Nilanjan Roy: Yeah. So I think one of the earlier questions was on this, and probably I talked about Project Maximus as well. I mean there are other benefits, which we don’t factor in into any of our models, really for instance, operating leverage, right? You can see the impact of SG&A benefits on operating margins when we are growing in — during ’21, ’22, ’23. So that’s something which automatically flows into the P&L with growth, right? And in a way it gets reversed, the operating leverage reversed against you when revenues are down. So that’s something from a pure margin perspective, which flexes. Secondly, I think similarly on the currency, we don’t build in anything into our programs. And that also comes in the future as well, but it’s not part of Maximus.
Of course, there are things out there, how – what the expectations of dollar movements are. So these are some things more extraneous as well which can impact, but we are more confident of what we are able to control within the 20 tracks of Maximus, and we’ve talked about that.
Keith Bachman: Okay. All right. Thank you.
Operator: Thank you. The next question is from the line of Jamie Friedman from Susquehanna International Group. Please go ahead.
Jamie Friedman: Hi. Good evening. Nilanjan, in your prepared remarks, you expressed confidence in growth in the medium term. I was just hoping you could unpack that a little. When you say medium term, is that just a comment about the fourth quarter or is that longer in duration?
Nilanjan Roy: Yeah. Medium term is medium term. It’s definitely more than the fourth quarter.
Jamie Friedman: Okay. Thank you. And then — also, Nilanjan and Salil, I’ve tried to reconcile when Salil observes the strength in the TCV and a record in nine months. When Nilanjan used the word subdued in your prepared remarks. It seems like you’re saying it’s hot and cold at the same time. So I know these are where many of these questions are going, but how can we weather be both?
Salil Parekh: Hi. This is Salil. Maybe the way that we are thinking about this, we can share with you. The large deals really give us good confidence of revenue over the next several period in terms of the wins, both for net new and renewals. And the comment, which was more around subdued, we look at it from a perspective of where we see less activity on digital programs and less activity on some of those type of projects where that takes away a little bit from the revenue. So that’s the sort of balance in our mind. One of them giving us that revenue outlook and the other where clients are under constraints on their own spend, reducing some of that. And that’s how we see the balance on that. Hopefully, that clarifies the comments.
Jamie Friedman: Thank you, Salil. I’ll jump back in the queue.
Operator: Thank you. Next question is from the line of Sumeet Jain from CLSA. Please go ahead.
Sumeet Jain: Yeah. Hi. Thanks for the opportunity. Firstly, I wanted to ask around the one-time loss what you had around McCamish, are you expecting it to reverse back in Q4 and included in your guidance or will it reverse some time in FY ’25?
Nilanjan Roy: No, this is one-time. There is no reversal.
Sumeet Jain: Got it. And secondly, I wanted to check around your platform business. I mean we have seen for the last two years, there has absolutely been no growth in that particular business. But although we keep seeing deal wins around your Finacle platform with various regional banks in the Middle East geography and other regionals in North America as well. So can you share any plans to grow that part of the piece where we are seeing the other SaaS companies globally have actually seen a lot of traction post the GenAI offerings and their solutions?
Nilanjan Roy: Yeah. So I think we continue to do well. I think Finacle business continues to motor ahead, a very nice deal wins across and overall platforms is a more generic usage. And I mean, we track it across various things, but Finacle actually overall has been doing very well.
Sumeet Jain: So any reasons for the platform business to be flat over the last two years.
Nilanjan Roy: So I think we can get back to you on that.
Sumeet Jain: Okay. That’s all I had. Thank you.
Nilanjan Roy: Okay. I think Sandeep just prompting me that we also use it for internal productivity as well, okay, for services. Okay.
Sumeet Jain: Got it. Thank you.
Operator: The next question is from the line of Yogesh Aggarwal from HSBC. Please go ahead.
Yogesh Aggarwal: Yeah. Hi. Just one quick question. The employees — number of employees are down 7% year-on-year, but the total wage bill is up around 1% or 2%, which means that the wage bill per head is up around 9%, 10% year-on-year. So I would have assumed that the pyramid would have kicked in, in a slower growth last few quarters. So any particular reason why the wage bill per head has gone up so much? Thanks.
Nilanjan Roy: Sorry, I think, what I think is the comp increase also has happened this quarter. And of course, in the initial part of the year, we had more lateral movements coming in, in the top end of the pyramid. So — but I think in the recent — if you see the latest quarter, you will see a reversal of that. I think the employee costs have come down, I think, in this quarter as well. So I think you will see that trend reversing.
