Pankaj Kapoor: Yes. Hi. Thanks for the opportunity. So, my first question is on the smaller deals, which are less than, say, 50 million TCV. If you can give some qualitative color on how your win and pipeline in that basket has been moving? Is it higher, lower versus, say, what it was six months back?
Salil Parekh: So, on that €“ thanks for the question. We don’t typically disclose much about those deals. Overall, we have a good healthy pipeline where we publicly disclose more about the larger deals.
Pankaj Kapoor: Understood. And Salil my second question is on these cost takeout deals. Can you give some sense on how the pricing in such deals behaving? Are you seeing the pressure there more than normal, either because clients are pushing for more discounts or because of competitive intensity?
Salil Parekh: So, there the pricing in Q3, we have seen quite stable within the mix, we have not seen a change. Typically, it’s really a function of what type of focus that clients have, which industry they are in, as we have not seen at least in Q3 in the deals that we have closed in the discussion. We have a big change on that it looks stable at this stage.
Pankaj Kapoor: Understood. Thank you and wish all the best for €˜24.
Salil Parekh: Thank you.
Operator: Thank you. Our next question is from the line of Ankur Rudra from JPMorgan. Please go ahead.
Ankur Rudra: Hey. Thank you and congrats on the strong numbers there. Just a couple of questions to understand some little bit better. I think one of the comments that you made earlier on the Pankaj’s question, you mentioned on previous calls over the last year, the listed deals what were smaller deals and that is showing up and so despite headline deeply declining.
Salil Parekh: Ankur, we can’t €“ we couldn’t hear. Ankur, we would have to go on a handset or something. We couldn’t hear your voice is very muffled.
Ankur Rudra: Is it better?
Salil Parekh: Yes.
Ankur Rudra: Okay. Thank you. So, I was saying that I am going to try and counter this question in a different way. You had mentioned in previous calls that the mix of deals was changing in favor of smaller deals. And that’s why the headline, TCV was declining, the growth is still quite healthy , do you think the mix of deals is still the same as it was in the last year before this quarter?
Salil Parekh: Hi Ankur. Thanks. This is Salil. I am not clear on the mix of deals on the previous discussions. But just looking macro, we see the mix of deals remaining in good shape across the board. There are some quarters in which €“ those were number of larger size deals. But in general, we don’t have a pattern in that, at least that we did in Q3.
Ankur Rudra: Okay. Alright. The next question I wanted to check, Salil, again, was on the U.S. business. The headline growth seems to sort of slipped down to close to low-double digits, whereas the growth has been led by very strong performance in Europe and manufacturing. Do you worry about the U.S. business, it’s sort of slower than Europe, which is not the case in the rest of the industry when you look at deals?
Salil Parekh: So, there, Ankur, we have had very strong growth in the U.S. at over 10% in Q3 in constant currency. Europe, of course, has been a standout in the growth that we have had. We see the traction, the pipeline, the work remains pretty strong, as we have described earlier, across the two dimensions transformation and cost across the geographies. If you look at the economic situation, we do see developing side a little more impacted, but we see good traction on the pipeline in both. We had a very successful Europe program in the last 18 months, 24 months, and that’s also helping us with the growth in this quarter.
