The second and third factor, the second factor was 1 quarter impact, which will not recur. And the third impact is seasonal, which will come back in next December but won’t recur in the future quarters.
Operator: Our next question is from the line of Abhishek Bhandari from Nomura.
Abhishek Bhandari: Thierry, I just had 1 question —
Operator: Mr. Bhandari, I’m sorry to interrupt, your audio is a bit muffled, sir. If you’re on a speaker phone switch to handset, please?
Abhishek Bhandari: I hope this is clear now.
Operator: Yes.
Thierry Delaporte: Yes, It’s good, Abhishek.
Abhishek Bhandari: It looks like Mr. Bhandari’s line has just got disconnected. If he joins the queue, we will take his tone. In the meanwhile, we’ll move to our next question. That’s from the line of Sandeep Shah from Equirus Securities. There seems to be no response from this line. We’ll take our next question. That’s from the line of Gaurav Rateria from Morgan Stanley.
Gaurav Rateria: First question, any color on the percentage of renewals in TCV? Is it consistent with the historical last few quarters or anything has changed? And how should one think about timing of ramp-up of the deals that you have signed in the current quarter? Would it be like a 1Q phenomena? Would it be more like a 2Q phenomenon? How should 1 think about the timing?
Thierry Delaporte: This is — so Gaurav, so first of all, happy new year. And I — to your questions, I would say, first of all, the — yes. Regarding the balance, I was trying to remember, the balance between the new and renew — what I would say this is as expected. There’s a healthy balance, I would say. From one standpoint, the deals that we got — we managed to extend them to to sometimes widen the scope, increase our presence. That’s also, in particular, when we’ve been able to consolidate some positions, but we’ve also had a good volume of new deals, which is quite comforting because we know that we will be able to continue to expand and grow in those new accounts as well. So this is good balance, I would say, a good balance between the 2.
The second question that is about the time things will take to ramp up. It’s a difficult question. if we are sticking to the rule that we’re only guiding for the next quarter. But what I would say is that, for sure, we are seeing growth ahead of first. So this projection for Q4 certainly reflects for the reason that I mentioned before, a little bit the way we are seeing ramp-ups happening, but it can only go up.
Gaurav Rateria: Got it. Secondly, you made a very interesting point on percentage of the order book coming through hyperscalers, has — how should one think about the nature of these deals? You see contract profitability similar to regular deals? Or there are different kind of nuances one have to keep in mind?
Mukul Garg: Well, so the first point, Gaurav, remember, back mid-2020 when we started to lay out our strategy, at the center of it. And — the way Wipro was connecting and engaging at the strategic level with partner who was insufficient. And so we’ve clearly — we organized ourselves to be able to be a lot more relevant with them. And so we have built these teams globally with local connections under the leadership of our CGO function. And this is paying off every single quarter ever since. At that time, I remember that the revenue we were getting from our top 5 or 6 partners was not exceeding 1/4 of our bookings. And today, as you heard, we are not that far from half of the bookings coming from hyperscalers only. So it gives you a feel for the volume of growth that we’ve been driving with them.
