Apurva Prasad: Yeah. Thanks for taking my question. Salil just wanted to broad further on the guidance. In the last quarter, you had referred to achieving top end basis, the strength of pipeline and factors that are binary. So are those binding factors still in the pipeline or just converted the transition is taking longer? So what I’m trying to get at is, how should we really reconcile the change in revenue guide in the last three months, between delay and volume cuts, which is as largest 600 million?
Salil Parekh: So there, we’ve already announced two mega deals, so which is a positive. We have large and mega deals in the pipeline. The way we’ve seen it is really the two points you mentioned, which is the volume discretionary work in quarter and the delay in the start of the realization transition of some of the large and mega deals, those are what have translated to the change in the guidance.
Apurva Prasad: Any way that you could split those factors, how much of an impact does that has been?
Salil Parekh: We will not be in a position to quantify that further between those two, unfortunately.
Apurva Prasad: So — okay. And just how would you characterize the business environment and your client conversations at the end of the quarter as compared to how it was at the beginning of the quarter?
Salil Parekh: So there, it’s really — the way we see it is, our pipeline for large and mega deal is in excellent shape as we’ve closed the quarter. We see good traction for mega deals and our large deals. The focus is much more when we’re talking to clients on efficiency or cost or consolidation. We have a real traction with them. We see less discussions on digital transformation. And then, in general, across the client base for those industries that I referenced in the opening remark, we see where there are discretionary programs where the client feels that they can slow them or pause them for some time, we see that action. So those are the two sort of actions we are seeing, very good traction, in fact, on the large mega deals.
Operator: Apurva, does that answer your question?
Apurva Prasad: Yes. Thanks.
Operator: Thank you. The next question is from the line of Kumar Rakesh from BNP Paribas. Please go ahead.
Kumar Rakesh: Hi. Good evening. Thank you for taking my question. My first question was more of a clarification. So can you just confirm the process of deciding the revenue growth guidance? Is it the same, which was last fiscal year versus this year or have you changed some of the assumptions for the processes that you follow?
Salil Parekh: Hi, Rakesh. This is Salil. Should we’re following the same approach that we’ve followed over the last several years as we build sort of outlook of our guidance that we share with the market.
Kumar Rakesh: Got it. Thanks. My second question was on the margin side. So this quarter, we had a slight decline on the margin sequentially. Now wage hike has yet to be given out. So how confident are you on holding on to the current margin or the margins which we had last year? And the cost saving program also you’re going to be running or there would be more of headwinds than tailwinds on the margin side?
Nilanjan Roy: As you saw my margin walk, right? We actually had a 70 basis points benefit from utilization, cost optimization. So we are seeing the tailwinds of that. And the big part of that, we’ve actually put back into employee related compensation, which is variable pay, that’s a big part promotion. So it’s not that we are losing that to the market, that’s a conscious decision for us to plow it back towards our employee. So as we look ahead, we are actively considering compensation hikes as well we’ve announced in our press conference earlier. And the new program that kicks in, we think in optimization will give us the necessary tailwinds to be well within the margin guidance band.
