Salil Parekh: There, the way we’ve constructed this guidance, we see that there is a change or a difference in the environment, in the decision making. We have seen some of the impact in some of the industries that we shared earlier. And we will see how that volume, discretionary work translates itself over time. So we’ve baked in some range of possibilities into that. We also see how those possibilities play out.
Bryan Bergin: Thank you.
Operator: Thank you. The next question is from the line of Nitin Padmanabhan from Investec. Please go ahead.
Nitin Padmanabhan: Yeah. Hi. Good evening. Thanks for the opportunity. So Nilanjan, the employee headcount is down 3% over the last two quarters, but the absolute employee cost is up 2%. So what explains that dynamic?
Nilanjan Roy: Yeah. So like I said, this time, we have put about 90 bps, I think of impact. We don’t see the entire thing in employee cost because even third-party costs have come down. But if you see about 90 basis points — actually, more than 120 and then 90 basis points is actually in employee costs. Variable pay is a big one, which we have upped consciously in this quarter, a little bit of promotion, then there are other items, balancing items.
Nitin Padmanabhan: So just a clarification there. So in the context of the deteriorating environment and attrition sort of falling, the assumption was that employee cost would be something relatively easier to manage. And obviously, because the performance — company-wide performance itself is lower, the variables also should be lower. So what’s driving the dynamic on higher variable pay and the compensation?
Nilanjan Roy: So we look at this holistically, I think, I mean we are here, and we don’t look at just one quarter and besides these decisions. We’re looking at the overall environment and attrition, et cetera. And that’s a decision we collectively take. It’s just not on a quarter-to-quarter basis. We have enough headroom in our utilization to grow volumes. And therefore, the attrition, which we see is not entirely replaced by lateral hiring. A part of that happens to lateral hiring, and we continue to reskill and move up our fresher bank and rotate people through projects. So that benefit, we continue to get. And like I said, the 70 bps benefit, which we are seeing is coming partly because of improved utilization, right?
Nitin Padmanabhan: Sure. And lastly, the $2.1 billion deal that we announced, in which vertical is that? If you could clarify, that would be helpful.
Nilanjan Roy: No, we don’t mention that really on what vertical here.
Nitin Padmanabhan: Thank you so much and all the very best.
Nilanjan Roy: Thank you.
Operator: Thank you. The next question is from the line of Vibhor Singhal from Nuvama Equities. Please go ahead.
Vibhor Singhal: Yeah. Hi. Good evening. Thanks for taking my question. So Salil, two questions from my side. One on the talking on the guidance part again. I mean, for long, I think the guidance that Infosys gives is kind of seeing a benchmark of the industry and a read across for the entire sector as well. I mean and the share that we had at this time. So just wanted to understand the putting on hold of discretionary spend and other issues that you mentioned that caused us to lower the guidance, do you see that as a very Infosys specifically or do you see it more of an industry across the whole that maybe other companies are not seeing it right now, they might be following suit in the next few quarters or is it something in the nature of our portfolio because of which you probably feel that it was cyclical?
