Salil Parekh: So Kawal, this is Salil. The pipeline, we still have a good pipeline of both large deals. We have some mega deals in the pipeline as well. We see a lot of the work that we’re doing on cost, on efficiency, automation in consolidation, those are tracking well with clients. There are some transformation programs, which are funded from within the cost efficiency. Those are also something that we’re tracking through. So we do see, with two mega deals signed, a good pipeline today of large deals and we have mega deals in the pipeline as well.
Kawaljeet Saluja: Right. And just one thing, is the upper end of the guidance band in any way predicated on future mega deal closures or it’s based on the deals closed up to now?
Salil Parekh: So here, the way we build this guidance or our view of the 3.5 is based on what we have closed today in large and mega deals. And then, we have a way of estimating based on what we see into the future as an aggregate not as a one-off or not as a binary discussion, but in aggregate with what we see as a probabilities and also the probability of when that work will transition in the revenue side. So those are what we see in the pipeline a bit into it.
Kawaljeet Saluja: Thank you.
Operator: Thank you. The next question is from the line of Yogesh Aggarwal from HSBC. Please go ahead.
Yogesh Aggarwal: Yeah. Hi. Thanks for letting me come. Salil, just a couple of questions. Firstly, on banking, your banking weakness has been there for a few quarters and now most of the companies are showing weakness as well. Whereas if you look at the clients itself, most of their financial reserves, the tech commentaries and the data is not that weak. So where is the disconnect, you think? Are they spending more with captives or smaller subcontractors? Where is this market share loss coming from?
Salil Parekh: Yogesh, I think what we see in our financial services or banking part of financial services, there are different clients of ours that have different patterns in terms of their own pressures within their business. Some of our clients have had good results, but there are some which will add more difficult economic situations. Also with the mix from geography between Europe, Asia Pacific and U.S., when we break it down into specific subindustry areas, when you look at asset management, when you look at investment banking, when you look at payments or mortgages, those are the ones where we’re seeing the impact. Our sense is generally our clients are not spending on those projects. It’s not that they’re spending somewhere else. Typically, they’re choosing not to spend at this time. And as the environment changes, we will see how that pattern changes.
Yogesh Aggarwal: Okay. Thanks. And just a quick follow-up, the revised guidance now at the lower end, I wanted to ask you, we have already won two mega deals and the lower end of the guidance suggests almost negative or flattish growth for the next three quarters, which would also mean that for six, seven quarters now revenues will be flat. So what are the assumptions for the lower end of the guidance, I wanted to know?
Salil Parekh: So here, as Nilanjan were sharing about the guidance, the approach is really focused on what we’ve seen in terms of volumes, discretionary projects in quarter in Q1 and an overlay then of the actual mega deals and large deals we have already won and the estimate that we’re looking at. So we are — some of those deals, they have start dates have moved out, whereas the volume and discretionary project slowing. It’s still in quarter. So our view is based on how that plays out between those trends, we saw the 1% in terms of the lower end of the guidance when you combine that and then, of course, the high end we talked about earlier.
Yogesh Aggarwal: Fair enough. Thanks, Salil. Thank you.
