But this hasn’t changed. This hasn’t changed. In this context, I can only recognize looking at the performance and the activity in the field from our sales teams. that the tech spending remained robust. That’s clear. I take obviously comfort from the fact that we are winning and that we are winning nice type of deals. And if you look at being a little bit more looking at the type of deals — you probably have noticed that we are talking about total contract value. We also look at the annual contract value. What’s interesting is that the total contract value has been our highest ever the annual contract value performance has been also our highest ever. And what it says to me is that we have a good volume of Laview, good volume of medium deal and good volume of more deal.
I think this tax. I don’t know if we call it the tax-on year, this good pyramid of size of deals also reflect also the fact that our backlog for the quarters to come is reinforcing and is getting stronger. So reasons for us to be optimistic for the next year.
Ravi Menon: Right. It’s a bit of a revenue and margin question. If the demand is strong, why are we looking at Middle Eastern geography, you talked about investing in it. I mean, historically, you used to think about the Middle East as a relatively lower billing rate at lower profitable in this geography. So why not focus on the developed markets if supply is still tight there?
Thierry Delaporte: This — Middle East is a very important market for us. A very important market. In fact, by size, Wipro is one of the big players in the Middle East. So we are very proud of our business. We continue to invest in this business, such that we’ve decided to establish the headquarter of the region in Dubai for APMEA region in Dubai. And so we have invested in innovation lab in capabilities. We have just decided to launch our Capco business in the Middle East also a few weeks ago. And we are very bullish about our — the outlook of Wipro in the Middle East over the next quarters. It will continue to surprise.
Operator: Our next question is from the line of Surendra Goyal from Citigroup.
Surendra Goyal: Just one question. How should we think about the correlation between TCV and growth? And the reason I asked that question is for the past 6 quarters, whatever metric you have disclosed ACV or TCV is up greater than 24% year-on-year, while growth in that period has gone from 25% plus Y-o-Y to a guidance of around 8% at the higher end in the coming quarter. So just wanted to understand how should we think about the correlation between TCV and ACV?
Jatin Dalal: So Surendra, this is a little mathematical view, I will take it, Justin here.
Thierry Delaporte: I understand that as well.
Jatin Dalal: No, . Okay. Surendra. I would — I mean, I meant it didn’t have a demand color but more conversion point so I would take it. The key issue is that — I mean, we have mentioned in last 3 quarters that in the first quarter, we said our TCV growth is 32 than 28, and this quarter also has been very robust growth. The conversion has 2 components. It has a future timing component, when does it convert? And second is clearly the immediate component, which is it converts into next quarter or in a 2-quarter phenomena, et cetera, you have to appreciate the fact that we have won a very large component of TCV and something that we also covered in Thierry’s speech is that a large component of that is in cloud and infrastructure services, which are typically long ended contracts over 4 to 5 years.
