Yes, there is a slowdown. It’s a reality for everyone, if you want to – me to refer to reflect on others as well. And I think that’s what I’m saying. Having said that, I believe that we are every day becoming more impactful in the market. As you said, it’s visible in the deals that we have closed, the large deals that we have closed. It’s also visible in the way we are growing our large account, and that is we’re showing that our account strategy has been paying off every single quarter for the last 10 quarters. We have doubled the number of $100 million account in 2.5 years. And again, I think it’s a testament to the ability of the company to grow when we are focused, whether it is in terms of account, in terms of sector or markets.
Gaurav Rateria: Great. Second question is regarding the investment committed for generative AI, how are we going to fund this investment? And if we can quantify this would have any implications on our longer-term margin aspirations? Thank you.
Thierry Delaporte: Gaurav, so funding is – it’s funded by the operations, to be clear. So this is in our plan. It’s baked into our plan. Amit explained to you a few minutes ago that there’s a lot going on in terms of improving the efficiency of our operations or what we call our operational excellence. Whether it’s in the way we are injecting more automation and AI into our delivery to be more efficient or whether it is in the way we are streamlining of our operations, reducing the layers and just being more nimble and more agile as an organization. All of that is driving operational improvements that we are re-injecting in our future. We’ve never compromised on our development, our mid to long-term strategy. We’ve never compromised on the obsession for our clients and for excellence in delivery.
And AI, obviously, is an investment, but also a gigantic market for us. And so that’s how we look at it. And so you should look and consider that because we consider we are positioned – well positioned in that market that it will trigger revenue growth and profitability over the next quarters. Jatin, do you want to add anything to that?
Jatin Dalal: No, Thierry…
Thierry Delaporte: Okay. All right.
Gaurav Rateria: Thank you so much.
Operator: Thank you. We have our next question from the line of Girish Pai from Nirmal Bang Equities. Please go ahead.
Girish Pai: Yes. Thanks for the opportunity. Considering the demand environment, how would you characterize the competitive intensity that you see in the market today compared to, say, 3, say, 6 months back?
Thierry Delaporte: Competitive activity.
Girish Pai: Competitive intensity?
Stephanie Trautman: So it is a very competitive environment as we look to renew our existing book of business and acquire new clients with new opportunities. Of course, we’re finding ourselves in situations where we really have to differentiate our value proposition and drive more value for our customers. We’re winning against all of our competitors. If you look at our large deal wins this quarter, it was pretty mixed in terms of what we were winning and who we’re winning against. So I think as Thierry mentioned, our strategy is really paying off. We’re better poised to be highly competitive and a true transformation partner with our clients, and that’s showing up in our wins.
Thierry Delaporte: Thank you, Stephanie.
Girish Pai: Is the higher competitive intensity impacting pricing as we speak right now? Or is the customer able to extract sweeter deals from you in terms of larger productivity benefits down the road?
Thierry Delaporte: Jatin?
Jatin Dalal: Yes. Hi, Girish, I hope you are well. No. The answer right now is, yes – I mean in a sense that there is nothing unusual that we see on large deals that we don’t normally notice. Obviously, if there is a $200 million or $300 million deal, you would benchmark it with the best standards on productivity-based standards on pricing, but that is not out of ordinary behavior of dropping prices or giving deferrals in billing, et cetera, those behaviors, we have not yet observed that would worry us.
