Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Agarwal, Head Investor Relations. Thank you, and over to you, sir. Thank you, moderator. A very good morning to all of you, and thank you for joining us today for Indegene's earnings conference call for the second quarter and half year ended financial year 2027. Today, we have with us Mr. Manish Gupta, Indegene's Chairman and CEO, and Mr. Suhas Prabhu, CFO, to share the highlights of the business and financials for the quarter. I hope you have gone through our results release and the investor presentation, which have been uploaded on the website, as well as the stock exchange website. The transcript of this call will be available in a week's time on the company's website. Please note that today's discussion will be forward-looking in nature and must be viewed in relation to the risks pertaining to our business. After the end of this call, in case you have any further questions, please feel free to reach out to the investor relations team. I now hand over the call to Manish to make his opening remarks. Thank you, Abhishek, and good morning, everyone. Let me start, as I usually do, with the industry. For the first time in several years, the major signals are pointing the same way at the same time. Capital is back, approvals are at a record pace, the pipeline is large and later stage, and AI has moved onto the operating agenda of almost every large biopharmaceutical company. When these trends turn together, the effect compounds. More funding means more trials, more trials mean more launches, and every launch needs content, evidence, and engagement. Let me take you through these four shifts and what each means for Indegene. The first one, capital and deal-making are back. Through August, pharma and biotech funding rose about 85% year-on-year to over $69 billion. Biopharma M&A roughly doubled to around $194 billion, and licensing and partnership deal value already exceeded all of 2025. Every acquired or newly funded medicine needs a commercial and medical home, and increasingly, companies partner for it rather than build it. AI amplifies this. Productivity gains are being redeployed into more content, more personalization, and more channels. The value accrues to those who own the domain, data, the workflows, and execution. That is the Indegene model. The second one, a record approval pace and faster reviews. The U.S. regulator has approved 45 novel medicines so far this year, ahead of the pace of 2023, which was a record year. Priority vouchers are cutting review times for selected medicines from about a year and a half to two months. Faster approvals mean regulatory, safety, medical, and launch work must be ready in parallel, which is exactly where our capabilities come together. The third one, a pipeline that is larger, later stage, and more complex. About 12,700 molecules are in development globally, more than two and a half times the level of 2015. Growth is strongest in the later stages. Phase II is also up almost 18%, and medicines awaiting approval are about 30%, the highest on record. These are the launches of the next two to five years. The science is also much more complex. Peptides, antibody-drug conjugates, mRNA, and cell and gene therapies are growing fastest, and each needs deeper scientific content, medical education, and safety communication. At the same time, more than $40 billion worth of revenue faces patent expiry over the next decade. For us, that translates into demand. In-market brands must work harder for longer. The next launches must land perfectly, and acquired assets must be integrated fast. The last one is reallocation. Large pharma is restructuring, but this is not the industry spending less. R&D spending remains above historical levels. The industry is spending differently, redirecting savings through restructuring to later-stage programs, acquisitions, AI, and commercialization, moving from fixed in-house costs to flexible partner models, and consolidating vendors. That favors a scale-integrated partner. We recently, in September, had the 2026 chapter of our Indegene Digital Summit, and in this, we heard the same from our customers in Philadelphia, with more than 120 senior pharma leaders and 40% higher pharma participation than last year. The question had moved from whether AI can work in pharma to how to scale it and with whom. Two themes stood out. Operating models matter more than tools. AI succeeds when workflows are redesigned first and business owns the outcome. The second one is the physician front door is changing. Doctors increasingly find information through AI tools, so evidence quality and scientific credibility now drive influence. Now, closing the industry view, if you bring all this stuff together, capital is back, approvals are at record pace, the pipeline is deeper and more complex, and the larger companies are reallocating towards flexible partnerships. That means more medicines reaching market, more complexity per medicine, and a premium on partners who combine deep domain depth, technology, and global scale. The industry is moving towards exactly the kind of work Indegene was built to do. With that, let me move to performance for us in this quarter. Q2 was another quarter of consistent progress. Revenues came in at INR 11,223 million, up 39.5% year-on-year, and 5.6% sequentially. Sorry, that makes five consecutive quarters in which we have grown more than 5% quarter-on-quarter in INR terms. What I find most encouraging is how evenly this growth is spread across our client base. Our top five accounts grew 9.2% sequentially in INR terms, and our top 20 accounts grew about 6.7%. It is still early, but our largest client relationships are starting to move upwards. The work we have been building with these clients is now steadily showing up as revenue. Outside the top 20, growth continued as well. Our biggest relationships and our newer ones move forward together this quarter, which is the balance we have been building towards. The numbers at each quarter, at each rung of the client base tell the same story. We now serve 107 active clients, 31 more than a year ago. Clients contributing over $1 million a year rose to 59, up from 54 last quarter. Clients above $10 million now number 30, one more than last quarter. Each of these relationships began small and grew as clients trusted us with more of their work. Productivity is also rising alongside. Revenue per employee on a trailing 12-month basis is $ 79,600. This is up from around $ 69,000 a year ago. We are growing revenue faster than headcount because most of our delivery now runs on our GenAI-enabled platforms, and more of the work is priced on output and outcomes rather than on time spent. The two reinforce each other. As GenAI lifts productivity, output-based pricing lets more of the gain show up in revenue per employee. When we come to new deal wins, new business, we had a good quarter in terms of deal wins. Nine deal wins with annual contract values about $1 million, including three large deals, one in the $5 million+ range, and two in the $3 million-$5 million range. Let me start with the enterprise commercial, which saw most of the action. In the largest new deal win of this quarter, we won a mandate from our existing top five customer to migrate the content platform in new geographies outside the U.S. This is an expansion in scope of the mandate we won last quarter to migrate the content platform in the U.S. While the work commenced in Q3, the ramp-up will likely impact Q4 and beyond. First in the $3 million-$5 million range is the one I mentioned in our last call, a top 20 pharma company had brought us in for a change management consulting engagement. Last quarter, we described it then as a sub-$1 million start with a real room to grow. One quarter later, it has become a mandate to set up a global content factory across commercial and medical content for the company's international business. This is the path we want our engagements to follow, earn trust on a focused piece of work, then take on the operating model that comes after it. We are very excited about this opportunity. Finally, the last deal win is from a top 30 global pharma company to manage their global digital content, where we are replacing a large incumbent. This is another deal which has tremendous potential to grow in the future. Coming to the deals in the $1 million-$3 million range, we continue the expansion of our GenAI-enabled Tectonic model with our largest customer, with a deal win for the Canada market. Let me remark on Tectonic for a moment over here. With our largest customer, the Tectonic model was contracted starting with Germany at the end of last fiscal. Last quarter, it extended to Spain. This quarter, the client took it across the Atlantic to Canada. That is three markets in three successive quarters, and the first one outside Europe. While Tectonic wins continue to accumulate with the largest customer, the ramp-up in this case remains slow. However, we continue to invest resources and effort into driving change management and adoption within the customer's operations across all markets where we have won. Beyond Tectonic, our push upstream in the content value chain delivered another success, this time through our GenAI-led Agentic AOR with a top 20 pharma company, where an initial pilot, which we had spoken about earlier, turned into a full-scale engagement north of $1 million. What makes this deal instructive and interesting is how it began. The relationship started with our Tectonic offering and evolved into Agentic Agency of Record. I highlight this because it shows our content engagements can now start anywhere in the value chain, strategy, studio, or production, and then move upstream or downstream. In fact, the lines are blurring to the point where Agentic AOR, Tectonic, and production work, we believe, in the future might no longer be distinct. We signed four more deals in the $1 million-$3 million range, split evenly between enterprise commercial and enterprise medical segments. Besides these new wins, we also had a successful extension of our ongoing deal. A fast-growing U.S.-based emerging pharma company had partnered with us in Q3 last fiscal to assist them with new product launches. We have now signed multiple additional work orders aggregating $3 million+ to continue assisting them with their launch activities. Taken together, this quarter was a testament to Indegene's domain expertise, a validation of our newest solution approach to solving our customer needs across different areas and across different segments and spectrum of customers. Continued win with our GenAI-enabled offerings, Tectonic, Agentic Agency of Record, confirmed that our strategy to move upstream has found recognition in the market. It also puts us on a path of broad, balanced growth, more clients, larger clients, rising productivity. Let me now move to BioPharm acquisition, and the reason I do it's on October 1st, BioPharm completed its first year as part of Indegene, and it was, of course, a reasonable size acquisition from our perspective. When we announced this acquisition, we provided two strategic reasons that together we would become a powerful player in data-driven omnichannel and brand activation. We also said the combination would unlock real revenue and cost synergies across a shared client base. One year in, we are making progress on both. We have planned to transition finance, HR, and IT, and legal closeout, the seller's transition services by the end of March. We finished that by the end of February, with no disruption to client engagements and strong retention. When we did the deal, I said this was a team that would be very difficult to hire in the United States. The team is with us and now fully part of Indegene. On cost synergies, we have realized around $1.5 million in annual savings, and we reinvested these savings in growth, most visibly by expanding BioPharm's go-to-market team from three to nine people. Now to growth. A year ago, many of you had asked why BioPharm's revenue, broadly flat for a few years, would change. Our answer was that business had been run primarily for margins with very little support, and Indegene's sales engine, technology, data, and management teams could unlock much more. The early evidence is encouraging. The second tranche of payment requires revenue growth in excess of 15% in calendar year 2026 over 2025. Based on the current trajectory, we expect the payout to be close to maximum amount, a reflection of how well the integration and growth have come about. Just a caveat, we have already provided for this entire amount in our balance sheet. The biggest story is what BioPharm has done for the rest of Indegene. We are including BioPharm's capability in existing and new enterprise omnichannel engagements. Its data and targeting capabilities are now giving us an edge in some of our largest pursuits, which sit in our pipeline right now. Data and AI is a dimension in which long-term value can be created. Tandem brought us over 20 years of proprietary data on how physicians respond to promotions, spanning more than 300 million exposure events and 15 million engagements. It expanded our physician profiles from 1.8 million to over 3.6 million, with much deeper coverage in oncology, rare diseases, and ophthalmology. We have combined Tandem and Invisage in our audience intelligence platform, part of the Indegene data universe that forms the data foundation of our AI stack beneath Cortex. It is already at work beyond omnichannel in Agentic AOR, our AI-led agency model. It powered research using synthetic key opinion leaders, completing in days what a traditional agency takes months to do. A year ago, we described this combination as more data, more engagement, more brand impact. One year in, we are seeing all three. BioPharm is no longer an acquisition we talk about. It is a capability embedded in how we win, and we believe its biggest contribution to Indegene is still ahead of us. With that, let me request Suhas to take you through the financials in detail. Over to you, Suhas. Thank you, Manish, and a very good morning to all participants on the call today. Let me start with revenue. Revenue for the second quarter was INR 11,223 million, or $ 117.5 million. In dollar terms, that is a strong growth of 27.5% year-over-year and 4.4% sequentially. EBITDA came in at INR 1,873 million, up 32% year-over-year, at a margin of 16.7%. I want to put that figure in context, because the more important story is what the quarter absorbed. The second quarter is when our annual wage increase take effect, and this year, the wage hike impacted margins by about 150 basis points. Improved productivity and favorable exchange rates have largely offset this impact. In July, we told you this quarter two would break from the usual pattern, and it has. Beyond EBITDA, other expenses were as anticipated and largely in line with the past quarter. However, interest income was down 44% sequentially from INR 237 million to INR 134 million. While the invested funds largely remained constant quarter-on-quarter, the markdown in our mutual fund portfolio NAVs due to the increase in interest rates towards the end of the quarter compressed the near-term yields. The quarter-on-quarter impact of lower yields impacted PBT by about 90 basis points and PAT by about 70 basis points. Coming back, the annual wage hike is already in the base. Impact of productivity, workforce transformation initiatives combined with operating leverage is anticipated to have a favorable impact on EBITDA in the coming two quarters. Looking ahead, we also expect some of this quarter's pressures below the EBITDA line to ease. Amortization charge will reduce in quarter three and beyond. We anticipate yields to increase with the higher interest rates prevailing, combined with a conscious shift in the investment portfolio towards a higher allocation to held-to-maturity instruments, which reduce volatility. Taken together, these should impact PBT positively, aggregating up to 90- 95 basis points. This would help our PAT margin expand faster than our EBITDA margin in the coming quarters. Profit before tax was INR 1,474 million. With the effective tax rate steady at 23.8%, profit after tax came in at INR 1,123 million, or 10%, also up 10% from a year ago. Coming to the business mix. The business mix was steady, with enterprise commercial contributing about 71% of our revenue and enterprise medical 25%, followed by others at 4%. By geography, North America continued to be the highest contributor, accounting for 74%, followed by Europe at 23%, and the rest of the world, 3%. Our largest customer today represents 7.8% of revenue, and our top 10 together make up 49%. Let me delve a little deeper in two of our larger relationships, since you will see the movement in the aggregate numbers. Revenue from our largest customers likely eased this quarter, as the Tectonic engagements that we signed with them are ramping up more gradually, though the scope we contracted keeps expanding. The contracted business, as Manish described, keeps growing, and as execution catches up, we expect revenue from this client to return to an upward path. Separately, one customer moved from the $25 million+ cohort to slightly below. This customer had moved into the $25 million+ cohort two quarters ago, and the drop in quarter is a small variation in the quarter-on-quarter volumes. We believe this is a temporary drop, given that the largest win this quarter, the $5 million+ win that Manish mentioned, is with this customer. As the deal ramps up, we expect the customer to get back into the $25 million+ cohort in the coming two or three quarters. Despite these two movements, our top 20 accounts grew 6.7% sequentially in INR terms, and shows strong growth in our top 20 accounts beyond the two that I already spoke about. Coming to the DSOs. The DSOs net of unearned and unbilled revenue was slightly higher at 69 days, up two days, and cash and investments stood strong at INR 13,896 million. With that, let me close with the margin part. Our outlook remains unchanged. We continue on the path to quarterly EBITDA margins of 19%+ by the fourth quarter of this year. Three things give us confidence. First, this year's wage cycle is now fully in the base. Second, the outcome-linked omnichannel contract with one of our large customers has progressed positively in the first two quarters. Third, we have real wins during the quarter, as well as a healthy pipeline going into H2. As they scale, the go-to-market and delivery investments that we highlighted in the past, and we made ahead of time, begin to pay off. As all of this play out, margin growth in H2 is likely to outpace the revenue growth as we exit quarter four. With that, let me pass it back to Manish for the outlook. Over to you, Manish. Thank you, Suhas. Before we open the line for questions, let me close with where we believe we are headed. While we do not provide formal guidance, I want to restate two goals we had set for ourselves and discussed with you all. First, organic growth rate better than FY 2026, with our biggest relationships and our newer ones moving forward together as we did this quarter. That is the balance we've been building towards. The second one was our quarterly EBITDA margins back in our historical range by Q4, as Suhas mentioned, as our go-to-market investments and successes in deal wins get into full-scale execution, reflecting in the revenue through this period. Our focus for the rest of the year is clear. Working on these two objectives, both are underway, and they keep us firmly on track for our FY 2027 goals while building a strong foundation for FY 2028. Looking further ahead, our enterprise commercial business is entering an important new phase. Five years ago, we set out to move upstream in the commercialization value chain by fundamentally changing how pharma approaches content from strategy and creation to production and deployment. We have since built the pieces required to make that vision real. Tectonic and Agentic AOR and omnichannel have expanded our presence upstream and downstream, supported by capabilities, actually supported by technology built organically, lot of capabilities that were built organically and through acquisitions such as CultHealth, MJL, and Cake, and very recently, BioPharm. We are bringing together Invisage and Tandem into a strong audience intelligence capability and integrating that data with industry-specific platforms, contextualized workflows, and AI embedded throughout the way we work. It has taken time to build this model because we are defining a market, not simply entering one. But now we believe we are at an important inflection point. Clients can increasingly enter our ecosystem anywhere, from strategy to creative to production, and expand across the value chain. Over time, we believe the distinctions between Agentic AOR, Tectonic, and production will matter less. The destination is one integrated AI-led content model spanning the entire commercialization value chain. That is where we intend to keep investing, and we see this as an important growth opportunity for the next few years. To sum it up, where we stand, exactly a year ago on the same call, we told you we are making deliberate ahead-of-the-curve investments. Last quarter, we told you we are genuinely confident how they would pay off. Today, that confidence is turning into evidence. A stronger industry demand is moving from testing to scale, a broader and deeper client base, an acquisition that is delivering, a second half where growth and margins come together. The building blocks are in place, the momentum is real, and we believe the best is still ahead of us. With that, let me hand over to the moderator to open the line for questions. Thank you so much. Thank you very much, sir. Ladies and gentlemen, we will now begin with the question-and-answer session. Anyone who wishes to ask questions may please press star and one on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and one to ask questions. The first question is from the line of Vinay Menon from Monarch Capital. Please go ahead. Hi. Thank you for the opportunity, and congratulations on a great set of numbers. A couple of questions from my end. If you can just mention the run rate for Tectonic, which you give on a quarter-on-quarter basis, that would be helpful. Suhas, you want to take this? Sure, Manish. Good morning, Vinay. Thanks for your question. Tectonic has grown from a run rate of about $1 million a quarter to $1.7 million this quarter. The contracts, as we mentioned, have actually crossed a level of more than $2 million a quarter as we look ahead. Vinay- I'm sorry. Sorry, yeah. Please proceed, sir. Yeah, but if I just elaborate a bit more on that, Vinay, as I mentioned, we were talking about Tectonic. It is still very relevant. Today, we are seeing deals in Agentic AOR, a combination of Tectonic, a bunch of things, right? As I mentioned, the lines are blurring, and enabled by AI, of course. Things are changing fast. We continue to be on top of these. The good news is, today we are winning from all sides, right? The highest side of Agentic AOR, the lowest side of content production, and the middle on the Tectonic thing. Any company working very actively with AI would vouch that things are changing fast, so you got to be on top of it, and we are. Okay. That helps. On the receivables part, I just see that the unbilled revenue has jumped. Is this also on account of more outcome-based kind of revenue which we are expecting in H2? Could this be the trend going ahead with the change in the way we kind of look at the business? Suhas? Again, Vinay, this is typically a quarter where we also see slight delays in customer confirmations, given that it is summer time both in Europe and the U.S., where we derive most of our businesses from. Last year, the same quarter was actually bucked the trend, so to say. We believe going into quarter three and quarter four, we would see the AR and the unbilled, more importantly, coming back to what we see normally. Of course, outcome-based contracts do have milestone payments and billing and payments, and therefore, there would be some timing-related variances, unlike monthly billing that you would see on plain vanilla time and material contracts. We do not anticipate that to be materially different from what we have seen. Therefore, the net DSOs, as you see, are varying only by two days, from 67 days to 69 days. Therefore, we don't anticipate this to be materially different. Okay. That helps. One last question is that, you've seen at the Frontier Labs, especially Anthropic, announced a lot of partnerships with pharma companies where they are working on drug discovery. Are we also looking to partner with a Frontier model, or is this some kind of a threat to even our model of working? We don't see that as a threat to our model of working. We are partnering with a lot. We actually have put a dedicated partnership team in place in the U.S. and India, and are partnering with multiple players in the tech broader ecosystem. There's definitely the Frontier Labs, but also many other tech providers, right? When I say tech providers, I'm talking about the technology companies, right? We believe that it's going to be important for the Frontier models and all these companies for the last mile. Really, as I said, the theme even in the Indegene Digital Summit was that you got to redesign the workflows, the skill sets, right? The technology is the easier part over here. That's where a company like us fits in. We believe most technology companies will have to partner with companies like us. It's an amazing opportunity for us. Okay. Thank you. That's all my questions, and all the best. Thank you. Thanks. Thank you. We will take the next question from the line of Prolin Nandu from Edelweiss Public Alternatives. Please go ahead. Yeah. Hi, Manish and Suhas. A couple of questions from my end. On the Tectonic, you mentioned the ramp-up at your largest client end is slightly slower while the scope of work increases. Could you help us understand why is that the case that both are happening at the same time, where the ramp-up is slower, but the scope is increasing? And in that, on Tectonic, since you said that the lines are blurring, as to how you win the deal or engage with the client, how do we then think about an ROI on some of the investments that we have made specifically on Tectonic? We made some investments in Tectonic, but Tectonic is not a standalone business unit or whatever it is. I will not measure ROI on Tectonic standalone. A $2 million kind of a thing, measuring ROI on that standalone does not even make sense. The reason we did it is not for the $2 million thing. But we are moving upstream, from what we are doing on content and various other things. Now, what we see, two things. One is that it was moving a bit upstream, but we also have proof points of moving upstream at the highest end, which is Agentic AOR concepting. We have cracked that, and we have won deals in that space. The entire value chain, how do we capture? That is the important thing for us. We, of course, will be measuring ROI at that level. And we are very bullish of what we are seeing over there. Now, coming to the client per se, why is this happening? Here are the dynamics that play out. There is a central team, an executive leadership which wants to drive more centralization. That gets reflected in the signed orders. But now, local geographies and every therapeutic areas have brand teams, which have been working on a decentralized model for a very long period of time. Getting that organizational dynamics right in these very, very large companies takes time. And given it is a new area, and we have seen this in the past, 15 years back or 10 years back, the same client customer, when they started the journey with us, it was not a linear path. And hence, we are not worried. We see this change management takes time, and the central teams and the brand teams, this dynamic will play out, right? Over time, change management will settle, and things will progress in way of more centralization. But that dynamic is playing out right now, and hence you see this divergence. Sure. That is very clear, Manish. Thank you so much. Also, based on your answer, right, you mentioned that you have won a significant deal on the GenAI-enabled transformation and upstream engagement as well. You also mentioned your crack that Agentic AOR, right, which is a step upward on the upstream journey than what a Tectonic could have done. Could you give me some more contours of this particular deal? What is the GenAI element in this, and how difficult it would be for some of the large Frontier Labs to get into a similar domain or win similar kind of a deal from your clients? We have spoken about this in one of our earlier calls. If I am not wrong, this happened in our Q4 call. That is when we had done a pilot with one of our customers, where we challenged the customer who was working with the agency for one of their launches, to continue to work with the agency, but do a parallel pilot with us, right, for concepting. Which means that, how are they going to launch the new molecule, what positioning to take, what doctor segments to go after, right? What messages, what creatives. When I say messages, I am talking about the scientific messages. This entails looking at the clinical data of this molecule, the clinical data and claims, right? The competing molecules are making the entire space from a therapeutic perspective, and then coming out with the right scientific messages, the right creatives, the right physician profiles that typically agencies take couple of months to get this done, right? Obviously, it is a fairly expensive process, very iterative process, large team involved from agency side. We had a discussion with the client that we would do this with you in few-day workshops using our agentic approach. We, of course, needed a bunch of things from them and had to come prepared for this. We did that, and the client was even saying that if you get it 60%-70% what agencies do, we will be very happy. What they saw after a couple of days was much better than what our agency would do, right, in three-day workshops. We did that, and after some point of time, we were called back to essentially handle a bunch of things for this molecule, right? We became the primary agency. As we speak, we have the next level of meeting set up right now to see how we can work with this company at a much more enterprise level using this approach. That's one, and this is one thing which has evolved over the last six months. Our teams are busy doing a lot of these workshops and discussions with multiple clients right now. As you can see, this is first in the industry, and nobody's close, right? That's what we are taking to the industry today. Let me be also realistic. It's a change of approach how to do things, and of course, it will take its own time. Now, your question about frontier models, there are lots and lots of nuances, right, of how pharma marketing is done, right? What we did in three days took almost two to three years to build for us, right? The nuances of how pharma marketers, creative folks, some of the medical directors think, right? Our experts sitting with some of the folks in the agencies which we acquired, creating knowledge engineering graphs internally using Cortex, then building all that stuff into the workflows and agents. It was a very fairly long process, which required a lot of nuance understanding, and of course, designing the workflows, the agents, right, the checks and balances. So, it's fairly elaborate. Sure. Sure, Manish. Thank you so much. Just one last question, right, from my side. This engagement model that you mentioned in your slide, 60%+ of the revenue is based on outcome aligned. What is the cap to this number, based on whatever impact we are investing in and how you see the industry moving, which you mentioned at the beginning of the call? What is the theoretical cap that one can put on this number? How much more can it grow? Could be 80%, 90% of our revenue by this time? It's a difficult question to answer, right? There would be some level of FTE in there, which will primarily Now, in our case, most of that is not FTEs offshore, right? In a location like India. But FTEs will be experts, as I mentioned earlier, omnichannel orchestrators, brand liaisons, brand managers, right? Or regulatory experts in different markets across the world who become the custodians, right? An orchestrator to manage a lot of the work which are being done at scale using AI-enabled workflows, right? A lot of AI-enabled workflows can grow. How much exactly? I won't hazard a guess over there right now, right? There is a lot of work to be done. But Suhas, you want to take an attempt to at least add more color to this? Sure, Manish. While it is difficult to guess where it would cap, what we can mention is that most of our wins in the current quarter, Prolin, have been output or outcome-based rather than FTE-based contracts, but for one. That gives us confidence that this number would keep trending upwards. We are also making focused effort to convert our pure FTE contracts into a hybrid contract with a mix of outcome-based as we head into the renewal cycles for these contracts. So, we believe that this will keep moving upwards hereon. Thanks, Manish and Suhas, and all the very best. Thanks, Prolin. Thank you. A reminder to all the participants that you may please press star and one to ask questions. The next question is from the line of Renga Varshini K. from Wealthify. Please go ahead. Good morning, sir. Congratulations on the good set of numbers. My first question is on the Tectonic side. Which geographies are you targeting for its expansion, and how do you see the opportunity shaping up across these markets? That is my first question, sir. Tectonic, at least right now, what we see, most of our demand is, of course, U.S., North America, I would say, and some of the large European markets. Spain, Germany, U.K. Those are places we have won, and it would be in those large geographies. Understood, sir. My second question is, we are seeing large players like TCS expanding into life sciences through their platform TCS ADD, Advanced Drug Development, which overlaps with our EMS segment offering. How do you see competition from IT companies, and what plans do we have going forward? That is my question, sir. We are right now fairly involved in the market, and broad coverage. In all transparency, we do not see IT too much, at least in the kind of deals we compete on. Of course, IT companies are there more on the CIO side. We are selling to marketing folks, chief marketing officers, chief medical officers. That is a place where we continue to get more strategic, more traction. Some of the discussions I had on various things, we do not see IT companies playing there. At least we do not see them today at all. That is not a segment we worry about too much. As I mentioned earlier, from a competitive perspective, the sectors which we compete with are agencies and CROs, which are much more domain-focused. Understood, sir. Thank you very much. All the very best. Thank you. The next question is from the line of Satish from Kotak Institutional Equities. Please go ahead. Hi, Manish and Suhas. Congrats on excellent numbers. Hello, Satish. A couple of questions. Thank you, Satish. First is regarding the $10 million ACV deal, which is entirely outcome-based. I mean, is there any significant contribution of that deal already in the revenue numbers? Will it fully ramp up in the next quarter? The second is, if I look at the growth composition this quarter across service lines, enterprise medical was on the weaker side, whereas commercial was strong. So, will commercial continue to grow faster than medical in the coming quarters? What explains the strong growth in other segment, and can that grow in line with company average in the future? Sure. Satish, I'll let Suhas also talk about this, but the $10 million deal, some small amount has been recognized this quarter. But most of our contributions are still ahead of us, right? So, we are fairly comfortable on what we're going to recognize, and larger portion is going to be recognized in H2. That's one piece. Suhas, you want to add on anything to this, any other part? Sure. And Satish, we believe that our quarter four is when any true-up on this contract would show up. Given that it's a full year threshold that we have to meet and beat on the outcomes to be able to be certain on the full revenue recognition. This being a calendar year recognition, it would be February or March by the time we get the data lock and the customer confirmation. Therefore, our quarter four is when we anticipate this to show up more meaningfully. There is a second part of the question, right, Mr.? Yeah, the second part of the question was regarding service line growth in which, when medical was on the weaker side and we saw strong growth in other segment. The question was that whether the growth in other segment, is it because of volatility or will it grow in line with company average in the future? Second is, will the strength in commercial continue to make it grow faster than medical in the future? I would say, right now, the reality is we are seeing a lot of traction on commercial side, right? We continue to make significant investments in medical as well. But for the next, let's call it two quarters, we might see higher growth rates in commercial. On other, Suhas, I'll let you step in. Other income. Other segment. Sure. Maybe just to elaborate, Satish, even the current quarter, the quarter two deal wins are a little more skewed towards commercial, though we saw $2 million+ deal closures in medical. Therefore, we anticipate over the next couple of quarters or so that commercial will outpace the growth in medical coming off a very strong growth base in relative terms in the past quarters. But we continue to see a good number of deals in the pipeline in medical as well. Therefore, we remain positive that that would also follow the trend that we are seeing in commercial. Coming to the others segment, of course, it's a small base, as you know. We had announced a deal in December quarter, which was a relatively large deal contributing to the clinical segment, which is part of the others segment. While the deal went live a couple of quarters ago, the ramp-up happened in the month of August. Therefore, we saw a meaningful uplift in relative terms in the other segment. That would get fully annualized in the quarter three, which will see a bit more uptick in the others segment due to the large contract that we had mentioned we closed in December. Got that, sir. That explains. Thank you, Satish. Got that. Got that. Thanks for your responses. I'll get back in the queue for further questions. Thank you. Thank you. The next question is from the line of Divyansh Agarwal from Ionic Asset Managers. Please go ahead. Yeah. Hi. Firstly, congratulations on a good set of numbers. Sir, just maybe on the EBITDA margin, while we obviously have laid our plans to try and reach about 19% by the end of this year, could you just give us a margin walkthrough, like while we mentioned it for Q2, on a quarter-on-quarter basis, how the margins panned out? So, if you could give us a small walkthrough on how we see the margins from current of 16.7% go to about 18%-19%. Just a small walkthrough, if you can. Suhas, would you take this? Sure, Manish. Thanks, Divyansh, for your question. We have, as you rightly pointed out, provided a walk on the Q1 to Q2 margins. While we do not give any specific guidance going forward, I would request you to look at the walk between Q1 and Q2, and the factors favoring which will continue going forward as we anticipate being the productivity and workforce transformation, which in the last quarter contributed approximately 85 basis points uplift to the margin, and the favorable exchange rate. The exchange rate is difficult to call, but having said that, we book a significant portion of our forex exposure for the coming two quarters ahead. At any given point in time, about 75% of the two-quarter ahead exposure is already hedged, and therefore, we are fairly confident that favorable exchange as well as continuing impact of our workforce transformation and the operating leverage as we continue the growth will continue to add positive lead to the EBITDA margin, both in Q3 and more significantly in Q4, given that we also mentioned the uplift in the $10 million outcome-based contract that we anticipate in Q4. Got it, sir. Just secondly, on the clients, obviously, while we mentioned that one of our clients at $25 million+, could you just, while obviously you have given us an explanation, but could you give us some color? Has there been any re-scope or renegotiations to maybe start another leg of business with them, or have we completely sort of maybe moved on and we are going towards more other client acquisitions in different categories? Not really. We mentioned the last quarter win with this client, and this quarter also one of the deals I spoke about in the $5 million-$10 million range is with this client. Revenue recognition for this client will start again, I said probably a little bit on Q3, but more importantly in Q4. We are very confident that this client will get back to the $25 million+. It was just some variation in volumes which has happened recently, which has caused the dip. It was just above 25, and then slipping just a tad below 25 has created the category shift, but it is in the same ballpark with this in our order book right now and got to be executed in the next two, three quarters. We get there soon. Perfect. Thank you so much, sir, for answering the questions and all the best for second half. Thank you. Thank you. Thank you. The next question is from the line of Ankur Pant from IIFL. Please go ahead. Hi. Thank you for taking my questions and congrats on a good set of numbers. My question is, and the cadence heading into H2. So, Q3 has historically been a good quarter for Indegene as well. Now with Q2 on a solid base, growth deal wins being strong, do we expect that in H2, so for Q3, the growth will continue to remain or sustain momentum that we have seen in Q2, and further spike up with the ramp-up of the $10 million ACV deal in Q4? Is that the correct understanding as we head into Q2, H2? We don't give guidance, and especially quarter-on-quarter, right, on this part. All we can say is, I'm going to go back to some of the things we said. We believe that this year should be organically a stronger year than last year. H2, we believe, would be stronger than H1. Right? So we are fairly confident of H2 given where we sit today. Sure. And just on the margin front as well, is it fair to say that earlier we were expecting the $10 million deal to ramp up in Q3, and now we expect it in Q4, so the bigger margin jump that we were expecting would come in Q4? Is that the right way to look at it? Suhas, you want to take that? Sure. Ankur, what we had mentioned was that the revenue recognition would start post two and a half quarters of the project going live, which it has, because the contract started in January. But given that it's an outcome-based contract, there would be a revenue recognition curve which we believe would result in Q4 being where the revenue would peak, and therefore, that would also have a meaningful impact on the margin as we exit Q4. Sure. Thank you. That helps. Thank you, Manish. Thank you, Suhas. All the best. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, that was the last question. I will now hand the conference back to Mr. Abhishek Agarwal for closing comments. Thank you, and over to you, sir. Thank you once again for your active participation and continued interest in Indegene. We look forward to your participation in the earnings call and such opportunities going forward. I appreciate all your questions once again. Thank you all, and have a good day. Thank you, members of the management. Thank you, sir. On behalf of Indegene Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.