaz. Enterprises are focused on their own data sets that can be used in generative AI large language models that create huge impact for them.

Salil Satish Parekh: Free cash flow was highest ever at 1.1 billion dollars.

Salil Satish Parekh: We continue to see strong traction from our clients for generative AI programs delivered through Topaz.

Salil Satish Parekh: Enterprises are focused on their own data sets that can be used in generative AI large language models that create huge impact for them.

Salil Satish Parekh: Along with our overall robust performance in Q1 and strong opportunity pipeline, we are seeing early signs of improvement in the financial services vertical in the US. While discretionary spends continue to be under pressure, our highly differentiated offerings around driving efficiencies at scale and the transformation capabilities around generative AI have positioned us well in this market. With respect to our recent acquisition of Intech, we have received the required approvals and have closed the acquisition transaction.

Salil Satish Parekh: Along with our overall robust performance in Q1 and strong opportunity pipeline, we are seeing early signs of improvement in financial services vertical in the US.

Salil Satish Parekh: While discretionary spends continue to be under pressure, our highly differentiated offerings around driving efficiencies at scale and the transformation capabilities around generative AI have positioned us well in this market.

Salil Parekh: With respect to our recent acquisition of Intech, we have received the required approvals and have closed the acquisition transaction.

Salil Parekh: With respect to our recent acquisition of in-tech, we have received the required approvals and have closed the acquisition transaction. Given our strong performance in Q1 and our current outlook, we have revised our revenue growth guidance for the full financial year to 3% to 4% growth in constant currency terms. Our operating margin guidance for the financial year remains at 20% to 22%. With that, let's go ahead with the questions. Thank you.

Salil Satish Parekh: With respect to our recent acquisition of Intech, we have received the required approvals and have closed the acquisition transaction.

Salil Parekh: Given our strong performance in Q1 and our current outlook, we have revised our revenue growth guidance for the full financial year to 3% to 4% growth in constant currency terms. Our operating margin guidance for the financial year remains at 20% to 22%.

Salil Satish Parekh: Given our strong performance in Q1 and our current outlook, we have revised our revenue growth guidance for the full financial year to 3% to 4% growth in constant currency terms. Our operating margin guidance for the financial year remains at 20% to 22%.

Salil Satish Parekh: Given our strong performance in Q1 and our current outlook, we have revised our revenue growth guidance for the full financial year.

Salil Satish Parekh: to 3% to 4% growth in constant currency terms. Our operating margin guidance for the financial year remains at 20% to 22%.

Salil Parekh: With that, let's go ahead with the questions.

Salil Satish Parekh: With that, let's go ahead with the questions. Thank you. Thank you, Salil.

Salil Parekh: Thank you.

Rishi Basu: Thank you, Sallil.

Operator: Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Jayesh Sangarajka, Chief Financial Officer, Infosys. With that, the first question is from Ritu Singh from CNBC-TV18.

Rishi: Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Jayesh Sanghrajka, Chief Financial Officer, Infosys. With that, the first question is from Ritu Singh from CNBC-TV18.

Rishi Basu: Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Jayesh Sanghrajka, Chief Financial Officer, Infosys. With that, the first question is from Ritu Singh from CNBC-TV18.

Rishi Basu: We will now open the floor for questions.

Speaker Change: With that, let's go ahead with the questions. Thank you.

Jayesh Sanghrajka: Joining Sallil is Mr. Jayesh Sangarachkarchi, Financial Officer, Infosist.

Speaker Change: Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Jayesh Sanghraj, Chief Financial Officer, Infosys.

Ritu Singh: With that, the first question is from Ritu Singh from CNBC TV18.

Ritu Singh: Hi, here. Ritu from CNBC. Thank you for the question.

Ritu Singh: Hi, here Ritu from CNBC-TV18. Thank you for the question. You know, a huge upgrade in the constant currency revenue guidance, 3% to 4%. Firstly, while you highlighted in financial services in the US you're seeing some signs of a pickup, overall, you know, what is your sense on discretionary spend coming back? Where are the verticals you continue to see weakness? And was all of this upgrade organic or, you know, have some of your past acquisitions that you've now completed had some role to play, in this upgrade that we're seeing? Also your margins are up about 100 basis points over the previous quarter. I just wanted to understand, you know, is there headroom for further growth, when you're expecting to take the wage hikes, et cetera.

Speaker Change: With that, the first question is from Ritu Singh from CNBC TV18.

Ritu Singh: You know, huge upgrade in the constant currency revenue guidance: 3 to 4%. So firstly, while you highlighted in financial services in the US, you are seeing some signs of a pick up. Overall, you know, what has your sense on discretionary spend coming back?

Ritu Singh: Hi here, Ritu from CNBC. Thank you for the question. You know, a huge upgrade in the constant currency revenue guidance, 3 to 4 percent.

Ritu Singh: constant currency revenue guidance of three to four percent. So firstly, while you highlighted financial services in the US, you're seeing some signs of a pickup. Overall, you know, what is your sense of discretionary spend coming back? Where are the verticals you continue to see weakness?

Speaker Change: So firstly, while you highlighted in financial services in the U.S., you're seeing some signs of a pickup.

Ritu Singh: Where are the verticals you continue to see weakness, and was all of this upgrade organic or, you know, have some of your past acquisitions that you've now completed had some role to play in this upgrade that we're seeing. Also, your margins are up about 100 basis points over the previous quarter.

Speaker Change: Overall, what is your sense on discretionary spend coming back, where are the verticals you continue to see weakness, and was all of this upgrade organic, or have some of your past acquisitions that you've now completed had some role to play in this upgrade that we're seeing? Also, your margins are up about 100 basis points over the previous quarter. I just wanted to understand, is there headroom for further growth when you're expecting to take the wage hikes, et cetera?

Ritu Singh: And was all of this upgrade organic, or, you know, have some of your past acquisitions that you've now completed had some role to play in this upgrade that we're seeing? Also, your margins are up about 100 basis points over the previous quarter. I just wanted to understand, you know, is there headroom for further growth when you're expecting to take the wage hikes, etc.? And just one more question, if I may, on your headcount. As we've been asking you in the past several quarters, now six quarters, it's been coming down. What are your hiring plans for the year? If you could just throw some light on that?

Ritu Singh: I just wanted to understand, you know, if a headroom for further growth, when you're expecting to take the wage hikes, etc. And just one more question, if I may, on, you know, your head count. As we've been asking you the past several quarters, now six quarters, it's been coming down.

Ritu Singh: Just one more question, if I may, on, you know, your headcount. As we've been asking over the past several quarters, now six quarters it's been coming down. What are your hiring plans for the year? If you could just throw some light on that.

Speaker Change: and just one more question if I may on you know your headcount as we've been asking you the past several quarters now six quarters it's been coming down what are your hiring plans for the year if you could just throw some light on that

Ritu Singh: What are your hiring plans for the year if you could just throw some light on that?

Salil Satish Parekh: So thanks, thanks for your question. Let me start with the first one, on guidance. The way we see what's going on in the market and our guidance First... We had a strong performance in Q1 on volumes as well as the point that we made on financial services in the US. Second, we had a very strong performance on large deals in Q1, which gives us more visibility into this financial year, and third, we completed the Intech acquisition, which also helps us in this guidance, and Jayesh will give some color on the specifics with Intech as well.

Salil Parekh: So thanks, thanks our question.

Salil Parekh: Thanks for your question. Let me start with the first one. On the guidance, the way we see what's going on in the market and our guidance, first, we had a strong performance in Q1, on volumes as well as the point that we made on financial services in the US. Second, we had a very strong performance on large deals in Q1, which gives us more visibility into this financial year. And third, we completed the in-tech acquisition, which also helps us in this guidance. And Jayesh will give some color on the specifics with in-tech as well. On the margins, Jayesh, when you want.

Salil Parekh: Let me start with the first one on the guidance. The way we see what's going on in the market in our guidance first, we had a strong performance in Q1 on volumes as well as the point that we made on financial services in the US. Second, we had a very strong performance on large deals in Q1, which gives us more visibility into this financial year. And third, we completed the Intek acquisition, which also helps us in this guidance, and Jayesh will give some color on the specifics with Intek as well. So if you look at this quarter's margins, we have already expanded our margins by 100 basis points.

Speaker Change: So thanks, thanks for your question. Let me start with the first one.

Speaker Change: On the guidance, the way we see what's going on in the market and our guidance, first,

Speaker Change: We had a strong performance in Q1 on volumes as well as the point that we made on financial services in the US.

Speaker Change: Second, we had a very strong performance on large deals in Q1, which gives us more visibility into this financial year.

Speaker Change: and third, we completed the InTech acquisition which also helps us in this guidance and Jayesh will give some color on the specifics with InTech as well.

Jayesh Sanghrajka: On the margins, Jayesh, will you? Yeah. So if you look at it.

Jayesh Sanghrajka: Yeah, so if you look at this quarter's margins, we've already expanded our margins by 100 basis points. If you look at the put and takes of that, almost 100 basis points came from, you know, last quarter's normalization. Last quarter, we had, you know, a one-off, which impacted our margins. We had 80 basis points coming from Project Maximus, which is our margin expansion program, on the back of, you know, better pricing, which is value-based selling, better, better benefits from our efficiency pyramid, which is utilization, etc And, you know, 40 basis points came from a one-off benefit that we got in this quarter from one of the clients on the revenue side. So those were the positives.

Jayesh Sanghrajka: Yeah. If you look at, you know, this quarter's margins, we have already expanded our margins by 100 basis points. If you look at the put and takes of that, almost 100 basis points came from, you know, last quarter's normalization. Last quarter, we had, you know, one-off which impacted our margins. We had 80 basis points coming from Project Maximus, which is our margin expansion program, on the back of, you know, better pricing, which is value-based selling, you know, better benefits from our efficiency pyramid, which is utilization, et cetera. 40 basis points came from, you know, one-off benefit that we got in this quarter from one of the clients on revenue side. Those were the positives.

Speaker Change: On the margins, Jayesh, will you?

Salil Parekh: If you look at the potent takes of that, almost 100 basis points came from last quarter's normalization. Last quarter, we had one of which impacted our margins. We had 80 basis points coming from Project Maximus, which is our margin expansion program on the back of better pricing, which is value-based selling, better benefits from our efficiency pyramid, which is utilization, etc. And 40 basis points came from one of the benefits that we got in this quarter from one of the clients on the revenue side. So those were the positives. On the headwinds, we had 1.2% coming from better variable pay and higher leave and other costs, resulting in almost 1% margin expansion for the quarter.

Jayesh: We had 80 basis points coming from Project Maximus, which is our margin expansion program.

Jayesh: On the back of better pricing, which is value-based selling, better...

Jayesh Sanghrajka: On the headwinds, we had, you know, 1.2% coming from better variable pay and higher leave and other costs, resulting in, you know, almost 1% margin expansion for the quarter. Project Maximus, as you know, has been, we have been working on it for the last couple of quarters, and it has started showing results. Our long-term or medium-term objective on that is to expand margins from where we are. This year's guidance is that it will continue to remain 20 to 22%.

Speaker Change: better benefits from our efficiency pyramid which is utilization etc

Jayesh: and you know 40 basis points came from you know one of benefit that we got in this quarter from one of the clients on revenue side so those were the positives on the headwinds we had you know 1.2 percent coming from by the variable pay and higher leave and other costs.

Jayesh Sanghrajka: On the headwinds we had, you know, 1.2% coming from better variable pay and higher leave and other costs, resulting in, you know, almost 1% margin expansion for the quarter. The Project Maximus, as you know, has been, you know, we are working on it for last couple of quarters, and it has started showing results. Our long-term, medium-term objective on that is to expand margins from where we are. This year's guidance is it continues to remain 20% to 22%. Coming back to your last question on the headcount. As you know, last multiple quarters we have moved to the agile hiring base. You know, that basically means we hire freshers both on campus and off campus.

Salil Parekh: The project Maximus, as you know, has been, you know, we are working on it for last couple of quarters and it has started showing results are long term medium to objective one that is to expand margins from where we are. This there's guidance is continuously remain 20 to 22%.

Jayesh: Resulting in you know almost 1% margin expansion for the quarter

Jayesh: The project Maximus, as you know, has been, you know, we are working on it for the last couple of quarters and it has started showing results. Our long-term, medium-term objective on that is to expand margins from where we are. This year's guidance continues to remain 20 to 22 percent.

Salil Parekh: Coming back to your last question on the headcount. As you know, last multiple quarters, we have moved to the agile hiring base. You know that basically means we hire freshers both on from the campus of the campus. This quarter, we had a 2000 person net decline, which is, you know, lower than the previous quarters. Our utilization is already at 85%, so we have little headroom now left. So, you know, as we start seeing growth, we will look at hiring. We are looking at hiring 15 to 20,000 freshers this year, depending on how we see the growth.

Jayesh Sanghrajka: Coming back to your last question on the headcount, as you know, for the last multiple quarters, we have moved to the agile hiring base, which basically means we hire freshers both from the campus and outside the campus. This quarter, we had a 2000% net decline, which is, you know, lower than the previous quarters. Our utilization is already at 85%, so we have little headroom now left. So, you know, as we start seeing growth, we will look at hiring; we are looking at hiring 15 to 20,000 freshers this year, depending on, you know, how we see the growth.

Speaker Change: Coming back to your last question on the headcount.

Speaker Change: As you know, last multiple quarters, we have moved to the agile hiring base, you know, that basically means we hire freshers.

Jayesh Sanghrajka: This quarter we had a 2,000-person net decline, which is, you know, lower than the previous quarters. Our utilization is already at 85%, so we have little headroom now left. You know, as we start seeing growth, we will look at hiring. We are looking at hiring 15,000 to 20,000 freshers this year, depending on, you know, how we see the growth.

Speaker Change: From the campus, of the campus, this quarter we had a 2,000% net decline which is lower than the previous quarters,

Speaker Change: Our utilization is already at 85%. So we have little headroom now left. So you know, as we start seeing growth, we will look at hiring, we are looking at hiring 15 to 20,000 freshers this year, depending on you know, how we see the growth.

Ritu Singh: Sorry, Salil, just to follow up on the first question. When you say the in-tech acquisition also played a role in you upping your guidance, could you give us a clear breakdown, how much of it is coming organically and how much inorganically?

Jayesh Sanghrajka: When you say the InTech acquisition also played a role in you upping your guidance, could you give us a clear breakdown of how much of it is coming organically and how much inorganically?

Salil Parekh: First question, when you say the intake acquisition also played a role in you up in your guidance, could you give us a clear break up how much of it is coming organically and how much in organically. So, if you look at we don't break up guidance, first of all between acquisition and non-acquisition, but if you look at the disclosure that we made when we acquired Intake, the annual revenue of Intake was around 170 million euros. So, you can in a way back calculate, but we don't really break up how much of guidance is between, you know, organically and all that.

Speaker Change: Follow up on the first question, when you say the InTech acquisition also played a role in you upping your guidance, could you give us a clear break up how much of it is coming organically and how much inorganically?

Jayesh Sanghrajka: So if you look at, we don't break up guidance first of all between acquisition and non-acquisition, but if you look at the disclosure that we made when we acquired Intec, the annual revenue of Intec was around 170 million euros, right, so you can, in a way, back calculate, but we don't really break up how much guidance is between, you know, organic and inorganic. Thanks Ritu. The next question is from Haripriya Sureban from NDTV Profit.

Jayesh Sanghrajka: Sure. We don't break up guidance, first of all, between acquisition and non-acquisition. If you look at the disclosure that we made when we acquired in-tech, the annual revenue of in-tech was around EUR 170 million, right? You can, in a way back calculate, but we don't really break up how much of guidance is between, you know, organic and inorganic.

Speaker Change: So if you look at we don't break up guidance first of all between acquisition and non-acquisition but if you look at the disclosure that we made when we acquired Intec the annual revenue of Intec was around 170 million euros right so you can in a way back calculate but we don't really break up how much of guidance is between you know organic and inorganic.

Hari Priya Thuribhan: Thanks, Ritu. The next question is from Hari Priya Thuribhan from NDTV Profit.

Rishi: Thanks, Ritu. The next question is from Haripriya Sureban from NDTV Profit.

Rishi Basu: Thanks, Ritu. The next question is from Haripriya Sureban from NDTV Profit.

Speaker Change: Thanks Ritu. The next question is from Haripriya Sureban from NDTV Profit.

Hari Priya Thuribhan: Sir, could you give us a broad sense on the demand and environment when it comes to other regions than America, and what is happening on the pricing, but what has changed since the last quarter? What gives you the confidence in terms of upping the guidance?

Haripriya Sureban: Sir, could you give us a broader sense on the demand environment, when it comes to other regions than Americas, and what is happening on the pricing bit? What has changed since the last quarter? What gives you the confidence in terms of like upping the guidance?

Haripriya Sureban: Suresh, could you give us a broader sense on the demand environment when it comes to other regions than America and what is happening on the pricing bit, what has changed since the last quarter, what gives you the confidence in terms of like upping the guidance?

Salil Satish Parekh: So on the, I'll go, the first point on the demand environment in other regions, so what we see. Group, which we've continued to see good growth. First sequential growth was good across all the geographies.

Jayesh Sanghrajka: So on the first point on the demand environment, in other regions, so what we see, which we've continued to see, good growth, first sequential growth was good across all the geographies, but we see good demand in this sort of an environment, in the European market, where we've had good traction, and we've also had some of our large deals ramping up in that environment. Equally in what we see in the US or the North American market as well, so both of those we've seen good traction on. Jay should also give a little bit more color on industry later, and the second point, go ahead, the second point on the pricing, so pricing environment has pretty much remained stable, but if you look at, you know, again, one of the pillars of Maximus is value-based selling, where we've been able to make an impact, which has helped us, you know, improve our overall pricing, but overall environment has continued to remain stable.

Salil Parekh: On the first point on the demand environment. In other regions, what we see, which we've continued to see, good growth. First, sequential growth was good across all the geographies. We see good demand in this sort of an environment in the European market where we've had good traction, and we've also had some of our large deals ramping up in that environment. Equally, in what we see in the US or the North American market as well. Both of those we're seeing good traction on. Jayesh will also give a little bit more color on industry later. The second point. Go ahead, Jayesh. Sorry, what was the second point?

Suresh: Thank you.

Speaker Change: which we have continued to see.

Jayesh Sanghrajka: But we see good demand in this sort of an environment in the European market, where we've had good traction. And we've also had some of our large deals ramping up in that environment. Equally, what we see in the US or the North American market as well. So both of those we're seeing good traction on. Jay, I should also give a little bit more color on the industry later. And on the second point, go ahead. The second point is on pricing.

Speaker Change: So we see good growth, first sequential growth was good across all the geographies, but we see good demand in this sort of an environment in the European market where we've had good traction and we've also had some of our large deals ramping up in that environment. Equally in what we see in the U.S. or the North American market as well. So both of those we're seeing good traction on.

Speaker Change: Jai should also give a little bit more color on industry later and the second point go ahead.

Jayesh Sanghrajka: Sorry, what was the second point?

Haripriya Sureban: Yeah.

Salil Parekh: Yeah.

Salil Parekh: The second point on the pricing.

Jayesh Sanghrajka: Pricing environment has pretty much remained stable. If you look at, you know, again, one of the pillars of Maximus is value-based selling, where we've been able to make an impact which has helped us, you know, improve our overall pricing. Overall environment has continued to remain stable. Coming to the sectors that Salil wanted me to talk about. If you look at Financial Services, as Salil mentioned earlier, you know, the US Financial Services, we have started to see some recovery, especially in the cards, payments, you know, capital markets, areas. Manufacturing continues to remain strong as a sector. You know, our manufacturing growth we expect this year to be lower than the last year, because last year we had a very strong growth in manufacturing.

Jai: Pricing environment has pretty much remained stable.

Jai: But if you look at you know again one of the pillars of Maximus is value-based selling where we've been able to make an impact which has helped us You know improve our overall pricing, but overall environment has continued to remain stable

Jayesh Sanghrajka: Coming to the sectors that Salil wanted me to talk about, if you look at financial services, as Salil mentioned earlier, we have started to see some recovery, especially in the cards, payments, you know, capital markets areas. Manufacturing continues to remain strong as a sector. But, you know, our manufacturing growth, we expect this year to be lower than last year because last year we had very strong growth in manufacturing. Retail and EURS remain similar to our commentary earlier, and high tech, you know, continues to remain softer. Thank you.

Jayesh Sanghrajka: Coming to the sectors that Sallil wanted me to talk about, if you look at financial services, Sallil mentioned earlier, you know, the US financial services we have started to see some recovery, especially in the cards payments, you know, capital markets areas. Manufacturing continues to remain strong as a sector, but, you know, our manufacturing growth, we expect this year to be lower than the last year, because last year we had a very strong growth in manufacturing. Retail and URS remains similar to our commentary earlier, and high-tech, you know, continues to remain softer.

Jai: Coming to the sectors that Salil wanted me to talk about.

Jai: If you look at financial services, as Salil mentioned earlier, you know, the US financial services, we have started to see some recovery, especially in the cards, payments, you know, capital markets areas.

Salil Satish Parekh: Manufacturing continues to remain strong as a sector but you know our manufacturing growth we expect this year to be lower than the last year because last year we had a very strong growth in manufacturing. Retail and URS remains similar to our commentary earlier and high-tech you know continues to remain softer.

Jayesh Sanghrajka: Retail and EURS remains similar to our commentary earlier, and high tech, you know, continues to remain softer.

Jayesh Sanghrajka: Thank you.

Salil Parekh: Thank you. The next question is from Veena Mani from The Times of India.

Rishi Basu: Thank you. The next question is from Veena Mani from The Times of India.

Vena Mani: So, the next question is from Vena Mani from the Times of India.

Salil Satish Parekh: Thank you. The next question is from Veena Mani from the Times of India.

Vena Mani: Hi, Jadulman. I have a few questions. Some of your peers who had the same sort of numbers, you know, with some positive growth, could give us an outline only up to the next quarter, you know, on what things look like.

Salil Satish Parekh: Hi gentlemen, I have a few questions. Some of your peers who had the same sort of set of numbers, you know, with some positive growth, could give us an outline only for the next quarter of what things look like. What do you think the next few quarters of this financial year will be like? Would you be able to give us, tell us a little bit more about the, you know, what the macro environment is going to be like and the deal environment is going to be like?

Veena Mani: Hi, gentlemen. I have a few questions. Some of your peers who had the same sort of set of numbers, you know, with some positive growth, could give us an outline only up to the next quarter, you know, on what things look like. What do you think the next few quarters of this financial year would be? Would you be able to tell us a little bit more about the, you know, how the macro environment is going to be like and the deal environment is going to be like? Secondly, I wanted to ask you about how your internal fulfillment goes. IJP is a huge thing at Infosys. Would that be a focus going on?

Veena Mani: Hi gentlemen, I have few questions, some of your peers who had the same sort of numbers you know with some positive growth.

Veena Mani: Could give us a give us an outline only up to the next quarter, you know on what things look like

Vena Mani: What do you think the next few quarters of this financial year would be? Would you be able to give us, tell us a little bit more about the, you know, how the macro-environment is going to be like, and the deal environment is going to be like. Secondly, I wanted to ask you about how your internal fulfillment goes. IJP is a huge thing at Infosys, so would that be a focus going on, or would you again go back to the market and hire extensively, not just freshers, but even laterals?

Speaker Change: What do you think the next few quarters of this financial year would be, would you be able to give us?

Speaker Change: Tell us a little bit more about how the macro environment is going to be like and the deal environment is going to be like.

Salil Satish Parekh: Secondly, I wanted to ask you about how your internal fulfillment goes. IJP is a huge thing at Infosys, so would that be a focus going forward? Or would you again go back to the market and hire extensively, not just freshers, but even laterals?

Speaker Change: Secondly, I wanted to ask you about how your internal fulfillment goes, IJP is a huge thing at Infosys, so would that be a focus going on?

Veena Mani: Would you again go back to the market and hire extensively, not just freshers, but even laterals? The other thing is about McCamish. You've called out in your annual reports that the cybersecurity is not as adequate as you would want it to be. Are you going to expand that coverage? What is it like you're going to be doing on the cybersecurity front? With the McCamish incident, does it make it even more pertinent for you to add to your cybersecurity measures? Those are three.

Speaker Change: or would you again go back to the market and hire extensively not just freshers but even laterals and the other thing is about Mekhamish.

Vena Mani: And the other thing is about Mechamish. So, you've called out in your annual reports that the cyber security is not as adequate as you would want it to be. So, are you going to expand that coverage? What is it like you're going to be doing on the cyber security front? And with the Mechamish incident, does it make it even more pertinent for you to add to your cyber security measures?

Speaker Change: So you you were called out in your annual reports that the cycle cyber security is not as adequate as you would want it to be

Speaker Change: So are you going to expand that coverage? What is it like you're going to be doing on the cyber security front? And with the McImish incident, does it make it even more pertinent for you to add to your cyber security measures?

Salil Satish Parekh: Let me start with the first one, the macro. I think the sense we have is the discretionary spend which is a function of, macro as it impacts our clients is still the same as what we were seeing in the past quarter with the exception that we saw a little bit a better outcome for financial services in the US but otherwise it's the same so it's a discretionary still low from where it was several quarters ago now to see beyond so the way we do this like at this time in in the start of Q2 we'll have an outlook of what we can see into the environment over the next a few months we don't have a view which is let's say what will happen at the end of the financial year and so on so that's how we are seeing it today but as we see as we've done now as we see any changes like what we saw on financial services we then at the end of the quarter come back and update things on that.

Salil Parekh: Let me start with the first one, the macro. On the macro, I think the sense we have is the discretionary spend, which is a function of macro as it impacts our clients, is still the same as what we were seeing in the past quarter, with the exception that we saw a little bit better outcome for financial services in the US. But otherwise, it's the same.

Salil Parekh: Let me start with the first one on the macro. On the macro, I think the sense we have is the discretionary spend, which is a function of macro as it impacts our clients, is still the same as what we were seeing in the past quarter, with the exception that we saw a little bit better outcome for financial services in the US. Otherwise, it's the same. It's discretionary is still low from where it was several quarters ago. Now to see beyond, the way we do this, like at this time in the start of Q2, we'll have an outlook of what we can see into the environment over the next few months.

Speaker Change: Let me start with the first one, the macro.

Speaker Change: On the macro

Speaker Change: I think the sense we have is the discretionary spend which is a function of

Speaker Change: macro as it impacts our clients.

Speaker Change: This is the same as what we were seeing in the past quarter, with the exception that we saw a little bit better outcome for financial services in the US. But otherwise, it's the same. So it's a discretionary still low from where it was several quarters ago.

Salil Parekh: So, it's a discretionary still low from where it was several quarters ago. Now, to see beyond, so, the way we do this, like at this time in the start of Q2, we'll have an outlook of what we can see into the environment over the next few months. We don't have a view which is, let's say, what will happen at the end of the financial year, and so on. So, that's how we are seeing it today.

Speaker Change: Now to see beyond so the way we do this like at this time in in the start of Q2 we'll have an outlook of what we can see into the environment over the next

Salil Parekh: We don't have a view which is, let's say what will happen at the end of the financial year and so on. That's how we are seeing it today. As we see, as we've done now, as we see any changes like what we saw in financial services, we then at the end of the quarter come back and update things on that. On the second point on IJP or the fulfillment, I think the view is we always look at, you know, fulfillment from what we have. As Jay shared, our utilization is looking at a fairly good level. We will still have fulfillment internally, but we will also potentially as we see the demand, have recruitment both on campus and at other levels as well.

Speaker Change: A few months we don't have a view which is let's say what will happen at the end of the financial year and so on.

Salil Parekh: But as we see, as we've done now, as we see any changes like what we saw in financial services, we then, at the end of the quarter, come back and update things on that. Rater.

Speaker Change: So that's how we are seeing it today. But as we see, as we've done now, as we see any changes like what we saw in financial services, we then at the end of the quarter, come back and update things on that.

Jayesh Sanghrajka: On the second point on IJP or the fulfilment, I think the view is we always look at fulfilment from what we have, as Jayesh shared. Our utilization is looking at a fairly good level.

Salil Satish Parekh: On the second point about IJP or the fulfillment, I think the view is we always look at, you know, fulfillment from what we have. As Jayesh shared, our utilization is looking at a fairly good level. We will still have recruitment internally, but we will also potentially, as we see the demand, have recruitment, both on campus and at other levels as well.

Speaker Change: On the second point on IJP or the fulfillment

Speaker Change: I think the view is we always look at, you know, fulfillment from what we have, as Jay has shared, our utilization is

Jayesh Sanghrajka: We will still have fulfilment internally, but we will also potentially, as we see the demand, have recruitment both on campus and at other levels as well.

Speaker Change: We are looking at a fairly good level. We will still have fulfillment internally, but we will also potentially, as we see the demand, have recruitment, both on campus and at other levels as well. On McCamish,

Salil Parekh: On McCamish, I think we issued a statement on 18 April 2024. In addition to that, we've completed the e-discovery process, and McCamish is in the process of coordinating with its clients to ensure all the notifications are provided. In addition, the US state attorneys general and insurance commissioners have also been notified. That's what we can share with respect to McCamish.

Salil Parekh: On Mekehmish, I think we issue the statement on April 18th, 2024. In addition to that, we have completed the e-discovery process has been completed and Mekehmish is in the process of coordinating with his clients to ensure all the notifications are provided. In addition, the US state attorney general and insurance commissioners have also been notified. That's what we can share with respect to Mekehmish.

Salil Satish Parekh: I think we issued a statement on April 18, 2024. In addition to that, the e-discovery process has been completed, and McCamish is in the process of coordinating with his clients to ensure all the notifications are provided. In addition, the US State Attorney Generals and Insurance Commissioners have also been notified. That's what we can share with respect to McCamish. Thank you.

Speaker Change: I think we issued a statement on April 8th, 18th, 2024. In addition to that,

Speaker Change: We've completed the e-discovery process has been completed and Mckimish is in the process of coordinating with his clients to ensure all the notifications are provided.

Speaker Change: In addition, the U.S. State Attorney Generals and Insurance Commissioners have also been notified. That's what we can share with respect to McCamish.

Vena Mani: Thank you, Vina.

Rishi: Thank you, Veena. The next question is from Chandra Srikanth. Chandra.

Rishi Basu: Thank you, Veena. The next question is from Chandra Srikanth. Chandra.

Operator: The next question is from Money Control...

Chandra: The next question is from Money Control, Chandra.

Speaker Change: Thank you, Beena. The next question is from Money Control, Chandra.

Chandra: Hi, hi, Salil. Hi, Jayesh. Salid, you know in terms of business segments would be exceptional financial services, which is seen in uptake. All the other verticals are more or less flat sequentially. I think retail has declined by some basis points. So give us a sense of what you're seeing there.

Operator: Hi Salil, hi Jayesh. With the exception of financial services, which has seen an uptick, all the other verticals are more or less, you know, flat sequentially. I think retail has declined by some basis points. So give us a sense of what you're seeing there. You've already spoken about how financial services are looking up. And in terms of geography, also, North America has declined sequentially, Europe is flat, and the rest of the world is flat.

Chandra Srikanth: Hi, Salil. Hi, Jayesh. Salil, you know, in terms of business segments, with the exception of Financial Services which has seen an uptick, all the other verticals are more or less, you know, flat sequentially. I think Retail has declined by some basis points. Give us a sense of what you're seeing there. You've already spoken about how Financial Services is looking up. In terms of geography also, North America has declined sequentially. Europe is flat, rest of the world is flat. India has seen an uptick. What's driving the, you know, growth for you? Is there a specific project that's helping you? Also, you know, last month, I think, during your AGM, Nandan Nilekani mentioned that you have 225 GenAI POCs, right?

Speaker Change: Hi, Salil. Hi, Jayesh.

Salil Satish Parekh: Salil, you know, in terms of business segments, with the exception of financial services, which is seen an uptick.

Speaker Change: All the other verticals are more or less flat sequentially. I think retail has declined by some basis points. So give us a sense of what you are seeing there. You have already spoken about how financial services are looking up.

Chandra: You've already spoken about how financial services are looking up, and in terms of geography also, North America has declined sequentially, Europe is flat, the rest of the world is flat, but India has seen an uptake. So what's driving the growth for you? Is there a specific project that's helping you?

Operator: But India has seen an uptick. So what's driving the growth for you? Is there a specific project that's helping you? Also, you know, last month, I think during your AGM, Nandan Ilekani mentioned that you have 225,000 people in the country. (inaudible) Project

Speaker Change: and in terms of geography also North America has declined sequentially, Europe is flat, rest of the world is flat but India has seen an uptick. So what's driving the growth for you? Is there a specific project that's helping you? Also last month I think during your AGM Nandan Ilekani mentioned that you have 225

Chandra: Also, last month, I think during your AGM, Nandan Nilakini mentioned that you have 225 Genie I POCs, right? Projects. So if you can give us a sense of your pipeline, are you going to be giving us a sense of what the size is because TCS has called out 1.5 billion. I think Accenture has called out 2 billion. Will you be quantifying that?

Jayesh Sanghrajka: So if you can give us a sense of your pipeline, are you going to be, you know, giving us a sense of what the size is? Because TCS has called out 1.5 billion, I think Accenture has called out 2 billion. Will you be quantifying that? Jayesh, for you?

Chandra Srikanth: If you can give us a sense of your pipeline. Are you gonna be, you know, giving us a sense of what the size is? Because TCS has called out $1.5 billion. I think Accenture has called out $2 billion. Will you be quantifying that? Jayesh, for you, I think utilization has helped. Excluding trainees, it's gone up by 2 percentage points. You've also increased offshoring by, I think, a few basis points, which has helped your margins. You know, will you be utilizing these levers? I mean, can you sweat these levers more in the next quarter to keep up margins? Salil, finally, do you have a view on the reservation bill that Karnataka mooted and now it's paused?

Speaker Change: Jenny, I applaud you.

Speaker Change: Projects. So if you can give us a sense of your pipeline, are you going to be, you know, giving us a sense of what the size is? Because TCS has called out 1.5 billion, I think Accenture has called out 2 billion. Will you be quantifying that? Jayesh, for you.

Jayesh Sanghrajka: James, for you, I think utilization has helped, excluding trainees, that's gone up by 2 percentage points. You've also increased offshoring by I think a few basis points, which has helped your margins. So, you know, will you be utilizing these levers?

Jayesh Sanghrajka: I think utilization has helped, excluding trainees, it's gone up by 2 percentage points. You've also increased offshoring by, I think, a few basis points, which has helped your margins. So, you know, will you be utilizing these levers? I mean, can you use these levers more in the next quarter to keep up margins?

Speaker Change: I think utilization has helped. Excluding trainees, it's gone up by two percentage points. You've also increased offshoring by, I think,

Speaker Change: A few basis points which has helped your margins, so you know, will you be utilizing these levers, I mean, can you sweat these levers more in the next quarter to keep up margins?

Jayesh Sanghrajka: I mean, can you sweat these levers more in the next quarter to keep up margins?

Salil Parekh: Salil, finally, do you have a view on the reservation bill that Karnataka mooted and now it's paused, but as one of the biggest companies operating in Karnataka, what's your view on reserving jobs for locals? Thank you.

Salil Satish Parekh: Salil, finally, do you have a view on the reservation bill that Karnataka voted on and now it's paused? But as one of the biggest companies operating in Karnataka, what's your view on reserving jobs for locals? Thank you.

Speaker Change: Salil, finally do you have a view on the reservation bill that Karnataka mooted and now it's paused, but as one of the biggest companies operating in Karnataka, what's your view on reserving jobs for locals? Thank you.

Chandra Srikanth: As one of the biggest companies operating in Karnataka, what's your view on reserving jobs for locals? Thank you.

Salil Satish Parekh: So, there are a few questions. Let me start first with generative AI. Jayesh will talk a little bit about the industries and the geographies. On generative AI, we are making a huge impact. And as Nandan shared at the AGM, the sort of work we're doing is massive. We are not, at this stage, disclosing or quantifying externally our revenue from it.

Salil Parekh: So, on the, there are a few questions.

Salil Parekh: There are a few questions. Let me start first with generative AI. Jayesh will talk a little bit about the industries and the geographies. On generative AI, we are making huge impact, and as Nandan shared at the AGM, the sort of work we're doing is massive. We are not, at this stage, disclosing and quantifying externally our revenue from it. The work we are doing is quite incredible. The focus is really on what enterprises are doing for generative AI. What are enterprises doing? They're working on their own datasets within the confines of the enterprise and making sure that the benefit of that comes through for them. For example, there's work that's massively going on in customer service. There's work that's going on in software development.

Salil Parekh: Let me start first with Generative AI. James will talk a little bit about the industries and the geographies. On generative AI, we are making huge impact, and as London shared at the AGM, the sort of work we are doing is massive.

Salil Satish Parekh: So there are a few questions. Let me start first with generative AI. Jayesh will talk a little bit about the industries and the geographies.

Speaker Change: On generative AI, we are making huge impact and as Nandan shared, at the AGM, the sort of work we are doing is massive. We are not at this stage disclosing and quantifying externally our revenue from it. The work we are doing is quite incredible.

Salil Parekh: We are not at this stage disclosing and quantifying externally our revenue from it. The work we are doing is quite incredible. So, the focus is really on what enterprises are doing for a generative AI. And what enterprise is doing, they are working on their own data sets within the confine of the enterprise and making sure that the benefit of that comes through for them. For example, there's work that's massively going on in customer service, there's work that's going on in software development, and there's work that's going on a lot across process optimization in knowledge. So, there are a variety of areas in which generative AI work that we are doing for clients is making a huge impact.

Salil Satish Parekh: The work we're doing is quite incredible, and the focus is really on what enterprises are doing with generative AI. And what are enterprises doing? They're working on their own data sets within the confines of the enterprise and making sure that the benefit of that comes through for them. For example, there's work that's going on in customer service. There's work that's going on in software development. There's work that's going on across process optimization in knowledge.

Jayesh: The focus is really on what enterprises are doing for generative AI.

Speaker Change: and what our enterprise is doing they're working on their own data sets within the confine of the enterprise and making sure that the benefit of that comes through for them for example there's work that's massively going on in customer service there's work that's going on in uh

Salil Parekh: There's work that's going on across process optimization in knowledge. There are a variety of areas in which generative AI work that we are doing for clients is making a huge impact. There are several examples, some of which we also shared in our annual report, some of which without client names where we're working on for projects for generative AI. Let me also let Jayesh talk about the industry, then we can go to the other ones.

Speaker Change: Software Development

Salil Satish Parekh: So there are a variety of areas in which the generative AI work that we are doing for clients is making a huge impact. And there are several examples, some of which we also shared in our annual report, some of which without client names, where we're working on projects for generative AI.

Speaker Change: There's work that's going on across process optimization.

Speaker Change: in knowledge. So there are a variety of areas in which generative AI work that we are doing for clients is making a huge impact. And there are several examples.

Salil Parekh: And there are several examples, some of which we also shared in our annual report, some of which, without client names, we're working on for projects for generative AI.

Speaker Change: Some of which we also shared in our annual report, some of which...

Speaker Change: Without Client Names, where we are working on projects for generative AI.

Jayesh Sanghrajka: Let me also, let's just talk about the industry that we can hold the other ones.

Jayesh Sanghrajka: Let me also, let Jayesh talk about the industry, and then we can go to the other ones.

Speaker Change: Let me also let Jayesh talk about the industry and then we can go to the other ones.

Jayesh Sanghrajka: Yeah, so I think Chitra the numbers that you're looking at are your own year numbers if you look at the sequential numbers You know financial services have grown 7.9 percent manufacturing has grown 3.6 percent almost all segments Have grown and all the geographies have grown this quarter. So that's what Salil was referring to, you know in terms of broad-based growth this quarter sequentially Coming to your other question on margins You know while you know utilization has pretty much reached the peak level in our mind there are other levers value-based selling You know more more offshoring, nearshoring All of those are thin levers that we have that we will look at in terms of expanding margins from where we are.

Jayesh Sanghrajka: Yeah, so I think Chitra, the numbers that you're looking at are year-on-year numbers. If you look at the sequential numbers, you know, financial services have grown 7.9%, manufacturing has grown 3.6%. Almost all segments have grown, and all the geographies have grown this quarter. So, that's what Sallil was referring to, you know, in terms of broad base growth this quarter sequentially. Coming to your other question on margins.

Jayesh Sanghrajka: Yeah. I think, Chitra, the numbers that you're looking at are year-on-year numbers. If you look at the sequential numbers, you know, Financial Services have grown 7.9%, Manufacturing has grown 3.6%. Almost all segments have grown, and all the geographies have grown this quarter. That's what Salil was referring to, you know, in terms of broad-based growth this quarter sequentially. Coming to your other question on margins. You know, while you know, utilization has pretty much reached the peak level in our mind, there are other levers, value-based selling, you know, more offshoring, nearshoring. You know, all of those are still levers that we have that we will look at in terms of expanding margins from where we are.

Jayesh: Yeah, so I think, Chitra, the numbers that you're looking at are year-on-year numbers. If you look at the sequential numbers, you know, financial services have grown 7.9 percent, manufacturing has grown 3.6 percent. Almost all segments have grown and all the geographies have grown this quarter. So that's what Salil was referring to, you know, in terms of broad-based growth this quarter sequentially.

Jayesh Sanghrajka: You know, while utilization is pretty much reached peak level in our mind, there are other levers: value based selling, you know, more offshoring; they are showing, you know, all of those. Those are still levers that we have that we will look at in terms of expanding margins from where we are. So, geography split, the fact sheet, you're referring to the fact sheet? Yeah, the fact sheet is year-on-year numbers. There's a year-on-year numbers.

Speaker Change: Coming to your other question on margins, you know, while, you know, utilization has pretty much reached the peak level in our mind, there are other levers, value based selling, you know, more, more offshoring, nearshoring,

Speaker Change: All of those are still levers that we have that we will look at in terms of expanding margins from where we are.

Chandra Srikanth: These are sequential numbers, no, the geography split, Jayesh.

unknown: Jyotirmayee, Siddharth Shukla, Siddharth Shukla, Siddharth Shukla, Siddharth Shukla,

Speaker Change: But these are people I'm sure not going to...

unknown: The fact sheet? You're referring to the fact sheet? The facture is here at your numbers.

Jayesh Sanghrajka: The fact sheet. You're referring to the fact sheet?

Nilanjan Roy: and Niranjan Roy.

Chandra Srikanth: Yeah, yeah.

Speaker Change: The geography split, Jayesh The fact sheet, you are referring to the fact sheet?

Jayesh Sanghrajka: The fact sheet is year-on-year numbers.

Chandra Srikanth: Okay.

Speaker Change: The facture is here on your number.

Jayesh Sanghrajka: They're the year-on-year numbers.

Salil Satish Parekh: I think the question was on reservation, the last one. The question...

Salil Parekh: You think the question was on reservation. The last question.

Rishi: I think the question was on reservation, the last question.

Rishi Basu: I think the question was on reservation, the last question.

Speaker Change: They are the year-on-year numbers.

Salil Parekh: The question on first, we are planning to work with all the regulations that the state and central governments will work on. We support whatever regulations and guidelines will come. We'll wait and see what they look like as time develops. Our approach in general is to make sure we are aligned to the new laws and regulations that come out.

Salil Satish Parekh: The question, first, we are planning to work with all the regulations that the state and central governments will work on. We support whatever regulations and guidelines that will come. We'll wait and see what they look like as time develops, but our approach in general is to make sure we align with the new laws and regulations that come out.

Salil Parekh: The question. First, we are planning to work with all the regulations that the state and central governments will work on. We support whatever regulations and guidelines that'll come. We'll wait and see what they look like as time develops. Our approach in general is to make sure we are aligned to the new laws and regulations that come out.

Speaker Change: I think the question was on reservation, the last question.

Speaker Change: [inaudible]

Speaker Change: First, we...

Speaker Change: We are planning to work with all the regulations that the state and central governments will work on We support whatever regulations and guidelines that will come We'll wait and see what they look like as time develops But our approach in general is to make sure we align to the new laws and regulations that come out

Bina Parmar and Tamir Bakshi: Thank you, Chandra. The next question is from Bina Parmar and Tamir Bakshi from The Economic Times.

Rishi: Thank you, Chandra. The next question is from Beena Parmar and Sameer Bakshi from The Economic Times.

Rishi Basu: Thank you, Chandra. The next question is from Beena Parmar and Sameer Bakshi from The Economic Times.

Operator: The next question is from Beena Parmar and Sameer Bakshi from the Economic Times.

Chandra: Thank you, Chandra.

Speaker Change: The next question is from Beena Parmar and Sameer Bakshi from the Economic Times.

Beena Parmar: Hi. First we want to know the guidance that you've revised, how much would be inorganic growth from that? And your India growth has also seen a large jump. Could you give us some color on, you know, where does it come from? Is it from one large deal, or do you see this going forward? Do you see this expanding? And in terms of fresher hiring, you mentioned that you would be going to campuses and also looking at it laterally. How much would be campus recruitments from the number that you shared? And have the onboarding process of previous offers been done already?

Bina Parmar and Tamir Bakshi: Hi, first we want to know the guidance that you've revised. How much would be inorganic growth from that? And your India growth has also seen a large jump. Could you give us some clarity on color on, you know, where does it come from? Is it from one large deal, or do you see this going forward? Do you see this expanding? And in terms of fresher hiring, you mentioned that you would be going to campuses and also looking at it laterally. How much would be campus recruitment from the number that you shared, and have the onboarding process of previous offers been done already?

Operator: First, we want to know the guidance that you've revised. How much would be inorganic growth from that? And your India growth has also seen a large jump. Could you give us some clarity on color on, you know, where does it come from?

Speaker Change: Hi.

Speaker Change: First we want to know the guidance that you've revised how much would be inorganic growth from that and Your India growth has also seen a large jump Could you give us some clarity on color on you know? Where does it come from is it from one large deal or do you see this going forward? Do you see this expanding?

Salil Satish Parekh: Is it from one large deal? Or do you see this going forward? Do you see this expanding? And in terms of fresher hiring, you mentioned that you would be going to campuses and also looking at it laterally. How much would be campus recruitment from the number that you shared? And has the onboarding process of previous offers been done already?

Speaker Change: And in terms of fresher hiring, you mentioned that you would be going to campuses and also looking at it laterally. How much would be campus recruitments from the number that you shared and have the onboarding process of previous offers been done already?

Salil Parekh: So, on the guidance, what we are seeing today, we had a very strong Q1 with that performance, which focused on specifically volumes on financial services in the US. That gave us more confidence for the year. Then we saw the large deals in Q1 itself. That gave us more visibility for what we're seeing for the full year. And then we had the acquisition with respect to intake. Those combined give us the support to increase revenue growth guidance. As JS said, we don't split out the guidance between organic and organic. However, the revenue number for intake is something that we have shared that.

Salil Parekh: On the guidance, what we are seeing today, we had a very strong Q1. With that performance, which focused on specifically volumes on financial services in the US, that gave us more confidence for the year. We saw the large deals in Q1 itself. That gave us more visibility for what we're seeing for the full year. We had the acquisition with respect to in-tech. Those combined give us the support to increase our revenue growth guidance. As Jayesh said, we don't split out the guidance between organic, inorganic. However, the revenue number for in-tech is something that we have shared. Jayesh just shared that. From that basis, you can add, it's a part of it.

Salil Satish Parekh: On the guidance, what we are seeing today. We had a very strong Q1 with that performance, which focused specifically on volumes for financial services in the US. That gave us more confidence for the year. Then we saw the large deals in Q1 itself. That gave us more visibility for what we're seeing for the full year.

Speaker Change: So,

Speaker Change: On the guidance, what we are seeing today...

Speaker Change: We had a very strong Q1.

Speaker Change: with that performance

Speaker Change: which focused on specifically volumes on financial services in the U.S.

Speaker Change: That gave us more confidence for the year.

Speaker Change: Then we saw the large deals in Q1 itself.

Salil Satish Parekh: And then we had the acquisition with respect to Intech. Those combined give us the support to increase our revenue growth guidance. As Jayesh said, we don't split out the guidance between organic and inorganic. However, the revenue number for Intech is something that we have shared; Jayesh just shared that. And so from that basis, you can add that it's a part of it, the vast majority of it is coming from what we see in volume, financial services, and large deals.

Speaker Change: That gave us more visibility for what we're seeing for the full year. And then we had the acquisition with respect to Intec. Those combined give us the support to increase our revenue growth guidance.

Speaker Change: As Jayesh said, we don't split out the guidance between organic and inorganic, however,

Speaker Change: Revenue number for Intec is something that we have shared, Jayesh just shared that, and so from that basis you can add, it's a part of it, there's a vast majority of it is coming from what we see in the volume, financial services and large deals.

Salil Parekh: And so, from that basis, you can add; it's a part of it. There's vast majority of it is coming from what we see in the volume financial services in large deals.

Salil Parekh: The vast majority of it is coming from what we see in the volume financial services and large deals. In terms of recruitment, as Jayesh just shared, we will be going to campus. Between the way we do campus, which is campus hires ongoing and at campus, and that's in the range of 15,000 to 20,000 for this financial year.

Salil Parekh: Rizip.

Salil Satish Parekh: In terms of recruitment, as Jayesh just shared, we will be going to campus the way we do campus, which is campus hires ongoing and on campus, and that's in the range of 15,000 to 20,000 for this financial year.

Salil Parekh: In terms of recruitment, as Jayesh just shared, we will be going to campus, between the way we do campus, which is campus highest ongoing and at campus, and that's in the range of 15 to 20,000 for this financial.

Jayesh: In terms of recruitment, as Jayesh just shared, we will be going to campus, between the way we do campus, which is campus hires ongoing and at campus, and that's in the range of 15 to 20,000 for this financial year.

Operator: Is there a breakdown on how much would be from campuses and otherwise?

Sameer Ranjan Bakshi: Is there a breakdown on how much would be from campuses and otherwise?

Beena Parmar: Is there a breakdown on how much would be from campuses and otherwise?

Salil Parekh: Is there a breakup on how much would be from campuses and other ways? We generally don't break up that. If the combination of from the campus and off campus, as we see the demand environment growing, we will look at which is the best source of.

Speaker Change: Is there a break up on how much would be from campuses and otherwise?

Operator: We generally don't, sorry go ahead, we generally don't break up that, you know, it's a combination of in from the campus and off campus. As we see the demand environment growing, we will, we will look at which is the best source.

Jayesh Sanghrajka: Sorry, go ahead.

Salil Parekh: Sorry, go ahead.

Sameer Ranjan Bakshi: No, go on.

Beena Parmar: No, go on.

Jayesh Sanghrajka: We generally don't break up that. You know, it's a combination of on campus and off campus. As we see the demand environment growing, we will look at which is the best source of-

Salil Parekh: We generally don't break up that. You know, it's a combination of on campus and off campus. As we see the demand environment growing, we will look at which is the best source of-

Speaker Change: We generally don't, sorry go ahead, we generally don't break up that, you know it's a combination of in on from the campus and off campus as we see the demand environment.

Operator: Has the onboarding of previous offers been done completely, or is it still pending?

Sameer Ranjan Bakshi: Has the onboarding of previous offers been done completely or is it still pending?

Salil Parekh: Has the onboarding of previous offers been done completely, or is it still pending? It's a small portion of that would be pending, so that's pretty much done.

Beena Parmar: Has the onboarding of previous offers been done completely or is it still pending?

Operator: It's, I mean, a small portion of that would be pending; the rest is pretty much done.

Jayesh Sanghrajka: It's, I mean, a small portion of that would be pending. The rest is pretty much done.

Salil Parekh: It's, I mean, a small portion of that would be pending. The rest is pretty much done.

Salil Parekh: And so, on the India growth, you can give us some kind of awareness. India growth, so there, first India is a small part of our business. So, each quarter with different events, it can go up and down. In general, India business is doing well for us in terms of growth. In this specific quarter, as Jayesh shared earlier, there was also one of with respect to the India business. But in general, it's in good shape. It's a small number, and sometimes there's more movement because of small numbers.

Salil Satish Parekh: And Salil, on India's growth, can you give us some color on that?

Sameer Ranjan Bakshi: Salil, on the India growth, can you give us some color where?

Beena Parmar: Salil, on the India growth, can you give us some color where?

Salil Parekh: Yeah. India growth, first, India is a small part of our business. Each quarter, with different events, it can go up and down. In general, India business is doing well for us in terms of growth. In this specific quarter, as Jai shared earlier, there was also a one-off with respect to the India business. In general, it's in good shape. It's a small number, and sometimes there's more movement because of small numbers.

Salil Satish Parekh: So first, India is a small part of our business. So each quarter, with different events, it can go up and down. In general, the Indian business is doing well for us in terms of growth. In this specific quarter, as Jaya shared earlier, there was also a one-off with respect to the Indian business, but in general, it's in good shape. It's a small number, and sometimes there's more movement because of small numbers

Speaker Change: And Salil, on the India growth, can you give us some color of where it is?

Salil Satish Parekh: So there...

Salil Satish Parekh: First, India is a small part of our business, so each quarter with different events it can go up and down.

Salil Satish Parekh: In general, India business is doing well for us in terms of growth.

Speaker Change: In this specific quarter, as Jaya shared earlier, there was also one-off with respect to the India business. But in general, it's in good shape. It's a small number, and sometimes there's more movement because of small numbers.

Salil Parekh: One more second, from your existing deals, what kind of percentage would be Chen AI projects, if at all, at least a ballpark number?

Sameer Ranjan Bakshi: One more if I can add. From your existing deals, what kind of percentage would be GenAI projects, if at all? At least a ballpark number.

Beena Parmar: One more if I can add. From your existing deals, what kind of percentage would be GenAI projects, if at all? At least a ballpark number.

Salil Satish Parekh: I can add from your existing deals what kind of percentage would be JNAI projects, if at all, at least a ballpark number.

Speaker Change: One more if I can add, from your existing deals, what kind of percentage would be JNAI projects, if at all, at least a ballpark number?

Salil Satish Parekh: So in generative AI, we are not sharing externally the value in terms of revenue or of the deals. What we are very clear about is that if you look at industry ratings, if you look at what others are saying about Infosys and our generative AI approach, it's leading in the market. We're also very careful; we are not combining generative AI revenue with other revenue. AI has been going on for a while, and really today, there's much more interest with clients on what generative AI can do, and that's our focus.

Salil Parekh: So, in generative AI, we are not sharing externally the value in terms of revenue or of the deals.

Salil Parekh: In generative AI, we are not sharing externally the value in terms of revenue or of the deals. What we are very clear about is, if you look at industry ratings, if you look at what others are saying about Infosys and our generative AI approach, it's leading in the market. We are also very careful, we are not combining generative AI revenue with AI revenue. AI has been going on for a while, and really today there's much more interest with clients on what generative AI can do, and that's our focus. That's where we believe we have leadership, and that's where there's a huge distinction between what large companies or enterprises are doing, and what consumers are doing on generative AI. Our focus is very much with the enterprise generative AI.

Speaker Change: So in generative AI we are not sharing externally

Salil Parekh: What we are very clear about is, if you look at industry ratings, if you look at what others are saying about enforcers and our generative AI approach, it's leading in the market. We are also very careful; we are not combining generative AI revenue with AI revenue. There are AI has been going on for a while, and really today there's much more interest with clients on what generative AI can derive. And that's our focus; that's where we believe we have leadership. And that's where there's a huge distinction between what large companies or enterprises are doing, and what consumers are doing on generative AI.

Speaker Change: The value in terms of revenue or of the deals, what we are very clear about is, if you look at industry ratings, if you look at what others are saying about Infosys and our generative AI approach, it's leading in the market.

Speaker Change: We are also very careful, we are not combining generative AI revenue with AI revenue.

Speaker Change: Namaste.

Speaker Change: AI has been going on for a while and really today there's much more interest with clients on what generative AI can derive and that's our focus that's where we believe we have leadership.

Salil Satish Parekh: That's where we believe we have leadership, and that's where there's a huge distinction between what large companies or enterprises are doing with generative AI and what consumers are doing with generative AI, and our focus is very much on enterprise generative AI.

Speaker Change: and that's where there's a huge distinction between what large companies or enterprises are doing and what consumers are doing on generative AI and our focus is very much with the enterprise generative AI.

Salil Parekh: And our focus is very much with the enterprise generative AI.

Patmini Thurvaraj: Thank you, Bina. The next question is from Patmini Thurvaraj from the Financial Express.

Rishi: Thank you, Beena. The next question is from Padmini Dhruvaraj from The Financial Express.

Rishi Basu: Thank you, Beena. The next question is from Padmini Dhruvaraj from The Financial Express.

Operator: The next question is from Padmini Dhruvaraj from the Financial Express.

Speaker Change: Thank you, Beena. The next question is from Padmini Dhruvaraj from the Financial Express.

Operator: Hi. So you said that you finished the acquisition of your ER&D company. So when do you see it contributing to your revenues? And how many POCs of your AI use cases are in production now? And so this demand you said for BFS space in North America, is it also because clients want to adopt new technologies? And are you bundling AI services in your regular deals? Or are AI deals becoming separate from your transformation deals?

Salil Parekh: Hi. So, you said that you financed the acquisition of your AR&D company. So, from when do you see it contributing to your revenues? And how many POCs of your AI use cases are in production now? And so, this demand you said of BFS space in North America, is it also because the clients want to adopt new technologies? And is bundling AI services in your regular deals, or are AI deals becoming separate from your transformation deals?

Padmini Dhruvaraj: Hi. You said that you finished acquisition of your ER&E company. From when do you see it contributing to your revenues? How many POCs of your AI use cases are in production now? This demand you said of BFS space in North America, is it also because the clients want to adapt to new technologies? Is bundling AI services in your regular deals or are AI deals becoming separate from your transformation deals?

Padmini Dhruvaraj: Hi, so you said that you finished acquisition of your ER&B company, so from when do you see it contributing to your revenues and how many POCs of your

Padmini Dhruvaraj: AI use cases are in production now. And so this demand you said of BFS space in North America, is it also because the clients want to adopt new technologies? And is bundling AI services in your regular deals or are AI deals becoming separate from your transformation deals? ________________

Salil Satish Parekh: Okay, so we'll go one by one. I think the first one was on what we are seeing with generative AI. So the acquisition is complete. I think that was the question. Oh, when was it complete? Yesterday.

Salil Parekh: Okay. So, we'll go one by one. I think the first one was on what we are seeing with generative AI.

Salil Parekh: Okay. We'll go one by one. I think the first one was on what we are seeing with generative AI.

Speaker Change: Okay, so we'll go one by one. I think the first one was on what we are seeing with generative AI.

Padmini Dhruvaraj: ER&E.

Salil Parekh: So, the acquisition is complete. I think that was the question. Oh, when? It's complete yesterday. So, we start from this quarter. And in fact, engineering services is one of those areas which is growing well for us. We are seeing a lot of traction in the automotive space, in the medical devices space, broadly across all elements of engineering services. And we have now two acquisitions that we've done. of that.

Salil Parekh: Oh, sorry. ER&E. The acquisition is complete. I think that was the question or.

Speaker Change: So the acquisition is complete. I think that that was the the question.

Padmini Dhruvaraj: From when do you see it contributing?

Salil Satish Parekh: So we'll start with this quarter. And, in fact, engineering services is one of those areas which is growing well for us. We are seeing a lot of traction in the automotive space, in the medical devices space, broadly across all elements of engineering services. And we've had now two acquisitions that we've done on that. Then, the second was demand for FS, if that also includes is it because of AI or not so there. What we are seeing with the demand for FS, which we are seeing improvement in, is across all of our capabilities.

Salil Parekh: It's complete yesterday.

Jayesh Sanghrajka: Yeah, completed.

Salil Parekh: It'll start from this quarter. In fact, engineering services is one of those areas which is growing well for us. We are seeing a lot of traction in the automotive space, in the medical devices space, broadly across all elements of engineering services. We've had now two acquisitions that we've done on that. Then the second was the demand in FS, if that also includes. Is it because of AI or not? There, what we are seeing with the demand in FS, which we are seeing improvement in, is across all of our capabilities. It's not only from AI or generative AI, it's also for cost and efficiency, consolidation plays. It's also sometimes very specialized, like in the payments and cards areas where we have some specialized capabilities.

Speaker Change: Oh when? It's complete yesterday. So we will start from this quarter.

Speaker Change: And in fact, engineering services is one of those areas which is growing well for us. We are seeing a lot of traction in the automotive space, in the medical devices space, broadly across all elements of engineering services. And we've had now two acquisitions that we've done on that.

Salil Parekh: Then the second one is a demand in FS, if that also includes, is it because of AI or not? So there what we are seeing with the demand in FS, which we are seeing improvement in, is across all of our capabilities, not only from AI or the genitive AI. It's also for cost and efficiency, consolidation plays. It's also sometimes very specialized, like in the payments and cards area, some specialized capabilities. We see demand for those sort of activities, but it also includes AI in it. On the percentage of projects which have gone from POC to production, we don't share that externally, but what we did play and we continue to see is we are seeing a lot more work which is production projects. We are not seeing just POC work; it's real work in production with clients.

Speaker Change: Then the second one was the demand in FS if that also includes, is it because of AI or not?

Speaker Change: What we are seeing with the demand in FS which we are

Salil Satish Parekh: It's not only from AI or generative AI, it's also for cost and efficiency, consolidation plays. It's also sometimes a very specialized, like in the payments and cards areas, where we have some specialized capabilities, we see demand for those sort of activities, but it also includes AI in it. On the percentage of projects which have gone from POC to production we don't share that externally but what we do what we did say and we continue to see is we are seeing a lot more work which is production projects we are not seeing just POC work it's real work in in production with clients for example, we're doing some work on credit risk analysis and this is a project which is in production with a bank where with generative AI and AI we're able to improve the quality of the decision making, or help them improve the quality of streaming and also the time make it better so this is a huge real impact that the client is seeing in this

Speaker Change: Seeing improvement in is across all of our capability is not only from AI or generative AI It's also for cost and efficiency Consolidation plays it's also sometimes a very specialized like in the payments and cards areas where we have some specialized Capabilities we see demand for those those sort of activities, but it also includes AI in it

Salil Parekh: We see demand for those sort of activities, but it also includes AI in it. On the percentage of projects which have gone from POC to production, we don't share that externally. What we did say and we continue to see is we are seeing a lot more work which is production projects. We are not seeing just POC work. It's real work in production with clients. For example, we're doing some work on credit risk analysis. Now this is a project which is in production with a bank where, with generative AI and AI, we are able to improve the quality of the decision-making, or help them improve the quality decision, and also the time, make it better. This is a huge real impact that the client is seeing in this area.

Speaker Change: On the percentage of projects which have gone from POC to production, we don't share that externally. But what we do, what we did say and will continue to see is we are seeing a lot more work which is

Speaker Change: Production projects, we are not seeing just POC work, it is real work in production with clients. For example,

Salil Parekh: For example, we are doing some work on credit risk analysis. This is a project which is in production with a bank where, with generative AI and AI, we are able to improve the quality of the decision making or help them improve the quality. And also the time make it better, so this is a huge real impact that the client is seeing in this area.

Speaker Change: We're doing some work on credit risk analysis and this is a project which is in production with a bank where with generative AI and AI we are able to

Speaker Change: improve the quality of the decision making or help them improve the quality and also the time make it better. So this is a huge real impact that the client is seeing in this area.

Salil Parekh: Thank you.

Rishi: Thank you. The next question is from Haripriya Suresh from Reuters.

Rishi Basu: Thank you. The next question is from Haripriya Suresh from Reuters.

Harifia Suresh: The next question is from Harifia Suresh from Reuters. Hi, Karimik. I think most questions have been asked, but the last few quarters we have been talking about delay in PCV2 revenue conversion. Is that timeline getting better or do you still, is that still as much caution and are you seeing any sort of transformation views or you mainly in the cost efficiency and so you went into consolidation views kind of a thing.

Operator: The next question is from Haripriya Suresh from Reuters.

Speaker Change: Thank you.

Operator: Hi, good evening. I think most questions have been asked. But for the last few quarters, we've been talking about the delay in TCV to revenue conversion. Is that timeline getting better? Or is there still as much caution? And are you seeing any sort of transformation views? Are you mainly in the cost efficiency and vendor consolidation views kind of a thing?

Haripriya Suresh: Hi, good evening. I think most questions have been asked, but for the last few quarters, we've been talking about the delay in TCV to revenue conversion. Is that timeline getting better, or is there still as much caution? And are you seeing any sort of transformation deals or are you mainly in the cost efficiency and, sorry, vendor consolidation deals kind of a thing? Also, your wage hike cycle last year I know was delayed. Are you coming back to the old cycle? Has the cycle been delayed? What is that environment like? Also in BFSI, I know you called out growth areas as cards payments, but are you still seeing any softness that you'd want to call out? Yeah. Thank you.

Speaker Change: The next question is from Haripriya Suresh from Reuters.

Haripriya Suresh: Hi, good evening. I think most questions have been asked but for the last few quarters we've been talking about the delay in TCV to revenue conversion.

Haripriya Suresh: Is that timeline getting better or do you still, is there still as much caution and are you seeing any sort of transformation views or are you mainly in the cost efficiency and vendor consolidation views kind of a thing?

Salil Parekh: Also, your vehicle cycle last year, I know was delayed. Are you coming back to the old cycle? Has the cycle been delayed? What is that environment like. Also in the office, I know you called out grow data as a scale payments, but are you still seeing any softness that you want to call out. On the deals and the conversion, so there was, I think, two or three quarters ago, we had spoken about some specific deals, which was a slower start than anticipated. Today, we are seeing our large deals converting in as per expectation, so we've already reset that expectation and it's as per that expectation. There's no further slowing and there's no other change in that.

Speaker Change: Also, your wage hike cycle last year, I know, was delayed. Are you coming back to the old cycle? Has the cycle been delayed? What is that environment like? Also, in BFSI, I know you called out growth areas as cash payments, but are you still seeing any softness that you'd want to call out? Thank you. On the deals and the conversion,

Salil Parekh: On the deals and the conversion, I think 2 or 3 quarters ago we had spoken about some specific deals, which it was a slower start than anticipated. Today we are seeing our large deals converting in as per expectation. We had already reset that expectation, and it's as per that expectation. There's no further slowing, and there's no other change in that. The type of deals we are mainly seeing, cost efficiency consolidation deals. There's still not the appetite to spend big on a transformation, technology transformation type of program. On the wage hike and the other one.

Speaker Change: So.

Speaker Change: There was a, I think two or three quarters ago we had spoken about some specific deals which

Speaker Change: It was a slower start than anticipated.

Speaker Change: Today, we are seeing our large deals converting in as per expectation, so we had already reset that expectation and it's as per that expectation, there is no further slowing and there is no other change in that.

Salil Parekh: The type of deals, we are mainly seeing that cost efficiency consolidation views, they're still not the appetite to spend big on a transformation technology transformation type of program on the wage hike and the other one.

Speaker Change: The type of deals we are mainly seeing that cost efficiency consolidation deals, there is still not the appetite to spend big on a technology transformation type of program.

Salil Satish Parekh: Also, your wage hike cycle last year, I know was delayed. Are you coming back to the old cycle? Has the cycle been delayed? What is that environment like? Also, in BFSI, I know you called out growth data as a spouse payment, but are you still seeing any softness that you would want to call out? Thank you.

Salil Satish Parekh: On the deals and the conversion, so There was a, I think two or three quarters ago, we had spoken about some specific deals, which were, It was a slower start than anticipated. Today we are seeing our large deals converting in as per expectation, so we had already reset that expectation, and it's as per that expectation; there is no further exploration, and there's no other change. The type of deals we are mainly seeing, the cost efficiency consolidation deals, there's still not the appetite to spend big on a technology transformation type of program, on the wage hike and the other one.

Salil Parekh: So on the wage hike, as you recall, we've done our last wage hike in November last year, at this point in time, and every time we do a wage hike, we take multiple factors into account, you know, right from what is inflation, when the last time we did the wage hike, watch the peer practice, etc. And at this point in time, we are evaluating all of that, but at the same time, as I called out in my margin work, we have improved our, we will pay this year versus the last quarter and last year.

Jayesh Sanghrajka: On the wage hike, as you would recall, we've done our last wage hike in November last year. At this point in time, every time we do a wage hike, we take multiple factors into account, you know, right from what is inflation, when the last time we did the wage hike, what's the peer practice, et cetera. At this point in time, we are evaluating all of that. At the same time, as I called out in my margin walk, we have improved our variable pay this year versus the last quarter and last year.

Speaker Change: on the wage hike and the other one.

Speaker Change: So on the wage hike, as you would recall, we have done our last wage hike in November last year.

Jayesh Sanghrajka: So on the on the wage hike as you would recall we have done our last wage hike in November last year At this point in time and every time we do a wage hike we take multiple factors into account You know right from what is the inflation when the last time we did the wage hike what's the peer practice etc And at this point in time we are evaluating all of that But at the same time as I called out in my margin work, we have improved our variable pay this year versus the last quarter and last year Thank you.

Speaker Change: At this point in time, and every time we do a wage hike, we take multiple factors into account, you know, right from what is inflation, when the last time we did the wage hike, what's

Speaker Change: VP of practice, etc. And at this point in time, we are evaluating all of that. But at the same time, as I called out in my margin work, we have improved our variable pay this year, versus the last quarter and last year.

Salil Parekh: Thank you.

Rishi: Thank you. The next question is from Jas Bardia from the Mint.

Rishi Basu: Thank you. The next question is from Jas Bardia from the Mint.

Jas Bardia: The next question is from Jas Bardia from the main team.

Speaker Change: Thank you. The next question is from Jas Bardia from The Mint.

Jas Bardia: Good evening, Sir. So, you started the year with a 3.6% sequential growth in constant currency.

Jas Bardia: Good evening, sir. Sir, you started the year with a 3.6% sequential growth in constant currency. Now, you termed it excellent in your prepared remarks, but you outlined a full year growth between 3% and 4% in constant currency terms. Are you expecting business to decline in the Q2 or the H2 of the year? What explains this tepid outlook despite a strong start? The second question: Over the last four quarters, the company has kind of underperformed. What explains this slowdown? Is it a macroeconomic slowdown, because Fortune 500 companies are doing well? The US economy is resilient. Is this a macroeconomic slowdown, if at all, and/or is this because of company specific issues?

Operator: So sir, you started the year with a 3.6% sequential growth in constant currency and you termed it excellent in your prepared remarks. Unknown Attendee, Unknown Shareholder, Mukul Garg, Jaykumar Doshi, Abhishek Bhandari, Shilpa Phadnis, Shilpa Bhandari, Shalini Suman, Varun Hebbalalu, Harleen Bedi, Vallabh Bhandari, Shalini Suman, Varun Hebbalalu, Harleen Bedi, Shalini Suman, Varun Hebbalalu, Harleen Bedi, and so the second question over the last four quarters the company has kind of underperformed what explains this slowdown is it a macroeconomic slowdown because fortune 500 companies are doing well the u.s economy is resilient so is this a macroeconomic slowdown if at all and or is this because of company specific issues

Jas Bardia: Good evening, sirs.

Jas Bardia: So, you started the year with a 3.6% sequential growth in constant currency and you termed it excellent in your prepared remarks.

Jas Bardia: Now, you termed it excellent in your prepared remarks, but you outlined a full year growth between 3% and 4% in constant currency terms. So, are you expecting business to decline in the second quarter or the second half of the year? What explains this steppet outlook despite a strong start? And so, the second question: over the last 4 quarters, the company has kind of underperformed. What explains this slowdown? Is it macroeconomic slowdown? Because Fortune 500 companies are doing well, the US economy is resilient. So, is this a macroeconomics slowdown, if at all? And, or is this because of company-specific issues?

Jas Bardia: But you outline a full year growth between 3% and 4% in constant currency terms. So are you expecting business to decline in the second quarter of the second half of the year? What explains this steppid outlook despite a strong start?

Speaker Change: and so the second question over the last four quarters the company has kind of underperformed

Speaker Change: What explains this slowdown? Is it a macroeconomic slowdown? Because Fortune 500 companies are doing well?

Speaker Change: The US economy is resilient. So is this a macroeconomic slowdown, if at all? And or is this because of company specific issues?

Salil Parekh: So, the first one, in fact, my sense is we have done exceptionally well because of Infosys-specific reasons. 3.6% sequential growth is extremely strong in any environment, but especially in this environment. The reasons, you know, we have a very well-defined approach on large deals, which has been working well. We have a very clear approach on generative AI, which is giving us good traction. We have, when the market looks at it, a very clear approach on digital transformation, which helps clients. And in this environment, a strong focus on cloud, which is also doing very well with the work we do in cobalt.

Salil Parekh: The first one, in fact, my sense is we've done exceptionally well because of Infosys-specific reasons. 3.6% sequential growth is extremely strong in any environment, but especially in this environment. The reasons, you know, we have a very well-defined approach on large deals, which has been working well. We have a very clear approach on generative AI, which is giving us good traction. We have, when the market looks at it, a very clear approach on digital transformation, which helps clients. In this environment, a strong focus on cloud, which is also doing very well with the work we do in Cobalt. The foundation of generative AI is all of the data and how that's coming together, and there we have huge strength. That's giving us a tremendous benefit.

Salil Satish Parekh: So, the first one now, in fact. My sense is we have done exceptionally well because of Infosys specific reasons. 3.6% sequential growth is extremely strong in any environment, but especially in this environment. The reasons, you know, we have a very well-defined approach to large deals, which has been working well. We have a very clear approach to generative AI, which is giving us good traction.

Speaker Change: So, the first one, in fact...

Speaker Change: My sense is we have done exceptionally well because of Infosys specific reasons.

Speaker Change: 3.6% sequential growth is

Speaker Change: Extremely strong in any environment, but especially in this environment.

Speaker Change: The reasons, you know, we have a very well defined approach on large deals which has been working well.

Salil Satish Parekh: We have, when the market looks at it, a very clear approach to digital transformation, which helps clients. And in this environment, a strong focus on cloud, which is also doing very well with the work we do in Cobalt. The foundation of generative AI is all of the data and how that's coming together.

Speaker Change: We have a very clear approach on generative AI which is giving us good traction.

Speaker Change: We have, when the market looks at it, a very clear approach on digital transformation which helps clients. And in this environment, a strong focus on cloud, which is also doing very well with the work we do in Cobalt.

Salil Parekh: The foundation of generative AI is all of the data and how that's coming together. And there we have a huge trend. So, that's giving us a tremendous benefit. Then we add the success on large deals in Q1. Then we add a strong outcome on the operating margin because of the program. We put in place some quarters ago on improving every aspect of how the operations were. And then we have free cash flow, which is at the highest level. So, all of that combined gives us a very strong start into this financial year. For the guidance, the 3.6 becomes 2.5 on a year-on-year basis.

Salil Satish Parekh: And there we have huge strength. So that's giving us a tremendous benefit. Then we've had the success on large deals in Q1. And then we've had a strong outcome on the operating margin because of the program we put in place some quarters ago on improving every aspect of how the operations work. And then we have free cash flow, which is at the highest level. So all of that combined give us a very strong start into this financial year, for the guidance the 3.6 becomes 2.5 on a year-on-year basis so the guidance is more on a year-on-year basis where we've said is between three and four percent and so we see that being a supportive of the guidance we are driving for three reasons a good q1 which is because of volumes and a good fs outcome in us very strong large deals and the in in tech acquisition which got closed in in in time and so those are the reasons why the guidance has become a three to four percent, Now if you look at what is going on with the macro.

Speaker Change: The foundation of generative AI is all of the data and how that's coming together and there we have huge strength so that's giving us a tremendous benefit.

Salil Parekh: We've had the success on large deals in Q1. We've had strong outcome on the operating margin because of the program we put in place some quarters ago on improving every aspect of how the operations work. We have free cash flow, which is at the highest level. All of that combined gives us a very strong start into this financial year. For the guidance, the 3.6 becomes 2.5 on a year-on-year basis. The guidance is more on a year-on-year basis, where we've said it's between 3% and 4%. We see that being supportive of the guidance we are driving for three reasons. A good Q1, which is because of volumes and good FS outcome in US.

Speaker Change: Then we've had the success on large deals in Q1.

Speaker Change: Then we've had a strong outcome on the operating margin because of the program we put in place

Speaker Change: Some quarters ago on improving every aspect of how the operations were.

Speaker Change: and then we have

Speaker Change: All of that combined give us a very strong start into this financial year.

Speaker Change: For the guidance, the 3.6

Salil Parekh: So, the guidance is more on a year-on-year basis, where we've said it's between 3 and 4%. And so, we see that being a supportive of the guidance we are driving for three reasons: good Q1, which is because of volumes and good FS outcome in U.S. Very strong large deals and the intake acquisition which got closed in time. So, those are the reasons why the guidance has become 3 to 4%.

Speaker Change: becomes 2.5 on a year-on-year basis. So the guidance is more on a year-on-year basis where we've said is between 3 and 4 percent and so we see that being

Speaker Change: A supportive of the guidance we are driving for three reasons, a good Q1 which was because of volumes and a good FS outcome in US.

Salil Parekh: Very strong large deals and the in-tech acquisition which got closed in time. Those are the reasons why the guidance has become 3% to 4%. Now, if you look at what is going on with the macro, the macro environment, at least in the Western markets with high interest rates, has curtailed most companies from spending on big programs on digital transformation. We had, as we transformed the company, moved to 65% of our work into digital. That's where we see the change. My sense is as and when the macro changes and people or companies are spending on large technology programs, we are the best positioned to start to get that benefit.

Speaker Change: Very strong large deals and the in-tech acquisition which got closed in time. So those are the reasons why the guidance has become 3-4%.

Salil Parekh: Now, if you look at what is going on with the macro environment, at least in the western markets with high interest rates, has curtailed most companies suspending on big programs on digital terms. And we had as we transform the company move to 65% of our work into digital and that's where we see the change. My sense is as in when the macro changes and people are companies are spending on large technology programs, we are the best position to start to get that benefit, and this quarter we start to see a little bit of that in not in the digital program but in financial services in the US, which is what we have not seen in the past.

Salil Satish Parekh: The macro environment, at least in the western markets with high interest rates, has curtailed most companies from spending on big programs for digital transformation, and we have, as we transformed the company, moved 65% of our work into digital. And that's where we see the change. My sense is, as and when the macro changes and people and companies are spending on large technology programs, we are in the best position to start to get that benefit.

Speaker Change: Now, if you look at what is going on with the macro,

Speaker Change: The macro environment

Speaker Change: At least in the western markets with high interest rates has curtailed most companies from spending on big programs on digital transformation.

Speaker Change: and we had...

Speaker Change: As we transform the company, move to 65% of our work into digital, and that's where we see the change.

Salil Parekh: My sense is as and when the macro changes and people or companies are spending on large technology programs, we are the best positioned to start to get that benefit. This quarter we start to see a little bit of that in, not in the digital programs, but in financial services in the US, which is what we have not seen in the past. All of that really gives us the confidence from what we're seeing in this year.

Speaker Change: My sense is, as and when the macro changes and people, companies are spending on large technology programs, we are the best position to start to get that benefit. And this quarter, we start to see a little bit of that in not in the digital programs, but in financial services in the US, which is what we have not seen in the past. So all of that really gives us the confidence for what we're seeing in this year.

Salil Parekh: This quarter we start to see a little bit of that in, not in the digital programs, but in financial services in the US, which is what we have not seen in the past. All of that really gives us the confidence from what we're seeing in this year.

Salil Satish Parekh: And this quarter, we start to see a little bit of that, not in the digital programs, but in financial services in the US, which is something we have not seen in the past. So all of that really gives us confidence for what we're seeing this year.

Salil Parekh: So all of that really gives us the confidence for what we are seeing in this year.

Salil Parekh: Thank you.

Jas Bardia: Thank you.

Rishi Basu: Thank you. The next question is from Sanjana from The Hindu Business Line.

Operator: Thank you. The next question is from Sanjana from the Hindu Business Line.

Sanjana: The next question is from Sanjana from the Hindu Business Line.

Rishi: The next question is from Sanjana from The Hindu Business Line.

Speaker Change: Thank you. The next question is from Sanjana from the Hindu Business Line.

Sanjana: Hello gentlemen. So this is currently has 2.5 black employees that are trained in an AI.

Operator: Hello, gentlemen. So Infosys currently has 2.5 lakh employees that are trained in Gen AI. So what exactly does this mean? And what kind of investments or initiatives are going into this? And if you could tell us if this reduces or increases hiring requirements, because there has been a reduction in headcount from last quarter; it's been around 1900 employees. Also, can you talk about how many roles are being added or will be added because of developments on the AI front? And if you're looking to hire, and if you could give a breakup of how many people that you've currently hired are for AI-related roles? Thank you.

Sanjana: Hello, gentlemen. Infosys currently has 2.5 lakh employees that are trained in GenAI. What exactly does this mean? And what kind of investments or initiatives are going into this? And if you could tell us if this reduces or increases hiring requirements, because there has been a reduction in headcount from last quarter. It's been around 1,900 employees. Also can you talk about how many roles you know are being added or will be added because of development on the AI front? And if you could give a breakup of how many people that you've currently hired are for AI related roles. Thank you.

Sanjana B: Hello, gentlemen. Infosys currently has 2.5 lakh employees that are trained in GenAI. What exactly does this mean? And what kind of investments or initiatives are going into this? And if you could tell us if this reduces or increases hiring requirements, because there has been a reduction in headcount from last quarter. It's been around 1,900 employees. Also can you talk about how many roles you know are being added or will be added because of development on the AI front? And if you could give a breakup of how many people that you've currently hired are for AI related roles. Thank you.

Speaker Change: Hello, gentlemen. So Infosys currently has 2.5 lakh employees that are trained in Gen AI. So what exactly does this mean? And what kind of investments or initiatives are going into this? And if you could tell us if this reduces or increases hiring requirements?

Salil Parekh: So what exactly does it mean, and what kind of investments our initiatives are going into this? And if you could tell us if this reduces or increases hiring requirements, because that has been a reduction in headcount from last quarter; it's been around 1000, done 900 employees. Also, can you talk about how many roles are being added or will be added because of development on the AI front and if you are looking to, and if you could give a break up of how many people that you are currently hired are for AI related roles. Thank you.

Speaker Change: because there has been a reduction in headcount from last quarter. It's been around 1,900 employees.

Speaker Change: Also, can you talk about how many roles, you know, are being added or will be added because of development on the AI front? And if you're looking to and if you could give a breakup of how many people that you've currently hired are for AI related roles? Thank you. So on the training for AI

Salil Satish Parekh: So on the training for AI... We have a program that enables our employees to get trained on different elements of AI and generative AI. So, there is training that is more focused on awareness, training that is more focused on developing, and this training, which is more focused on deep immersion, and all of that combined gives the total that we share externally for AI training because our view is that all of our service lines are getting changed by deploying AI and generative AI within each service line.

Salil Parekh: So, on the training for AI, we have a program that enables our employees to get trained on different elements of AI and generative AI.

Salil Parekh: On the training for AI, we have a program that enables our employees to get trained on different elements of AI and generative AI. There is training which is more focused on awareness. There is training which is more focused on developing, and there's training which is more focused on deep immersion. All of that combined gives the total that we share externally for AI training. Our view is all of our service lines are getting changed by deploying AI and generative AI within each service line. In any of our offerings, we are deploying it to make sure that we get the full benefit of it, and which is what we are driving to become an AI first company. We had a view when we became digital first, cloud first, and now AI first. That positions us very differently with our clients.

Speaker Change: We have a program that enables our employees to get trained on different elements of AI and generative AI.

Salil Parekh: So there is training which is more focused on awareness; there is training which is more focused on developing; and there is training which is more focused on deep immersion, and all of that combined gives the total that we share externally for AI training. Our view is all of our service lines are getting changed by deploying AI and generative AI within each service line. So in any of our offerings, we are deploying it to make sure that we get the full benefit of it, and which is what we are driving to become an AI first company.

Speaker Change: training which is more focused on awareness.

Speaker Change: There is training which is more focused on developing and there is training which is more focused on deep immersion. And all of that combined gives the total that we share externally for AI training. Our view is…

Speaker Change: All of our service lines are getting changed by deploying AI and generative AI within each service line. So in any of our offerings, we are deploying it to make sure that we get the full benefit of it, and which is what we are driving to become an AI first company.

Salil Satish Parekh: So in any of our offerings, we are deploying it to make sure that we get the full benefit of it, and which is what we are driving to become an AI-first company. So that positions us very differently with our clients. In terms of recruitment, we don't specify how many people are getting recruited for A or B, a different specific category.

Salil Parekh: We had a view when we became digital first, cloud first, and now AI first. That positions us very differently with our clients. In terms of recruitment, we don't specify how many people are getting recruited for A or B, different specific category, but overall numbers is what Jayesh has shared in terms of people joining from college is between 15 and 20,000 for this financial year.

Salil Parekh: So we had a view when we became Digital First, Cloud First and now AI First. So that positions us very differently with our clients.

Speaker Change: So we had a view when we became digital first, cloud first, and now AI first, so that positions us very differently with our clients.

Salil Parekh: In terms of recruitment, we don't specify how many people are getting recruited for A or B different specific category, but overall numbers is what Jayash has shared in terms of people joining from college is between 15 and 20,000 for this financial year.

Salil Parekh: In terms of recruitment, we don't specify how many people are getting recruited for A or B, different specific category, but overall numbers is what Jayesh has shared in terms of people joining from college is between 15 and 20,000 for this financial year.

Speaker Change: In terms of recruitment, we don't specify how many people are getting recruited for A or B different specific category. But overall numbers is what Jayesh has shared in terms of people joining from college is between 15 and 20,000 for this financial year.

Salil Parekh: Thank you.

Salil Satish Parekh: But overall numbers, what Jayesh has shared in terms of people joining from college, are between 15 and 20,000 for this financial year. Thank you. The next question is from Sonal Choudhury from the Deccan Herald. Hello, gentlemen. Congratulations on the stellar performance.

Rishi: Thank you. The next question is from Sonal Choudhary from Deccan Herald.

Rishi Basu: Thank you. The next question is from Sonal Choudhary from Deccan Herald.

Sonal Chaudhary: The next question is from Sonal Chaudhary from the Deccan Herod.

Speaker Change #100: Thank you. The next question is from Sonal Choudhury from the Deccan Herald.

Salil Parekh: Hello, gentlemen. Congratulations on the stellar performance. You've already highlighted what has powered growth in this quarter, but there's anything to add to that. Secondly, whether this growth momentum will sustain. If yes, what's providing that confidence? What's boosting that confidence? So thank you for that.

Operator: Thank you. The next question is from Sonal Choudhury from the Deccan Herald. Hello, gentlemen, congratulations.

Sonal Choudhary: Hello, gentlemen. Congratulations on the stellar performance. You've already highlighted what has powered growth in this quarter, but if there's anything to add to that. Secondly, whether this growth momentum will sustain. If yes, what's providing that confidence? What's boosting that confidence?

Sonal Choudhury: Hello gentlemen, congratulations on this stellar performance. You've already highlighted what has powered growth in this quarter but if there's anything to add to that. Secondly, whether this growth momentum will sustain. If yes, what's providing that confidence, what's boosting that confidence?

Salil Parekh: Thank you for that. We are extremely pleased with the performance, and we think is something very specific to what we have done within the company and for our clients. The main elements of what is driving the growth is really focused on how we've set up what we are driving within the generative AI ecosystem, what we are driving with large deals, the intensity with which we are working with our clients across all the industries, and then the benefits that we are seeing, for example, in Q1 from volumes from financial services in the US, the overall large deal and the in-tech acquisitions. As we look ahead, our view is what we see today is what we've translated into the growth guidance as we see the year today.

Salil Satish Parekh: So thank you for that. We are extremely pleased with the performance and we think it is something very specific to what we have done within the company and for our clients. The main elements of what is driving the growth is really focused on how we've set up, what we are driving within the generative AI ecosystem, what we are driving with large deals, the intensity with which we are working with our clients across all all the industries and then the benefits that we are seeing for example in Q1 from volumes from financial services in the US the overall large deal and the in-tech acquisitions as we look ahead our view is What we see today is what we have translated into the growth guidance as we see the year today.

Salil Parekh: We are extremely pleased with the performance, and we think is something very specific to what we have done within the company and for our clients. The main elements of what is driving the growth is really focused on how we've set up what we are driving within the generative AI ecosystem, what we are driving with large deals, the intensity with which we are working with our clients across all the industries, and then the benefits that we are seeing, for example, in Q1 from volumes from financial services in the US, the overall large deal, and the intake acquisitions.

Speaker Change #102: So thank you for that. We are extremely pleased with the performance and we think it is something very specific to what we have done within the company and for our clients.

Speaker Change #103: The main elements of what is driving the growth is really focused on how we've set up, what we're driving within the generative AI ecosystem, what we're driving with large deals.

Speaker Change #103: The intensity with which we are working with our clients across all the industries And then the benefits that we are seeing, for example, in Q1 from volumes from financial services in the U.S.

Salil Parekh: As we look ahead, our view is what we see today is what we have translated into the growth guidance as we see the year today. We will see as the year progresses; we believe we have a leading ability with 3.6% Q1Q growth in the market. We will see as the year progresses what other things we see in the environment with different industries, like we have seen for financial services in the US. What other industries, at what time, if they change, and so on. And that will give us more and more confidence into the year. The way I would say that is the guidance is what we see today.

Speaker Change #103: The overall large deal and the in-tech acquisitions. As we look ahead, our view is

Speaker Change #103: What we see today is what we have translated into the growth guidance as we see the year today.

Salil Parekh: We will see as the year progresses. We believe we have a leading ability with 3.6% Q-on-Q growth in the market. We will see as the year progresses what other things we see in the environment with different industries, like we have seen for financial services in the US. What other industries, at what time, if they change, and so on. That will give us more and more confidence into the year.

Salil Satish Parekh: We will see as the year progresses. We believe we have a leading ability with 3.6% Q1Q growth in the market. We will see as the year progresses what other things we see in the environment with different industries, like we have seen for financial services in the US, what other industries are at what time if they change, and so on, and that will give us more and more confidence throughout the year. The way I would say that is, the guidance is what we see today, so whatever we've seen in Q1, we've converted that to our guidance, and that is what we see today in terms of the outcome. Thank you.

Speaker Change #103: We will see as the year progresses.

Speaker Change #103: We believe we have a leading ability with 3.6% Q1Q growth in the market. We will see as the year progresses, what other things we see in the

Speaker Change #103: [inaudible]

Sonal Choudhary: Currently.

Salil Parekh: The way I would say that is the guidance is what we see today. Whatever we've seen in Q1, we've converted that to our guidance, and that is what we see today in terms of the outlook.

Speaker Change #104: So, guys, thank you for being with us.

Salil Satish Parekh: and Salil Parekh.

Speaker Change #105: The way I would say that is, the guidance is what we see today. So whatever we've seen in Q1, we've converted that to our guidance. And that is what we see today in terms of the outlook.

Salil Parekh: So, whatever we have seen in Q1, we have converted that to our guidance. And that is what we see today in terms of the outlook.

Rishi Basu: Thank you.

Rishi: Thank you. With that, we come to the end of this press conference. We thank our friends from media for being part of today's questions and answers. Thank you, Salil, and thank you, Jayesh.

Rishi Basu: Thank you. With that, we come to the end of this press conference. We thank our friends from media for being part of today's questions and answers. Thank you, Salil, and thank you, Jayesh.

Rishi Basu: With that, we come to the end of this press conference. We thank our friends from media for being part of today's questions and answers.

Operator: With that, we come to the end of this press conference. We thank our friends from the media for being part of it. Today's questions and answers. Thank you, Salil, and thank you, Jay. 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, and please join us for some high tea outside. Copyright 2021 Mooji Media Ltd. All Rights Reserved. No part of this recording may be reproduced without Mooji Media Ltd.'s express consent.

Speaker Change #106: Thank you. With that we come to the end of this press conference. We thank our friends from media for being part of today's questions and answers. Thank you Salil and thank you Jayesh.

Salil Parekh: Thank you, Selin, and thank you, Jayesh.

Jayesh Sanghrajka: Thank you.

Salil Parekh: Thank you.

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 and please join us for some heighty outside.

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

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

Speaker Change #106: 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.

Speaker Change #107: Thank you and please join us for some high tea outside.

Salil Satish Parekh: and Salil Parekh.

Speaker Change #108: Thanks for watching.

Speaker Change #108: www.Infosys.com www.Infosys.com

Q1 2025 Infosys Ltd Earnings Call - Press Conference

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