Sandeep Shah: If I just look at the third quarter guidance and look at the first nine months of this financial year, it’s likely to be a 4% decline on a Y-o-Y basis in a constant currency terms, which will be ine of the lowest in the industry, and this could be a second period in a row where our growth on an organic basis would be actually lower than the industry. So Thierry, my question is do we need to introspect our growth strategy, our offerings? Do you believe is there any gap in the offerings? Or is it to actually check and introspect our go-to-market model because deal wins are one indicator which everybody is winning, but our growth rates have been lagging quarter-after-quarter and period-after-period starting from FY ’22 on an organic basis…
Thierry Delaporte: So Sandeep, we are very clear, in Wipro on the way we are — we want to progress. We have our own journey, we are to define our own strategy and we have our own ambition and our own focus. Over the quarters, there have been quarters where we’ve grown a little more. Some of them we’ve grown less. And that’s a reality. What matters is to look at the progression over the certain period of time and look at what we’ve done over the last years. And I think you’ll have a response in terms of our growth strategy. The growth that this organization — this leadership team has been able to drive over the last three years is actually a pretty decent level of growth. We always want more growth trust me, Sandeep. But at the same time, we are focusing on our transformation as much as we are focusing on the day-to-day performance.
And that’s incredibly important. You need to reflect and understand that the way we have redefined our ambition, the way we have invested in our organization in talent, in capabilities, in solutions, the way we’ve invested in our systems, the way we have invested in consulting capabilities to reposition ourselves in our operating model, in our own efficiency, all of that is to be taken into account and you cannot take only one element of the performance in isolation of the rest. That’s how we are looking at our progression. We are happy with where we are for sure. We’re always trying to do more and we are always ambitious to do more, but we are looking ahead of us, quite confident at our opportunity to get back into growth as the market get a little better, frankly.
Sandeep Shah: And just a related question, when you expect a pickup in the growth and rebound in the growth. Is it fair to assume that fourth quarter onwards the guidance may not indicate any kind of a Q-on-Q dip, or are you indicating a rebound from 4Q or maybe 1Q of next financial year?
Thierry Delaporte: No, Sandeep, you will not get anything more from me. We are not guiding beyond the current quarter.
Sandeep Shah: And a question to CFO, Aparna, just in terms of margins, in fact, wage hikes are effective from 1st of December and Q3 looks like from the guidance is likely to be a soft quarter. So in that scenario still flattish or a narrow band movement on the margin is still feasible, or there could be some seasonal impact on the margin because of the slower growth and the wage hike effective in December?
Aparna Iyer: Yes, you’ve already highlighted the headwinds that we are starting quarter three with, there will be pressure on margins. We’ve done very well on being — remaining resilient in the first half. The efficiency measures have only intensified. It will be a challenging task. And that’s why we have said that our endeavor will be to be range bound in terms of what we’ve delivered over the last few quarters. But I agree with you that there are more headwinds as we start the quarter.
