Girish Pai: Okay. Lastly, on generative AI, there are been – there’s been mixed commentary around deflationary impact of this on at least certain service lines. What’s your take on this? And how early or late will this happen, if at all it happens.
Jatin Dalal: Yes. So Girish, your specific question is, does generative AI already – I mean, is it already reflecting in reduction in revenue and potential headcount for the GBLs for our service lines?
Girish Pai: No. I’m saying, will the productivity gains that people claim or there’s been claims around it. Will that be entirely passed on to customers, resulting in some kind of revenue compression in the times ahead?
Jatin Dalal: So Girish, we haven’t seen that yet. But as you already know that every competitive deal goes with a certain assumptions of year-on-year productivity numbers that are baked in, and those numbers will continue gradually. They will continue to bake in the productivity benefits that gen AI will bake in, and I would request Subha to add from her perspective, how does she see this journey to unfold.
Subha Tatavarti: Thank you, Jatin. So Girish, we feel that gen AI is a fundamental shift in how any business would do business – on operate. So what does that mean? It means that we will see greater and greater efficiencies and productivity in every sector and every vertical. And it will also translate into how our business will run more efficiently moving forward, as we begin to ramp up adoption of this technology across every business process, every technology stack and every offering and every interaction we have with our customers. So yes, there will be productivity gains for our customers. We hope to drive them for them, drive it for them, but we also see significant productivity gains for our business as well going forward.
Girish Pai: Okay. Thank you very much.
Operator: Thank you. We have our next question from the line of Abhishek Kumar from JM Financial. Please go ahead.
Abhishek Kumar: Hi. Good evening and thanks for taking my question. I wanted to understand the assumptions that have gone into our guidance for the next quarter. I think last quarter, if I remember right, we mentioned that some of the clients had already intimated us about certain ramp downs and the impact was to be felt in 1Q. So our sense is that, that probably is in the base quarter now. So what is driving another sort of at least on the lower end, another sequential decline for the next quarter? Have you seen more such intimations coming our way on project ramp-downs continuing?
Thierry Delaporte: Abhishek. So if you look at the guidance for Q2 is actually showing it – I would say, a slight improvement over Q1, right? And so what I think we are saying is uncertainty remains. There’s no deterioration. Now we stay a bit cautious because of the uncertainty right? And that’s how we see the quarter 2 for us.
Abhishek Kumar: Sure. So in terms of how the last quarter panned [ph] out, was there any stabilization towards the second half of the quarter or the weakness or persistent through the quarter?
Thierry Delaporte: This is a difficult question. I’m not sure I can answer. I mean, it’s too early to tell, right? You cannot make a trend based on 20 or 30 days. So I don’t think I’m in a position or Jatin or anybody here is to tell you that based on the last 30 days, we can see a trend. I think it’s – this is the reality with the context of uncertainty is that precisely, it’s a little bit [indiscernible] And so some industry certainly are more cautious than others, banking, financial services, technology, you see that. I mean, technology has reduced. There are actually some technology companies that have been going through several waves of layoffs. So there’s a bit of a slowdown on the technology side after several years of strong acceleration of investments, comps [ph] is also a sector where we are seeing that.
