So what I want to do is have the staying power as well to continue to execute our strategy and not change it in midway. So there we have to bring in a lot more consistency and with perseverance, if you will, to win those deals and grow those accounts.
Sandeep Shah : And if you want to define a performance KPI of your targets and strategy execution, what it could be and what could be the time line for the same?
Srinivas Pallia : So I don’t think I have a time line on Sandeep. This is my second week in my new job. Let me go back and see what it — what’s going on and what we need to do. But what I’m very clear is what are the priorities that we want to execute. And I think that’s where I’m going to stay focused on.
Sandeep Shah : And second, in terms of capital allocation, I think Wipro has done a fantastic job in terms of free cash flow generation. The outgoing CEO has been addressing in terms of bold M&A, where capital allocation has been also fairly contributed towards the sizable M&A. Do you believe in that strategy? Because in the press conference, you also said Wipro will continue to remain gold on the M&A. So when you say bold on the M&A, is it bold in terms of acquiring capability, which may not be big in terms of size. Or you still believe we have a headroom and appetite to go for M&A similar to Capco as well as Rizing?
Aparna Iyer : I think from an M&A standpoint, I’ll answer and then I’ll let Srini way in. I think we will continue to remain focused. We will be selective in the M&A that we do. We will invest in areas of newer technologies. We will invest in areas that give us access to markets, access to clients. The strategy on M&A and where we will play and how selective we will be remained. On the size of the M&A, it’s too — we don’t — we’re not disclosing any one way. We’ve said that we prefer tuck-ins because in some sense, it helps us stabilize in an environment like this. But we will remain flexible on that and we will see what works best for our strategy. On capital allocation, there’s no change to policy, Sandeep. We are committed to returning cash of 45% to 55% of our net income over the cumulative three year period. If you want to add anything on M&A, Srini?
Srinivas Pallia : I think you covered it.
Aparna Iyer : Yes. Go ahead, Sandeep.
Sandeep Shah : And the last question, Aparna for you in terms of margins. I think we have done well in terms of a difficult environment. But if I look at utilization, if I look at offshore revenue mix, fixed price contribution, most of them has peaked out. So is it fair to assume now further considerable margin improvement is largely dependent on growth picking up, if it doesn’t, then in that scenario, 16% flattish kind of environment is sustained going forward.
Aparna Iyer: So what we’ve shared for now is that we are committed to remaining in a narrow band, the range bound between what we have delivered in the last few quarters, Sandeep. You’re right that utilization has improved considerably. Our offshoring has gone up. All of that has resulted in our margin expansion. We are happy and pleased about that. We need to sustain that as we go along. There are enough and more levers for us to flex as we go forward, rotation, internal fulfillment. There is a lot more that we can do on optimizing perhaps G&A and especially given that there are synergies to be driven as we integrate our acquired entities deeper, right? So, some of those levers will play out for us. FPP productivity is a very big lever. We are all very focused on it and the potential of how we can view in AI. There is plenty of opportunity and there is plenty of levers for us to work on. Those are my comments, Sandeep.
Operator: Ladies and gentlemen, that was the last question for today. I would now like to hand the conference back to Mr. Dipak Bohra for closing comments. Over to you, sir.
Dipak Bohra: Thank you, Yashashri. Thank you all for joining the call. In case we could not take any questions due to time constraints, please feel free to reach out to the Investor Relations team. Thank you so much again and have a nice evening.
Operator: Thank you, members of the management team. On behalf of Wipro Limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.