Q4 2025 Infosys Ltd Earnings Call - Press Conference

April 17, 2025

[Company Representative] (Infosys): We then took the next big step, undergoing a rigorous surveillance audit by TÜV NORD and NABCB, which led to our certification being inherited and upgraded to an accredited one. With this, Infosys continues to remain as the first company to be certified in ISO 42001. This accomplishment underscores our dedication to maintaining our leadership in AI governance and compliance. With multiple recognitions and accreditations, we are continuously setting new standards and pushing boundaries.

positioning Infosys at the forefront of AI governance and compliance.

We then took the next big step.

Undergoing a rigorous surveillance audit by Tuve Nord and NABCB which led to our certification being inherited and upgraded to an accredited one. With this, Infosys continues to remain as the first company to be certified in ISO 42,0001. This accomplishment underscores our dedication to maintaining our leadership and AI governance and compliance with multiple recognitions and accreditation. We are continuously studying new standards.

and Pushing Boundaries

[Company Representative] (Infosys): In Formula E, where speed meets sustainability, every race is a step into the future. The thrill is not just in the race, it's in the insights that bring fans closer to the action. Infosys, as the digital innovation partner for Formula E, is bringing fans a new kind of immersion with the cutting-edge Infosys Stats Center.

In Formula E, where speed meets sustainability, every race is a step into the future. The thrill is not just in the race, it's in the insights that bring fans closer to the action. Infosys, as the digital innovation partner for Formula E, is bringing fans a new kind of immersion with the cutting edge Infosys SpatCentre. It's a new season and our first full season with great new parts.

[Representative] (Formula E): It's a new season and our first full season with great new partners such as Infosys. Together we will be reimagining motorsport starting this season in season 11.

[Representative] (Formula E): The idea was we build a Formula E Stats Center, which will favor fans with data insight. Because the one thing that fans love in sport, and this is not limited to Formula E, is the knowledge.

So together we will be reimagining Motorsport starting this season in season 11 The idea was we build a Formula E Stats Centre which was farvel fans for data inside because the one thing that fans love in sport and this is not limited to Formula E is the knowledge. The key stats brings fans dynamic updates, top drivers leading teams, track insights, everything you need to stay in the race. So we will be reimagining Motorsport. We will be reimagining Motorsport. We will be reimagining Motorsport.

[Company Representative] (Infosys): The Key Stats brings fans dynamic updates, top drivers, leading teams, track insights, everything you need to stay in the race. Diving deep into moments and milestones, Insights offers AI-powered analytics and engaging summaries that decode the performance of drivers and teams.

Diving deep into moments and milestones, insights offers AI-powered analytics and engaging summaries that decode the performance of drivers and teams. First Realisation is one of the key aspects of the Infosys staff centre. Fans get a chance to actually tailor their preferences, follow their favourite teams, drivers, play around with staff to do a whole lot more. The Infosys staff centre uses generative AI and that really helps for dynamic experiences for fans. They're quite immersed in the race right from the start till the type of the checkered flag.

[Representative] (Formula E): Personalization is one of the key aspects of the Infosys Stats Center. Fans get a chance to actually tailor their preferences, follow their favorite teams, drivers, play around with stats, and do a whole lot more. The Infosys Stats Center uses generative AI, and that really helps with dynamic experiences for fans. They're quite immersed in the race right from the start till the time of the checkered flag.

[Representative] (Formula E): Our ambition is by 2030 to have over half a billion fans supporting Formula E around the world. In order to service those fans, bring them closer to the action, and satisfy their ever-increasing needs and curiosity about the drivers, about the cars, about the sport, about the times, we're working with Infosys on this AI-powered customer data platform so that we can create this repository for all that amazing data and amazing information so that fans literally at the touch of a button can get access to any information they need.

Our Ambition is by 2030 to add over half a billion fans.

Speaker Change: Supporting Formulary Around the World. In order to service those fans, bring them closer to the action and satisfy their ever-increasing needs and curiosity about the drivers, about the cars, about the sport, about the times, we're working with Infosys on this AI-powered customer data platform so that we can create this repository for all that amazing data and amazing information so that fans literally at the touch of a button can get access to any information they need. This is more than a race.

[Company Representative] (Infosys): This is more than a race. It's a race to the future, and it's powered by innovation that drives new experiences and new possibilities for everyone.

Speaker Change: It's a waste of the future and it's powered by innovation that drives new experiences and new possibilities for everyone.

Rishi Jhunjhunwala, Rishi Jhunjhunwala, Rishi Jhunwala

Satsang with Mooji www.mooji.org

[Company Representative] (Infosys): At Infosys, being pioneers is not just an ambition. It's our legacy. From acquiring the ISO 9001 TickIT certification in 1993 to the CMMI Level 5 certification in 1999, we have always led the way. This fueled our vision to become an AI-first enterprise with the launch of Infosys Topaz in 2023, and in 2024, we unveiled the Infosys Topaz Responsible AI Suite in-office, setting the pace for industry benchmarks. When ISO officially launched the ISO 42001 AIMS certification in December 2023, we took the lead to set standards, and within three months received a certificate in March 2024 after a detailed audit by TÜV NORD, the esteemed German audit firm, helping ensure that we stayed ahead while upholding our commitment to robust AI governance and the ethical use of AI.

are in focus.

Rishi, being pioneers is not just an ambition. It's our legacy.

Speaker Change: From acquiring the ISO 9001 tick IT certification in 1993, to the CMM Level 5 certification in 1999, we have always led the way. This fueled our vision to become an AI First Enterprise, with the launch of Infosys Topaz in 2023 and in 2024.

Speaker Change: We unveiled the Infosys Topaz responsible AI suite in office, setting the pace for industry benchmarks.

Speaker Change: When ISO officially launched the ISO 42,001 AIMS certification in December 2023, we took the lead to set standards.

Speaker Change: And within three months received a certificate in March 2024, after a detailed audit by Tooth Nords, the esteemed German audit firm, helping ensure that we stay to head, while upholding our commitment to robust AI governance, and the ethical use of AI.

[Company Representative] (Infosys): While achieving the ISO/IEC 42001 certification was a significant milestone. Without the ISO/IEC 42006 framework for auditors, accreditation was not yet feasible. As soon as ISO/IEC 42006 standards became clearer, we collaborated with the Quality Council of India and NABCB to build India's very own accreditation capabilities, positioning Infosys at the forefront of AI governance and compliance. We then took the next big step, undergoing a rigorous surveillance audit by TÜV NORD and NABCB, which led to our certification being accredited and upgraded to an accredited one. With this, Infosys continues to remain as the first company to be certified in ISO/IEC 42001. This accomplishment underscores our dedication to maintaining our leadership in AI governance and compliance. With multiple recognitions and accreditations, we are continuously setting new standards and pushing boundaries.

Speaker Change: While achieving the ISO-420001 certification was a significant milestone without the ISO-420006 framework for auditors, accreditation was not yet feasible. As soon as ISO-420006 standards became clearer, we collaborated with the Quality Council of India and NABCD to build India's very own accreditation capabilities.

Positioning Infosys at the forefront of AI governance and compliance.

And we then took the next big step!

Speaker Change: Undergoing a rigorous surveillance audit by Tuve Nord, N-N-A-B-C-B, which led to our certification being inherited and upgraded to an accredited one. With this, Infosys continues to remain as the first company to be certified in ISO 42,0001. This accomplishment underscores our dedication to maintaining our leadership and AI governance and compliance. With multiple recognitions and accreditation, we are continuously studying new standards.

and Pushing Boundaries

Music Music Music Music Music Music

Please share this video. Thank you.

[Company Representative] (Infosys): At Infosys, being pioneers is not just an ambition. It's our legacy. From acquiring the ISO 9001 TickIT certification in 1993 to the CMMI Level 5 certification in 1999, we have always led the way. This fueled our vision to become an AI-first enterprise with the launch of Infosys Topaz in 2023. In 2024, we unveiled the Infosys Topaz Responsible AI Suite in-office, setting the pace for industry benchmarks. When ISO officially launched the ISO/IEC 42001 AIMS certification in December 2023, we took the lead to set standards, and within three months, received a certificate in March 2024 after a detailed audit by TÜV NORD, the esteemed German audit firm, helping ensure that we stayed ahead while upholding our commitment to robust AI governance and the ethical use of AI.

Add in focus.

Ram, Being Pioneers is not just an Ambition, it's our legacy!

Speaker Change: We unveiled the Infosys Topaz responsible AI suite in office, setting the pace for industry benchmarks.

Speaker Change: When ISO officially launched the ISO 42,001 AIMS certification in December 2023, we took the lead to set standards.

Speaker Change: And within three months received a certificate in March 2024, after a detailed audit by Tooth Nords, the esteemed German audit firm, helping ensure that we stay to head while upholding our commitment to robust AI governance, and the ethical use of AI.

[Company Representative] (Infosys): While achieving the ISO/IEC 42001 certification was a significant milestone, without the ISO/IEC 42006 framework for auditors, accreditation was not yet feasible. As soon as ISO/IEC 42006 standards became clearer, we collaborated with the Quality Council of India and NABCB to build India's very own accreditation capabilities, positioning Infosys at the forefront of AI governance and compliance. We then took the next big step, undergoing a rigorous surveillance audit by TÜV NORD and NABCB, which led to our certification being inherited and upgraded to an accredited one. With this, Infosys continues to remain as the first company to be certified in ISO/IEC 42001. This accomplishment underscores our dedication to maintaining our leadership in AI governance and compliance. With multiple recognitions and accreditations, we are continuously setting new standards and pushing boundaries.

Speaker Change: While achieving the ISO 42,001 certification was a significant milestone without the ISO 42,006 framework for auditors, accreditation was not yet feasible. As soon as ISO 42,006 standards became clearer, we collaborated with the Quality Council of India and NABCD to build India's very own accreditation capabilities.

Positioning Infosys at the forefront of AI governance and compliance. [inaudible]

We then took the next big step.

Speaker Change: Undergoing rigorous surveillance audit by Tuve Nord and NABCB, which led to our certification being inherited and upgraded to an accredited one.

Speaker Change: With this, Infosys continues to remain as the first company to be certified in ISO 42,0001. This accomplishment underscores our dedication to maintaining our leadership and AI governance and compliance, with multiple recognitions and accreditation, we are continuously studying new standards and pushing boundaries.

Speaker Change: . . . . . . . . . . .

Speaker Change: In Formula E, where speed meets sustainability, every race is a step into the future. The thrill is not just in the race, it's in the insights that bring fans closer to the action. Infosys, as the digital innovation partner for Formula E, is bringing fans a new kind of immersion with the cutting edge Infosys SpatCentre. It's a new season and our first full season with great new partners such as Infosys.

[Representative] (Formula E): It's a new season and our first full season with great new partners such as Infosys. Together we will be reimagining motorsport starting this season in season 11.

Speaker Change: So together we will be reimagining Motorsport, starting this season in season 11 The idea was we build a Formula E-Sat center which was farvel fans for data inside because the one thing that fans love in sport and this is not limited to Formula E is the knowledge. The key stats brings fans dynamic updates, top drivers, leading teams, track insights, everything you need to stay in the race. So we will be reimagining Motorsport, starting this season in season 11 The idea was we will be reimagining Motorsport, starting this season in season 11

[Company Representative] (Infosys): The Key Stats brings fans dynamic updates. Top drivers, leading teams, track insights, everything you need to stay in the race. Diving deep into moments and milestones, Insights offers AI-powered analytics and engaging summaries that decode the performance of drivers and teams.

Speaker Change: Diving deep into moments and milestones, Insights offers AI-powered analytics and engaging summaries that decode the performance of drivers and teams. First Realisation is one of the key aspects of the Infosys staff centre. Fans get a chance to actually tailor their preferences, follow their favourite teams, drivers, play around with staff to do a whole lot more. The Infosys staff centre uses generative AI and that really helps for dynamic experiences for fans. They're quite immersed in the race right from the start till the time of the checkered flag.

[Representative] (Formula E): Our ambition is by 2030 to have over half a billion fans supporting Formula E around the world. In order to service those fans, bring them closer to the action, and satisfy their ever-increasing needs and curiosity about the drivers, about the cars, about the sport, about the times, we're working with Infosys on this AI-powered customer data platform so that we can create this repository for all that amazing data and amazing information so that fans literally, at the touch of a button, can get access to any information they need.

[Company Representative] (Infosys): This is more than a race. It's a race to the future, and it's powered by innovation that drives new experiences and new possibilities for everyone.

Speaker Change: Test to any information I need. This is more than a race. It's a race to the future and it's powered by innovation that drives new experiences and new possibilities for everyone.

Thank you for watching and please subscribe!

Thanks for watching.

Rishi Basu: A very good evening, everyone, and thank you for joining Infosys' Q4 financial results. My name is Rishi, and on behalf of Infosys, I'd like to welcome all of you. Before we begin, I know we are slightly delayed. Apologies for that, but I do request one question from each media house. Though there are lots of news today, but let's see what we can do best. With that, I'd like to invite our Chief Executive Officer, Mr. Salil Parekh, for his opening remarks. Over to you, Salil.

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

Rishi Jhunjhunwala, Rishi Jhunjhunwala,

Before we begin,

Speaker Change: I know we are slightly delayed apologies for that but I do request one question from each media house though they are lots of news today but let's see what we can do best

Salil Parekh: Thanks, Rishi. Good evening, and welcome. Thank you all for joining us. We've had an excellent year in financial year 2025. 4.2% growth, constant currency terms, 21.1% operating margin, $4.1 billion free cash flow, and $11.6 billion in large deals. We've seen the performance has been solid all around, across the year. We're seeing growing demand from clients to partner with them on AI. They're moving from a use case approach to an AI-led transformation approach. This is using AI agents, which are playing more and more of a critical role, and we believe we have a very leading position in AI agents with over 200 agents we've developed. We continue with our strategic expansion, and acquisition in the energy and consulting space in the US. Acquisition in cybersecurity space in Australia.

Salil Parekh: Thanks, Rishi. Good evening and welcome. Thank you all for joining us.

Salil Parekh: We've had an excellent year in financial year 2025, 4.2% growth, constant currency terms, 21.1% operating margin.

Salil Parekh: 4.1 Billion, Free Cashflow and 11.6 Billion in large deals. We feel the performance has been solid all around across the year.

Salil Parekh: We've been growing demand from clients to partner with them on AI. They're moving from a use case approach to an AI-led transformation approach.

Salil Parekh: This is using AI agents which are playing more and more of a critical role and we believe we have a very leading position in AI agents with over 200 agents we've developed.

Salil Parekh: We continue with our strategic expansion and acquisition in the energy and consulting space in the US.

Salil Parekh: A new strategic partner becoming part of our joint venture in Japan. All three areas are areas where we have strategically looked to expand, and we are further committed with this expansion in the US, in a very critical area for that market. We have a set of capabilities that support clients in their growth, whether it's AI or cloud or digital. In their efficiency, whether it's automation, cost reduction, lean, and consolidation. We feel well-positioned in this environment to look at both growth and both cost areas as clients look at them. Based on what we see in the environment today, and building on our large deal wins in the past quarters, our guidance for growth in financial year 2026 is 0% to 3% in constant currency terms.

Acquisition in Cyber Security Space in Australia,

Salil Parekh: And a new strategic partner becoming part of our joint venture in Japan. So all three areas are areas where we have a strategic look to expand. And we are further committed with this expansion in the US in a very critical area for that market.

Salil Parekh: We have a set of capabilities that support clients in their growth, whether it is AI or cloud or digital.

Salil Parekh: And in the efficiency, whether it is automation, cost reduction, lean and consolidation. So we feel well positioned in this environment to look at both growth and both cost areas as clients look at them.

Salil Parekh: Based on what we see in the environment today and building on our large deal wins in the past quarters, our guidance for growth in financial year 2026 is 0% to 3% in constant currency terms.

Salil Parekh: The environment is uncertain, and we will execute our plans with agility while keeping a close watch on changes. Our margin guidance for the financial year 2026 is at 20% to 22%. Thank you. Let's open it up for questions, Rishi.

Salil Parekh: The environment is uncertain and we will execute our plans with agility while keeping a close watch on changes.

Speaker Change: A margin guidance for the financial year 2026 is at 20% to 22% Thank you and then let's open it up for questions Rishi Thank you, Salil. Joining Salil is Mr. Jayesh Sanghrajka, Chief Financial Officer Infosys

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

Ritu Singh: Hi, Salil. How are you? Jayesh, you know, quick one. With your guidance of almost no growth in this year, 0 to 3%, if you could give us more in terms of commentary on what you're seeing. You know, for instance, from TCS, we heard about delays in decision-making. From Wipro yesterday, we heard, you know, one of the large clients paused a transformational deal. What are you hearing? Are there ramp downs? Are there delays? Are there, you know, any sort of cancellations in large deals? Also, for Infosys in the last 12 to 18 months, we've not seen any mega deals, you know, being announced. You know, what's happening in the market? Are some of these large deals drying up? What's your sense?

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

Speaker Change: and the last 12 to 18 months, we have not seen any mega deals being announced. What is happening in the market? Are some of these large deals trying up? What is your sense? Given that this puts larger reliance for you on discretionary spend picking up, also in terms of sectors where you started to see

Ritu Singh: You know, given that this puts larger reliance for you on discretionary spend picking up. You know, also in terms of sectors where you started to see shoots of recovery, for instance, last quarter you spoke about BFSI, et cetera. You know, is that continuing, or given the uncertain environment, do you expect some sort of a reversal there? Just one question on the hiring and wages. The wages that were expected to be rolled out in the second phase in April, are you on track to do that? Your hiring plans for the year, you know, 20,000 that you had indicated, you know, if that's also on track. Thank you.

Speaker Change: Rathul, Anjith, One Question, The Hiding in Wages, The Wages that were expected to be rolled out in the second place in April , I don't track to do that, and you're hiding plants for the year, you know, 20,000 that you'd indicated, you know, if that's also on track.

Salil Parekh: Okay. Thanks. A few questions. First, on the environment, I think we see there's uncertainty in the environment. We have several deals that we closed in the last quarter and the quarters before. Those are today moving into the appropriate next phases. We've not seen a change in that. We are seeing, in areas where there's focus on changes which may come, there could be an impact. In industries where there are changes that could come because of the changes in the regulations, there could be an impact. Jayesh will comment a little bit about how we've constructed the guidance based on that. In terms of mega deals, we had two mega deals in the last financial year. We have a pipeline of mega deals today.

Speaker Change: Thank you. Okay, so thanks a few questions. First on the environment, I think we see there's uncertainty in the environment.

Speaker Change: We have several deals that we closed in the last quarter and the quarters before. Those are today moving into the appropriate next phases. We have not seen a change in that.

We are seeing,

Speaker Change: In areas where there is focus on changes which may come, there could be in industries where there are changes that could come because of the changes in the regulations, there could be an impact.

Salil Parekh: What we saw in the past when things of this nature happen, which is changes in the environment, there's also an interest with clients on cost takeout, automation, efficiency, and consolidation. We will see how it plays out because it's only a few days, as clients have looked at it. We have seen our large deals moving, I mean, in which we have closed, moving into the next phases as was evident.

Saurabh.

Speaker Change: What we saw in the past when things of this nature happen which is changes in the environment, there is also an interest with clients on cost takeout, automation, inefficiency and consolidation.

Speaker Change: We will see how it plays out because it's only a few days as clients are looked at it but we have seen a large deals moving,

Rishi Basu: Yeah. Adding to what-

Salil Parekh: Salil said on the guidance. Look, we run multiple models which run up to the guidance at various ends of the guidance, you know, bottom end, middle end, or the top end. The fact that we gave a three-point guidance reflects there is uncertainty in the environment. At the bottom end of the guidance, we have baked in some deterioration in the environment, some, you know, heightened uncertainty. At the top end of the guidance, we have assumed a steady to marginally improving environment this point in time. Coming to the second question on wages. You know, we are on track on our wages. A large part of the wages wage increments were rolled out in January, and the balance is rolled out in April, effective 1 April, so we are on track on that.

Rishi Basu: Salil said on the guidance. Look, we run multiple models which run up to the guidance at various ends of the guidance, you know, bottom end, middle end, or the top end. The fact that we gave a three-point guidance reflects there is uncertainty in the environment. At the bottom end of the guidance, we have baked in some deterioration in the environment, some, you know, heightened uncertainty. At the top end of the guidance, we have assumed a steady to marginally improving environment this point in time. Coming to the second question on wages. You know, we are on track on our wages. A large part of the wages wage increments were rolled out in January, and the balance is rolled out in April, effective 1 April, so we are on track on that.

Yes, Salil said, on the guidance, [inaudible]

Speaker Change: Look, we run multiple models which run up to the guidance at at various ends of the guidance, you know, bottom end, middle end or the top end.

Speaker Change: The fact that we gave a three-point guidance reflects the uncertainty in the environment.

Speaker Change: At the bottom, at the end of the guidance, we have baked in some deterioration, the environment, some you know heightened uncertainty. At the top end of the guidance, we have assumed steady to marginally improving environment, this punitive.

Speaker Change: We are on track on our wages, large part of the wages, which increments were rolled out in January and the balance is rolled out in April , effective first April so we are on track on that

Salil Parekh: In terms of FY26 hiring, we are expecting to hire 20,000+ freshers.

Rishi Basu: In terms of FY26 hiring, we are expecting to hire 20,000+ freshers.

Ritu Singh: Could you also clarify, there have been reports that?

Speaker Change: And in terms of FY26 hiring, we are expecting to hire 20,000 plus freshers. 20,000 plus, what we had said earlier, we are on track of it.

Salil Parekh: 20,000 plus what we had said earlier, we are on track of it.

Ritu Singh: You know, there are reports of Infosys laying off, you know, some of these fresh campus recruits, because according to your statement, there were 337 of these as opposed to media reports of 700+. You said that was because of their poor performance. If you could clarify, you know, I mean, what exactly happened there? Are you not able to find the right talent? Is the number still, you know, what you'd said in your statement, is it larger? Just a statement from you on that.

Speaker Change: You know, there are reports of Infosys laying off, you know, some of these fresh happens with crew, because according to your own statement, there are 3.37 of these as opposed to media reports of 700 class, and you know, that's because of their brief performance. If you could clarify, you know, I believe that being what exactly happened there, are you not able to find the right talent, is the number still, you know, what you said in your statement is it larger, just a statement from you on that.

Salil Parekh: Let me take that one. First we made some statements. Those are. We stand by those statements. In addition to that, within Infosys, we have an approach for making sure that we have a rigorous way to train and then to assess and test individuals. This is a process that has been ongoing for the last 20 years within the company. At every time that the training batch comes in, they have three opportunities for testing. At each time, if they succeed in that, they stay on. After three attempts, we have now found a way that we have found other opportunities for them and also supported them outside of Infosys in some training that can be offered to them. That's the approach we have taken.

See that one now.

Speaker Change: So, first we made some statements, we stand by those statements in addition to that.

Speaker Change: At every time that the training batch comes in, they have three opportunities for testing and at

Speaker Change: At each time, if they succeed in that, they stay on after three attempts.

Speaker Change: We have now found a way that we have found other opportunities for them and also supported them.

Salil Parekh: In terms of the numbers, whatever the statements we've made in the past remain as they are.

Speaker Change: in outside of Infosys in some training that can be offered to them. So that's the approach we have taken in terms of the numbers whatever the statements we've made in the past remain as they are. Thanks Ritu.

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

Haripriya Sureban: Hi, sir. Salil, give us some idea on, like you said, you remain confident on the current deal wins that you have. Do you see any kind of changes going forward in your conversations with the client? Any possibility of clampdown on the cancellations that you have visibility on right now? On the fresh deal wins that you'd try to bank on further, what kind of deal wins would mostly come in? Is this mostly towards the cost takeout side that we'd be expecting? What's your read on the discretionary spending? Do you see that go down, at least in terms of the sentiment? Would it pick up later towards the year?

The next question is from Haripriya Sureban from NDTV Profit.

Haripriya Suryabhan: Hi, Salil, give us some idea on, like you said, you remain confident on the current dealings, dealings that you have, but do you see any kind of changes going forward in your conversations with the client, any possibility of slam down the cancellations that you have visibility on right now, and on the fresh dealings that you try to bank on further, what kind of dealings would mostly come in, is this most towards the cost acre side that would be expected?

Haripriya Sureban: Also, how many quarters are you expecting this uncertainty to stay on? Because one of your competitors said at least towards the second part of the year things should get better. Jayesh, on the margins stayed on the narrow band, what are the levels that you'd have going forward? What are the impact that this current environment will have, and how would that be baked in?

What is your read on discretionary spending?

Speaker Change: One of your competitors said, at least two or two seconds, part of the year things should get better, and Jayesh on the margins.

and Jayesh Sanghrajka.

Salil Parekh: On the environment, what we see is, it's an uncertain environment. As Jayesh shared, we've taken different scenarios to look at the way we've put together the guidance. In terms of specifics, as of now, we have seen the deals that we have won in the recent quarters are now continuing to ramp. My view is we will see because of the changes in the economic outlook, there will be some discussions which will be focused on more consolidation, more cost pressures with clients. At this stage, we have not seen a change in that. However, the guidance has factored in what we anticipate in different scenarios because all of this is happening in the last few days.

Speaker Change: So, on the environment, what we see is, it's an uncertain environment and as Jayesh shared, we've taken different scenarios to look at the way we've put together the guidance.

Speaker Change: As of now we have seen the deals that we have won in the recent quarters are now continuing to ram.

My view is...

We will see, because of the changes...

Speaker Change: and the Economic Outlook, there will be some discussions which will be focused on

Maw, Maw, Consolidation, Maw, Cost, Precious, With Clients.

Speaker Change: But at this stage we have not seen a change in that however the guidance is factored in what we anticipate in different scenarios because all of this is happening in the last few days.

Rishi Basu: Yeah. On margins.

Jayesh Sanghrajka: On the margins, you know, if you look at FY 25, we have expanded margins by 50 basis points. That's a clear reflection of our endeavor, which we had said at the beginning of the year to improve margins. We have improved margins despite multiple headwinds. We had a full year impact of the comp that we did in the previous year in November. We have paid higher variable pay to our employees. We had many of the large deals ramping up during this period. We did an acquisition, so there was an acquisition-related impact. Despite all of those headwinds, we have been able to increase our margins by 50 basis points. That's just a clear reflection of what we have been doing.

Speaker Change: On the margins, if you look at F525, we have expanded margins by 50 basis points.

Speaker Change: That's a clear reflection of our endeavour which we had said at the beginning of the year to improve margins.

Speaker Change: We did an acquisition so there was an acquisition related impact.

Jayesh Sanghrajka: We do see opportunities in terms of, you know, increasing from VBS in terms of pricing, et cetera, in terms of lean automation, of doing more productivity, increasing nearshore, in multiple of our geographies, et cetera. There are opportunities to improve margins from where we are today.

Speaker Change: And despite all of those headwinds, we have been able to increase our margins by 50 basis points, so that's just a clear reflection of what we have been doing. And we do see opportunities in terms of increasing from VBS in terms of pricing, etc. In terms of lean automation of doing more productivity, increasing near-shore and multiple of our geographies that there are opportunities to improve margins from where we are today.

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

Chandra R. Srikanth: Hi, Salil. Just wanted to understand the 0.3 to 3 percent guidance. Does it bake in impact of tariffs? How much of it is happening because of GCCs? Have there been any project delays, cancellations? If you can give us a sense of that. You know, are there verticals or niche platforms that you're building which has outcome-based pricing? Is it time to let go of this 20 percent margin threshold? How are you sort of going to win deals in the current environment? Between US and Europe, where do you see more uncertainty right now? Thanks.

Thank you.

Speaker Change: The next question is from Chandra Srikanth from Mani Controller. Hi, Salu. Just wanted to understand the 0-3 to 3% guidance. Does it make an impact of tariffs? How much of it is happening? Because of from GCCs, have there been any project delays, cancellations? If you can give us a sense of that.

Speaker Change: And, you know, are there verticals on each platforms that you're building which has outcome-based pricing?

Salil Parekh: On the guidance, Jayesh will give a view. On the platforms, let me start off and then we can come to the other ones. I think we are very clear with AI that there's a huge change in how agent-based platforms are being created. We have now work we are doing with clients where these are being leveraged. We have examples in telco clients. We have examples in financial services clients. We have examples in services companies. It's quite broad-based what we're seeing on platforms. It's also building on the small language model that we've built in financial services, leveraging Finacle. We have also started to do work across other industries where we will build these sort of models.

Speaker Change: And between US and Europe where you see more uncertainty right now. Thanks. So on the guidance, Jayesh will give a view on the platforms. Let me start off and then we can come to the other ones.

I think...

We are very clear with...

Speaker Change: AI, there's a huge change in how agent-based platforms are being created. So we have now work we are doing with clients where these are being leveraged.

Speaker Change: The small language model that we built in financial services, leveraging finical.

Salil Parekh: We see a lot of the platform activity expanding, and we think that that's something that we are well positioned to execute on.

Speaker Change: We have also started to do work across other industries where we will build these sort of models so we see a lot of the platform activity expanding and we think that that's something that we are well positioned to execute on.

Rishi Basu: On the guidance part.

Salil Parekh: Yeah. On the guidance, you know, as I said earlier, there are multiple models that we have built. At the bottom end of the guidance, we have assumed, you know, heightened impact from all the macro environment. On the top end of the guidance, we have assumed steady to marginally improving, you know, environment. It's very difficult to split out how much of that is because of tariffs, how much of that is because of GCC. On the overall environment, when I look at, you know, at the bottom of the guidance, we have factored in some, you know, increasing uncertainty.

Jayesh Sanghrajka: Yeah. On the guidance, you know, as I said earlier, there are multiple models that we have built. At the bottom end of the guidance, we have assumed, you know, heightened impact from all the macro environment. On the top end of the guidance, we have assumed steady to marginally improving, you know, environment. It's very difficult to split out how much of that is because of tariffs, how much of that is because of GCC. On the overall environment, when I look at, you know, at the bottom of the guidance, we have factored in some, you know, increasing uncertainty.

Speaker Change: of the Guidance. So, on the guidance, you know, as I said earlier, there are multiple models that we have built, at the bottom of the guidance, we have assumed, you know, heightened,

Highton Impact from all the micro-environment.

Speaker Change: and on the top end of the guidance we have assumed steady to marginally improving, you know, environment.

Speaker Change: It's very difficult to split out how much of that is because of tariffs, how much of that is because of GCC but on overall environment when I look at the bottom of the guidance we have factored in some increasing uncertainty.

Rishi Basu: Hi.

Resha Deo: Hi.

Shilpa Phadnis: Hi.

Rishi Basu: Hi.

Rishi Basu: Resha Deo from Moneycontrol. In the last, you know, fiscal, you said you'll hire 15,000 to 20,000.

Resha Deo: Resha Deo from Moneycontrol. In the last, you know, fiscal, you said you'll hire 15,000 to 20,000.

Salil Parekh: Mm-hmm.

Rishi Basu: which you're on track. This year we see that you have added over 6,000 personnel for this fiscal. You know, are you leaving out mid-management to GCCs? If you could add a color on that.

Resha Deo: which you're on track. This year we see that you have added over 6,000 personnel for this fiscal. You know, are you leaving out mid-management to GCCs? If you could add a color on that.

Speaker Change: In the last fiscal, you said you will hire 15,000 to 20,000 personnel, which you are on track. And this year, we see that you have added over 6,000 personnel for this fiscal. So are you losing out mid-management to GCCs, if you could add a color on that?

Salil Parekh: Yeah. Overall headcount has increased by 6,000. We have hired 15,000 freshers, so the balance is obviously the attrition, you know, at various levels that has happened. The attrition is across multiple factors and multiple opportunities that people get outside. It could be GCCs, it could be competition, it could be employees going for further studies. There are multiple of those factors that play out there.

Speaker Change: Yes, so overall headcount has increased by 6000, we have higher at 15,000 freshers, so the balance is obviously the attrition you know at various levels that has happened and the attrition is across multiple factors and multiple opportunities that people get outside, it could be CCC, it could be competition, it could be employees going for further studies, there are multiple

Rishi Basu: Thank you. The next question is from Shilpa Phadnis from The Times of India.

and those factors that lay out there.

Shilpa Phadnis: Hello, sir. We hear that Infosys has set up an internal business unit focused on GCC specifically. It's called Project Altius. Can you share more light on that? We hear there's a new internal leader who's also going to be there. The cost of deploying AI is also huge, and if you can talk about the economic benefit of AI has a longer gestation cycle. Is it too early to read into it whether there is an impact at the developer level and the project level? Can you throw some light on that? Secondly, you know the gestation cycle, especially for productivity gains, more and more customers are demanding that. Is it putting pressure on IT companies, especially with forward pricing on productivity gains?

Speaker Change: Thank you. The next question is from Shilpa Phadnis from the Times of India.

Speaker Change: A.S. Internal Leader, who is also going to be there, the cost of deploying AI is also huge and if you can talk about the economic benefit of AI has a longer gestation cycle. So is it too early to read into it whether there is an impact at the developer level and the project level, can you throw some light on that?

Speaker Change: And secondly, you know that gestation cycle especially for productivity gains, more and more customers are demanding that, is it putting pressure on IT companies especially with forward pricing on productivity gains?

Shilpa Phadnis: More customers are asking that this is going to put more pressure on the run part of the business. Can you throw some light on that?

Salil Parekh: Let me start off with respect to GCC. Over the last several years, we've had attention on working very closely with GCCs and working with clients either to help to set up or to scale or do different models for GCCs. Recently we announced a very large win in GCCs with a services business, with an airline business. So we feel quite good. It's. There is no new unit or anything. It's something which is there across all of our go-to-market areas and also with many of our service line because the interaction with GCC is quite spread out. I think the question was on the productivity. Most clients are looking for significant productivity benefits. Now, in the area of customer service it's quite clear what that is and we are participating.

Speaker Change: More customers are asking that this is going to put more pressure on the done part of the business. Can you throw some light on that? Let me start off.

with respect to GCC, [inaudible]

Speaker Change: Either to help to set up or to scale or do different models for GCCs. Recently, we announced a very large win in GCCs with a services business with an airline business.

Speaker Change: So we feel quite good, there is no new unit or anything, it's something which is there across all of our go-to-market areas and also with many of our service line because the interaction with GCC is quite spread out.

Ram, then I think the question was on the productivity, [inaudible]

Salil Parekh: We don't have a large voice business or anything. We are participating in joint ops and tech projects with clients where those type of benefits are visible, and we are in a position to commit. What we are doing is making sure we share with clients what we are able to deliver and what is visible for us. They might sometimes meet with or not meet with what the clients are looking for. In terms of the investments in AI, on the productivity of the developers and so on. So there's some good examples. If you look at Finacle, it's our own product.

Speaker Change: Now in the area of customer service, it's quite clear what that is and we are participating. We don't have a large voice business. We are participating in a joint ops and techs.

Speaker Change: and other projects with clients where those type of benefits are visible and we are in a position to commit what we are doing is

Speaker Change: Making sure we share with clients what we are able to deliver and what is visible for us, they might sometimes meet with or not meet with what the clients are looking for.

Speaker Change: On terms of the investments in AI, on the productivity of the developers and so on. So, there are some good examples if you look at finical.

Salil Parekh: There we have seen because the code base is very uniform and we've built it over the years in different places, 20 to 25% productivity benefit with tools that we've built on public models. We've also seen, for example, with some clients on user interface development, similar types of benefits through AI. We see huge impact to that. Overall, it's different because then we are working with different client situations or sometimes it's higher, sometimes low. We know that this sort of AI work, we have some great opportunity in. There are about 400 AI projects that we are working on where we see a lot of these sort of benefits that we are sharing with clients.

It's our own product, there we have seen.

because the code base is very...

, Public Models,

Speaker Change: We have also seen for example with some clients on user interface development a similar types of benefits

Dhru Eai,

Speaker Change: So we see huge impact to that. Overall it's different because then we are working with different client situations or some times it's higher sometimes though but we know that this sort of AI work we have some great opportunity in.

Rishi Basu: Thank you. The next question is from Beena Parmar from The Economic Times.

Speaker Change: There are about 400 AI projects that we are working on where we see a lot of these sorts of benefits that we are sharing with clients [inaudible]

Shilpa Phadnis: Hi. Hi, Salil. A few things. You mentioned about productivity benefits being passed on. Could you tell us, you know, what kind of percentage of revenue cannibalization are you seeing because of that? You mentioned about mega deals as well. Which sectors and spaces are these in, and what is your outlook on the different sectors? Which sectors are likely to be the most impacted because of the ongoing uncertainty? Jayesh, you mentioned about increase in pricing, a probable increase in pricing that's still there for you. While you've seen actual loss of clients in your number of clients, you know, and this is also across most deal sizes, where do you see this increase in pricing that you are likely to see given the competitive environment and the uncertainties that continue?

Beena Parmar: Hi. Hi, Salil. A few things. You mentioned about productivity benefits being passed on. Could you tell us, you know, what kind of percentage of revenue cannibalization are you seeing because of that? You mentioned about mega deals as well. Which sectors and spaces are these in, and what is your outlook on the different sectors? Which sectors are likely to be the most impacted because of the ongoing uncertainty? Jayesh, you mentioned about increase in pricing, a probable increase in pricing that's still there for you. While you've seen actual loss of clients in your number of clients, you know, and this is also across most deal sizes, where do you see this increase in pricing that you are likely to see given the competitive environment and the uncertainties that continue?

Thank you.

Speaker Change: The next question is from Beena Parmar from the Economic Times. Hi, Hi, Salil. A few things you mentioned about productivity benefits being passed on. Could you tell us what kind of percentage of revenue cannibalization are you seeing because of that?

Speaker Change: And you mentioned about mega deals as well, which sectors and spaces are these in and what is your outlook on the different sectors which sectors are likely to be the most impacted because of the ongoing uncertainty?

Speaker Change: Increasing pricing, probably increasing pricing that's still there for you. While you've seen active loss of clients in your number of clients and this is also across most dear sizes.

Rishi Basu: Lastly, what is the impact on the margins? Like, what really led to the margin impact in this quarter? What are the headwinds or tailwinds, rather headwinds in the quarter ahead?

Beena Parmar: Lastly, what is the impact on the margins? Like, what really led to the margin impact in this quarter? What are the headwinds or tailwinds, rather headwinds in the quarter ahead?

Speaker Change: Where do you see this increase in pricing that you are likely to see given the competitive environment and the uncertainties that continue?

Speaker Change: And lastly, what is the impact on the margins? What really led to the margin impact in this quarter? And what are the headwinds or tailwinds? The headwinds in the quarter head?

Salil Parekh: Let me start off on the productivity side. I think there is no sort of number specifically in terms of what is changing in that. There are productivity benefits that we see, for example, in customer service in the range of 30 to 40% that we mentioned. On software development there are different ranges. In each situation, clients look at it from a different perspective. Some of it becomes part of a discussion where they want to consolidate multiple partners, and where we are a beneficiary. That changes how much we can apply automation, lean or AI into that. In general, we have seen last year 4% growth.

Speaker Change: So, let me start off on the productivity side, I think there, there is no sort of numbers specifically in terms of what,

Is changing in that, there are productivity benefits.

Speaker Change: That we see for example in customer service in the range of 30-40% that we mentioned on software development there are different ranges and in each situation

Speaker Change: Clans, look at it from a different perspective, some of it.

Speaker Change: He becomes part of a discussion where they want to consolidate multiple partners and where we are a beneficiary, that changes how much we can apply automation, leave or AI into that. But in general, we have seen last year 4% go, so...

Salil Parekh: When you put everything together with all this, we have still seen growth, and that's the sort of momentum that we have seen with the deals that we had. We've put together the guidance, as Jayesh was sharing, on what we look at different scenarios like that. On the industries, Jayesh will share a little bit of how we see the perspective. What we do see, for example, with the current situation, there's starting to be some impact that we'll see in consumer products with what are the changes that are coming about. However, we see in many of our industries, for example, in energy utilities, we see continuation of what's going on in financial services.

Speaker Change: When you put everything together with all this we have still seen growth and that's the sort of momentum that we have seen with the deals that we had. And then we then put together the guidance as Jayesh was sharing on what we look at different scenarios like that.

Speaker Change: There is starting to be some impact that we will see in consumer products.

with what are the changes that are coming about.

Salil Parekh: We still see with deregulation and strong first quarter that the clients have had, the calendar first quarter, we see that continuing on. All of this, however, we will have to sort of watch on a regular basis because not all the analysis and decisions have been made. As those play out, we will see what other impact there is.

D-regulation and strong first quarter that the clients have had, the calendar first quarter, we see that continuing on. All of this, however, we will have to sort of watch on a regular basis,

Jayesh Sanghrajka: Yeah. If I go back to your other question on pricing. I think pricing is across all the sectors. It's about how do you price it. You know, we have had multiple tracks that we are running under the Project Maximus, you know, whether it's about new age pricing, whether it's about change request, rotating our employees, deploying, you know, heightened lean automation in projects to get better productivity, which would mean better pricing in a way. All of that has reflected in the pricing. It's not necessarily going and asking a higher price of what we were doing yesterday. It's about all of this coming together and reflecting in our pricing, and that's what has helped, and we do see opportunity going forward as well.

Speaker Change: Analysis and Decisions have been made, so as those play out we will see what other impact there is.

Speaker Change: Yeah, so if I go back to your other question on pricing, I think pricing is across all the sectors.

It's about how do you price it?

Jayesh Sanghrajka: On the margins for this quarter, our margins were 30 basis points lower quarter-over-quarter. The biggest headwind we had was because of the comp that we had announced. You know, a large part of our employees got compensation increase effective first of January, and that impacted by 140 basis points. We had 40 basis points on account of amortization of intangibles, you know, for the acquisition that we made. Those were the headwinds. That was offset by lower post-sale customer support, 80 basis points, 20 basis points on currency, 30 basis points on Project Maximus, and 20 basis points because we had a lower third-party cost. All of that put together reflected on 30 basis point decline on our margins.

Singh Foward, Ashwin

Speaker Change: On the margins for this quarter, margins were 30 basis points lower, quarter and quarter.

Speaker Change: of 1st January and that impacted by 140 basis points.

We had 40 basis points on account of...

Jayesh Sanghrajka, Sandeep Mahindroo, Jayesh Sanghrajka, Jayesh Sanghrajka, Jayesh Sanghrajka,

Rishi Basu: Thank you.

Salil Parekh: Sorry.

Rishi Basu: Outlook on margins.

Beena Parmar: Outlook on margins.

Jayesh Sanghrajka: Outlook on margins, as Salil said earlier, our margin band remains 20 to 22%. You know, we ended the year with 21.1% with an endeavor to increase margin going forward.

Thank you.

Salil Parekh: Outlook on margins, as Sallil said earlier, our margin band remains 22-22% we ended the year with 21.1 with an endeavour to increase margin going forward.

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

Jas Bardia: Good evening. Just a couple of questions. One, if I look at your large deal TCV, it's down 34% year-over-year. Does it imply that FY26 can be a little choppy in terms of growth, considering the company started off strong in terms of deal wins? Question is on how India and growth markets kind of offset the slowdown blues for one of your peers. Suppose this happens in two of your largest geographies, say the US and Europe, is there a plan B in place to keep the growth going for Infosys?

Jashan Bardia: Good evening. Just a couple of questions. One, if I look at your large deal TCV, it's down 34% year-over-year. Does it imply that FY26 can be a little choppy in terms of growth, considering the company started off strong in terms of deal wins? Question is on how India and growth markets kind of offset the slowdown blues for one of your peers. Suppose this happens in two of your largest geographies, say the US and Europe, is there a plan B in place to keep the growth going for Infosys?

Bina Parmar: Thank you, Beena. The next question is from Jas Bardia from the Mint.

Jas Bardia: Good evening. Just a couple of questions. One, if I look at a large deal DCV, it's down 34% year-on-year. Now, does it imply that FY26 can be a little choppy in terms of growth considering the company started off strong in terms of deal wins?

Jas Bardia: Shrin is on how India and growth markets kind of offset the slowdown blues for one of their peers. Now, suppose this happens into a philologist's geographies, say the US and Europe . Is there a plan B in place to keep the growth going for

Salil Parekh: On the large deals, what we have seen in this past year is we've had INR 11.6 billion of large wins with 56% of net new wins. Now what that translates to is, as Jayesh was sharing in another point, one of the highest we've seen in several years and higher than the previous year. We feel it gives us some outlook into the future in this financial year with that sort of a win mix. Having said that, again, as Jayesh was sharing earlier and I shared, on the guidance, we've taken a view on different scenarios, building from the low to the high and slightly broadening, expanding to 3 points, the range of the guidance.

So be it.

Jas Bardia: On the large deal, what we have seen in this past year is we have had 11.6 billion of large wins.

Jas Bardia: It gives us some outlook into the future in this financial year with that sort of a win mix.

Jas Bardia: Having said that, again as Jayesh was sharing earlier and I shared, on the guidance, we have taken a view on different scenarios, building from the low to the high and slightly broadening, expanding to three points, the range of the guidance.

Salil Parekh: In terms of other markets, first, we had a very strong growth in Europe in the year that has just finished. We see that we have increased the percentage of our revenue in Europe over the years. We've made several investments and scaled up in different geographies in Europe, so that's a good market for us. With the changes in the environment, we will sort of see what develops. We have a good business in India, but it's a small business, and we have a good business in other markets, for example, in other parts of Asia. But relative to our overall size, still a small business. The way the environment develops is what will drive. As the range that we shared, how we've constructed the scenarios, will drive the guidance there.

In terms of, [inaudible]

Jas Bardia: Adha marketh, first we had a very strong growth in Europe in the year that is just finished.

Jas Bardia: We see that we have increased the percentage of revenue in Europe over the years. We have made several investments and scaled up in different geographies in Europe , so that is a good market for us.

With the changes in the environment, we will sort of...

See what develops.

Jas Bardia: We have a good business in India but it's a small business and we have a good business in other markets.

Jas Bardia: For example, in other parts of Asia, but relative to overall size still a small business. So the way the environment develops is what will drive and as the range that we shared how we constructed the scenarios will drive the guidance there.

Rishi Basu: Thank you. The next question is from Avik Das from Business Standard.

Speaker 18: Sunil this side. A couple of questions to you and a couple to Jayesh. Sunil, if you could throw some light upon the BFSI business. While you did talk about some green shoots emerging in Q3, small deals coming back, which shows discretionary spend. Considering the impact of the tariffs, mainly perhaps on the manufacturing and the retail, do you see any impact on the BFSI as well, turning conservative in terms of spending both in, you know, cost optimization as well as in the, you know, the discretionary spending part? Also, as you bank on large deals, and you have a pretty robust pipeline, given the uncertainties, do you think that large deals, at least for this fiscal, will take longer time to actually materialize? Will that gonna be a challenge?

Avik Das: Sunil this side. A couple of questions to you and a couple to Jayesh. Sunil, if you could throw some light upon the BFSI business. While you did talk about some green shoots emerging in Q3, small deals coming back, which shows discretionary spend. Considering the impact of the tariffs, mainly perhaps on the manufacturing and the retail, do you see any impact on the BFSI as well, turning conservative in terms of spending both in, you know, cost optimization as well as in the, you know, the discretionary spending part? Also, as you bank on large deals, and you have a pretty robust pipeline, given the uncertainties, do you think that large deals, at least for this fiscal, will take longer time to actually materialize? Will that gonna be a challenge?

Thank you.

Speaker Change: The next question is from Avik Das from the Business Standard.

Avik Das: A couple of questions to you and Kapil Chesh. So, little difficult for some light upon the BFFI business, while you did talk about some green shoots emerging in the third quarter, small deeds coming back, which shows discretionary spend.

Speaker Change: Q. Considering the impact of the tariffs mainly perhaps on the manufacturing and the retail, do you see any impact on the BFFs?

Speaker Change: Turning conservative in terms of spending both in cost optimization as well as in the discretionary spending part.

Speaker Change: And also as you bank on large deals and you have a pretty robust pipeline given the uncertainties do you think that large deals at least for this fiscal will take longer time to actually materialize will that going to be a challenge

Speaker 18: Jayesh, one question was, will margins come under pressure as vendor consolidation takes place in this uncertain environment? What sort of margin pressure do you anticipate, if at all? You know, considering the guidance that you have provided, and also you talked about hiring 20,000 freshers this fiscal. Just trying to, you know, balance these. Like, what gives you the confidence that you can actually go ahead with that strong hiring numbers for this year? Thank you.

Avik Das: Jayesh, one question was, will margins come under pressure as vendor consolidation takes place in this uncertain environment? What sort of margin pressure do you anticipate, if at all? You know, considering the guidance that you have provided, and also you talked about hiring 20,000 freshers this fiscal. Just trying to, you know, balance these. Like, what gives you the confidence that you can actually go ahead with that strong hiring numbers for this year? Thank you.

Speaker Change: Jesh, one question was, will Marjit's common pressure as vendor consolidation takes place in this uncertain environment? What sort of margin pressure do you anticipate if at all?

Speaker Change: And, you know, considering the guidance that you provided and also you talked about hiring 20,000 freshers, this fiscal, just trying to, you know, balance these like what gives you the confidence that you can actually go ahead with that strong hiring numbers for this year. Thank you.

Salil Parekh: In financial services, again, the first point is that we are in an uncertain environment. Having said that, financial services for our end clients, their own results, what have been declared, have been fairly strong. In some ways that volatility has helped some trading business and so on. We see from our client base, looking into the Q1, that there is activity, good amount of work that we are seeing. We are not seeing something that has changed in financial services. Now, as things stabilize on the overall economic environment, we will get a better sense of what the eventual full year will look like. This is what we see on financial services today.

Speaker Change: So on financial services, again the first point is that we are in an uncertain environment having said that.

Speaker Change: For our end clients, their own results, what have been declared have been fairly strong. So in some ways that volatility has helped some trading business and so on.

Speaker Change: We see from our client base looking into the first quarter that there is activity, there is a good, good amount of work that we are seeing.

Salil Parekh: I think on the deals, typically, first the pipeline is we have a good large deals pipeline. What typically we've seen, in the way we build our business portfolio is when there's high economic growth, we have digital, we have cloud, we have new AI now. When there's more cost focus, we have efficiency, automation, consolidation, and productivity through AI. So we have both of those levers. Typically, when there's more cost attention as they might be in this environment, we will see large opportunities for cost takeout and consolidation. We feel quite well-positioned, as we've done in the past, to benefit from that.

I think, on the deals, [inaudible]

Speaker Change: Typically, first the pipeline is we have a good large deals pipeline.

Speaker Change: What typically we have seen in the way we built our business portfolio is...

Speaker Change: When there is high economic growth, we have digital, we have cloud, we have new AI now.

When there is more...

Speaker Change: Cost Focus, we have Efficiency, Automation, Consolidation and Productivity through AI. So we have both of those levers and typically when there's more cost attention as they might be in this environment

Speaker 18: Has been the time actually increased because of the task?

Avik Das: Has been the time actually increased because of the task?

Speaker Change: We will see large opportunities for cost, takeout and consolidation and we feel quite well positioned as we have done in the past to benefit from that.

Salil Parekh: So far, again, things have changed in a short period of time in terms of what can happen with the economic outlook. In that period of time we have not seen anything, but it is a very short period of time. For us to get a sense, we will see how it goes. Sometimes, again, this is from the past, when there's a cost imperative, also sometimes decision-making is quicker to say, "Look, can we get a cost takeout done quickly?" We don't know. We will see how that plays out.

Speaker Change: Sofa, again, things have changed in a short period of time in terms of what can happen with the economic outlook.

Speaker Change: So in that period of time we have not seen anything but it is a very short period of time so for us to get a sense we will see how it goes but sometimes again this is from the past

Rishi Basu: Yeah.

Jayesh Sanghrajka: Yeah. On the other two questions, you know, I'll answer the last one first, which is on the hiring. If you look at the 20,000 hiring that we are talking about, it's the growth. It's a combination of attrition, backfilling the attrition, and the growth. We had 14% attrition this quarter. If you look at the math, it adds up with the guidance that we have had. We are very confident at this point in time of hiring 20,000 freshers through the year, in line with our guidance.

Speaker Change: When there is a cost imperative, also sometimes decision making is quicker to say look can we get a cost take out done quickly. So we don't know, we will see how that plays out.

Speaker Change: Yes, on the other two questions, I will answer the last one first which is on the hiring.

Speaker Change: Koth, it's a combination of atreast, backfilling the atreation and the growth.

We had 14% attrition this quarter.

Jayesh Sanghrajka: On the vendor consolidation and the pricing impact, I think, if you look at last few years, and we've been gaining market share, it's a clear reflection that we have been on the positive side of the vendor consolidation, and that gives us a confidence that we would be able to retain the pricing and the pricing power there.

and if you look at the map, it adds up with the guidance that we have had. So, we are very confident at this point in time of hiring 20,000 freshers through the year.

Sandeep Mahindroo, Jayesh Sanghrajka, Sandeep Mahindroo, Jayesh Sanghrajka, Jayesh Sanghrajka,

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

Speaker 19: Hi. Good evening, gentlemen. Sunil, are you at all looking to reduce your reliance on the US markets amid all the uncertainties that are prompted by the tariff discussion? If yes, what are some other geographies that you're concentrating on? From a sectoral perspective, are you at all seeing some initial tailwinds? If yes, what are those? While some of your peers reported some softness in Europe, you just have said that you know you've seen some growth in the geography. Could you elaborate on what worked for you know, to prompt this growth? Yeah. Thank you.

Sanjana B. George: Hi. Good evening, gentlemen. Sunil, are you at all looking to reduce your reliance on the US markets amid all the uncertainties that are prompted by the tariff discussion? If yes, what are some other geographies that you're concentrating on? From a sectoral perspective, are you at all seeing some initial tailwinds? If yes, what are those? While some of your peers reported some softness in Europe, you just have said that you know you've seen some growth in the geography. Could you elaborate on what worked for you know, to prompt this growth? Yeah. Thank you.

Thank you, Jayesh.

Speaker Change: The next question is from Sanjana B from the Hindu business line.

Sanjana B.: From a sectoral perspective are you at all seeing some initial tailwinds if you are sort of those?

Speaker Change: And while some of your peers reported some softness in your pure you said said that you've you know you've seen some growth in the geography could you elaborate on what worked for you you know to prompt this growth yeah thank you.

Salil Parekh: First on the US, I mean, we've just announced an acquisition in the US, in energy and in consulting. We remain in a longer-term view, positive on tech, technology changes, and positive on the markets we are in. We may see some uneven activity in the short term or medium term, but in the longer term we do, and that's one of the signals for us that we made the acquisition. Having said that, we are looking to expand in other geographies in addition to what we're doing in the US. For example, the Japan announcement. We have a new partner who's joined our joint venture.

Speaker Change: We've just announced an acquisition in the US in energy and in consulting. We remain in a longer term view

Positive on Technology Changes, [inaudible]

and Positive on the markets herein.

We may see some…

Speaker Change: An even activity in the shorter media term, in the longer term we do in that.

Speaker Change: One of the signals for us that we made the acquisition, having said that?

Salil Parekh: The acquisition in Australia. We are quite positive in the medium to long term on technology, how it will change, how AI will impact it, and our role in all of that. We will see how it develops with the current uncertainty and how long that takes to change. On Europe, we also commented last quarter, which holds today, that while Europe overall we have done well for the year, the automotive sector in Europe we had already talked about, we are seeing some slowness, and that continues in what we are seeing even as we see the outlook today.

Speaker Change: We are looking to expand in other geographies in addition to what we are doing in the years. For example, the Japan announcement where we have a new partner who joined our joint venture or the acquisition in Australia

Speaker Change: So, we are quite positive in the medium to long term on technology, how it will change, how AI will impact it and our role in all of that.

Speaker Change: We will see how it develops with the current uncertainty and how long that takes to change.

Speaker Change: On Europe , we also commented last quarter which holds today that by Europe overall we have done well for the year. The automotive sector in Europe we are already talked about, we are seeing some snowness and that continues in what we are seeing even as we see the outlook today.

Rishi Basu: Thank you. The next question is from Sai Ishwarbharath from Reuters News.

Speaker 20: Hi, gentlemen. My first question is that I wanted to know, like, why you've just given 4.2 CC growth last year. So it's kind of below the guidance. So I just wanted to know what went wrong in that aspect, so it's not met the, you know, guidance given last quarter. Also, it's been repeatedly asked. I just wanted to know in terms of, you know, projects, have you seen any delays or pauses or any ramp downs or anything of that sort, or cancellations? Thank you.

Sai Ishwarbharath: Hi, gentlemen. My first question is that I wanted to know, like, why you've just given 4.2 CC growth last year. So it's kind of below the guidance. So I just wanted to know what went wrong in that aspect, so it's not met the, you know, guidance given last quarter. Also, it's been repeatedly asked. I just wanted to know in terms of, you know, projects, have you seen any delays or pauses or any ramp downs or anything of that sort, or cancellations? Thank you.

Speaker Change: Thank you. The next question is from Sai Ishwar, from Ritesh News.

Sai Ishwar: Hi, Gentleman. My first question is that I wanted to know why you've just given 4.2 CC growth last year. So it's kind of below the guidance. So I just wanted to know what went wrong in that aspect. So it's not met the guidance given last quarter. And also it's been repeatedly as I just wanted to know in terms of projects. Have you seen any delays or pauses or any ramp downs or anything of that sort of cancellations? Thank you.

Salil Parekh: Sai, I'll start with the second one. At this stage, we have not seen. Having said that, all the changes have happened in a very short period of time. The large deals that we've won in the last few quarters are continuing in their trajectory as we had anticipated at this stage.

Rishi Jhunjhunwala, Rishi Jhunjhunwala

Speaker Change: So I'll start with the second one at this stage we have not seen having said that all the changes have happened in a very short period of time but the large deals that we won in the last few quarters are continuing in their trajectory as we are anticipated at this stage.

Rishi Basu: On the-

Jayesh Sanghrajka: On the guidance for this quarter, we declined 3.5%, which was obviously higher than what we anticipated at the beginning of the year. Large part of that was on the back of third-party costs and revenues. Because pretty much two-thirds of our decline was on the back of that. Those are the deals which typically happen towards the end of the quarter, and some of them slipped through that. That is what has reflected both in lower third-party costs and lower revenue for us.

Speaker Change: But the last part of that was on the back of, you know, third party cost and revenues because, you know, a pretty much two-third of a decline was on the back of that and that...

Speaker 20: In terms of the revenue guidance from last year.

Sai Ishwarbharath: In terms of the revenue guidance from last year.

Speaker Change: Those are the deeds which typically happens towards the end of the quarter and some of them slipped through that so that is what has reflected both in lower third party cost and lower revenue for us.

Jayesh Sanghrajka: That's what I'm saying. Because you had a lower third-party cost, you had lower revenue towards that, so that was one reason. The second reason was Q4 generally has a seasonality in terms of lower working and calendar days, and the work volumes were lower. Two-thirds of that, 3.5% decline was on the back of lower third-party cost and revenue.

Speaker Change: That's what I'm saying. So, because you had a lower third party cost, you had lower revenue towards that. So, that was one reason. And the second reason was Q4 generally has a seasonality in terms of lower working and calendar days.

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

Speaker 21: Hi. Are you seeing any structural changes in large and mega deals in terms of tenure scope appraising, especially with GenAI? Since this tariff talk started, did you see any changes in your clients' budget for CY '25?

Padmini Dhruvaraj: Hi. Are you seeing any structural changes in large and mega deals in terms of tenure scope appraising, especially with GenAI? Since this tariff talk started, did you see any changes in your clients' budget for CY '25?

Speaker Change: and the volumes were lower. But 2-3rd of that, 3.5% decline was on the back of lower third party and cost and revenue.

Speaker Change: Thank you, the next question is from Padmini Dhruvaraj from the Financial Express. Hi, so are you seeing any structural changes in large and mega deals in terms of 10 year scope uprising, especially with JNAI? And since the status talk started,

Salil Parekh: On the large deals and generative AI. It's been, let's say, an ongoing change through the last several quarters where almost a lot of large deal discussions have some part of generative AI in it. There is not now too many deals, large deals or any deals that we are doing which has not got some part of generative AI. That's one sort of qualitative change because it's part of every discussion, whether it's on productivity, whether it's on solving a specific area which is related to process, on engineering, customer service. Variety of elements, generative AI is very much part of it and they are making a big difference in how those deals are developed now. In terms of the budget and the clients, we've. There are client discussions where clients are starting to see, maybe some initial pressure.

On the large deals and generative AI, so it's been

almost...

Speaker Change: A lot of large deal discussions have some part of generative AI in it. So there is not now...

Speaker Change: Too many deals, large deals or any deals that we are doing, which has not got some part of generative way, so that's one sort of qualitative change, because it's part of every discussion whether it's on productivity, whether it's on solving a specific area, which is related to process, on engineering, customer service, so a variety of elements, generative way is very much part of it, and they are making a big difference in how those deals are developed now.

Salil Parekh: We've not seen any changes, but there are ongoing discussions on what could be the nature of those things. As it has been quite recent, as we see the time moving on, we will have a better view on it. Keeping that overall change in the economic environment is how we've built the guidance with the broader range that we've put in place.

In terms of the budget and the clients, we…

Speaker Change: Will that client discussions where clients are starting to see maybe some initial pressure?

Rishi Basu: Thank you. The next question is from Rukmini Rao from Fortune.

Speaker 22: Gentlemen, a few questions. One, Sunil, could you please call out, you know, how much of business does Infosys do when it comes to public sector in the US and current exposure maybe in the quantum of revenues from the US geography, how much of it is what kind of exposure you essentially have to public services contracts with the US? And also given that we saw Accenture and others probably, you know, contracts getting rescinded, are there any such fears? And being a non-US headquartered company, do you see any sort of disadvantage going forward in bidding for contracts which may involve like US government or in general if there is any sort of disadvantageous sort of, you know, if it's going to be difficult for non-US headquartered companies to compete.

Rukmini Rao: Gentlemen, a few questions. One, Sunil, could you please call out, you know, how much of business does Infosys do when it comes to public sector in the US and current exposure maybe in the quantum of revenues from the US geography, how much of it is what kind of exposure you essentially have to public services contracts with the US? And also given that we saw Accenture and others probably, you know, contracts getting rescinded, are there any such fears? And being a non-US headquartered company, do you see any sort of disadvantage going forward in bidding for contracts which may involve like US government or in general if there is any sort of disadvantageous sort of, you know, if it's going to be difficult for non-US headquartered companies to compete.

Speaker Change: Changes in the economic environment is how we build the guidance with the broader range that we've put in place.

Speaker Change: Thank you. The next question is from Rukmini Rao from Fortune.

Gentlemen, a few questions. One...

Speaker Change: Karnet Exposure, in the quantum of revenues from the US Geography, how much of it is what kind of exposure you essentially have to public services contracts with the US and

also given that we saw Accenture.

Speaker Change: Are there any such fears and being a non-US headquartered company? Do you see any sort of disadvantage going forward?

Speaker 22: Too, also can you specifically call out which are perhaps the gloomiest of the business segments given, you know, the guidance? Are there any specific business segments that you see probably doing really badly in FY 2026? Also, Jayesh, the technical subcontracting cost has gone up by about 3.5% year-on-year, right? Is that some sort of a strategy where your headcount remains low and as and when you require you get people to do work that needs to be done? If some sort of, you know, color that you can give on the correlation if there any exists. Also your top five client revenue has declined by about 50 bps. Any specific reason?

Rukmini Rao: Too, also can you specifically call out which are perhaps the gloomiest of the business segments given, you know, the guidance? Are there any specific business segments that you see probably doing really badly in FY 2026? Also, Jayesh, the technical subcontracting cost has gone up by about 3.5% year-on-year, right? Is that some sort of a strategy where your headcount remains low and as and when you require you get people to do work that needs to be done? If some sort of, you know, color that you can give on the correlation if there any exists. Also your top five client revenue has declined by about 50 bps. Any specific reason?

Speaker Change: in bidding for contracts which may involve like US government or in general if there is any sort of

Speaker Change: Dismpraging, sort of, you know, it's going to be difficult for non-US headquartered companies to compete.

Also, Jayesh, though...

Speaker 22: Is that like a client specific thing or, you know, are there ramp downs or anything happening with those top five clients of yours? Thank you.

Rukmini Rao: Is that like a client specific thing or, you know, are there ramp downs or anything happening with those top five clients of yours? Thank you.

Salil Parekh: Let me start off. I think we have a very small, almost, I mean, immaterial in terms of public sector US. In that sense, we have, let's say, no impact from some of the things we've seen or read about other peers. We feel in that sense, we don't have something large. We have something very small and therefore, no impact on that at all. Confide-

Speaker Change: You know, are there ramps down or anything happening with Gustav Prykland, Subyos, thank you.

Speaker Change: Let me start off, I think we have a very small A.M.

Speaker Change: Almost immaterial in terms of public sector U.S. When that sense we have, let's say no impact from some of the things we've seen or read about other appears, we feel in that sense

Speaker 23: In US as an Indian company or non-US company.

Rukmini Rao: In US as an Indian company or non-US company.

Salil Parekh: We don't have a lot of those. We don't have a lot of work in that area. We have a very small business in that area, so it's not really material whether the impact happens or not happens. We are not in that space that much. Yeah.

Speaker Change: We don't have something, there's something very small and therefore not knowing the fact of that at all.

So, we don't we don't have a lot of those

Speaker 23: Sunil, also the US subsidiary of TCS both, you know, US as well as Canada, right? Would there be need for any, you know, fresh subsidiary if you need to do business in Canada that needs to be set up now given what's happening with

Rukmini Rao: Sunil, also the US subsidiary of TCS both, you know, US as well as Canada, right? Would there be need for any, you know, fresh subsidiary if you need to do business in Canada that needs to be set up now given what's happening with

Speaker Change: We don't have a lot of work in that area we have a very very small business in that area so it's not really material whether the impact happens or not happen but so we are not in that space that much.

Speaker Change: Samalov, U.S. U.S. U.S. U.S. and U.S. Canada, right? Would there be any question of U.S. U.S. U.S. and Canada that needs to be set up now, given what happened in U.S.

Salil Parekh: I think so first our structure is not exactly that, but our structure is well designed today to work with Canada and the US, and actually across North America because the individual is not one box. The structure we've set up. But it's not a subsidiary in that sense. On the subcontractor cost, I think the better way to look at it is on a full year basis. If you look at full year basis, our subcontractor cost has come down. If you look at percentage terms, because our revenue has declined this quarter, you will see a slightly distorted picture there.

Speaker Change: I think so first our structure is not exactly that but our structure is well designed today to work with Canada and the US and actually across North America because their individual is not one box the structure we set up but is not a subsidiary in that sense.

Salil Parekh: If you look at full year basis, our subcontractor cost has consciously been coming down, and that's been one of the tracks of maximum that we've been driving as well. We use subcontractor pretty much, you know, where there are short-term type projects or where there are niche skills, where the talent needs to be fulfilled. That's the reason we use subcontractor, and there's nothing more to-

Speaker Change: Yes, on the subcontractor course, I think the better way to look at it is on a full year basis. If you look at full year basis, the subcontractor courses come down.

Speaker Change: If you look at percentage terms, because our revenue has declined this quarter, you will see a slightly distorted picture there but if you look at full year basis, our subcontractor cost has consciously been coming down and that's been one of the tracks of maximum that we've been driving as well.

Speaker 23: Why are my top five clients?

Rukmini Rao: Why are my top five clients?

Salil Parekh: Yeah. I'll come to that. Why are my top five clients? I don't think there's again anything specific to read that. It's, you know, it's again a factor of the lower revenue that we got because of seasonality or the third-party cost. That's the reason why you would've seen similar drop in the top five clients as well.

Speaker Change: We use subcontractor pretty much where there are short-term job projects or where there are need skills, where the talent needs to be fulfilled. So that's the reason we use subcontractor and that's nothing.

Why are they top 5 clients?

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

Speaker 24: Hi. Good evening. Given the present uncertainty and AI-led transformation that you spoke about, are you finding it challenging to retain your existing clients? I mean, like number of projects from your existing clients. Another one, you spoke about SLM and agentic AI. I want to understand what kind of opportunities are you seeing and what is the overall scale of this, and what is the nature of work like? Is it more discretionary oriented or cost or efficiency?

Uma Kannan: Hi. Good evening. Given the present uncertainty and AI-led transformation that you spoke about, are you finding it challenging to retain your existing clients? I mean, like number of projects from your existing clients. Another one, you spoke about SLM and agentic AI. I want to understand what kind of opportunities are you seeing and what is the overall scale of this, and what is the nature of work like? Is it more discretionary oriented or cost or efficiency?

Ayyar Abhini

Speaker Change: The next question is from Uma Kannan, from the new Indian Express. Hi, good evening. Given the present uncertainty and yearly transformation that you spoke about, are you finding it challenging to retain your existing lines? I mean like number of projects from your existing

Speaker Change: And another one, you spoke about SLM and Agentic AI, so I want to understand what kind of opportunities are you seeing and what is the overall scale of this?

Salil Parekh: There, first on the AI, I think there's a huge move and we are part of it in terms of working with our clients on AI transformation, which is driven a lot by agents. We've built 200 agents. They're being deployed within clients. There are different areas where these are being used. Take an example. We are doing something with a global company, a European-based company, helping them look at AI as a platform across their entire workspace, and looking at where they can improve or make benefits, which could be in the range of 70% in some of their processes. We are working with a telco where we are doing this, constructing a complete generative AI platform using agents that we've developed to make sure that the whole enterprise is improving its customer service activities.

Speaker Change: And what is the nature of work like? Is it more discretionary oriented or cost or efficiency?

Speaker Change: So there, first on the AI, I think there is a huge move and we are part of it in terms of working with a clients on AI transformation which is driven a lot by agents.

Speaker Change: There are different areas where these are being used. So, take an example, we are doing something with a global company, European based company helping them look at AI as a platform across the entire

Speaker Change: Workspace, and looking at where they can improve or make benefits which could be in the range of 70% in some other processes.

Salil Parekh: The work we're doing in agents, I feel, is quite leading. It's part of our Infosys Topaz, and we have a lot of traction with our clients where we're making those transformations. The other question-

Speaker Change: We are working with Telco where we are doing this constructing a complete generative AI platform using agents that we have developed to make sure that the whole enterprise is improving its customer service activities.

Speaker 24: Yeah. The other question was about like, are you finding it challenging to retain more projects from your existing clients?

Uma Kannan: Yeah. The other question was about like, are you finding it challenging to retain more projects from your existing clients?

Speaker Change: I feel it's quite leading. It's part of our Infosys Topaz and we have a lot of attention with our clients where we are making those transformations.

Salil Parekh: There, we are working very well with our existing clients. The projects are going on. This change in the environment has happened recently. We will see. There are discussions, as I mentioned, where on anecdotal basis, clients are looking at how that will impact their business. We want to make sure that we see that through, as more clarity emerges on what the overall impact will be. Taking all that into account, we've made sure that we put that into the guidance that we provided.

Speaker Change: The other question. Yeah, the group question was about like, are you finding it challenging to re-time more projects from your existing client? So, we are working very well with our existing clients. The projects are going on.

Speaker 24: Just one question on employees. Like, now 10 days of work from office is mandatory, right? Are you planning to make it like five days like some of your competitors have done it? What kind of feedback that you're receiving from your employees?

Uma Kannan: Just one question on employees. Like, now 10 days of work from office is mandatory, right? Are you planning to make it like five days like some of your competitors have done it? What kind of feedback that you're receiving from your employees?

Speaker Change: Raja, Mohr Clarity Emergers, and what the overall impact will be, but taking all that into account, we made sure that we put that into the guidance that we provided.

Salil Parekh: First, what we have done is there are several clients of ours who have a different sort of preference on work from home and work from office. At the company level, we are flexible with our employees on what they can do. There are some parts where there is a department or a division where we've given a flexibility to that department to say that in certain projects we would like to have people coming in. Having said all of that, the flexibility has been hugely appreciated by the employees. We are seeing on a weekly, monthly, quarterly basis an increase in the employees who are coming into campus and working. We feel it's progressing today.

Speaker Change: Just one question, now ten days of work from office is mandatory, right? So are you planning to make it like five days, like some of your competitors have done it? And what kind of feedback are you receiving from your employees?

Speaker Change: So first what we have done is there are several clients of us who have a different sort of prescription on work from home and work from office.

Speaker Change: At the company level, we are flexible with our employees on what they can do.

Speaker Change: Where there is a department or a division where we've given a flexibility to that department to say that in certain projects we would like to have people coming in.

Speaker Change: Amin Sen, all of that the flexibility has been hugely appreciated by the employees and we are seeing on a weekly monthly quarterly basis an increase in the employees of coming into campus and working so we feel with the

Rishi Basu: Thank you, Uma. The next question is from Sonal Chaudhary from The Deccan Herald.

Speaker 25: Hello, Sunil. Hello, Jayesh. I wanted to ask that even though you've given guidance, and you will continue to watch out for whatever is going on in the macroeconomic environment, when do you foresee a recovery, if you could shed some light on that? You've said that there's no pressure in European markets, and energy is also doing well. However, will you play with caution given whatever is going on right now? On margins, again, that would be hard to play out given that rupee is also depreciating and among other factors. Is there any strategy at play to make it better? Yeah.

Sonal Chaudhary: Hello, Sunil. Hello, Jayesh. I wanted to ask that even though you've given guidance, and you will continue to watch out for whatever is going on in the macroeconomic environment, when do you foresee a recovery, if you could shed some light on that? You've said that there's no pressure in European markets, and energy is also doing well. However, will you play with caution given whatever is going on right now? On margins, again, that would be hard to play out given that rupee is also depreciating and among other factors. Is there any strategy at play to make it better? Yeah.

Rasing today.

Speaker Change: Thank you, Uma. The next question is from Sonal Chaudhary from the Deccan Herald.

Sonal Choudhury: Sabeet, Hello, Jesh. I wanted to ask that even though you've given guidance and you will continue to watch out what I was going on in the macro economic environment.

Sonal Choudhury: Vendu, Fortier Recovery, if you could share some light on that.

Sonal Choudhury: You've said that there's no pressure in European markets or as per energy is also doing well. However, will you play with caution given or whatever is going on right now?

Salil Parekh: On the time horizon, what your first question is. We don't have a view on it, but we will keep track of what is going on and how that plays out and how it affects economic growth or other factors which then will have an impact on our business. We don't have a view on the time horizon.

Sonal Choudhury: And on margins, again that would be hard to play out given that rupees also the appreciating and among other factors. Is there any strategy at play to make it better? Yeah.

So, Under,

Sonal Choudhury: On the time horizon what your first question is, so we don't have a view on it, but we will keep track of what is going on and how that plays out and how it affects

Jayesh Sanghrajka: On the margins, you know, currency would generally benefit. So if rupee is depreciating, you know, in the short term it does benefit. But outside of the currency, we have launched Project Maximus, as we have said earlier, and there are multiple tracks within that. Right from value-based selling to, you know, efficient pyramid, to challenging portfolio, et cetera. All of those tracks are working well, which has resulted in margin expansion this year of 50 basis points. Our endeavor is to improve margins from where we are today.

Sonal Choudhury: and economic growth or other factors which then will have an impact on our business but we don't have a view on the time horizon.

Sonal Choudhury: our endeavor is to improve margins from where we are today.

Speaker 25: On the European market and any of the segments, if you will play with caution.

Sonal Chaudhary: On the European market and any of the segments, if you will play with caution.

Salil Parekh: On Europe, as I said, first, we had good growth in the financial year that just ended. We also shared that there are areas, for example, automotive in Europe where there is some slowing so that we are watchful of. Outside of that, we've not made any other comments on that.

Rishi Jhunjhunwala, Rishi Jhunjhunwala,

Speaker Change: Pajarwal, Roku, Market and any of the segments, if you would be with caution.

Speaker Change: On your first we had good growth in the financial you that just ended, we also shared that

Speaker 25: Just one quick question. This is regarding the layoffs and sort of a behavior that was called out by the employees who failed the test and were sent out. During Q4, Rishi had asked you a question regarding one of the folks who had spoken something over LinkedIn, and you had said that an equal treatment is given to everyone. Yeah, the behavior here was entirely different. Anything that you or Infosys would like to comment on that?

Sonal Chaudhary: Just one quick question. This is regarding the layoffs and sort of a behavior that was called out by the employees who failed the test and were sent out. During Q4, Rishi had asked you a question regarding one of the folks who had spoken something over LinkedIn, and you had said that an equal treatment is given to everyone. Yeah, the behavior here was entirely different. Anything that you or Infosys would like to comment on that?

Speaker Change: There are areas for example automotive in Europe where there is some slowing so that we are watchful of outside of that we have not made any other comments on that.

Speaker Change: This is regarding the Leovs and sort of a behaviour that was called out by the employees who failed the test and were sent out. During the last quarter, Rishi had asked you a question regarding one of the folks who had spoken something over LinkedIn and you said that an equal treatment

Salil Parekh: You know, what we've had at Infosys over the years has been an approach where we want to make sure that the new employees that are joining from college get the appropriate training, and then they have three attempts to make sure that they have taken that training in and then can contribute to our clients in the way we want that to happen. As we have now looked at what has been going on with the employees, we've made sure that they have other opportunities sometimes within Infosys, and we have supported for them if we can find a way for them to do training outside Infosys.

Speaker Change: Rishwarya, Jai Hind, Jai Hind. I would like to comment on that.

Hah, so they, ahh...

Speaker Change: You know what we've added, Infosys, over the years have been an approach. [inaudible]

Speaker Change: Where we want to make sure that the new employees that are joining from college get the appropriate training and then they have three attempts to make sure that they have taken that training in and then can contribute to our class in the way we want that to happen. As we have now looked it.

Salil Parekh: We are making sure that we do everything to get them ready and yet be at the standard that Infosys has kept, and this has been going on for the past 20 years, in the way the high quality of delivery that Infosys is known for and that our clients are expecting from us.

Speaker Change: and we have supported for them if we can find a way for them to do training outside Infosys. So we are making sure that we do everything to get them ready.

Rishi Basu: Thank you, Sonal. With that, we come to the end of this Q&A session. We thank our friends from media. Thank you, Salil, and thank you, Jayesh. Before we conclude, please note that 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.

Speaker Change: And yet be at the standard that Infosys has kept and this has been going on for the past 20 years in the way the high quality of delivery that Infosys is known for and that our clients are expecting from us.

Speaker Change: Thank you, Sonu. With that we come to the end of this Q&A session. We thank our friends from media. Thank you, Salil and thank you, Jayesh.

Speaker Change: Before we conclude, please note that 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 heighty outside.

Rishi Jhunjhunwala, Rishi Jhunjhunwala, Jhunjhunwala,

[inaudible]

Thank you for Simplifying Things by Vance Taylor

Q4 2025 Infosys Ltd Earnings Call - Press Conference

Request a DemoDemo

INFY

Infosys

Earnings