Kumar Rakesh: Okay. Thanks for that. My last question was around the volume commentary which you gave. So last quarter in April, when we had the discussion, you had talked about that volume through the quarter, you were seeing signs of improvement. However, in this quarter, you have seen performing much below your expectation. So what has — which are specific pockets you are seeing the weakness specifically? Is it more time specific or the entire – specific industry you are seeing a much sharper weakness?
Nilanjan Roy: It is a client-specific like this time, in fact, we saw slightly more resilience in the U.S. based clients. Europe turned out to be slightly weaker. So it is very client specific actually across. I mean, it’s not sort of a leaking bucket in a number of clients. There’s no large sort of a drop-off. And this is largely, that said, the discretionary part, right? So it is some programs which can be pulled back and our discretionary in the nature, those are the ones we are seeing.
Kumar Rakesh: Thanks for that.
Operator: Thank you. The next question is from the line of James Friedman from Susquehanna. Please go ahead.
James Friedman: Hi. Thank you. Salil, I think many investors are wondering, so I would appreciate your thoughts. Does it seem to you that the soft demand was primarily due to macro factors, which are presumably temporary or is it potentially something more profound like perhaps related to the relevance of services or Lion’s share? So is this just macro it’s going to go away or is it a question of service in itself?
Salil Parekh: So this is Salil. Thanks for the question. The way we see it today, we see this demand environment, especially on discretionary that we’ve been discussing so far, as a function of the macro environment, we can see, for example, if you look at different industries, manufacturing, growing at 21%, other industry is doing well, whereas financial service is weaker. So our service portfolio, we believe works well. We’ve already transformed the company, moved it predominantly into a digital business. We are very strong on cloud with our cobalt offering. And now with generative AI and broadly with AI, we’ve launched our Topaz offering. My sense is, those are resonating well with clients. And the places where we see the constraints have been more with the macro.
Even some of the large and mega deals we are winning, we’re winning against a fairly intense competition where we are demonstrating our capabilities, whether it’s some transformation or on cost or efficiency or consolidation.
James Friedman: Okay. Thank you for that context. So I’ll jump back in the queue.
Operator: Thank you. The next question is from the line of Abhishek Bandari from Nomura. Please go ahead.
Abhishek Bhandari: Yeah. Thank you. I have two questions. First of all, Salil, congrats to you for this $2 billion mega deal. And if you could share some more details around this project given that it is probably the largest announced anywhere globally. Is it pure services deal or there is an element of any hardware purchase along with it? And do you think this will get into revenue translation more in the second half of this year?
Salil Parekh: So thanks for the question. On this specific deal, what we have shared in the public domain is as per the filing with the stock exchange, it really focuses on work that we are doing related to AI and automation-led development, modernization and maintenance services. We don’t have anything more to add to that comment.
Abhishek Bhandari: Sure. Do you think this goes into revenue translation in second half?
Salil Parekh: Yeah. So again there, we don’t have anything more on the specific deal. It’s not the general comments we’ve talked about the large and mega deals. We do see, in general, across our large and mega deals, the revenue coming through in terms of the transitions and revenue realization more towards the later part of the year.
