Salil Parekh: So on the guidance again, some of the comments that Nilanjan shared earlier, we saw in Q1, the volume and discretionary projects slowing. And based on that, plus the delay in some of the large or mega deals starting up in terms of revenue, we felt that, that has given us the view of the lower end of the guidance. What we see really the function of the way the volume in the discretionary project evolves. The macro environment, as we look out, is changing as we see things which are from U.S. to Europe to Asia, keeping those factors in mind is how we build that lower end of the guidance.
Mukul Garg: Sure. And similarly, on similar track, is there something we need to kind of see, visualize in terms of entity of large DLTC (ph), which we disclosed. The commentary on pipeline and large deal wins continues to remain very robust. But there is a fair bit of pain which you are kind of talking about from a discretionary side, which would be coming out of the large deal number. So can you share the impact on overall TCV or is that something which you would kind of start reassessing simply because it’s giving an excluding picture when you look at only the large deal win?
Salil Parekh: So there, there are some distinctions what we are seeing in the large deals, mega deals, wins in the pipeline. And what’s more recent in the past quarters was more on cost of efficiency or consolidation and so that work is continuing. What we referenced on the slowdown is more on discretionary projects, which are projects or transformation projects which are from before, which could have been paused or slowed down by the client and specifically in the industries where we referenced the impact. Those are the ones we are seeing. So they’re not, in a sense, correlated with the large deals that we’re looking at today.
Mukul Garg: Sure. And if I may just ask for clarification. Is there any impact in terms of your growth guidance from any client-specific issue, specifically as Nilanjan kind of in Europe, in terms of client in-sourcing or kind of slowing down business to you in any vertical?
Salil Parekh: So there, what Nilanjan was referencing to is not that it is client specific as it has one or two clients. It was more in terms of clients within that industry vertical and more now shifting what we had in the U.S. to the European market. So it is not that we have specific one or two clients where we have seen this impact showing up from.
Mukul Garg: Sure. I think that’s helpful. Thanks for taking my question. [indiscernible].
Operator: Thank you. The next question is from the line of Surendra Goyal from Citigroup. Please go ahead.
Surendra Goyal: Yeah. Good evening. I know that you don’t share this data point, but could you give us a directional sense of how ACV annualized contract trends would have moved or would compare Y-o-Y, given the changing nature of it towards the large and mega cost takeout deals.
Salil Parekh: Thanks for the questions, Surendra. We are not in a position to share that information.
Surendra Goyal: Okay. And on this recently announced mega deal in terms renewal versus new?
Salil Parekh: The one that was announced after the quarter before the results?
Surendra Goyal: Yes, yes.
Salil Parekh: Okay. So again, we are not announcing the net new in a specific deal. What I mentioned earlier was the type of work and that’s what we can say in addition to what we filed with the stock exchange.
Surendra Goyal: Sure. Thanks, Salil.
Operator: Thank you. The next question is from the line of Prashant Kothari from Pictet. Please go ahead.
