Salil Parekh: Yes. So I think like we mentioned, the reason for Q3 margins, we’ve already given the breakdown. So as we look ahead to the levers which we have on is of course, utilization, right? And we’ve seen about 1.7. This is probably I think at least in the last 3 to 4 years have been worse in the lowest. So that’s one which we will have. And as we start putting these pressures on to the production floor that you will get a automatically if there any benefits, right. So that will be a double value impact for us. We also have subcons. Today, we dramatically reduced our subcons literally in three quarters. We were 11% plus. We are 8.7%. Historically, we’ve been at 7%. If you look at our pricing has been quite stable and historically, this was one lever which we always bind down repeatedly, which is a discounts and renewals etcetera.
And as of now, we haven’t seen that at all. We continue to push with clients and where all we can get price increases. So we are seeing the information in terms of our own workforce continuing to upgrade that and that we ever which we have. So we are continuing to see these are in our era to speak as we look at, and we will continue to deploy them.
Mukul Garg: Is it fair to assume that we should see at least better profitability in the next quarter, given that we have a number of levers in the business?
Salil Parekh: So there is been a guidance for the year. You’ve seen in the first 9 months, and that should give a good indication of Q4.
Mukul Garg: Fair enough. Thanks for taking my question. I will get back into the queue.
Operator: Thank you. Our next question is from the line of Sudheer Guntupalli from Kotak Mahindra Asset Management. Please go ahead.
Sudheer Guntupalli: Yes. Good evening, gentlemen. Thanks for the opportunity, and congrats on a good quarter. Salil during some of the previous macro uncertainties like Brexit, with in a few weeks of the vote, we had seen some of our large clients canceling the ramping down projects. This time, even on the tough comps, the pace of growth in moderation is much lower than what many people have been anticipating. And many forward-looking indicators like deal wins, pipeline and CIO surveys still continue to be very strong. even 11, 12 months into this macro concerns. So are you seeing the previous three to four macro downturns? How do you move on to the current cycle, especially on the available of the resilience of IT service spend?
Salil Parekh: So thanks for the question. It’s always difficult to sort of compare across cycles. From the perspective of Infosys, my sense is what you mentioned earlier, which is we are still seeing the pace of change when there is change within an industry or client to be not rapid. And we are also seeing that the opportunities for cost optimization and efficiency are expanding within the work that we are doing. So in many ways, we are in a good position to be able to work on both sides. And so €“ while it’s difficult to predict what the the situation in the economy will evolve, we feel quite balanced. Our sales team is quite agile we’ve pivoted quite quickly and develop various sort of points of view on different efficiency scenarios in different industry that we feel comfortable that the pipeline will be is looking good at this pace, and we will continue to work on that.
Sudheer Guntupalli: Sure. Thanks, Salil. So is it a right understanding to say that we are now in a much better position to navigate this macro weakness probably through more than compensation from the cost efficiency deal and vendor consolidation deal. Is that the correct interpretation?
