Good day, welcome to LTI Q3 FY 2021 earnings conference call. As a reminder all participants lines will be in the listen only mode. And their will be opportunity to ask questions after presentations concludes. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Sunila Martis, Head-Investor Relations. Thank you, over to you. Thanks, Stanford. Hi, everyone, and thank you all for joining us today to discuss LTI's Q3 FY 2021 earnings. The financial statements, press release, and quarterly fact sheets are all available in our filings with the stock exchanges and on the investor section of our website. On the call today, we have with us Mr. Sanjay Jalona, CEO and Managing Director, Mr. Sudhir Chaturvedi, President Sales, Mr. Nachiket Deshpande, Chief Operating Officer, and Mr. Ashok Sonthalia, Chief Financial Officer. Sanjay and Ashok will give you a brief overview of the company's performance, which will be followed by the Q&A session. As a policy, LTI does not provide specific revenue or earnings guidance, and anything said on the call which reflects our outlook for the future or which can be construed as a forward-looking statement must be reviewed in conjunction with that risk the company faces. Let me now invite Sanjay to talk about the results. Over to you, Sanjay. Thank you, Sunila. Hello, everyone. Wish all of you a very happy New Year. I hope you're staying safe and healthy. Here's wishing that 2021 is a better and brighter year, and we get to meet and hug families and friends. When we last spoke in December, we did talk about how the events of 2020 have dwarfed all other challenges faced by our industry. We also talked about the opportunity available for those who prepare to take it. We see a massive opportunity on improving resilience, changes related to new operating models, direct-to-consumer, consumer interactions, and workplace modernizations with our customers. We remain focused on two simple goals that we had outlined in the past as well. One, fulfilling our commitment to clients, and two, keeping our employees safe. The framework outlined by our three-by-three strategy detailed during our earlier earning calls on customer first thinking, resilience in operations and protecting our P&L will continue to guide our decision-making process throughout the year. Before I move ahead, let me take a minute to thank Ashok for his immense contribution to LTI over the last six years. He has been an integral part of the leadership team, and I have enjoyed working with Ashok to drive our dream and vision for the company. He is a committed leader and will be remembered for his positivity, strong growth focus, balanced views, emphasis on governance, and ability to take tough decisions. Like all great leaders, he leaves behind a world-class team and robust systems and processes in the finance function. We respect his decision to pursue his professional goals and wish him success in his role in a different industry with an NIFTY 50 company. I and all the leadership team will be celebrating and applauding his accomplishments in the future from the sidelines. Let me now walk you through our headline numbers. We delivered revenue of $427.8 million, a growth of 5.8% quarter-on-quarter and 8.5% year-on-year. In constant currency terms, this translates to growth of 5.3% and 7.4% on a quarterly and yearly basis. All the pillars of our revenue growth strategy, that's growth accounts, invest accounts, new account openings, and large deals have performed well this quarter. We had two large deals wins this quarter. Those of you who tuned in to our analyst day last month would recall us talking about our win within Injazat. Injazat is part of the Mubadala Group and is currently partnered with G42. This makes them the number one cloud provider in the U.A.E. with significant cloud and AI-led operations capabilities. Our partnership with Injazat is to provide digital transformation services in the U.A.E. We will start with infrastructure, applications, and ERP services for 50+ clients. The deal tenure is six years, and the deal value is estimated at $204 million. Our second large deal win is with a Global Fortune 500 energy company. LTI has been chosen as primary partner to create and consolidate a business-aligned IT services delivery platform across the organization and reduce total cost of ownership. It's a five-year deal with net new TCV of $74 million. Our win rooms continue to be busy, and we are seeing broad-based demand across the verticals. We added 22 new logos during the quarter. I'm also happy to state that we added a new Global Fortune 500 logo to our list of clients, taking the total Fortune 500 customers to 69. The GRID Alliance, as introduced to you last month, gives us a great framework to have some incredible conversations with our customers. This framework brings together our IP and the combined grid of LTI and that of our customers to programmatically help them navigate the new normal. We are also constantly thinking about building and scaling differentiated capabilities for the future. The two separate units that we carved out for cloud and data products will be critical growth engines for LTI in the next three to five years. We are already working with some of the largest companies, helping them get more from cloud and data leveraging our IP. Some of these investments we made over the years in both these areas are bearing fruit now. Testimony to that is the highest level of partnership we enjoy with all the hyperscalers. Additionally, LTI is now also an elite level partner of Snowflake, the data cloud company. We have become the maiden partner for Snowcase, a program that Snowflake is launching to develop and market industry-specific solutions to accelerate the cloud data transformation journey of enterprises. On the data product side, a global banking and financial services company would use three product licenses of our Mosaic ecosystem, AI, Decisions, and Catalog, to bring about efficiency in their reporting with the regulators. Mosaic will serve as a unified data analytics platform, enabling consolidation of all credit risk models and will be hosted in a hybrid cloud setup, thus demonstrating the comprehensiveness of our platform as well as ability to compete and win against top product companies. As part of the deal, LTI will be a one-stop shop providing the product IP as well as deploying, integrating, and testing services. Let me now provide you with some color on the performance of our verticals. On BFS, we grew 8.4% quarter-on-quarter. Our top line continues to grow, and we also see good growth from some of the new logos we have added during the past quarters. We see three growth drivers for our business here. One is the investment in core infrastructure like accounting, reporting, and governance, which is predominantly data-driven. Second is the investment in building for utilities like Google Pay, et c. Third are investments in platforms to support retail wealth because of the global stimulus and liquidity. Public cloud adoption is also seeing a lot of traction and will be a long-term growth driver here. In Q3, in partnership with Temenos, we also launched a digital banking platform in the Nordics region. This is a very strategic partnership for both the companies where we would create a joint sales effort to capture the market. This cloud-based SaaS platform will modernize legacy core banking systems, enabling financial institutions to be more agile and scalable while reducing operating costs. Banks will also be able to leverage the platform to launch new products and services faster. Moving to insurance. Insurance vertical saw a marginal sequential decline. Some of the one-time COVID-related commercial concessions have tapered off in Q3, and we will see some recovery in this vertical in coming quarters. Manufacturing grew 9.6% quarter-on-quarter. H2 is stronger for this vertical due to presence of higher pass-through in one of our India engagements. The quantum of pass-through revenue remains similar to the previous years. I also want to share with you a key client recognition that we have received in this vertical. LTI has been recognized by Honda in the outstanding category as a supplier providing the most value. Energy and utility vertical was almost flat quarter-on-quarter. One of the large deals win that we have announced this quarter with a net new TCV of $74 million is from this vertical. We remain cautious on this as sector spends would continue to be impacted in the near future. CPG retail and pharma grew at 4.7% quarter-on-quarter. The global Fortune 500 client which we have added belongs to this vertical. We are developing a centralized master data governance system for finance, leveraging SAP for them. This would enable streamlining and accelerating their financial reporting whilst bringing about data consistency and accuracy. High-tech and media grew 5.8% quarter-on-quarter. Injazat falls into this category. Others, which include defense and professional services, registered 11.4% growth quarter-on-quarter, with growth is being driven by the scheduled ramp-up in our earlier announced deals. Talking a little bit about outlook, we see our growth momentum continuing into the fourth quarter as well. Our pipeline remains healthy. We are seeing broad-based opportunities in the marketplace, and we continue to execute well. We have closed a couple of large deals in this quarter, and we are excited about the incredible conversations that we are having with our customers. We remain on track to deliver high single-digit growth for FY 2021. With that, let me hand it over to Ashok. Ashok? Thank you, Sanjay. Hello, everyone. Hope all of you had a great start of 2021. Let me begin by thanking Sanjay for his kind words. I feel privileged to have been a part of the LTI team during this period. I would also like to thank all of you, the investor community, for your continuous support and trust in us. Let me now, one last time as the CFO of LTI, take you through the financial highlights for the third quarter of FY 2021, starting with the revenue numbers. In the third quarter FY 2021, our revenue stood at $427.8 million, up 5.8% sequentially and 8.5% on a year-on-year basis. The corresponding constant currency growth was 5.3% quarter-on-quarter and 7.4% year-on-year. Reported INR revenue of INR 31,528 million was up 5.1% quarter-on-quarter and 12.2% year-on-year. Now, coming to profitability, EBIT for the quarter was INR 6,502 million, translating into an operating margin of 20.6% as compared with 19.9% in the previous quarter. Our margin benefited from our programmatic focus on enhancing productivity, further improvement in our offshoring mix, and efficiencies in SG&A. These factors helped us more than offset the negative impact from lower working days in quarter three. Reported profit after tax was INR 5,193 million, which translated into a PAT margin of 16.5% this quarter, compared with 15.2% in quarter two. Increase in operating profit and exchange gain have contributed to this improvement. Where we stand today, we feel comfortable about our FY 2021 net profit margin guidance. Moving on to the people front. Utilization without trainees was at 84.1% as compared to 82% last quarter, and utilization including trainees was at 81.1% versus 80.5% in quarter two. We continue to strengthen our workforce, and during quarter three, we added 1,528 people on a net basis. The total manpower stood at 33,983, of which our production associates were 94.7%. In this quarter, attrition has come down to 12.4% versus 13.5% last quarter on LTM basis. Our cash flow hedge book stood at $1,296 million as at December 31st, 2020 versus $1,030 million as at September 30th, 2020. While the on-balance sheet hedges stood at $69 million versus $115 million last quarter. Moving on to the DSO in quarter three. The bill DSO stood at 63 days. The DSO including unbilled revenue was at 93 days, an improvement of one day compared to quarter two. For the quarter, the net cash flow from operations was at INR 6,049 million, which was at 116.5% conversion of the net income. At the end of the quarter, cash and liquid investments stood at INR 38,560 million compared to INR 35,472 million as on September 30th, 2020. The effective tax rate for the quarter was 25.8%. Earnings per share for the quarter stood at INR 29.7 as compared to INR 26.1 in quarter two. Diluted earnings per share was INR 29.5 versus INR 25.9 last quarter. On LTM basis, diluted earnings per share was INR 103.5 versus INR 95.5 in quarter two. With that, I would like to open the floor for questions. Thank you. Thank you very much, sir. Ladies and gentlemen, we will now begin the question- and- answer session. Anyone who wish to ask question may please press star and one on their touchtone phone. If you wish to remove yourself from the question queue press star then two. Participants are requested to use handsets while asking a question. Anyone who wish to ask question please press star then one. The first question is from the line of Sudheer Guntupalli from ICICI Securities. Please go ahead. Good evening, gentlemen. Thanks for giving me this opportunity. Sanjay, even for FY 2022, are we confident about industry-leading growth or growth in the leadership quadrant? We understand that LTI is little mathematically disadvantaged from a high base standpoint in FY 2021 compared to a number of other industry players. How do you see the outlook, especially in the backdrop that barring the $278 million we announced in the net new deal wins in this quarter, in the previous quarter, deal wins have also been slightly lower than expectation. As per your own expectations, how do you look at FY 2022 outlook? Sudheer, the good thing with you is you actually give a lot of answers in built into it. I want to again reiterate our commitment, our aspiration, our dreams for the company, and that is to be in the leaders quadrant of growth, if not be the leader. Mathematically, many things will fall more or less the way you have articulated, but we are very excited about the conversations. We are excited about the large deal pipeline. We are excited about tremendous opportunities and growth in new accounts, invest accounts, growth accounts, the large growth accounts as well. Where we stand, we want to keep our focus on being seen as a growth company, focus our investments, focus on business, invest in creating new capabilities that we can take to our customers and continue to drive growth from the leadership quadrant. Sure, Sanjay. Regarding the large deal in U.A.E., actually, projects in this geography may have a different rhythm, margin, and working capital profile. Any risk that we potentially anticipate here going ahead? I'm sorry, you're going in and out. Your question is there any risk? Is that the question, Sudheer? Yeah. In the large deal in the U.A.E. Actually, projects in this geography have a different margin working capital profile and different rhythm of execution. Any risks that we see? I don't think so. Margin. I think I would request Sudhir Chaturvedi to say a few words on the deal. Yeah. As Sanjay described in his commentary, the deal is across multiple areas within Injazat. The best showing of existing operations from an applications and infrastructure perspective. The second part is the journey to cloud. Many of these clients are on ERP systems, which will get modernized in the future. The multiplicity of the different types of revenue streams and their nature of work gives us confidence that there is good growth. Obviously, when we do any large deal, we are very conscious about the margins that we do that at, and the same parameters apply in this deal as well. Sure, Sudhir. Thanks. Ashok, one last thing. Conversations with you have always been very insightful. Congrats and all the best for your future endeavors. Thank you. Thank you, Sudheer. Thank you. As a penalty, we should make Ashok answer all the questions today. The next question is from the line of Vimal Gohil from Union Asset Management. Please go ahead. Yeah, thank you for the opportunity, sir. I just have one question that is on our strategy with respect to hyperscalers. We've heard a lot of industry players talking about how they're improving their partnership with all the hyperscalers, and LTI too has been quite vocal about the same. If you could just highlight what is different about LTI here versus peers at this point in time? Thank you. Look, I think we were one of the first ones to invest in building capabilities on the hyperscalers. We did an acquisition of PowerupCloud, which gave us a lot of born in the cloud capabilities early on. It's a complex journey that you take your customers from infrastructure, from app modernizations, from ERP, moving on to cloud and their ecosystem and stack looking a lot differently. We created a separate unit which focuses on cloud and actually created four different units within that. One for AWS, one for Microsoft, Google Cloud, and IBM as well. The net result is that we are at the highest level of partnership everywhere. We have also created partnerships with companies like Snowflake, which are data on cloud scenarios. We are one of the first ones, if not the first one, to have a [audio distortion] It's probably the hottest company on data on cloud today on planet Earth. Our focus is to continue working on fewer things, help create specific solutions for customers in the verticals, because verticalization and digitization is very key as they move on to the cloud journey as well. A case in point which I can give you, and it relates to what we have done with Snowflake. One of the companies, the large companies separating in one division and creating a separate company on its own. We did their entire system soup to nuts, including their ERP, including their data, in flat nine months. With building these capabilities and focus on those verticals, we are able to accelerate their journeys to be independent and to be functional and efficient a lot quickly. Fair enough. If I could just put in one more question on margins. What are the costs that you see that will normalize going ahead? Are there any structural savings that you've seen in this pandemic, maybe work from home, benefits of work from home, or other costs that you feel that probably could not be at the same level as they were before the pandemic hit us? Vimal, if you look at last five, six years, our story has been very consistent. The way we look at the company is to look at it as a growth company with stable margins in the band that we talk about, 14%, 15% band. Invest back into businesses. There are many levers, we're doing that. We want to operate as efficiently as possible, making sure we don't leave any wasted money on the table. What it does is when you grow faster, it gives you more opportunities and gives you incredible opportunities to save more money on the increase your margin. We want to fund it back. Continue to work on this virtuous cycle to be seen as a growth company, to be in the leaders quadrant, keeping the margins at the stable band of 14%- 15%. That's where our focus will continue to be. Fair enough, sir. All the best, and thank you so much. Thank you. Thank you, Vimal. The next question is from the line of Sandip Agarwal from Edelweiss. Please go ahead. Hi, Sanjay. Good evening. Congrats on a very good execution. Stay safe, stay healthy, and very good news to the whole management team, and also congrats, Ashok, in his new endeavor. Sanjay, I just have one strategic question, and I don't want to put any numbers or any quantitative details, but if you see the last five years of Indian IT industry and the next five years of Indian IT industry, how do you see what will be the future, both from the industry perspective and from our perspective in the sense that, do you think that the level of growth lab itself will move up quite substantially, or you think it is too early to call on that? Secondly, although you explained very nicely the hyperscaler part, but can you at least give some more sense that the initiatives which we have taken till now, they are at which stage, in terms of integrating completely with the client ecosystem? If you can throw some light on that. Thanks. That's all from my side. Thank you, Sandip. Again, you're going in and out. Let me see if I've understood your questions. First question was on the future of technology companies in five years. Depending on what we have seen so far. Look, things are changing very rapidly. A lot has been written. I've done nothing else but technology work for the last 30+ years. IT industry has been written off many times, and we have always bounced back. The investment, the government support, the bright people that serve this industry have always had ways to come back and bounce stronger. If you look at the opportunity in the marketplace, it is incredible. Look at every industry. They need to adopt a new normal, do many things differently. They need to save money from operations. They need to fund these transformations for a retailer to operate where you do more online, a CPG company, a manufacturing company to connect directly to customers. You need investments for the insurance company to operate in a model whereby they are doing remote claims, remote subscription of policies. You need to have the ability for banks to onboard clients completely in a remote model. I think the opportunity is where you can continue to work with the customer, understand the problem efficiently, and solve for the future. You need to be able to help do workplace modernization because everyone is working very differently compared to a year back. I think opportunity is there across the vertical if we start to innovate. That applies for the industry. That applies for us as well. What has separated and what has worked for us is our incredible focus on capability building, focus on fewer things, keep going deeper and deeper, and keep bringing back to our customers. I think opportunity is bright for the vertical as such. Coming to your second question, I'm not sure what did you want on hyperscalers, but we are at the highest level of partnerships. We are doing incredible conversations with our customers as we move them onto cloud. Each cloud is part of literally everything that we do with our customers. Not sure, Nachiket, Ashok, if you want to add because I couldn't hear the second question well. Covered it, Sanjay. Are you still there? Yeah. Yeah, I'm there. Sorry, Nachiket. Go ahead. Did we answer it, or you want to ask the second part again? No, I think I am broadly clear. Thanks a lot for that clarification, Sanjay, and once again, thanks for giving me the opportunity to ask the question. Thank you. Thanks a lot. Thank you. All right, Sandip. The next question is from the line of Mohit Jain from Anand Rathi. Please go ahead. Hello, sir. I have two questions. One is regarding your top client revenues that you derive. If you plot this, let's say, over a longer timeframe, four to eight quarters, it appears that the top clients are not contributing that much to growth in absolute terms versus the non-top 10. Our growth story is different pre-pandemic and post-pandemic between the two set of clients. Since they are now that client concentration obviously has come down but is more in the comfortable range. In terms of outlook, do you expect top clients to also start contributing to growth at the company level or do you think these guys may remain relatively at a slower number compared to the non-top? Look, this year has been in a sort of aberrations of sort. If you look at on top 10 clients, top 20 clients, there were some impacts because of COVID in the start of the year. We need to look at it from a long-term perspective. Look at four years, FY 2016 to FY 2020, CAGR for top 20 clients have all shown double-digit growth. We don't give top client numbers separately, but if you look at the top five clients, they have grown, I think at 10+%. Top 6- 10 clients have grown at around 11%. Top 11- 20 accounts has grown at 16% CAGR for four years. I think if you look at long term, we don't see a problem with the top accounts, top 20 accounts. We still believe there are opportunities. We need to keep investing in capabilities, taking new offerings to them, finding new ways of opening centers, cross centers with them and bringing new ideas to them. We are optimistic, but obviously given the size, given where we are, obviously we have to keep working on the other three aspects of our business, which is invest accounts which need to grow faster. We have to open new logos and we need to crack open large deals as well. These four things always go hand-in-hand for us. Okay. Sir, second was on this Mosaic deal that you spoke about in the remarks, it's also in the press release. Is there a license revenue component in that? What is the nature or what would be the quantum of license revenue in such deals? We do not give the quantum on licenses. Nachiket, why don't you give some color? Actually, give a color on the deal. This deal yes, it does include a license component. As I think Sanjay mentioned in his speech, the deal is about providing a platform to consolidate all of their risk models and regulatory reporting on this platform. The deal that we have signed includes the platform licenses as well as the services to integrate that into the bank's ecosystem and working with them to continue to build out the models. We expect that as this particular portion is successful, there will be future opportunities of consuming this platform in other parts of the bank as they see the value. Right now, this piece of revenue, the license, so to say, is getting clubbed into enterprise solutions. Is that correct? It would be in the data part. Data part. Yes. Yeah. In the data segment. Yes. Understood, sir. That's all from my side. Thank you. Thank you. The next question is from the line of Vibhor Singhal from PhillipCapital. Please go ahead. Yeah. Good evening, sir. Thanks for taking my question. I hope I'm audible. My question was. Yeah, sure. Basically, sir, just wanted to get about the deal flow number that we have reported. It's a very strong number of $278 million. Just wanted to basically pick your brain on how, and the kind of practice that we are following in terms of reporting these numbers. These have been quite sporadic, quite low, the number that we reported last quarter. I understand it was boosted by a large deal this quarter. Is this a number which we can compare on a Q-on-Q and a Y-on-Y basis and use that to basically project our revenues forward? What exactly is the methodology that we are taking about reporting these numbers every quarter? Vibhor, I don't know what your question is. Methodology is very simple. As we close the deal, we report to you. In this last few quarters, there were not as many deals. This quarter, we closed two deals. As far as the revenue realization on these deals will come. It is always shown into the deals. We only report net new TCV. That's an important difference that you will see with us. Specifically on these two deals, you will start seeing the revenues come in from Q1. Not sure if I understood your question or I answered it. Just to add, Sanjay, I think we give only on large deal net new, just to clarify. It is not the overall deal inflow for the company. Right. Yeah. I think that probably answers a large part of my question. Maybe a related part would be the volatility that we have seen in the deal flow numbers this year. The last quarter was significantly lower than the number that we reported this. Is it basically a peculiar thing about this year itself being struck by pandemic and all? Or do you believe there is a seasonality impact to it which could probably be there in future years as well? No, large deals, Vibhor, is a matter of when you- When you close them. Also where you participate and the deals that you're participating in. It would vary by services company, one company to another. In our case, we report only net new TCV. In our Analyst Day, we did talk about the large deal pipeline, overall large deal pipeline that continues to be robust. We have seen few deals during the 2020 which got delayed or extended or decision-making was a little slower. We would have expected some of these deals that we announced to close a little earlier. Such is life. This has happened in the past. I wouldn't give too much cadence to it. Sure, sir. sir. That clearly helps a lot and that clarifies a doubt in the mind. Sir, just one last question on the margin front. We saw report historically high margins for this quarter. I understand there are a lot of positives tailwind something else, and we'll probably have headwinds coming down in terms of salary hikes and maybe travel costs coming back. Do we expect margin profile to maybe dilute a bit over the next coming quarters because all is coming back? Would there be any kind of a band to which we could guide that we would be able to maintain our margins despite all the headwinds that we are expecting in the coming quarters? Vibhor, obviously, you talked about the wage hike, which we have given effective January 1st, covering 97% of our employees, which will have an impact. We also, during our Analyst Day, talked about further investments in sales and marketing. We talked about investments in cloud and data units, data product units. We have made investments in the Nordic SaaS, partnering and buying the licenses and creating an infrastructure for financial services companies to operate on a SaaS platform in Nordics. All these are done simply because we have to invest into the business to drive up future opportunities with the customer. As we have guided for the last five years, we want to be in the narrow band, stable margins, 14%-15%, that margin band, and focusing on investing in capability building and in businesses, as we go along to drive the top quarter growth. That is where we feel comfortable. That's where we want it to be. Sure, sir. That's really helpful. Thanks for taking my questions and wish you all the best. Thank you. Thank you, Vibhor. The next question is from the line of Manik Taneja from JM Financial. Please go ahead. Hi. Thank you for the opportunity. I had a question related to our- Excuse me. This is the operator. I'm sorry to interrupt. Sir, may we request you to use your handset, please? You're sounding a little distant. Sure. Sure. Yeah, am I audible now? Yes, sir. Thank you. Yeah. I basically had a question. Please, everyone use their handset, please. Yeah, am I audible now? Go ahead, Manik. Yes. Yeah. I basically especially offshore. What we've seen in this year is that we've seen Excuse me. You are coming in and out. Manik, you're going in and out. We can't hear you. I'll try once again. Is this better now? Yes. Now we can hear you. Yeah. My question was related to the trend that we've seen related to the offshore revenue profitability. We've seen that increase significantly or sharply this year as compared to the trend seen through FY 2018 to FY 2020. While it is good to see that, just wanted to understand what's driving that. Do you think that with the work from anywhere essentially gaining more currency, we could be headed for a phase wherein clients would be open to paying based on skill-based pricing rather than location-based pricing? Obviously, work from home during 2020, the ability for us to expand and that's all the services companies have expanded their offshore ratio is there because everyone is working from home. As far as you can have some overlapping hours, if you can work efficiently, yes. Why not? You want to go where the best talent lies. If you really look at our five year, six year profile from the IPO time, or even before, we were typically at one of the lowest onsite ratios as was our company. In the last five years, I think we have always mentioned that we want to do more from offshore. With cautious calls on using technologies to deliver even more value for our customers, bringing the best talent to bear in our model. Not be dependent on immigration, visa, et c, as well, which comes in on an off again. This has been a conscious journey, obviously aided by what 2020 and COVID has brought on. I think we are at a good number. We want to keep it at that number. The most important thing for COVID is customers. The work is moving to where the good talent is. I think we are at a number where we can continue to keep optimizing here and there, but we are happy where we are. Nachiket, if there's anything you want to add on that/ No, Sanjay. Sanjay, does that mean that from an offshore perspective, we probably see better pricing as well? Should that be the expectation? I wouldn't worry about pricing too much. I don't know whether there is one thing or the other to look at. I think it's hyper-competitive out there. It's about what value you can create. If you are doing things very differently, if you have accelerators, if you have products platform, you can win more or you can price yourself better. Bottom line for us is how do we win more? How do we accelerate the growth so that we can continue to invest back in the business? Sure. Thank you. All the best for the future. Thank you. Thank you. The next question is from the line of Sulabh Govila from Morgan Stanley. Please go ahead. Hi. Thanks for the opportunity and congrats on another large deal win that you've announced. My question is regarding the construct of our four growth engines that we talk about. On an average of last four, few years, if you were to attribute the contribution of each of these four engines to our overall growth profile, what would that be? Has that contribution changed materially over the years or it's largely been in the same ballpark? While I understand that these client accounts will be moving from one bucket to another over a period of time, but if you could provide any color on those lines, that would be very helpful. Wow. Now, Ashok, is there a way for us to quantify this? More or less, I would say that they are similar. Minor variation year-on-year happens. Sometime existing accounts mining is helping you more and new accounts are contributing slightly less. Sometime large deal, depending on what type of and when the flow happens. Over the now four, five years, there is a good amount of, I would say, trend has set in for LTI. More or less they contribute in the proportion. That helps us also to kind of predict and forecast our performance internally, that how we are going to perform based on these four parameters. Thanks. [audio distortion] How we look at revenue as we do our planning for the year. Suppose you want to grow by a fictitious number, let's just say 20% growth. The top accounts, top 20 accounts, which by their nature have been accounts for 10 years, 15 years, 20 years, and you have seen a lot of growth in there will typically grow at, let's say, between 12%-15%. Right? 20% being the company growth that you want to plan. The invest accounts are typically accounts where you have had them for 12 months, 18 months, 24 months, but there is tremendous opportunity for us to expand and explode there based on the investments that we are making. These are the accounts which probably need to grow by 30%-35%. In any year for a company of our size, we look at $ 100 million, $150 million coming from net new logos to look at. This gives us a trajectory, and large deals actually change the trajectory and move it to a totally different plane of trajectory and growth. That's how we look at the businesses overall. Thank you for the comprehensive answer, Sanjay. That's very helpful. My second question is a little bookkeeping question for Ashok. If you could highlight on the increase in CapEx that's reflected in the cash flow this quarter. It's quite a bit of increase that is there. The investments that you've taken this quarter, if you could highlight those. I will just look at the specific number from work to enable work from home. Of course, we are buying end user laptop equipments, et c, and there are investment on some of the security parameters. Give me one second. If there is something outside of this which we have invested, I don't remember offhand. These are the basic. A lot of laptops and other investment has gone into making this more efficient. Okay, sure. Thank you. Thank you. The next question is from the line of Divyesh Mehta from Dolat Capital. Please go ahead. Can you share the free cash flow for the quarter and for the last nine months? Ashok? Yeah. Sorry. Free cash flow for the quarter and last nine months? Okay. I think we published that. It is in the fact sheet. Okay, and just for the completeness of previous question also, we club our sale of assets and investment or purchase and the CapEx number, which is misconstrued there. All the sale of our investment which we do from mutual fund, they also get clubbed there. I am answering previous question right now. The way fact sheet is there, both these line items, it is just not CapEx. It is all the buy and sale of net investment which cash has got generated and got into the mutual fund is also clubbed there. That is where that $ 3,766 million, you see the number, previous question. It's basically we had the cash flow which kind of invested into mutual fund and that is reflected there. That is why I was slightly surprised that I don't think that we have done any major CapEx in this quarter. As far as free cash flow for the quarter is concerned, we had INR 560 crore, INR 561 crore free cash flow. For the nine months, this was roughly more than INR 1,500 crore, about INR 1,600 crore free cash flow. Thank you. Okay. Yeah. Thank you. The next question is from the line of Nitin Padmanabhan from Investec. Please go ahead. Hello, good evening, everyone, and Happy New Year. All the best, Ashok. I have actually three questions. The first one is on Injazat. Do we have any revenue recognition in the current quarter? By when do you think it should reach a full revenue run rate that we have sort of estimated? Sudhir? Yeah. We are in the transition period now, and as I said, so there are multiple revenue streams with Injazat, so we'll see perhaps some. We will start to see the pickup from next quarter, from Q1 onwards. Sure. The second one was on, let's say the overall utilization, not only for us, but for the entire industry is at significant highs. In that context and the kind of demand that we are seeing, it appears that there will be a lot of hiring. How would you think about the salary inflation that would happen going into next year? Would you think that margin management, not only for us, but for the industry itself, would be slightly little more difficult going into next year considering the wage pressures? Did you get it? Yeah. From a utilization standpoint, I think you're right. For us as well as for everyone, utilization is probably slightly higher than where we would like it to be. Yes, there is definitely an increased demand from all the players in the marketplace. I don't see that having any significant impact to our overall model, right? We'll have to look at portfolios. There are different market-based cost elements for different skill sets. We are also doing a lot of upskilling, cross-skilling, as well as our fresh graduate intake is going to be higher than previous year as we start to build that capability within our organization as well. We'll manage that as an overall portfolio. We don't see that to have a material impact on our ability to manage our margin. Sure. The third one was with regard to, obviously, there's a large opportunity in front of us. At the same time, I think the industry itself is at a different level of margins today. We also have this situation where I think clients are trying to fund their investments. Do you think from a strategic perspective, one would take a call to really look at helping clients fund those by maybe the pricing or any of those things to start accelerating growth, considering the sort of solid margin uptake that we've seen, was the third question. Thank you. Nitin, I lost your question midway. Your question is? Can you repeat in short? Yeah, sure. What I was suggesting was, considering that margins are at an all-time high and clients are trying to fund new investments, do you think it's time to start investing in deals at the expense of margins to really accelerate growth? Is that a call that one would take strategically? Is that how you think about it? Oh, okay. Am I thinking wrong? Okay. Nitin, I think it's all a balancing act. If you look at our story for the last five years, we have been very particular about being seen as a growth company. We want to be in the leaders quadrant. We want to invest back in the business. We want to build capabilities. We want to improve our win ratios, et c. It's all about a balance. We look at it at a portfolio level. We look at our company and what the priorities should be, and make selective decisions on where we want to be. That's not to say we see a need to just buy bad business, so to speak. It'll always be a balancing act. We look at opportunities for the value creation for customers and for the company and our shareholders in the long term. Sure. Sanjay, one more conceptual question, if I may. Is post GFC, I think the entire industry was heavy on time and material. This time around, I think it's the other way around. There's more fixed price. With this whole shift to offshore, how much of this actually passes on to clients, and how much of that is sort of retention from an industry or even our perspective? Do you foresee clients asking for some sort of cuts, at least from an industry perspective going forward? How would you just broadly think about it? Or do you think the notion is wrong? I think, Nitin, there are many constructs. There are time and material ever present. There are fixed price. There are transaction-based, value-based pricing. There are function points. There are storyboards delivered. There are many constructs that would continue to be there and there'll be many places where you'll use one versus the other. I think what customers are looking for is total cost of ownership. How can you bring it down? How can you launch my products and platforms a lot faster than what we typically did in the past? That is where the journey is typically taking for them. We'll continue to have those conversations. We continue to invest in businesses and continue to build capabilities and bring those values for the customer. Sure. Thank you so much, Sanjay. This is very helpful. All the best to you, Ashok, as well. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Mukul Garg from Motilal Oswal Financial Services. Please go ahead. Yeah, thanks for taking my question. Sanjay, just following on to Nitin's question on margins. If you look at your Q3 exit margins, you are at 16.5% PAT margin. We understand that there will be an investment into team building with more fresher intake. Given the double-digit industry-leading growth, which you will have in FY 2022, the gross margin should not be the factor for the margins to go back to your 14%-15% range. Should we kind of assume that your sales and marketing cost next year will be probably closer to what you guys used to spend in terms of percentage of sales back in 2016- 2018 period, versus what we have seen in the last two years? Is that the right way to kind of look at increased investment? It will be mostly there will be a meaningful pickup there? See, I think, Mukul, we talked about some of this. We have salary hike from effective January 1st Q 4. That will have an impact. Higher utilization at these levels, we want it to be brought down. We will hire more people. We already talked about increasing the investments in sales and marketing. World is a different place, we need to do a lot more at these times. We talked about new units and investments that we need to make for data products and cloud kind of investments. These are all new areas. We talked today about, and during the analyst day, Sudhir spoke about investments in Nordic SaaS. All these take investments. Some of these take time to fructify and bear the fruits like we are seeing on data products today. That is what we will do. I hear what you're saying, but our wish and desire will be to be in that narrow band that we want to operate it and funnel and fuel strong growth on top of it. Understood. I think that's all from my side. Thanks a lot for taking my question. Thank you. The next question is from the line of Ashwin Mehta from Ambit Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity. Wish you all a very happy new year and all the best to Ashok. One question to you in terms of, if you were to look at over the last two quarters, our growth is largely offshore volume-led. Given that traditionally offshore utilizations have been lower than on-site, is largely the utilization improvement offshore-led? Has there anything changed for us to maybe run at a much higher utilization offshore versus in a scenario where people were tied into a particular center and now there is work from anywhere? Nachiket, do you want to take this? Yeah. Our utilization improvement is actually both on-site and offshore. Both the utilization has gone up, resulting into the total utilization going up. The main sort of contributing factor for the offshore utilization going up was not related to work from home, but sharper recovery in our business in Q3. Which is how the availability for the resources picked up much faster. We are kind of now hiring aggressively in the market to make sure we kind of get into the comfortable levels given the planned growth we have for FY 2022 as well. Okay. Would we be running at that materially higher on-site utilizations given that there being very little volume growth there? As things normalize from a COVID perspective, do you see that also coming off as you go into, say, the second half of the next year? Our on-site utilization has actually been in the same sort of a traditional range. We had seen a drop in Q1, Q2 with COVID-related impact, and that's sort of gone up again. It is in the same range that we have traditionally operated in. We don't see any of the offshore leverage in any way helping us or impacting our on-site utilization levels. Some bit of investments in our U.S. delivery centers that we had talked about last year as well will have some temporary fluctuations in our on-site utilization, but we'll continue to maintain in the same band that we have traditionally done in our on-site utilizations as well. Okay. That helps. Just one follow-up. In terms of the 4Q wage hike, what is the range of wage hikes that we have given, and what is the impact that we see in terms of margins because of these wage hikes? Okay. The wage hike offshore is about 7%-8%, 6%-7%, and yeah, in some cases slightly more. On-site has been 2%. The impact on P&L is 160 basis points-170 basis points for quarter four. Okay. Thanks, Ashok, and all the best on your next endeavor. Thank you. Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to Mr. Sanjay Jalona for closing comments. Thank you. You asked some very good questions. Stay safe, and we'll see you again next quarter. Take care. God bless. Thank you very much, sir. Ladies and gentlemen, on behalf of LTI, that concludes-