Yogesh Aggarwal: Okay. Thanks. Nilanjan, all the best for your future endeavors. (ph)
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. Thanks for taking my question. Salil, first off, I know…
Operator: Please use your handset. There is an echo in the line.
Vibhor Singhal: Sure. Is it better now.
Operator: Yes, please. Go ahead.
Vibhor Singhal: Yeah. Thanks a lot for taking my questions. So Salil, just a bit — just a question on the [indiscernible] number. I know we’ve already had bit on it. So I just wanted to take a bit of feedback on — we know this quarter was basically on the softer side, both in terms of seasonality and probably furloughs being higher than the last year itself. But the overall demand environment that we are looking at both, let’s say, in terms of the cost takeout deals or the discretionary spends or basically the different verticals that we’re looking at. Is there any change in the overall demand environment we are looking at from, let’s say, three months ago, I mean, that we met for the second quarter results? And how do you see this playing out over the next couple of months as clients get into the budget cycle? And any specific verticals of that you might want to call?
Salil Parekh: So the thing that we’ve observed is, as we look at a large client base, the way clients are behaving in terms of spend, we’ve not seen a change in the way they’re looking at it. So we still see what we were discussing earlier on digital transformation programs being more impacted, where cost efficiency being much more in play. There’s also more consolidation that we are seeing and that was coming through in the past quarter as well. And then there’s a lot of interest and almost every conversation we have where generative AI is part of the mix. So in that sense, I don’t have a feel that this is — there’s a change that we are seeing. Now this is also the start of the financial — the calendar year. We will get a sense fairly quickly here how people — how clients are looking at their spend. And as we come to the end of our financial year and as we plan for next year, that will give us, let’s say, more view into that spending pattern.
Vibhor Singhal: Got it. And in terms of the deal flow, I mean the deals wins that we had in the first half of the year, very rock solid deal wins. Any color on, let’s say, some of those deals getting into execution mode driven by the conversations with your clients? How is the — I mean, so are we seeing incremental some basically, let’s say, intent from the clients on starting those deals, which were maybe a bit delayed on that side or anything — any color on that that we have seen incrementally over the last three months?
Salil Parekh: So there, we’ve seen essentially in this last three-month cycle, the deal starting or ramping up being as we anticipated. So nothing has changed in this three month cycle. There are places in some of the large deals where there’s need for incremental work, which is also starting to be visible, which will hopefully flow through. So there has been no delay that we’ve seen. In fact, we’ve seen more of those on track in the last three months.
Vibhor Singhal: Got it. Thanks for taking my questions and wish you all the best.
Operator: Thank you. The next question is from the line of Gaurav Rateria from Morgan Stanley. Please go ahead.
Gaurav Rateria: Hi. Thanks for taking my questions. The first question is with respect to the mega deal signed in 2Q. The transition period was expected to be a little longer, and some of them were supposed to come into revenues in the fourth quarter itself. So is the expectation remaining similar on that or has anything changed with respect to the transition period and flow-through of the revenue?
Salil Parekh: There, as we had shared previously, it was towards the end of the year and that’s where we are. So we don’t see that changing.
Gaurav Rateria: Got it. Second question is with respect to the underlying sort of leakage in the business on small deals discretionary spend that has been continuing now for some time. How do you characterize your 3Q versus, let’s say, 1Q and 2Q, has the leakage remained largely similar or has that kind of come down compared to the base that it was kind of leaking in the first two quarters.
Salil Parekh: So that — let me sort of try to give color in the way we look at it. In the last quarter, so in the last three months, we have not seen those things change in direction. They appear to be stable or similar.
Gaurav Rateria: And is that a similar thing built in your outlook for the fourth quarter as well when you tightened your guided band?
Salil Parekh: At this stage, that’s what we’ve put into the Q4 outlook, yeah.
