Operator: We have our next question from the line of Ravi Menon from Macquarie.
Ravi Menon: Thierry, you mentioned about your win rates in the last years in Europe being 100%. Could you comment a bit on how that changed in the US over the last few years?
Thierry Delaporte: So specifically to Europe, Ravi, correct?
Ravi Menon: Specifically the US, Thierry…
Thierry Delaporte: So I would say, well, we do not have a 100% score in the US. It doesn’t mean it’s a bad score I think we’ve done very well in the US as well. We just highlighted the 100% score in Europe because it was quite — we consider that this is quite a performance. But the performance, the win rate is actually improving and strong in the US like it is in Europe or actually in Asia Pac, Ravi.
Ravi Menon: So overall, you would say that you’ve seen win rates improve and your pipeline as well, and that’s actually — that’s why we’re seeing the deal TCV right overall step-up?
Thierry Delaporte: What we are seeing is that we are getting better at qualifying the deals that we see in the pipeline to reduce the lost investments, if you like. And so it is definitely delivering results. There’s no doubt that when we come through the qualification process and feel that this is a deal that we can win, then the entire mobilization of the team is here to drive it until the finish line.
Ravi Menon: One last follow-up on Europe. We saw a surprising decline here, is there any specific industry or a country that was responsible for those?
Thierry Delaporte: Yes, you’re right. It is a surprising decline for Europe, I can imagine for you, given the way we held pretty strongly the previous quarter. I think I’m looking at Aparna, but to me, this is primarily financial services — financial services primarily, and manufacturing, correct — and manufacturing,so two sectors. No, I mean we haven’t lost any account or it’s not like we’ve had a drama, but certainly, some significant slowdown, noticed in some of our large accounts in financial services and manufacturing in Europe. Having said that, that’s what Ravi, if I can just add one element. Pipeline continues to be strong in Europe. The leadership team in Europe is pretty bullish. So it gives confidence that Europe will bounce back rapidly.
Operator: We have a next question from the line of Apurva Prasad from HDFC Securities.
Apurva Prasad: Thierry, would be interesting to know your thoughts on BFSI vertical in terms of how do you see the impact of potential Basel III, NDA and proposals on US banks and the resultant impact on tech spend? And the related piece could be on some large banking customers who are carrying out the org structure change in terms of delayering their personnel. So do you see this as an opportunity for incumbents such as Wipro or should that be more continued pressure?
Thierry Delaporte: Apurva, your questions are specific to the financial services sector. I think certainly, financial services sector has been slower — significantly slower this year. I think we are seeing it across the board. It actually started in America then it moved to Europe. We are seeing places, in particular, type of Tier 2, maybe banks in America where the growth is coming back. So I would say these are definitely places in the banks where when I was referring earlier discussions I’ve had with clients telling me, we have a lot of programs that are in the waiting room ready to be launched and start. Certainly, in the banks, it’s a reality. Banks are definitely focusing on cost takeout and productivity exercise. There’s a lot of consolidation activities going on, which is — we see it as an opportunity for us, no doubt, absolutely no doubt. So that’s what we are doing.
