Mayank Tandon: Got it. Thank you so much for taking my questions.
Rohit Kapoor: Thank you.
Operator: Thank you. One moment for our next question. Our next question comes from the line of Surinder Thind from Jefferies LLC. Go ahead.
Surinder Thind: Thank you. So for the first question, I just wanted to kind of understand the new logo wins. As I look across the past few quarters, it seems that you started the year off really strong in Digital Ops. And sequentially, the number of new logo wins has been declining and it’s the exact opposite in Analytics. Is there anything to read into that? Or how should we think about demand dynamics between the two?
Rohit Kapoor: Sure, Surinder. So for us, the new client wins and the new logo wins, I think, looking at it on a quarter-by-quarter basis is not going to provide much help. It’s much more to kind of see the trend over several quarters that gives a much better understanding of the kind of wins that we’re having. So if you take a look at the three quarters of 2023, the number of new logos that we have signed up this year is higher than the number of logos that we signed up last year, and the split between Digital Operations & Solutions and Data Analytics is also very well balanced. So we have 26 clients that we have won in Digital Operations & Solutions this year, and we won 20 clients in Data Analytics. So it’s — we are very happy with the split and the mix as such.
The important part is that these are larger deals, and we already alluded to that when we spoke about and provided some color on the size of the deals that we are winning. And that is something which is very encouraging. So as the company grows and as we are kind of building up our business, the fact that we are signing up much larger deals now gives us confidence in terms of being able to sustain that double-digit growth.
Surinder Thind: That’s helpful. And then just a follow-up on the Analytics. Is there any color that you can provide in terms of the visibility into the pipeline that you have? Is there like a lot of multiyear projects here where there’s a certain amount of kind of reoccurring project-type revenues? Or how much more do you have to do in terms of new wins to kind of hit your medium-term targets here?
Rohit Kapoor: Sure. The Data Analytics business for us is a business where two-thirds of the business is annuity-based. So that means we have multiyear contracts associated with it and we have ongoing support and work that we do for clients, manage their existing analytical operations. One-third of the work that we do is project-based and discretionary, and that’s the part that is volatile and that kind of moves around quarter-to-quarter. But keep in mind, with the trends that we are seeing around generative AI, the need for that project-based spend has increased. The work that we are doing, particularly around payment integrity, that’s something which is growing very nicely. The work that we do around data management, some portion of that is project-based, but the demand strength out there is very high.
So we’ve got great pockets of growth and opportunity. And there are certainly pockets like marketing analytics, which are project based where there is definitely a headwind for us.
Surinder Thind: Got it. And then just as a final kind of a clarification here. Just any color on what quarter-overs-quarter growth in Analytics would have looked like if you take away marketing. So I mean, if we look at the decision analytics, the data management, the payment integrity, any color there on — yeah.
Maurizio Nicolelli: Yeah. Surinder, so if you peeled out marketing and analytics, your growth rate would be in the mid-teens for the rest of the business. So all the other parts of the business are growing very nicely. This one piece is bringing — is dragging our growth rate lower. But you would have seen it right around the mid-teens.
