Good evening, everyone, a warm welcome to all of you to the first ever Investor Day of LTIMindtree. My name is Kavya Chavali, I'm mighty delighted to be your host for this spectacular evening. We, in fact, are really glad to have the best of the industry joining us live, as well as virtually. After all, technology is an integral part of our life and our livelihood. Staying with tech, we're actually excited about all the conversations that will be part of this evening, where tech and transformation will be the two main anchors that will drive today's agenda. Taking the agenda forward, once again, a hearty welcome to all of you. Thank you so much for joining us and for being part of this evening. Thank you once again. As we get started, here's presenting the action that the world witnessed as we launch the new brand, LTIMindtree. The energy and the cheer is absolutely infectious. Let's be part of the launch globally. Let's take a look at the video, please. That seemed like a fantastic glimpse. Can we have a round of applause as well? All of that was celebrated locally, globally, vocally, or for that matter, iconically in one boundary-less world. One LTIMindtree is not just about stance, but it's actually about substance that makes us what we are in terms of action or for that matter, words. LTIMindtree's theme is all about getting to the future faster through differentiation or for that matter, experiences and outcomes that we offer to our clients as well as our partners. This evening, we in fact, have a distinguished panel of speakers who are ready to walk us through how we can make our clients future-ready with speed and agility. They're about to share their insights, experiences, as well as plans on LTIMindtree's vision and broader purpose. For that reason, ladies and gentlemen, to take the story ahead, we have with us our CEO and Managing Director, Mr. Debashis Chatterjee, or DC, as he's fondly known as. As I invite him on stage, can we have a warm round of applause, please, as we welcome Mr. Debashis Chatterjee on the stage. Thank you, Kavya. Am I audible? Good evening, good morning, good afternoon to all of you from wherever you are joining. Indeed, happy to be here with you for the first Investor Day of LTIMindtree. When we talk about the future, we have been anyway living in a so-called VUCA world. In a volatile, uncertain, complex, ambiguous world. What we have been seeing you know, over the last few months is we are actually living in a paradoxical time. Let me just explain a little bit before I jump onto the, you know, what we are trying to do in this situation. On one hand, we have the failing, the falling GDP and also the increasing interest rates. Contrary to the normal scenarios, we tend to be having low unemployment, and the inflation doesn't seem to be going away. Likewise, if you look at most of the companies, they're talking about globalization in a big way. They want to really sell their products across the globe. At the same time, they're also talking about sovereignty. Again, a little bit of paradoxical. We have a growing population, but at the same time, you know, as you all of you know, there is a shrinking workforce that is kind of hampering the growth. We talk about productivity. We've always thought that, you know, unless you come to office, we cannot measure productivity. The pandemic showed us that, you know, there is a flexible working. We adapted to that. Believe it or not, we actually saw more productivity in a flexible working environment. Keeping all these things in mind, we as LTIMindtree, what we want to do is to provide you some clarity. The way we will provide clarity is by simplifying and unifying our thought process. Let's, you know, let's just jump, shift gears and talk about what we are going to do in terms of providing clarity. When I say provide clarity, it's to all our stakeholders, you know, whether it's clients, partners, analysts, investors, employees, everybody included. As far as, you know, when I'm talking about providing clarity, I think the first thing that we need to understand is two organizations have come together. We have unified. I think the talk about mergers and integration and all these things are actually over. We don't want to talk about it anymore. We need to now think forward, think of the future, we have to think forward. It's all about, you know, LTIMindtree One. When I say LTIMindtree One, it's one culture. The one culture is for our employees. Our employees should be believing in one culture. Same way we should have one go-to-market strategy. When you talk about our sales teams, our clients, they should be feeling one go-to-market strategy of LTIMindtree. Unified capability. If you look at our employees, our partners, they should be talking to LTIMindtree across the world, anywhere, across all development centers. They should be having a very unique, seamless experience. We should be absolutely unified. Last but not the least, for our investors, for our stakeholders, it's very important to continue the journey of profitable growth. If I keep all these things in mind, this is like how we want to provide clarity, and I want to now jump into the culture part. I will request my colleagues to get into details of each of these line items. Talking about culture, you know, when this whole merger was announced, one of the concern that was raised, and I kind of heard it from many of the stakeholders, is these two companies have two different cultures. How will you merge it together? I must say that this kind of a merger is not easy. Two listed entities coming together of similar size. I think the team has done a commendable job, and what we have done is we have also ensured, we decided to go with a strategy of divide and conquer. We did not try to get every leader into everything. Some of my colleagues will talk about some of the other aspects, and you will make out that they're involved in which part of the integration. The culture is one thing which was very close to my heart. I ensured that I can be right in the middle in terms of understanding the culture of the two organizations, because if you don't bring the cultures together, then you cannot really say that the integration is complete in all respects. Interestingly, you know, when I looked at the 2 organizations, the 2 erstwhile organizations, the interesting part was both the organizations are very, very client-centric. I think that's not anything surprising to all of you. You have dealt with both the organizations. LTIMindtree will continue to be a very client-centric organization. If you look at the mindset, we have our engineering DNA, and combined with an experienced DNA. And that's why the purpose was very easily defined as it's a, you know, eagerness to solve and to unleash possibilities. That's the purpose that was agreed upon with the entire organization. The other thing which we also did was when we are going through all this process, we polled our employees across the organizations, and we also tried to validate in the, in terms of the thinking that we are kind of aligning to. As far as the vision is concerned, we are living in a hyper-connected, hyper-personalized, hyper-automated world. We have to enable businesses in this particular environment. The most important thing about culture is, as we lay down the purpose and the vision, what is going to be the core value or, as we say, work ethos within the organization? You know, any organization, which is true for LTIMindtree, is you have to have a purpose. We just talked about the purpose. If you don't have a purpose, then you cannot drive the organization. It has to be a purpose-driven organization. The other thing which we also realized, again, when I'm talking about all these things, we kind of polled the emotions of people, and we came out with what we think is common. Both the organizations always believed in terms of caring. We want to act with compassion. We want to take care of our employees' careers. We want to ensure that they find a good home in terms of LTIMindtree once they join, and that's something which was unique in both the organizations. That was also very easy for us. The next part is something that we realized that both the organizations have been very focused in terms of skilling, in terms of imparting training, and which means that we always want our employees to be future ready. What I mean by future ready is technology is moving very fast. As technology moves fast, we as LTIMindtree, we need to adapt to those technologies. That can be only happening if you are future ready. Future ready is not just with respect to our employees. Future ready is also with respect to the solutions that we are delivering to our clients. Future ready is every aspect of the business, whether it's HR practices, people practices, everything. That's the third element. Our belief is that if you are a purpose-driven organization, if you act with compassion, where you're taking care of your employees, you are going to ensure that your employees and your organization is future ready, then you are bound to deliver results. That's what we talk about, deliver impact. These are the core values. Interestingly, both these, both those erstwhile organizations pretty much align to these core values. It's important for you to understand, and you will see that, you know, all the presentations that you will see today, the effort is to simplify things. When you go back from this room, you should be able to think of 4 things over here: purpose, learning, caring, and results. Moving on. 1 GTM model. It's very important that we have 1 go-to-market model. We had a bit of deliberation, debates, et cetera, now we have gone through all those things. It's a 1 single market model right now. Sudhir, my colleague, will present the 1 GTM model in details. Basically, one of the things that we ensure in the whole process, and one of the things which we also knew, that there was hardly any client overlap. When we brought these two organizations together, because there was no client overlap, we also wanted to ensure that the client interfaces don't change. Which means the clients who are used to working with a certain set of individuals as client partners and account managers, we don't want to see any change in that intersection. That's worked out very well. Having said that, we have to integrate the large deals teams, the pre-sales teams, the solutioning team, et cetera, et cetera. We also ensure that we have a service line sales team and the service line sales team can actually provide more ammunitions to the client intersection, which is the client partner and the account manager. This is again, something that we have done. A lot of work happened in the last six to eight months to ensure that these teams are well aligned and one GTM model can come into play. Moving on. You know, we can talk about go to market, but if you're not able to deliver, it doesn't help. We have to align our delivery and we have to align our capabilities to what the clients are looking for. The first point is, as we are talking about a new org design, we are looking at how do we align to the momentum. If a client is looking at a certain aspect in terms of their business, certain transformation, certain technology, how do you align to that? It's very important that if you don't align to that, then you cannot remain as agile and you cannot really grow your business. As we are doing that, we also ensure that the service line capabilities of two organizations coming together, which means that we can also amplify the strengths of the two capabilities. That's another thing that we have done very, very effectively. As we did this, we are going to collectively ensure that for any client, we can now look at end-to-end capabilities, transformation capabilities, where we can participate and we can help the clients to transform through that journey. As you know, the pandemic was probably the starting point, where many of the clients that we are working with, they all started talking about reimagining their business models. They're talking about how can you look at your business model differently? Beyond the pandemic, we are not ruling out that another disruption cannot happen. Everybody has been doing that, and which means that you need to have the capability of covering end-to-end, which is core to Experience to Edge. How do you make that happen? That is something that we talk about our overall unified capability, and Nachiket will cover that in details as we go. Nachiket and Siddharth will cover that. One profitable growth model, I think, those who have... All of you have experience with LTIMindtree, and even with LTI and LTI and Mindtree separately, that we have been very, very customer-centric and we have been very growth-oriented. Going forward also, it is important that we have a sustainable value creation model. What we are talking about right now is can we have consistent profitable growth? If we can convert that consistent profitable growth into the industry-leading quadrant, then we have definitely got a good storyline. Consistent profitable growth will be the mantra as we go along. And that's something which Vinit will cover in details, my CFO will cover in details in terms of some of the elements that you see on the slides. As we are talking about this paradoxical times in the industry, in the economy, et cetera, as I elaborated, we need to also understand what are clients going through. Clients are also going through a situation where it's kind of conflicting for them. Just for example, a client who was very focused on transformation one year back, the same client is now focused on how can you conserve cash. Same client who used to be focusing on efficiencies is also focused on resilience at this point of time. It's again, you know, contradictory, but that's the reality. You're talking about flexibility, but at the same time, you want the security. Clients are expecting that as a provider, LTIMindtree should be able to give them all the capabilities that a tier one can provide. At the same time, we should not lose our agility of a, you know, a smaller player compared to the tier ones. In this scenario, you know, it's very important that we as an organization, we as LTIMindtree, we continue to help our clients to get to the future. As I talked about reimagining the business models, reinventing the wheels in terms of what they want to do in the future as the business models are changing. We need to work with them and help their business to get to the future. Faster is very important because this is where the time to market comes into play. All clients will try to go in a certain direction, but whoever goes faster will have an edge. That's why you have to take your clients to the future and you have to do it faster. I think the new ecosystem which we talk about right now, you cannot do anything in the future and which is true also in the past, in the last three, four years. You cannot think of doing something for a client unless you have a good partnership ecosystem and unless you do it together along with the partners. When we say, "Take your clients' businesses to the future," which you understand now, we want to take the future businesses to the future faster because time to market is important and we need to do it together. Together is not about just clients and ourselves. It's also the entire partner ecosystem which exists. We have to use the partner ecosystem. To take our clients' businesses to the future and do it faster. With that, thank you again for being here, and I hope you have a valuable session in the next two hours. With that, let me hand it over to the next speaker. Sudhr. Thank you very much, DC. In fact, your vision and direction for the company truly ensures that we are able to collectively reach our goals. That being said, we also have a very important video that we'd like to share across with all of you. Let's take a look at the video, please. A new leader, a new kind of IT services firm that combines engineering and experience DNA. Together, we are transforming from a challenger to a dominator. A full-stack digital engineering powerhouse delivering industry-leading profitable growth. We are very excited about the merger of LTI and Mindtree. It brings together the engineering and process expertise of LTI with the digital and customer experience and talents of Mindtree. It's gonna produce a new leader in the market, a leader that can cover the entire value stream from customer experience to fulfillment. We at ISG, we wish LTI and Mindtree all the very best, and eagerly look forward to a renewed set of offerings that's gonna shift the market. Thank you. LTI and Mindtree coming together, very, very exciting. I'm very excited for where this company is going. It's now of a particular size where you can really compete with the top tier for top business. This is a pivotal time for the industry. I don't think there's ever been a more pivotal time for a service provider to really step up and become a true performance-driven, purpose-driven partner for their clients. I personally wanted to congratulate both LTI and Mindtree for coming together. I would like to congratulate LTI and Mindtree on their merger. This brings together two of the fastest-growing global services firms in the industry. The firm that emerges from this is very well-positioned to compete in the fast-maturing digital transformation marketplace. Congratulations. I just want to take a moment to congratulate you and the entire LTIMindtree team on completion of the merger. What a fantastic opportunity for the entire industry. You guys are gonna be a combined $3.5 billion powerhouse. You bring such unique capabilities with helping your customers around the customer experience. Wish you guys all the best of luck. Again, just congratulations from ISG and the rest of the team. We're really looking forward to working with you. Thank you. Well, we got to hear from some of the key people, the analysts as well. With that, ladies and gentlemen, we're about to march ahead towards our next segment of the evening. Navigating fluid futures with agility, or for that matter, creativity and direction, involves realizing a studied vision of tomorrow's needs, or for that matter, ideas and breakthroughs today. This is where LTIMindtree aims to make a difference, turning every shift in how we live, or for that matter, how we work, how we engage with each other, or for that matter, with the consumers, providers, and influencers, into opportunities for businesses as well as the community. To shed light on how LTIMindtree achieves that, we'll be inviting on stage our President, Global Markets, Mr. Sudhir Chaturvedi. I know that we all enjoyed a dose of chai and coffee outside, so let's bring that energy back in the air. Can we have an energetic round of applause? Please help me welcome Mr. Sudhir Chaturvedi. Hi, folks. Good evening, everyone. Thank you, DC, for setting that up for us. I think, you know, DC talked about We're all living in paradoxical times. You know, the interesting thing about, you know, whether it's the human condition or enterprises that we work for, we actually all frankly, you know, we live in the future because we always dream of a brighter future, right? That's what drives everyone. When you're talking about brighter future, it really is about how you envision that future, right? If you can dream it, then you can achieve it. The future that all our clients are looking at is a future which involves these four transformation aspects, right? They're looking to fundamentally change their business models. I think one of the big things that we've seen especially accelerate over the last three years is the business model transformation that all our clients are going through, irrespective of the industry sector they belong to. Experience transformation, you know, this is a never-ending journey. my most favorite, you know, definition I guess of experience is what Maya Angelou once said. She said, "People may forget what you did for them, but they will never forget how they felt when you were doing that work for them." that's, you know, what the experience. how you feel about things never, ever...Ends. experience transformation is something that we will always see happening. Operations transformation, we are seeing a sea change in how companies are looking at operations, we'll give you some examples as we go through this. Of course, the technology ecosystem is again changing at a pace that we probably have never seen it in the past and will continue to accelerate. This change will only accelerate in the future. These are the four transformation journeys that we are working with on our clients, this is, you know, these journeys are gonna determine the future that our clients have. The interesting thing about these journeys is that, you know, speed is not just a key determinant of success today, it's actually a key determinant of survival today. It is not just the survival of the fittest, in most cases, it is the survival of the fastest. It is very important that our clients, you know, our clients have acted with speed. The pandemic showed the speed at which our clients acted with. Frankly, that speed has become part of what they're doing. Irrespective, as I said, right, you know, you can in the grand scheme of things, when you're transforming an enterprise, a few months of disruption or, you know, certain economic trends actually doesn't change their North Star. They're still trying to achieve what they are, and they're trying to do that at speed. Nobody is gonna achieve this without actually working with an ecosystem. You know, no person is an island, and no company is either, right? All companies will need to work with an ecosystem of partners. We are the same. We will work with an ecosystem of partners in order to deliver these transformations to them. The difference that we will bring to our clients as a partner is, you know, we today have the resources and scale and the confidence of a leader, of a top-tier player. We have the vision and the perspective of an end-to-end provider because of, you know, and you'll hear more of this from Nachiket and Siddharth in the subsequent session as to how we've pooled all our capabilities and, you know, provide that. I think what's very important is the energy and ambition that we bring to the table. I think we've been growth leaders in the past, you know, as individual companies because we brought an energy and ambition that frankly was amongst, you know, easily amongst the best in the industry. That's something that we'll continue to have. The attention and responsiveness of a caring partner. You know, it's very important for people to show up and to care for our clients. You know, if you look at, in fact, you know, if I just look at February, Nachiket and I were exchanging notes. You know, I think I spent five days at home and Nachiket spent even fewer, that's because, you know, it's important to turn up in front of clients and spend time with them to understand exactly how they're dealing with, you know, these various scenarios that we're seeing today in the world, and how they're planning to react to that, and how we can be helpful to them in that journey. It's really important that we do that. Folks, that is essentially what future faster together is. Future faster-- taking businesses to the future faster together, this is what LTIMindtree is all about. Let me give you some examples as to what we're doing. This is a building products company. You know, this is almost as, you know, in their own words, as boring or as commodity as it gets. This is a company, it's one of the world's biggest companies that supplies wood for making homes. That's their primary business. They supply some other building products as well, but that's their primary business. This business is actually subject to the, you know, vagaries of the economic environment at all times, right? It depends on, you know, interest rates go up, mortgages get more expensive, house building drops, this company is in trouble, you know. Any change in the business environment, you know, certainly in a low interest rate environment, high price environment, you know, massive manufacturing, you hit supply chain issues. They are very, you know, intrinsically sort of subject to, you know, what they are. What we are doing with them is we're actually making them an elastic enterprise. What we are doing, we're helping them combine all the functions across an entire enterprise in, and, you know, leveraging obviously cloud and workplace and, you know, some of the sy-sy... This is an IT and OT systems journey for them. The journey is to help them actually be able to, you know, at the start, to be able to manage their supply chain in a way that is completely dynamic in terms of responsiveness to the environment, but also to be actually a solutions provider rather than a provider of just wood to clients. This is what they're integrated. What they will become is instead of just selling wood products, they will become a wood products plus... In fact, one of the things we're working with them in OT is actually helping people, helping contractors design these single-family homes in a much more effective manner. They're actually becoming a software vendor as well at the same time. They're providing services as well, because some of these products require very extensive, you know, with specialized services, so they are providing that. Suddenly, instead of having a business model with 1 revenue stream, now they have a business model with 3 revenue streams, and that's what we are helping them do together. This is an example that's there on our, on our, you know. I think it's quite a, you know, easy example to understand. It's an omni-channel digital electronics retailer. We're helping them bringing all their channels together in a way that actually drives engagement, right? It drives engagement. 8.5 million customers per week and 35% increase in online conversion. This is, frankly, you know, their biggest competitor is Amazon. If you can achieve these results against Amazon, then you must be providing a better experience to your customers than potentially Amazon is. It is actually a multifaceted experience. Again, in this case, it's an experience which spans both their products that they sell online, as well as the services they provide with it, as well as the advice they provide with, along with all of that, so that, you know, you are best able to use the assets that you're purchasing from these from this retailer. The third example I have is from a, you know, sorry. This is a life and annuity player in the market. The interesting thing about them is, you know, this is an operations transformation initiative because in life and annuity, as you can see, you know, this is a fairly resilient business. You know, people buy life insurance, you know, fairly regularly, you know, depending on various life events, et cetera. This is a business that is actually withstands most, you know, economic cycles do not really have an effect on life annuity. It does have an effect on the annuities part of the house. You know, high interest rates, better. Low interest rates, not so good. This business is actually a very old business, you know. It'll. They, what they're looking to do is they're looking to compete across the spectrum through technology-led operations transformation. A key part of that is obviously the spend reduction that they're getting of, you know, over $100 million. It's about, you know, the, where you put the tech ahead of operations, right? Traditionally, most financial services players have very strong middle offices and back offices, and a lot of the work that is done is done through the process side of the house. If you can move the operations to a technology-enabled, you know, this is where a whole combination of automation and AI and others come into play. That's what leads to true operations transformation. My last example to you is that this is a client which is in the travel technology space, and we are doing a complete tech transformation for them. This is across their entire tech landscape, across their customer experience landscape, across their ERP landscape, their data landscape, their cloud landscape. They have a complete modernization journey as they go through. These four examples that I gave you, I think what's interesting about these is, I think none of these four would actually be engagements that either LTI or Mindtree would've been able to do on their own. These are all engagements that we have won because we are LTIMindtree. That is the nature of the things that we can do together, and that's the faster future together that we can deliver to our clients. The growth. Folks, actually you can switch off this notes page because you're not in sync with me. Okay. Right. Sorry, that threw me a bit. Anyway. You know, let me get to what I think most of you are interested in saying as to, you know, we are living in paradoxical times. How are you gonna find growth in these paradoxical times? Frankly, you know, when we look at the market, right, we also look at a market, especially a market where, you know, in a growth market, right, in an upmarket, everybody grows, right? Essentially, there's enough demand for everyone to grow irrespective of. I mean. some will grow faster than others, but, you know, there's growth for everyone. In a market that we see today, we have to look for what is unique to us. You know, what is for us that is not available to others. These are the areas that we have, which we are, and I'll expand on these in subsequent slides. Internally, we refer to these areas as pots of gold. You're probably wondering why these are unique. You know, if you read them, they don't sound very unique, but let me explain to you as to why these are all unique. The first and foremost thing is that we have a resilient blue-chip account portfolio. These are the verticals that you can see here. You know, $1 billion-plus verticals: Banking, Financial Service and Insurance, High Tech, Media and Services. The 2 $500 million verticals for us plus, manufacturing, energy and utilities, retail, consumer goods and life sciences. You know, these are niche. You know, travel, transportation, hospitality has a lot of niche technology. These are 2 $50 million+ verticals. We have a strong public sector business as well. In addition to this, we have 1 in 5, approximately 1 in 5 of Fortune 500 companies is our client. What this gives us is one of the strongest client bases in the industry in terms of, you know, the focus that we are. We're looking to stick to this focus. We're not looking to expand this focus beyond what we already have today. We're gonna stick to these vertical units and work on these clients. The interesting thing is, if you look at the number 1 company in each of these industry sectors, if you can name the number 1 company in each industry sector, each one of those is a client of ours. Just to give you an idea, you know, I get a lot of questions on banking, and I'm assuming that I will still get them even today. You know, we work with 12 of the 20 GSIBs in the world, of the top 20 GSIBs in the world. If you're working with 12 of the top 20, and frankly, if too big to fail is going to become even too bigger to fail, then we are actually in the right place, right? We are working with these GSIBs across, right from... You know, if you look at a flat map, right? Right from Australia, right till Edmonton, Calgary, we have clients, you know, which are banking clients across the board in each of these sectors. That's the nature of the client portfolio that we have today. In addition to this, you know, if you look at the revenue that we are delivering to this resilient client portfolio that I talked about, 55% of this revenue is coming from 4 service lines. Frankly, there is no cut in spend in these 4 service lines. You know, the CIO who goes to a board and says that, "You know, I am gonna save money by, you know, cutting costs on how we deliver customer experience," I think will have a very short-lived career, right? It's not going to happen, you know. Customer experience is a never-ending journey, as I spoke about earlier. Data is the lifeblood of every enterprise now. In fact, in uncertain times or in paradoxical times, clients look for more data in order to make better decisions, and that's always gonna be key. The cloud journey, you know, some people talk to us about, you know, hyperscaler growth slowing down, but frankly, it's slowing down to 15%-20% on the base they have. If you think about what they've sold in the last three years, there is a huge amount of backlog that already exists in the hyperscaler ecosystem that may need to actually that needs to be consumed. In addition to this, there are several industry sectors, frankly, that are at the start of their cloud journeys, and financial services being the foremost, which actually is the start of their public cloud journeys. Cyber, again, you know, if you look at cyber spends, I think this is an area where there is. In fact, in many cases, you know, when I look at our manufacturing clients, for example, you know, their tech spend is usually about 2% on, you know, of revenue is on IT. But when you look at their cyber spend across OT and IT, it's almost approaching 0.75%-1% of spend. This is becoming a massive area of spend across the board. Again, this is, there are no limits on, you know, in terms of how clients are addressing the cyber challenge they face. Frankly, in uncertain economic times, in times of war, et cetera, what we find is, you know, cyberattacks only increase as state actors start to, you know, do the things that they do. What we're finding is that these are four areas which are 55% of our revenues today, which are remarkably resilient. You put the two together, that client portfolio and this revenue, and that's why you see that this is fairly unique to us. In addition to this, if you look at the pyramid, right? The account pyramid that we have, I'm gonna cover this slide in two parts. The first is, if you just look at the pyramid and see how the pyramid has progressed in one financial year, right? This is Q3 FY 2022 to Q3 FY 2023. As you can see, we've made strides across the board, right? Each and every category we've added clients in the last one year. That track record of continuing to add, you know, accounts in every layer of the pyramid is actually a track record of what top-tier players typically have. If you see the spread of clients we have, right? We have $100 million plus clients, we have $50 million. We have clients in every category, right? There is no gap in terms of, you know, you certainly have 1 large client, and then everything falls down, you know, and then you have a much lower client base. We, you know, as I keep saying, right, if it looks like a duck and quacks like a duck, then it must be. You know, we look like a tier 1, and we act like a top-tier, we must be 1. I think this is what this pyramid really tells you. What it also tells us is that there is still significant growth potential within. This pyramid was achieved, frankly, in our individual avatars as we existed as LTI and Mindtree. This is not an LTI and Mindtree pyramid. Imagine what an LTI and Mindtree pyramid could be. For that, you should look at the right of the slide and see what are the service lines. There are 9 service lines that are there. Our current cross-sell ratio to these 374 accounts that we have, which are above $1 million, is 3, just over 3. We have 9. Imagine the potential that we have just in cross-sell to our existing client base, to the existing clients that we have together as an entity. If we were just to increase this from 3 to 5, we'll be seeing very, very significant growth without having to look for new clients or new growth opportunity. We already have access to them. We already All we need to do is make sure that we have the right GTM models in place in order to make sure that we drive this cross-sell program that we have, the cross-sell opportunity that we have. I think, you know, it's this is probably the only slide that most people come to my presentation for, I'll just cover this quickly. Our current large deals portfolio has 68 large deals just above $3.2 billion. There is a redefinition that we've done. This is above $20 million. In case you want, you know, some of you will remember that in the past, we used to talk about $15 million plus deals. If you want a $15 million number, that number is $3.72 billion, so $3.7 billion, just for comparison. In future, we'll talk about deals above $20 million, and that's at $3.18 billion. The other interesting part of this is that, you know, you'll have always seen that we've got a good track record in large deals and new logos, you know, where we are essentially displacing. In fact, three of the four examples that I gave you were actually new logos for us as we got together as LTI and Mindtree. That portfolio at the base of $20 million, you know, if that, the definition is $960 million of deals are with new logos. Also showing. You heard ISG, you heard Gartner, you heard, I mean, you heard HFS, you heard all of these people. You know, you've seen the excitement that the advisor and analyst community has with us, and that's reflecting in some of the pipeline that we're beginning to see, you know, the growth in the pipeline that we're beginning to see or that we are seeing in large deals. Partnerships. You know, actually, I'm gonna leave partnerships to the end of my presentation and, you know, let some, perhaps somebody else speak on my behalf. This is something that we've done extremely well. We have four categories of partners: hyperscalers, enterprise apps partners, digital and data partners, and vertical specific partners. In each of these partners, you mean, you'll probably argue with me saying, "Sudhir, you know, everyone has these partnerships. Everyone has top-tier partnerships, right?" Absolutely, they do. What everyone doesn't have is track record of awards. You know, consistently, whether it's AWS, whether it's Snowflake, whether it's ServiceNow, we consistently win awards which are far beyond what, you know, a simple partnership ecosystem would lead us to win. The reason we are winning this award is because we're doing something different with these partners. We're doing some things with them that nobody else is doing. Primarily of that is how we're leveraging our own platforms and putting our platforms on our products, how we're working together with them, and frankly, some of the things I talked about earlier, right? The energy that we bring to them, the ambition that we bring to them, you know, the attention that we bring to them. Just to give you a sense, right? Here, if we just look at these clients, you know, Microsoft. The relationship is led by DC himself. You know, if you look at AWS, Siddharth leads this relationship. You know, if you look at Snowflake, I personally get involved in anything to do with Snowflake, including going to Vegas for 1 and a half days just to pick up an award and do a meeting. You know, Nachiket is our ServiceNow, you know, sponsor. All sponsorships of all of these are actually with people in the line. It is not left to an alliance organization. For us, this is a key part. For me, my partners are actually my sales engine. That's how we've always worked with them and, you know, work together with them to, in order to make sure that when we jointly go to the market together, we bring something to the market that they don't bring with any other partner. That's the key part from a partnership-led strategy. In order to make sure that all of these pots of gold, right? These levers that we have of, you know, of growth that are unique to us, how do we make sure that these actually get realized in practice, right? We make sure that over the next few years, we actually deliver to this uniqueness. We've got four programs that we have. In fact, frankly, we, you know, most of you would remember Minecraft, and we're not reinventing the wheel. Minecraft was an extremely successful program for us. We're gonna continue this. We're gonna continue this for our focus 100 accounts. These include the Fortune 500 accounts also that are part of these focus 100 accounts. These 100 accounts are around 75% of our revenue. It's also a strategy to make sure that, you know, we completely shore up a large part of our revenue base as part of what we're doing and maximize return from them. Aspire, I've already talked to you about. 374 accounts above $1 million. Increase service line cross-sales ratio from 3 to 5. Simple metric. We're gonna manage it and monitor it across the board. Frankly, there's enough headroom, you know. We can go to 7, 9, and that's, I think, you know, the future growth journey that Aspire will do. Everest. We've been always good at doing proactive large deals. You know, large deals, you can't wake up. The way to develop a large deals muscle and a differentiated large deals muscle is to do these deals proactively, is to pitch proactively. Whether the deal happens or not, the ability to do, you know, we have provide a proactive pitch actually strengthens your large deals muscles, even when it comes to a reactive, you know, advisor-led pitch, et cetera, 'cause you're bringing something or we are bringing something which is different to the table. Neo, you know, we'll never let go our focus on new logos, on new tech and new micro verticals within our existing verticals because frankly, you know, innovation is there everywhere, and we wanna make sure that we are ahead of the curve when it comes to innovation. You know, I'll just take an example of Snowflake. I still remember very clearly, you know, there was a meeting with, you know, at that time where our data leader spoke to Nachiket and me about about Snowflake. Barely anyone in the room had even heard of Snowflake, right? It was just like, you know, "Oh, it seems like a data and cloud company, you know. They've got like a vision." This, you know, none of the current Snowflake leadership was there. There was, you know, this was Snowflake still run by the founders at that point in time. We picked that up and just to, you know... A long story short, we currently have 65 clients, Snowflake clients, in, as LTIMindtree, and it's one of the strongest partnerships that we have in the ecosystem. We just won their global delivery partner, platform partner of the year. This comes because you have that vision, that view that we continuously look to see what emerging new tech is out there and how we can leverage it, and you'll see a glimpse of that, I think, in the next presentation as well. Folks, this is what we have. These are the 4 programs that we'll deliver. In order to make sure that we deliver these 4 programs, as DC said, we are one. You know? We are one markets organization. Clearly, there's no change in client interface because there was no overlap. You know, the people that they were dealing with, they continue to deal with. We have an integrated team. Now that's an integrated pre-sales and large deals team is how you bring the power of the entire organization to every sales, you know, every sales event that we have. We've seamlessly aligned the organization. If you look as to how we are aligned from a GTM perspective, the delivery organization is aligned the same way and the service line organization is aligned the same way. What we've done is, because a lot of the cross-sell, up-sell will come from service line leverage, we've actually strengthened our service line sales capability. That's going to be our biggest investment that we make from a GTM perspective, that our service line sales capability across all those nine service lines that you saw is strong enough to make sure that our cross-sell, up-sell promise is kept. Folks, that's what I had for today. Thank you very much for your time. Thanks. With this, I'm just gonna queue up. You know, I think you heard me speak quite passionately about, you know, partnerships from my perspective. Let's see what our partners also think about us, okay? Cue the vid. With our robust partner ecosystem, we help businesses reimagine, innovate, grow, and build experiences for the future today. I'm certain that your joint strengths and expertise will drive tremendous value for customers across markets and industries. We have a shared mission of empowering organizations in their digital transformation journeys, and I look forward to deepening our relationship to unlock greater opportunities for organizations and our communities. I am so excited about the power of these two brands coming together, and I look forward to working with LTIMindtree moving forward. LTI, Mindtree merger opens up considerable new opportunities in the verticals that are traditionally strong focus areas for Oracle. We look forward to actively collaborating with LTIMindtree going forward, as we leverage combined strength of these two well-respected organizations. We have very strong relationships with both LTI and Mindtree. We look forward to seeing the power of these brands coming together. Congratulations again. We look forward to everything we're gonna do together with this partnership. We believe this merger will bring scale to our partnership that will accelerate and amplify our efforts to help our own clients improve their business processes through digital transformation. Our joint efforts through this partnership are already making a significant impact on our growth and accelerating adoption and time to value of the Data Cloud to our joint customers. With LTI and Mindtree teams coming together, we're really looking forward to the power of these brands to further accelerate the data to decision journey for our clients across industry verticals around the globe. We have worked with LTI and Mindtree teams very closely over the years and look forward with great anticipation to the synergy and value that will be created in the combined organizations for our joint customers. We can see the potential opportunities for the combined organization. We look forward to partnering strategically with LTIMindtree to drive powerful business outcomes for customers around the world. All right. First up, I'd like to thank Sudhir, in fact, for those passionate insights that you shared with us, all about finding growth in uncertain times as well. That being said, when I take a look at the theme, you know, wherein it says, "Getting to the future faster together," I'm reminded of the fact that there's a Darwinian theory that says, "Survival of the fittest." This era is the millennial theory which is survival of the fastest as well. You know, when we look at the way things are happening around the world, I realize there's a lot of insights flowing in from this side of the hall, I know there are our audience members joining us virtually as well. For those who are present here, those who are live here with us, let's get some energy. This is what we're gonna do. I'm gonna say, "One," I want all of you to come together and clap just once. As simple as that. It's a bright, buoyant Tuesday evening, let's bring that energy back in there. I'm gonna say, "One," I want all of you to come together and clap once. Simple? Let's give this a try. One. Beautiful. Let's do it together. Together. One, one. One, one. One, one, one. One, one. One, one. One. Two. Okay, this is good news. I see the smiles widened. I also see that we have everyone's attention. That being said, let's quickly move on to our next speaker session, because that is sure to empower you all as an audience, this is where the speakers will help us understand and implement value creation the LTIMindtree way. I'm gonna invite on stage the Chief Operating Officer, Mr. Nachiket Deshpande, and he'll also be joined by Siddhartha Borah, Head of Service Line Markets. Let's continue that one, one train. Can we have a round of applause? Please help me welcome Mr. Nachiket Deshpande and Mr. Siddhartha Borah. Thank you, Kavya. I think she's made my job of keeping you awake a little easier. I'll next 40-odd minutes, me and Siddhartha, who will join me in a bit, will try to answer the question, "How?" Sudhir talked about the unique opportunities that exist for LTI, Mindtree, and we'll try to explain you as to why we think we have a chance to win disproportionately in those opportunities, and why we feel confident and passionate about the capabilities that will differentiate us in that space. I'll start with few examples of the client conversations that we've been having. That kind of indicates the change in the expectation. This is about an industrial manufacturer who was in the building products, is now looking at significantly changing their business to build a $ multi-billion intelligent building solutions ecosystem. They're looking at us to work with them, partner with them to engineer and also take that platform to the market. This is a consumer beauty tech brand which is looking at increasing their direct-to-consumer share from roughly around 10% to over 50% in the three-four-year time frame. This is a global bank which is looking at bringing consumerized experiences to its corporate customers, giving real-time transparency on trade, cash, and their position data, but also build an ecosystem marketplace that brings the fintech ecosystem to life for all of these corporate customers. While these 3 examples are from seemingly very, very different industries, what do they have in common? The key thing that they have in common is that the expectations from the client is about collapsing the silos. It's not about cloud transformation, it's not about experience transformation, it's not about data transformation, but it's about all of them. That breaking of silos is fundamental ask that the customers have. They're looking at all of that with the predictable outcome at scale and at speed. The idea about the transformations that Sudhir talked about, the key to all of those asks today are these are all-encompassing transformations and are delivered with the predictable results and at scale and at speed. What's our response to that ask? The proposition that we believe is important is unified transformation. That unification is across value chain, both functional and industrial. If you look at the example of the building solutions example I gave, it's the transformation to move to a intelligent building solutions business requires you to transform from sensors to edge, to data, to pricing models. The direct-to-consumer transformation requires you to transform experience, commerce, supply chain, and logistics. When you look at the transformation, it's also across ecosystems. There are core system vendors, there are hyperscalers, there are data solutions, data product. It's across all of these ecosystems, is what you will need to deliver unified transformation. It's across the stack. It's about end-to-end transformation that goes all the way from experiences to the intelligence layers to the core to the infrastructure. It needs to be delivered with unified methods. Design-led, persona-centric, agile at scale, and product-centric way of delivering. All of this to be delivered on a consistent platform approach, leveraging IP, bringing consistency, and most importantly, all of this is on the unlimited platform, which is cloud-native and AI-enabled. That's the unified transformations that we had talked about, and that's the way we're able to answer those questions that the customers are posing us, and the opportunity that cross-sell/up-sell opportunity that Sudhir talked about. While this is the problem statement, while the way to solve for that is through this unified transformation across value chain ecosystem, stack methods and platforms, why do we think we have that unique capability that we will be able to deliver this? Let me ask Siddharth to join me to take us through as to what that differentiation is. Thanks, Nachiket. Can you hear me well? Yeah. Wonderful. Very good evening to all of you. I can't help feel a little nostalgic. I was going back to our first analyst day, I don't know how many, six years or some ago. We were $800 million in size. Out to prove that we could be different, we could be differentiated and, you know, obviously there was trepidation in how we were thinking about it. Fast-forward all these years, lo and behold, how many organizations in the world had turned themselves from $800 million to $4 billion, right? You know, excited to be here. Somebody mentioned to me $10 billion. Why $10 billion? seven years, 5 times. Maybe what we are setting up for, the strategy we're talking about, what the values that DC talked about, the points that Sudhir and Nachiket talked about, is really about taking us into the future. Very happy and very excited to be talking to all of you. What I'm gonna speak to you about is how are we mobilizing the organization to take us to the next. Before I do that, I thought I would just give you a unified view of what we do for our customers, right? If, if a customer, let's say, is there in the center, what kind of emotions We're an emotional organization, so what kind of emotions do we heed to? If you just look at the spectrum across, be it transforming the experience of their consumers, customers, partners, employees, helping them build lifetime loyalties and relationships with their customers. Helping them build products, innovative products and platforms. Helping them make decisions. Helping them stay productive. Helping them stay secure, connected. All of that at scale, right? These are some examples, and Sudhir and Nachiket both talked about those. But I have a feeling some of them you've used some of these products. We're talking about an OTT platform built ground up for 200 million users. Chances are some of you have used that platform. We're talking about reimagining a Fortune 500 bank on the basis of data and insights, right? We're talking about There is only one such organization in the world, a premier economic agency that is called the friend in need, running their operations in 160 countries 24/7. The reason I'm giving these examples to you is because this is what we can do for any customer. If this is what we can do for any customer, the opportunity of scaling that to the 700 customers that Sudhir spoke about is just immense. The opportunity of unifying these propositions in their offer that Nachiket spoke about is just unique. That is the backdrop in which we're solving. As we look to build the competency or practice sales organization and practice GTM structure, what DC, Sudhir and Nachiket told me and my team is, "Hey, listen, we are in this unique position. No other company in the world of our size or bigger or smaller has this unique advantage of thinking with a blank slate. We were coming together, we're gonna be one company. Do the right thing for the customers, do the right thing for the right, you know, the stakeholders. Think afresh." That's really what we did. You guys, you know, you follow this industry well, you've seen many companies who've lost their way, who've lost their differentiation, who thought what was working for them in the past will continue working for them. We're not like that. We're a very uncomfortable organization. We're constantly in motion. When Sudhir, Nachiket, and DC told us that, we said, "Okay, let's put our thinking caps on and say, what do we wanna be? What's the market opportunity?" We looked at it outside in, we looked at it inside out. We looked at voice of customer, voice of partner, voice of competition, voice of analysts, and we introspected. We said, "What are our teams saying? What is our data saying? What are our trends saying? What is our ambition saying?" We realized very, well, I won't say quickly, but soon enough, that what got us here is great, but not enough. What I'm gonna talk to you about is material changes in how we go to market from a competency and a capability-led perspective, right? Without further ado, let's start with. I'm gonna talk about four vectors. Vector number one, and is really the organization design, and DC spoke about it early on. Looks like a simple chart, doesn't it? Very simple. This is not how most companies in our industry operate, by the way. Where is the momentum today in our industry? The momentum, the operating system of our customers today is public cloud. We realize that it's a massive opportunity. We can talk about these opportunities, but if we don't organize ourselves to meet that opportunity, we're not gonna get the lion's share of it. The yellow that you see out there are these are completely rebuilt organizations dedicated to these hyperscalers. When I say rebuilt, I'm saying marketing, sales, solutioning, COE, delivery. Many other companies, our peer groups say that they have all these groups, by the way. Most of them are partner organizations. We have built dedicated sales organizations across each of these. The, you know, the progress that Sudhir spoke about, be it with AWS, be it with Azure, is because we made this investment. I'll talk more about what that means from a financial and a performance perspective. That's one principle, align to momentum and don't scrape the bottom of traditional legacy businesses. You know, we are in a unique position. Companies larger than us have this baggage of legacy business. They can't let go. Companies smaller than us just don't have the size. We have the size and the nimbleness and the intensity to make that happen. Just using an example to say what this organization design means. The second part was, don't forget what our strengths are. Where are our strengths? You've known us to be a data company. You've known us to be an experience company. You've known us to be an ERP company. We wanted to make sure we redouble our focus and our investment in those areas. You will see these global sales organizations that we've created to make sure that we don't lose sight of our strengths. The 3rd part is doing it collectively to Nachiket's point of this unified transformation. You see that success team in the center right next to the customer? That is the unifying tissue that we're creating across the go-to-market organization, so that we take a unified collective view to our customers, so that we solve their problems properly and not piecemeal, so that we elevate every proposition. In summary, 1st things 1st, we have fundamentally revectored how we go to market to meet the opportunity that exists not just now, but in the years to come. Structural change. Let me go to the second point that Sudhir so eloquently talked about. Everybody talks about partner, as you said, right? You know, how everybody is a big partner and this and that. There is a huge difference, the devil lies in the detail. Let me give you some backstories. Three years ago, we were nothing for AWS. Nothing at all. We had made a simple, small acquisition because we wanted to figure that space out. Fast-forward to December 2022, last year, they gave us the Global Collaboration Partner of the Year award ahead of all the companies in the world. All the biggest, all the suite, all of them. They saw the intensity, they saw the impact that we were creating. Example number two, you see Microsoft. Microsoft, LTIMindtree today is Microsoft's number one national SI partner in the U.S. By the way, we were in triple digits too, in terms of ranking two years ago. Why is that happening? I'll talk about why is that important, right? That's the second one. The third one, Google made us a GSI last year. I'm not talking one anecdotal example here. I'm talking across the board. These are all hyperscalers. I can keep giving more and more examples. The main point is this: What does this mean? We are fundamentally changing our go-to market motion. It's not an isolated motion anymore. It's a collective sales motion because it's very clear to us the ecosystem wins. What is that doing for us? It's supercharging our pipeline. Sudhir talked about the fact, what we're doing with Snowflake. In just the last year, they must have got 30 new client opportunities to us. No sales dollar invested from us. They brought the opportunity to us. What does that mean? Our win ratios have improved because these partners are backing us and saying, "Hey, go with LTIMindtree. You're better off. You're gonna get your job done." What's the third thing that's happening? Bigger deal size. Not just is it services we're talking licenses, we're talking about other forms of bundling. It's supercharging our pipeline. We're just getting started. The other part is the fact that the customer. You know, the topic of this presentation is A New Way of Creating Customer Value. Why is the customer happy? Both the tech company and us are joined at the hip at the outcomes that we wanna deliver. That's beautiful. Second vector, fundamental new muscle is this collective sales motion with partners. I am not exaggerating when I say there are hardly any companies of our size or even smaller and bigger, which have the intensity with which we drive collective motion with our partners. That's the second vector that I wanted to talk about. The third piece is coming onto competencies and capabilities. Now, we started with the customer in the center. We talked about the force multiplication with the partners. Where does all this land? This lands into the capabilities that we wanna build. Now, we have one very simple philosophy when we think capabilities. Whatever we are size, in what we choose to play, in the area we choose to play, we will be the best. No compromise. We will not choose to play in every area, by the way. You'll only see six here. There are... If you go to many other analyst briefings and other things, you'll see 50, 30, 40, 20. No, just six. In these six, there are two categories here. One, the billion-dollar competencies. All these three are gonna be more than a billion dollars competencies in two to three years. By the way, they are not, they're not at $900 million that they'll grow to. They're smaller, but they're sizable. We have a very clear playbook on how that is gonna happen, why they got to where they got to, and how they'll get to a billion dollars and more. You've known us to be a data company, you know, I have a demo planned, so we'll, you'll see some more of what we're doing. You've always known us to be a strong core ERP company. Well, here's a new competence that has done so well for us. We call it Modern. This is about modernizing large swaths of application landscapes for our customers. Building cloud-native platforms, building products on cloud. Massive business, massive growth. We think it's a huge growth driver for us going forward. We're so excited about... This is again, along with the cloud companies. On the other side, we've identified three growth engines. You know, Sudhir talked about security already. We think we have 10-15x growth possible in the next three years just in security. Interactive, beautiful work that we do, we plan to take it to every customer of ours because the value proposition that we have in this space is next to none. Finally, Thrive is really the next GenOps model. I wish I had more time to talk about it. In terms of the competency strategy, we are very clear-eyed on where we're gonna focus, and in these areas, we will be the best at that is out there. That's the third vector of our go-to-market strategy building. Let me come to the last one. This is, you know, this is where we get even more excited, and I have a demo planned. Now our customers almost consistently wanna know each time they see a LTIMindtree representative, they are almost expecting, "Hey, what solution, what IP have you got?" Because we've built it into our way of working. By the way, we don't have a spray and pray strategy here that everything we will create some solution, some PPT. We're not a PPT company. We've picked three areas in which we built IP. In those three areas, we will cover the entire life cycle. We call this life cycle IP. If you see there, Data-to-Decisions life cycle. We've got IP across the board. If you look at cloud, from business case to business value realization. We picked an area, three areas we picked, and we are life cycle building IP across the life cycle. The third element is we brand it, we market it, we position it well, because we don't try and do 50 different things. I'm very happy to report that right now, our IP-type customers, right, which are, you know, buying IP from us, not just services, is doubling every 6 months, if not more. Very excited to talk about it because customers look for nonlinearity. Customers don't just look for how many people do you have certified on a certain technology. We think this is the age of automation. We think this is the age of IP. We are very excited to bundle a lot of things that we do along with this. That's the fourth element of this. Now I'm gonna switch on to a demo that I wanted to show you. ChatGPT has become the, this raging topic, in our world, in the world of tech, that's shaking everything up. Here at LTIMindtree, we embarked on that journey three years ago. What we're gonna show you is a demo of a product, Lumen, which is part of the Fosfor family, which in a simple parlance, is the ChatGPT equivalent for the enterprise in the space of data. What ChatGPT does for text and visuals, Lumen does for data. By the way, we have the top pharmaceutical company, the top pharma company, the top CPG company, the top bank using it. I think you'll enjoy it. Without further ado, I'll hand it over to my colleague, Debashish, to walk you through the demo. Thanks, Siddharth. Hello, everyone. Good evening. Very happy to show you what we have in Lumen. As the team there mentioned, our investments on data and AI. We'll see for real how Lumen works for different decision-makers in making their life simpler. Okay? Now consider the scenario that I'm going to show you is in terms of a category manager of a large retailer, in terms of how do they make decisions in understanding how which products to focus on, how do they do market penetration more, how can they do market expansions more and take decisions faster. Now consider me as a category manager. I can just come in quickly and say, what is the trend of. Now, as you can see, as I'm typing, it is recommending me. Just consider the amount of speed that we are bringing in decision-making now. As Siddharth mentioned, consider this as the ChatGPT for enterprise data. I can just come in, ask questions, and you can see, boom, we have the answer in front of us. No BI reporting and others. It explains me, how is the market trend performing. It shows me how exactly is the market trend in terms of charts. Consider this, that I'm constantly curious and thoughtful about what I'm trying to analyze. Let's keep on adding these to our stories. Consider we create a story title for today, and say 14th March analysis. Right. Let's keep on adding to whatever we are thinking as analysts to our storyboard. Okay. As soon as I do that, maybe my next curiosity, as we say in Lumin, if you can think fast, you can get insights fast as well. Let's say now, in terms of looking at what is the growth contribution of APAC across, say, by categories in Feb 2023. As soon as I ask that question, this is a complex question. You want to know how exactly your growth is performing. Are you growing? Are you de-growing? You can easily see now, one, it narrates the entire thing for me, and it gives me a waterfall chart right in front of me in saying, "Hey, it seems that furniture, technology, and office supplies are de-growing, which is making your sales go down." Okay? Very, very quickly. As soon as I do that, the next thing as a curious business user to make decision is, why is sales drop in APAC in Feb 2023? As soon as I'm asking this question, you can understand that I want to know why. Just consider this, if I would have given to a business analyst to do this, they would have come back to me after weeks. Here you have an answer right in front of you that it is dropping because of your digital ad spend and mobile spend. In India as a country, you are witnessing a drop. Within India, office supplies and technologies are dropping. Within office supply, appliances are showing a drop. You can keep on going down to a brand level. Consider this analysis in seconds in front of you rather than taking weeks. We have also integrated explainable AI in saying, this is not a black box. I'm an analyst to win for you. You can see which machine learning model got applied and every analysis in front of you. Everything, the sooner you can type, the sooner you can get insights. If I'm making a business decision, you need to see in saying that, "Hey, I want to run simulations because I'm trying to make decisions here, right? I need to know if I make this as a decision, is this going to work out or not?" As decision-makers, we can quickly do simulations. I can change the values and say, "Well, let's increase the promo spend a little bit and digital ad spend a little bit. Is it gonna change my sales in here, right?" I can quickly run simulations and see, hey, if I do these investments, is my sales going to change? Of course. It shows that 22% of sales can increase by doing those changes. I still have scope because the best in class I can reach to 32% more sales, right? Not only this, you can ask future questions in saying, "What will be my sales in APAC in next six months?" As soon as I'm asking this, I'm asking a futuristic question. As decision-makers, I need to ask future questions. When I'm asking that, I run my forecasting model and give you an answer very quickly in saying, "In March, we see that you might be dropping in an existing rate, 5%." You can see the entire forecasting working out here. With few questions, you know what is happening, you know why is it happening, you know what will be happening so that you can make your decisions faster, right? Let's do another question. Say, for example, we ask this question in saying, "What is the trend of sales by markets?" Right? We had asked this question. Let's add a few things to our stories. If you remember, we asked a few more things, and let's add a few things to our stories, right? Say, for example, let's go into APAC. Consider this particular scenario. I asked a particular question, but it preempted my thoughts, and it told maybe you also want to see the comparison of APAC sales. Maybe you want to see the share of sales by markets, right? In one question, you are getting answers to five more additional questions. Again, productivity of an analyst increased by 5x, right? I can go into a detail of it. You can see very quickly, it also recommends me. I can add some of these things to my storyboard that I had created because storyboards help you get your analysis in one place. No need of Microsoft presentations, copy-pasting it, taking into meetings, right? I can go into a storyboard. You can see all these coming in there. We had asked this question, we had added into storyboard, right? What is the trend? We had also asked this question and added into the storyboard. What I cannot do is, as Siddharth mentioned, we have now used language models before, and now with the new era of ChatGPT, I can straight away now publish it. What we want to do with this is now create narratives, right? We want people to just get the narratives very, very quickly. This is where we work with OpenAI, and you can see the entire narrative being working with OpenAI GPT and giving you the entire narration out here rather than going and creating different BI reports. This, when it is available on mobile, which we do, you can understand that you can get all this analysis on the go. This is what we are solving in Lumin. This is a market-changing space. This is where LTIMindtree's investment on AI and the new technologies like ChatGPT and others comes into picture. This is where it gives us an advantage against any competitors of ours. Thank you. Okay, thanks, Debashish. This is awesome. I thought we will give you a sense of what innovation looks like and just to kind of make it real because everybody talks IP. When we do this stuff to our customers, they're just blown. Right? There is no conversation about do you get data? Do you get all of this? I thought it'd be good to share with all of you on what's the world we are taking to our customers. With that said, thank you so much. It was always great talking to you guys. I will hand it back to Nachiket. Yeah. Thank you, Siddharth. I think, you know, just to summarize what we wanted to talk about, right? We talked about the opportunity that exists, which is unique to LTIMindtree. You saw that our approach to go address that opportunity of the unified transformation is very unique. It's not isolated motions of cloud transformation or just the data transformation or just the ERP transformation, but the unified transformation. You looked at the unique capabilities that we believe that gives us confidence that we can deliver to that promise. If you've done all of this, sorry, how would the success look like? If we talk to you a year from now in the similar forum, what success would look like, what we would have achieved if we are able to fulfill that promise? We believe that the focus areas that sorry. Focus area that Siddharth talked about, those focus areas should show higher growth than company average. Our growth contribution from our existing account with the potential of cross-sell, up-sell, the Aspire program that Sudhir talked about, should show higher growth contribution from that program. Our productive pyramid, the customers which are in the middle bracket for us, their contribution in our overall revenue should go up if we are able to successfully cross-sell, up-sell. The characteristics of our pipeline in terms of those unified transformation deals, size of the deals as we are unifying many capabilities, and full stack, which is covering across many service lines and many capabilities that we bring together, should reflect in our pipeline as well. That's the promise. This is the plan that we have set out to do to be able to achieve that growth potential that exists, which is unique to LTIMindtree. Thank you all. Thank you very much, Nachiket. Thank you, Siddharth. I'm also gonna thank Debashish for that very fascinating and very interesting demo. Also thank you for taking us through the strategic plan in a very simplified manner. I think we managed to gather some really pertinent and some very important nuggets of thoughts. It clearly shows that possibilities are limitless. That being said, we're about to move on to our next speaker. Before that, let me also inform you all that after the next session, we're actually gonna open the floor for a Q&A. For our members of the audience who are joining us online, I'm gonna urge you all to type your questions so that we can take them even during the Q&A round. As for those who are joining us here live in person, we will be passing the mic, that session will take place after I invite our next speaker. In fact, we all know that today one of the most crucial business objectives for a company is to achieve financial success while outperforming the competitors. I'm gonna invite on stage the Chief Financial Officer, Mr. Vinit Teredesai, to take us through the next session on delivering profitable industry-leading growth. Ladies and gentlemen, let's have a healthy and a wealthy round of applause. Please help me welcome on stage Mr. Vinit Teredesai. Good evening. Am I audible? Normally, the finance person's voice is very low in the organization, but I'm trying to be loud. First of all, welcome all of you. This is our first investor meet that we are doing in person after the merger gets over. I hope you have enjoyed all the presentations that have been made so far. Let's summarize what does this mean for us in financial terms. You know this DNA, you would see common why a finance person is talking about a DNA, the speed and agility is a part and parcel of our DNA. That's the reason why it's here. We have executed this merger in a record time of 7 months. We have closed our books within 60 days after the merger get over. Now we are ready with the day two, which will be an another one organization with one internal system, one common policies and one domain. D.C. covered our virtuous cycle of sustainable value creation. That's laid down on four pillars: driving growth, cost synergies, disciplined, but more important is the disciplined execution behind it, capital allocation framework, and creating shareholder value. Shared value, sorry, for our stakeholders. A strong track record. Both companies put together, we have grown consistently even in tough times. A CAGR of 15.5%, and I've done the math. We have done this adjustment for all our nine months performance also. That's, if you add that on an annualized basis, we still continue to maintain that, and we are confident actually we'll beat this. Four billion in size, 15.5% CAGR growth, that is LTIMindtree with a strong and consistent track record. You'll say, "What's unique?" Right? Everybody has grown. Let's look at how we have grown compared to the peers. We have grown beyond the industry, it has been our industry leading growth. The chart here shows the year-over-year growths of all our closest peers that we track. The blue is the range in which all the peers have grown, yellow is where the LTIMindtree has grown consistently better than the peer set. Most importantly, if I want to call it out, LTIMindtree is the only organization which has delivered this growth organically compared to some of the other players, whereby they have grown inorganically. This is the position with which we are starting, continue with growth and leadership. Coming to the opportunities, where is the confidence coming on? Right? We have a strong engineering DNA coupled with a strong experience DNA. Sudhir mentioned, $374 million clients. We have cross-sell opportunities, within that, if you look at our focus 100 clients, look at the math that can work out on it. Our partnerships across hyperscalers, enterprise applications, digital data, and vertical specific. LTIMindtree, Nachiket touched upon unified transformation capabilities. Best-in-class IPs to deliver the nonlinear outcomes. Now if you look at the larger deals which are becoming the new mantra, and we are seeing this coming up, we believe we can achieve a $1 billion revenue synergies over the next couple of years. You have known LTI and Mindtree, while I don't want to talk about it independently, both the companies have a track record of delivering a 17%-18% EBIT margins. We are going to have cost synergies and disciplined execution on 3 parameters. We'll bend our cost curve. We'll keep on adding more and more people to our bottom of the pyramid. We'll do our H&L leverage, which is basically doing more with less. Tail account rationalization. We'll bring in efficiency in our operation by identifying more and more synergies, at the same time, also eliminating any inefficiencies that are existing. With this, we believe we can deliver a 200 basis point incremental margins than what historically we have been delivering, both the companies have been delivering. Capital allocation framework. We want to ensure that as our strong capital allocation framework is focused on value-enhancing investment. We'll continue to invest to grow, which is basically in the assets of innovation, platform with delivery, new growth opportunities, and as we start returning back to office, also into our CapEx. We have been CapEx-light in the last two years, but now we need to invest into capacity. Inorganically, we want to ensure that we invest into capabilities as well as wherever we are able to expand our geographical footprint. While doing all of these things, we want to ensure that we are delivering to continue our historical returns to all our shareholders. What is the confidence? We have a billion-dollar healthy balance sheet that gives us the confidence that we believe we can deliver all of these things. While doing this, we can't... While we care for our business, we also want to ensure we are caring beyond our business. We have a strong ESG footprint that is laid down. It is a part and parcel of our culture. Now we are well-positioned to further our positive impact on business as well as society by adopting the bolder initiatives. What are those bolder initiatives? I don't want to call it out. This is a consistently improving, to make few things and few high-priority topics across ESG, we want to be carbon neutral and 100% renewable energy by 2030. On social, we want diversity not only by gender, but also by ability and nationalities. On governance, we want to ensure while doing all of these things, we maintain robust compliance and integrity policies. Coming back and to summarize this whole sustainable value creation, how do we measure our success? Right? On driving growth, a billion-dollar energies. On cost synergies and execution, improving our EBIT margins to around 19%-20% range. On capital allocation framework, organic and inorganic growth. We want to ensure our return on capital employed consistently stays above 40%. While we do this, we are creating a shared value, shared and responsible growth by delivering on our bold ESG agenda. With all said this, we believe we are ready to take on all the opportunities that can come on our way and get to the future faster together. Thank you very much. Thank you. Thank you very much, Vineet. I must admit that your words have given us a lot to think and calibrate our business decisions with. Now, ladies and gentlemen, and everyone, what we're gonna do is actually give a quick makeover to the stage because we're about to set the stage for the Q&A session, as I had mentioned earlier. That being said, let me also inform you all that while we take some time, a minute or two to set the stage, I'm gonna once again urge our members of the audience who have joined us online to please type your questions. We're of course gonna be handing over the mics to all the live audience here in order to share your questions. Now, at the same time, I also realize that this is going to be a very interactive session. I thought, let me do a little warm-up and also sort of gear you up for that interactive session. This is what we're gonna do. We're gonna get some more energy from all of you one more time. Now I want all of you to take your left hands up in the air. Everyone! You can all say hello. Hello! Superb! While you keep your left hands up in the air, I want you to take your right hand, two fingers, and start tapping your left palm. Everyone, start taking your right hand, two fingers, and start tapping your left palm. All right, we're almost warming up, I get that. Let's take three fingers and start tapping our left palm. Slightly louder! Slightly louder! You see there's a heatwave there, and the only way we can avoid that heatwave is there's a little rain. Let's take four fingers and start tapping our left palm now. Louder, louder. Superb. Looks like it's drizzling, but I think we all enjoy good rain. Can we have a rainy round of applause? Let's take all the five fingers. Absolutely amazing. Thank you for that energy. Thank you so much again. It's just a wonderful way not just to applaud for everything that's just happening here, but for the fact that we've all come together and to be part of a very, very inquisitive and an informative evening. With that, looks like the stage is almost being set. Let me inform you, here's what we're gonna do. As we open the floor for Q&A, we're gonna have our set of team members who will hold the mics. I'm gonna request you to raise your hands so that you can introduce yourself and then direct your question. As for our members of the audience who have joined us online, I'm gonna request you to please type your questions. Let me inform you that, to help us moderate, with regard to the questions, for the session taking place from the audience online, we'll also have Mr. Nitin Mohta joining in. That being said, I think we're all set. Let me firstly invite on stage once again, DC, I'm gonna invite Sudhir, Nachiket, and Vineet to please join in for the Q&A segment. Let's have all of you, DC, Sudhir, Nachiket, Vineet, let's have you on the stage. Siddharth as well. Yes, let's also have Siddharth on stage. All right, we have all of you here. Let me inform you that Nitin, of course, will be ensuring that he'll moderate the session for, in order to take the questions from those who have joined us online. That being said, I'll hand it over to you then. All righty. Hello, everyone. We'll probably go with the questions in the room first. Great. We'll start. I think before we go any further, let me make an opening statement, which I think a few of you asked when I was talking to you. Silicon Valley Bank. It's a customer of us, but the impact is not of any material value. I want to just reassure you on that. Second thing is, they're also a banker for us. We worked through the weekend, and I think we have mitigated all the risks. Again, we are not really worried about that. Overall, we are in a very good shape. As of now, we are just watching the space. We don't have clients which are in the high-tech and the startup which have been funded by them, et cetera, but we are still watching the space if there is any impact. As of now, I don't think we are really worried about whatever is going on. I wanted to just make that statement so that I know it must be there in some of your minds, I just wanted to clarify before we get into the main Q&A. Well, thank you, DC. You took away 10 of the questions that I had from online. Hopefully my friends here in the audience will come up with something else. Yeah, why don't we open the floor? You wanna go first? Should I? here. Hi, Yeah. Yogesh Aggarwal from HSBC. Thanks for the presentation. I have a couple of questions. Firstly, from Vineet. Vineet, you talked about growth, which has been very impressive. Can you talk about cash flows? Because those have been a bit weak in the recent times, especially when compared to industry standards. A little bit around that. Secondly, DC, now that the merger is over, I was just curious, what's the kind of involvement the parent has now, since they have synergy targets. Are you seeing more day-to-day involvement, or is it the same? Any thoughts on that will be helpful. Thanks. Okay, I'll just answer it in simple word. You said consistent profitable growth. I will just amend it to say consistent cash profit growth. Yeah, it is a valid point, and we are working on it. As a part of the merger, obviously things got a little bit disrupted, which was again anticipated, but we are working to ensure, one, our unbilled revenue comes down and our cash collection mechanism works on a faster note. Be assured that we are absolutely on top of it, and this consistent profitable growth agenda will be a consistent cash profit growth agenda. As far as the parent is concerned, I think you have to appreciate that, you know, both the companies were responsible for delivering their results as far as Q1 and Q2 are concerned. Definitely there was a steering committee which was formed with a view that the management teams of the erstwhile entities don't lose focus in terms of their day-to-day business. There was definitely. It was definitely helpful for us during the integration to get the support that we got from the parent, from the group. I think that's beyond us now. I think the merger is complete, and it is back to the normal way of working as it was earlier. Does that answer your question? Yes, thank you. We'll just take that first and just, if you can also stand up and ask, just because the glare is too much, can't see who's asking the question. It just becomes a little easier to identify. Yeah. Vimal Gohil from Alchemy Capital. You spoke a lot about scale coming in with the merger. Over the last couple of years when, you know, digital has taken so much of importance, deal sizes have sort of shrunk meaningfully. My understanding here is that that puts the tier ones and of course, now you at par with, you know, the smaller specialist IT companies as well who are doing a lot of work around digital. How do you compete with them? That's question number one. Question number two for Vineet. You spoke about efficiency in operations. If you could just highlight something more on that, maybe utilization levers, onsite, offshore, pyramid, et cetera. Thanks. If I understood your question, as far as, you know, if you look at the digital deals in the last, say, last 2, 3 years, you might not have seen a very large deal announced. As far as competition is concerned, we have been competing with tier ones all the time, so that is not a, nothing new to us. One thing which I always clarify is that if you look at the clients, they're giving work to us in 2 aspects. The first aspect is, they want to look at their revenue enhancement, which is what we talk about redesigning the business models, new experience, and that actually involves a lot of application development, so cloud migration, so on and so forth. Essentially, this is the digital part that we have been doing. This piece of work typically tends to be short cycle, which means that you do a short cycle work, but the moment that work is complete, you go to the next work, so on and so forth. Which means you may be doing a $10 million over one year, but if the work is going on in a transformation mode over the next three, four years, you end up doing $40 million over four years, five years, whatever it is. Essentially, you may not see a TCV upfront, but these are also large deals that happen if you become a strong partner in that particular situation. The second type of work that we do is a typical efficiency play or a cost takeout. In an efficiency play, the deal tenure seem to tend to be simply more of four or five years or even longer. Those are the longer TCV deals. In the current situation that we are in, given the capabilities that we have as an integrated organization, we are actually well-positioned to play on both the sides. That is what is very important to us, and that's what I think Nachiket, Siddharth elaborated, the way we have organized. I think the whole idea is that can you create an organization which is simple so that we can provide agility and nimbleness across the organization to the other stakeholders also beyond the organization. That's what we are doing, and that's what we are very confident about. Vinny? In terms of the efficiency factor, there are standard levers. Obviously, we'll, like, improve the utilization. Importantly, I'll give one or two more examples about it. While today, well, right now there is a season of RRR, right, everywhere. We also have a slightly modified RRRB, which is basically right role, right pricing. We have to ensure that all the resources are getting billed at the right price. That's one. The second part, we want to ensure, like for example, how are we managing our bench effectively? With the labor market, which was pretty hot in the last two years, most of our companies, and including us, have gone and done a little bit of hiring ahead of time. We want to now manage. We have a good bench. We want to manage that bench very well before we go and step our the pedal on doing incremental hiring. Third, give subcontractors. Subcontractors, it's per se not bad, but what we want to ensure is that subcontractors are getting billed. They are not coming ahead of time, and sitting without getting billed to the customer. We are ensuring that we are getting billed to the customer at a higher rate than what we are paying to the subcontractor. These are multiple levers which we have identified, and we think that there is an opportunity for us to improve on this, in order to make the margins. You want to add? Is the environment right for us for a price increase to give us a margin? I don't think he talked about price increase. I think we talked about managing cost better, given the market conditions that we are in, and we are reducing subcontractors wherever it might not be profitable, given that we now also have a higher bench as a combined organization. The idea is to effectively utilize our bench, get our utilization up, and the other pieces that Vineet talked about. By the way, the customer does pay if it is a real niche skill. The customer does pay extra. What I meant was to ensure that we are getting the right price. We are not getting the average price. We are getting that right price. That's it. I'll take next from Sandeep. Yeah, Sandeep Shah from Equirus. Vineet, just for clarity on one of your presentation on margins. You said from 17%-18% currently, we may go to 200 basis points higher by FY27. You expect 17%-18% by Q4 itself, because where we were in Q3 was 14%? Q3, we had called it out that it was basically impacted by one-offs, right? Both from a normal furloughs, less working days, plus the integration cost. We do anticipate that we'll bounce back in Q4. More importantly, we want to get back in our short to medium term, our endeavor is basically to get back to what we were historically delivering. From there, to take it forward and improve it by 200 basis points to take the journey towards the 20% range. We should take 17-18 as a FY 2024 target maybe. I not mentioned any guidance. We have never given any guidance. Okay, thanks. Yeah. Yeah. You wanna go ahead first? Can we have a mic here, please? Who has a mic? Oh, may I? Yes. He asked. We can take it before or after him. I think I'll wait. Go ahead. Hi. Atul from Motilal Oswal Asset Management. A question for Sudhir. One of the slides that we saw was 15% $ growth for the last five years. As we look next five years ahead, do you believe this growth can accelerate in any form? If you were to just do the simple math, like if you do 15% in five years, you'll be at $8 billion. You guys have called out billion-dollar revenue synergies, that makes it $9 billion. So do you believe from the setup that you have and the market that you see, in absolute terms, the revenue number is still in terms of if you look at the tier-ones, it's still much smaller. Firstly, your belief on perhaps the possibility of this happening, and what are the challenges and what are things that we need to add in any form to perhaps achieve this number? Thanks. No. You know, if I step back and look at the market, right, you know, and we are in a secular tech spend cycle. There is absolutely no doubt about it. You know, irrespective of sector, there is no sector that is not investing in new technology, right? I mean, you can just, you know, all the vectors that you see, whether it is cloud, data, digital, even, you know, you look at the ERP spends that are happening, et cetera. Those are in a, you know, what Nachiket spoke about earlier, right? Right from experience to core to edge, there are investments happening across the board. You know, these are multi-year investments. These investments may slow down a bit, these investments are not going away. The spend is. That's why I'm calling it a secular spend. The spend exists, right? The second thing is, you know, once you know that the spend exists, right, the market exists, it's about, you know, our ability to get a larger share of that spend than perhaps others, right? I think that's where the past track record counts, right? Remember that 15% growth year had a pandemic year in it. Frankly, you know, compared to the pandemic year, this macroeconomic stuff is sort of quite trivial, you know. There was a quarter in the pandemic where we were generally wondering as to how, you know, we would do business and how our clients would do business, right? You know, we managed to grow as LTIMindtree even grow at that time in that pandemic year. I think the confidence that we have is that we have been able to find growth, even in the most difficult times, gives us that confidence that we have the ability to do so. Frankly, getting together as LTIMindtree, we have so much more to do, right, which is what I said. Even if we were just, and I would not do this, but even if we were just internally focused, right, we have enough avenues for growth in what exists within our organization today. You know, there are net new clients to sell net new services just within our portfolio. I think that is what the whole, you know, that's why we feel confident that, yes, we are in a good tech spend cycle, we've got a good track record of growth, and we've got internal pots of gold that we can leverage, we should be able to continue with our growth momentum. Just one follow-up, if I may. In terms of, in terms of, say, for example, if you had, if you were one entity growing up to $4 billion versus now that the two entities have been combined to be $4 billion. Especially in the large deal, domain when you are, when you're contesting, does client referenceability for the large deal, be an impediment to winning those deals in any form? Because, you perhaps may not have executed deals of that size. Is that an issue in, to begin with, or, what is the view there? See, you know, of course, this client referenceability is there. I think, you know, what happens in most large deals is, right, clients, you know, their objectives of, you know... Large deals, they have about three-five-year horizon, right? In most of these horizons, what they're looking for is a combination of cost control as well as some transformation. Frankly, there are two elements that are most more important to clients. You know, what is your solution, you know, what are you providing as a solution? You know, Siddharth spoke about Thrive, which is our new solution that we launched, and the structuring, right? The whole deal structuring. Once you have these, right, they're looking for parameters to say, "Can you execute on that?" Right? We've got a track record of being able to do so. Even in our erstwhile entities, right, we did $200 million plus deals. Actually, it's not an issue. In fact, if you see the advisor ecosystem, right, they absolutely, if they put you on a shortlist, they do it because they believe that you can do it, right? That's what's reflecting in our large deal pipeline as well. I think for us, the question is to see how much of that we can actually convert, right? For us, it's that, it's, I think we have the right to play exist. It's the right, you know, how we actually convert with differentiator propositions that's gonna be. You saw our order book in last quarter. It sort of reflected that, you know, we're in a strong position to leverage this growth. Again, you know, there is, in the short term, I will still say that clients are spending over a longer period of time. That is something that's a trend that we do see. There is caution in the environment. We need to keep that in mind as we look at, you know, how we expect all these deals to when we expect them to close and when we expect them to start, and, you know, what revenues we expect in the coming quarters. Thank you. All the best. Just to add to what Sudhir said. It's not just scale that is important in large deal, but the diversity of that scale. If you have a typical application outsourcing environment, traditionally, either of us would have been strong on, say, ERP and data, or would have been strong on digital and OT or engineering side. Now, as a combined entity, we're strong on all four towers, and that's really what customers gives us right to play. They now see that we have capability that can actually genuinely help them across their entire spectrum. That diversity and scale helps. And we have enough client testimonials in executing on each of these towers as individual entities. It doesn't affect that we've not executed together because these are not, anyway, fungible skills, but these are complementary skills. That's really what is good about LTIMindtree merger, is bringing that diversity in the scale for us. Yeah. Hi, Vibhor here from Nuvama. Got two questions. One, I wanted to ask, now that we're a $4 billion company, there are different kind of deals that we would be bidding for. Of course, the proposition had always been that we would be looking for larger deals. Has the set of competition changed for us, the companies that we are competing with, the vendors that we are competing? Has that forced us, I mean, I know it's early days, but do you think that would probably force us to change our offerings in some manner, maybe on the pricing front or whatever we have to offer? The second and broader question, I know DC tried to preempt that, but just to get your opinion on how do you see the current environment, the current things that are playing out in the financial world in the U.S. as of now? I know it's early days, small regional banks which are looking at, but you've all been in industry, we've seen the GFC crisis. How do you think, at least at this point of time, how do you see this playing out and impacting the tech spends, if at all, for these banks or the larger industry? Yeah. Let me answer the second question. I see it as the way you are also seeing it, to be honest. What happened over the last weekend, I don't think was really, you know, expected in any way. Overall, you know, I always have maintained that our reflection of confidence in the system or in terms of our portfolio of clients. If you look at what has been going on, even within the same industry, two clients are not behaving the same way. Given that scenario, you have to stay close to your clients, and your portfolio of clients is a reflection of the confidence that you have in terms of your growth, your business, so on and so forth. From that perspective, I don't think there is anything which is a red flag at this point of time. We are watching the space as you are watching, and we have to just hope that things stabilize as we go along. I don't think I can comment anything more than that. To your first question, which is about competition and approach, I don't think there is any fundamental shift to the competition. If you look at our competitors, it has to be the tier one players and some of the other digital players also we have been competing with. You know, I don't think that is fundamentally going to change. What happens in terms of large deals is there are a couple of aspects of a large deal, or two, three aspects. First of all, you have to get a seat on the table. The seat of the table is, you know, sometimes very critical based on the size and the scale that you have. Now, that's one area where, as individual entities, we did have challenges. That's why in some deals we used to form, we used to go to the market together even before the merger was announced. The scale becomes important to get a seat on the table. The second thing is, when you talk about some of these deals, it's the solution that matters. As Nachiket articulated, you know, if you have strength in all the towers, all the areas that we, that we have, you know, service and capabilities, and if you're strong in every area, then with that gives us the confidence of creating the best solution for the client. The third element that I can think of, which is most important, is the overall economics, the overall financial engineering that you need to do. Even when you do a financial engineering, in certain cases, the first year is always very difficult for a large deal. When you do a first year, you know, it can be margin dilutive to some extent. As an individual entity, you can only do so many large deals because at the end of the day, we want consistent profitable growth. We don't want to dilute our margins. With a combined entity, that gives us that gives us the ability or gives us the cushion to kind of go for these deals in a much more bolder fashion than what we could have done earlier. That's the third aspect of it. I think these are some of the things where we are feeling very, very confident. We feel very strongly that we can compete with anybody else in these situations. As and when, you know, there's already some evidence, Sudhir, I think, talked about it. There are quite a few deals that we are pursuing, and we are very confident that we should be able to come out in flying colors in these situations. Sudhir, Nachiket, you want to add anything? Siddharth? No, I can. Can you hear me? Hello? I mean, I think your question was on who we compete with and what's our experience, and I think DC answered that. I would also add that as part of the design that we rolled out, we feel we're in a far better place to uniformly differentiate, because now we've created global capability units. The best practice on a data deal in the U.S. or in a certain segment in the U.S. and a certain customer now by design flows across the globe. While the competitors haven't changed, our edge in the market will be far more consistent, far more repetitive. While it's a very nuanced point, it's a big change in how we go to market. That is quite exciting to us as well. Sure. Got it. Thanks. Great. We'll take Sudhir, and then we'll take you. Hi, gentlemen. This is Sudhir from Kotak Mahindra AMC. My first question is on what's happening in the U.S. banking. Of course, it's still, situation is very fluid. One trend that looks to be happening is there is a big migration of deposits and account holders from some of these smaller banks to larger banks. Sudhir, you mentioned that we work with almost 11 of the systemically important banks and our top account, and we had acquired a platform from them in the past. What I wanted to understand is, how does the benefit actually flow through? If this theme actually plays out to be a bigger theme, how does the benefit flow through to us? Is it like a real time wherein the benefit is essentially linked to the AUM or the number of account holders because there is some platform component in it? Or is it just a capacity or an outcome kind of a project where the benefit flow through will happen over a period of time as the client also grows? This is question number one. Question number two to DC, since you, yes, the entire presentation is structured around the theme of paradoxes. The biggest paradox that we are seeing in the industry right now is what you highlighted just some few minutes ago, that no two clients are acting in the same way. Why do you think so? Of course, to the extent that you can answer, what makes this situation very peculiar compared to some of the earlier crisis that we had seen, be it the GFC, somebody was juxtaposing it, the GFC or even a Euro debt crisis, so on and so forth. Thanks. Both are loaded questions. You want to think before. I can answer the question. You can take the second question. Yeah. I'll take the first one. Okay, go ahead. No, go ahead. Go ahead. On the first question, right? If your point was referring to the business that we have in Canada with Unitrax, which is where we do transfer agency work, where assets under management is the unit of billing. There, we are a platform services provider to clients like, you know, the RBCs and the all of the world that actually provide the investor services on behalf. That is in Canada, so it is not in the U.S. It's a Canadian operation. It's 60% of Canadian assets under management. Frankly, zero impact there. I think the broader point is, you know, our... You know, the number of clients that we have in the banking sector, which are regionals in the US, is very, very small, and the amount of revenue there is, as I think DC said earlier, even including SVB is negligible. I mean, it doesn't make a difference to our overall thing. I think, you know, we're yet to see what happens to the GSIBs as part of this, but I think we'll. You know, for us, the work that we're doing in banking is in GRC, which is a major part of the work that we do. In fact, a lot of the data we work that we do is in GRC. We think that, you know, there is a new banking act in the US as well. In any case, there is already a focus on GRC at multiple levels. That focus on GRC will enhance across the board. It won't be just limited to regionals. It will go up across the board. I think that is something that we anticipate will start to happen in the coming months. On the other question that you asked, I think we have to go back to the history. If you look at 2008, what happened when the financial meltdown happened, I think there was no second thought about the fact that everything came to a grinding halt. Every e-company in every industry followed the same pattern, that's what I mean by an industry coming to a grinding halt. Maybe financial services led the pack, every industry got impacted. If you look at what happened during the pandemic, it's the travel industry which was right in the middle. The travel industry got very badly hit. In fact, you know, nobody knows it better than me because we had a significant travel portfolio at that point of time. I still have. Apart from travel, the other industries did not really get hit to that extent. To your point in terms of what really happened, why did I make the statement that two companies within the same industry are not behaving the same way could be probably attributed to some of the behaviors that we have seen during the pandemic. What you have to understand is so long every company used to say that they are doing digital, the pandemic really forced companies to truly become digital. Doing digital in pieces doesn't make you digital. Going for building a direct to consumer approach, omni-channel or a contactless, all these things are truly transforming your way of doing work and thinking of creating new business models, new revenue models, that is like truly becoming digital, of course, using the digital technologies. Every company started thinking on those lines, and that's why you saw in the last two... I mean, the pandemic two years, 2020, 2021 till even last year, so much of cloud adoption. Everybody wanted to, you know, have a, you know, footprint in the cloud. The cloud is, you know, critical because if you want to really do transformation, you have to get into the cloud. It enables your transformation faster as you go along. You have a slowdown right now. When you have a slowdown in terms of many clients are now talking about cash preservation, preserving the cash, then they're also again now thinking in terms of can they continue with their transformation or they will slow down this transformation. The reason why we see two clients within the same industry behaving differently is a real life. I can't call you the client names. I can tell you, for example, in retail and CPG, we have got two clients. One client has decided that they want to aggressively go ahead with the transformation that they have embarked on. They cannot slow down because this transformation is a five-years journey for them. If they slow down, then they will lose the edge in the market. That's a time to market thing that I did talked about earlier. Whereas I have another client in the same segment, where their market was predominantly Ukraine and Russia, and their supply chain was in China. It is very unfortunate that they just don't know how to react to that. They are definitely not going to go aggressively with the transformation. They're slowing it down significantly. For them, the focus is now can they take cost out of the system so they can continue to fund the transformation. That's what I mean by two clients within the same industries may not be behaving the same way. I just called out one example, if I look at other industries also, everybody is at a different stage of their transformation journey. Somebody wants to go ahead aggressive and somehow find the dollars to fund those in-flight transformation, whereas some people are trying to slow it down. You know, what you want to achieve in 24 months, they can achieve the same thing in 36 months also. By the way, if they achieve in 36 months, they can find the dollars easily over the next 36 months. That is what I mean by clients are not behaving the same way even within the same industry. Does that give you a perspective? Before I move ahead, I'll just take some online questions. Rishit from Matsya Capital has asked, "Do you expect leadership attrition on integration is behind us and is this stable? Question to me? I think the integration is over. For all practical purposes, we have got the day one. The day two is just a few weeks away. I think the organization at this point of time, it's fair to say, is quite stable. Sure. Probably I should add one more thing, is that, you know, whatever happens in an organization as we talk about, you know, everything cannot be related to integration all the time, because integration is... it happens over a period of time. After that, it's BAU. Even if there is some leadership change happens or some attrition happens, it is part of the BAU. That happens in every organization. Given the fact that two organizations were having significant leadership bandwidth, we can always manage the changes the way we want to manage. I don't think there is something that we worry about at this point of time. Thanks, DC. The other one we have is from Anish Kanani from JM Financial. He's asking if we can elaborate on the area of synergies. Sales of $1 billion in cost, how fast can we realize our synergy goals? I think we need to put the timeline there, right? I, you know, I'll go back to what I said. The opportunity exists, and, you know, the combination of those, the same answer, right? You know, you can do the math, right? You can just do the $374 million accounts. You know what revenue they provide at 3 service lines. If you can expand that to 5, that itself is a big fillip to this process. Of course, we've got large deals, we've got the hyperscaler ecosystem. I think, you know, the timeline that Vineet had in his presentation is achievable because, you know, all of the factors that are in our favor here. Same on the synergies factor. I clarified it very clearly that we intend to achieve those 200 basis points incremental margin benefits by FY 2027. This is more of an aspiration not to be looked as a guidance. Internally, our targets are much more aggressive than what we have stated here. Well, thanks, Vineet. to our online audience participation, participants, please keep your questions flowing. Some of those which you have asked have already been asked in the room. I'll not be taking that up. we'll go back to people here in the room. Manik, you wanna go next. Hi, good evening. Manik Taneja from Axis Capital. I have a broader industry-specific question. Over the course of last decade or more, we've heard that deal sizes just kept on getting smaller. In that context, when you are saying scale is much more important for large deals now, do you think we are seeing a reversal to that trend, apart from the ability to essentially do more financial engineering when it comes to larger deals? I don't think we have said that large deal is more important. I think what we have been saying is, if there's a large deal on the table, then we should be in a better position to attend to that large deal than what we could have done individually. As I explained some time back, I think the misnomer that we have is, I mean, I was explaining that, you know, there are cost takeout initiatives and there are revenue-enhancing initiatives. You know, the first one is where you are getting a annuity deal, and this is where you can announce a TCV over five years or whatever it may be. On the second thing, which is more in terms of a transformation deal, that also can be a longer deal. That can go, see, we have done 5, you know, we have announced 5 large transformation deals over 5 years as well, where we become the digital partner and we support them in terms of support a client in terms of all their transformation. Those kind of deals, I think clients have taken a call that they don't want to do it over five years in one shot, or rather, they don't want to announce a TCV at one shot, but you do it piecemeal, SOW to SOW. In, in, you know, the same deal can be easily an INR 200 billion deal over five years. Just that you don't see the TCV upfront. That's the only difference. The important thing is, what Nachiket and Siddharth talked about, is if there is a large deal on the table, then we should have the muscles to, you know, we should have a seat on the table and we should be able to deal with that, and we should be having the ability to win that deal, competing with the tier ones better than what we could have done earlier. Sure. Thank you. Okay. You know, this may sound a little strange, folks, there's a fallacy in your argument, right? The argument is that if deal sizes get smaller, then smaller players will win more. That's not the case in reality. If you really look at the market, right, and the market that we compete in, and now frankly, you know, across all these nine service lines, we can actually even if I extrapolate the smaller deal sizes, instead of having four or five service lines, we have nine service lines to do smaller deal sizes. If you really look at what's happened in the market, especially over the last four years, the majority of the, you know, market share grow If you look at how much market share, who's got what market share, the maximum market share across deal sizes, right, whether it's small or big, has been captured by the Accentures, the EYs, the Deloittes, the. You know, I would add Infosys and TCS to that list, right? I would say that that argument itself needs to be revisited because these are the players who've grown, you know, up much faster than any other period. Frankly, it has caught some of the other people out who frankly didn't have their strategy in place, right? 'cause some tier ones did not have their strategy in place, they didn't benefit as much as the others did. The fact that we have that DNA from what we have already done, now we have more service lines, so we can continue to do what we've already been doing and add large deals or further large deals to that portfolio. That's essentially what we've been trying to say to you. Yeah. I want to give a few maybe examples to maybe highlight the points Sudhir, you and DC made. I think the nature of large deals is changing, two or three personalities. One, the lazy large deals that the industry got hooked onto, which is, you know, support a bunch of applications and infrastructure. They're not too many. The proactive large deals, for example, one of them we're working with, large insurance company, which wants to modernize their entire application and data landscape, proactively build. It's about $100 million-$150 million, I would say, over four-five years, plenty of them out there. We'll have to work towards building those large deals. That's one personality. Second, areas like security. We have another insurance company in this case, where they're looking to build their entire CISO function ground up. It's a $100 million deal over seven years, right? The point I'm making is, I think there's a changing personality of large deals. In terms of the scope of work, I think Nachiket spoke about the diversification of underlying capabilities. In terms of how you build the deal out, lot less reactive, far more proactive. With the collective capabilities, with the organizing muscle that we have, we feel very excited about being able to create and win these deals a lot more than we did in the past. Sudhir, to your comment, we have got an online follow-up from Sundaresan from Avendus Spark. He's asking what% of these smaller deals can be converted to large transformative programs over the years? Is there a linkage there? No, I think, see, you know, for us, I'll go back to that slide that I had, right? Whether it's business model transformation, experience transformation, ops transformation, or tech ecosystem transformation, right? All of these are journeys. I think DC was making that point. Some of these journeys will start small. They'll start with a consulting engagement. They will then go on to an architecture assessment, then they will go on to some feasibility analysis, then go on to some POCs to, you know, actually prove that there was our, you know, MVP kind of things, and then get on to full-blown sort of execution, right? It may, that's why it's important that, you know, the journey is important. In fact, it may start at a very small place, but end in a, in a much bigger fashion. That revenue curve is very different. Frankly, if you saw the, you know, the slide that I had on my, on cross-sell, up-sell, you can see we have a very strong consulting offering. Those are the things that are now there in our, you know, in our portfolio, in our armory, essentially, which are much more, you know, firstly, much richer because they're across various aspects, you know, various service lines and, you know, at bigger scale. This is why, you know, these deals are essentially the way we look at it is which journeys are we involved in? At what stage are we involved in? How do we make sure that those journeys progress over a period of time? Thank you. Yeah, we'll take Girish pai first, and then. Yeah, hi. here. Sorry. Okay. Hi. This is Rahul from Dolat Capital. Is it better? Yeah. Firstly, if you could run a query on Lumin about what could be our growth for next year? Especially given the fact that we have this $3.7 billion, even the old adjusted TCV, while the revenues are at $4 billion, I think it used to be $2 billion when we used to publish this data last year as an individual entity. With lower TCV than revenue, how it looks like. Just on the math, right? It was $2 billion when we were $2 billion, and it's $3.7 billion when we were $4 billion, which is the $15 million. If I do a like for like, it's a very similar number, frankly, you know, that. And this is the qualified deal pipeline. I'm not worried about the large deal pipeline. If that's the, you know, yeah, from a. I mean, the. I think if you ask me, as Siddhartha just said, right? Some of this, the way these deals are shaping up, what we're looking at is the richness of these large deals, right? You know, if you saw our service offering slide, right? You didn't see any applications management, application maintenance, et cetera, et cetera, which is the typical service offerings. These are all the new age service offerings that clients actually genuinely want. We're looking at these across the board. I think that is actually more exciting, frankly, you know, in fact, even more exciting than just also the overall size of the pipeline. Yeah. Secondly, you said, we work with probably 12 of top 20 GSIB, but I think SVB was one of the top 20, if not. No, no. It's a top 20 bank in the U.S., U.S. SVB was not a GSIB, just to clarify. Okay? More importantly, also, as you said that, of course, different clients are behaving differently. Based on your past experiences of such scenarios, can we say that at least from a projects which are low ROI, in an immediate future, are the projects that would take a hit if not on an overall BFSI IT budget? Okay. See, if we look at what is happening in the BFSI space, right? What we were seeing, as I said, this is one vertical where we have coverage across the globe. You know, clients are behaving differently. You know, clients in Australia are actually seeing a different business environment. We've got banks that we work with in India, in Middle East. They're operating in a different economic environment, right? In fact, we've got a European bank which has just signed up on a multi-year deal with us because they're looking for at what DC talked about, you know. Accelerating their business transformation because they think it's a place where, you know, sometimes in difficult times, some people choose to actually over-invest because they feel they'll be stronger at the end of those times. If I look at it across the board, you know, as I said, there is general caution in the environment, which I keep calling out, and that does translate into what happens from a spend perspective. What we need to look at as a leadership team is how do we see the long-term trend in demand, and therefore, how do we plan an organization that actually benefits from that long-term trend and demand, and that is secular across the board, including BFSI, which is our largest vertical. By the way, on Lumin, I think all of you guys should buy Lumin, yeah. You know, it'll seriously, it'll write half your reports that you're gonna write about us. No, I kid you not. I'm, you know, I'm gonna sit and be a Lumin with Siddharth, you know. All queries are welcome. Can we have the mic here, please? Who has it? You have it? You go ahead, please. We'll pass it on later. Should I go ahead? Yes. Yeah, sure. Yeah, thanks for the opportunity. Mihir Desai from Carnelian Asset Management. Sir, largely wanted to understand, I mean, given the corporate action and situation which is there, what are the steps that we have taken to adequately ring-fence our leadership? Just wanted to understand the steps that we have taken to adequately ring-fence the leadership. The second question was on the Lumin platforms which is there. I mean, how big is this platform for us as a% of our business, and how should we see this business over the next three, four years? And how is the monetization that happens here? My third question was on the fact that, I mean, you know, given the fact that 33%-35% of our business is largely BFSI, so what is the regional rural banks exposure, in this? I mean, that would be providing more clarity. I'll take the first one, second one Siddharth, third one Sudhir. What was the first one? It's. Ring-fencing. Yeah, sure. That's on history. I mean, that has been done a long time back. I think we kind of disclosed that for the, you know, key leaders, there has been a ESOP which has been rolled out, so that whole ring-fencing has been dealt with. That is, that is history as far as we are concerned. Sure. Yeah. I think the question you had was on Lumin in terms of how do we monetize, what's the size of business. Did I get that right? Yeah. Yes. Yeah. Lumin is part of our Fosfor business, which is our data products business. It's purely IP. It's not a services business, it's has a very different rhythm of working, very different ticket size. We don't disclose numbers by products and other things. What I can share with you, which I did talk about earlier as well, we are seeing a very rapid uptick in client acquisition. We are competing with the top-tier players in each of these categories and beating them routinely. We are seeing uptick in large Fortune 500 type clients. The fourth piece I would say is we are seeing very high customer success. Customer success in products is very important. Is your products being used by more and more departments, more and more people? Are you able to cross-sell, up-sell your product? We have four products as part of the Fosfor suite. We are seeing very rapid growth on the customer success side as well. Fast-growing business, fast competing with the top tiers, good ticket size from a comparative perspective, and very strong, healthy customer satisfaction scores. Sure, sure. Just last question was BFSI is 33% of our business, so what is the regional rural banks of US as exposure? Well, I think it's actually 36% of our business, no? Gotcha. Yeah. It's a little higher than you. No, I think the... As I said earlier, right? Regional-- there are, you know, in the U.S. there are the big, they are, you know, essentially GSIBs mostly. Then there are super regionals, there are regionals, and then there are small banks, right? Our exposure, you know, in fact, all the banks that you heard till now, only SVB was a small client of ours. The others are not clients of ours. That's all I can say as at this point in time. We do work with certain regionals, but I think they're in spaces where we are comfortable as to where they are right now. As I said, right, I think for us, it's like as DC said, it's a wait and watch thing. You know, if it does lead to... See, some of this happened because some of Dodd-Frank was rolled back, right? It was rolled back in 2018. If that part of the Dodd-Frank rollback comes back in, man, there's, you know, that is what we did for 10 years. We've not forgotten what we did for 10 years. We will go back and, you know, do similar work in the future. I think we, frankly, we are watching the space to see what opportunity emerges from this, not the threat. Sure. That's it from my side. Thank you. Just wanted to add, by the way, if you went to Fosfor.com, you'll see a lot of our customers because we put those brands and names out there. Highly encourage you to see who's using the product. Yeah. Girish Pai from Nirmal Bang. This is regarding short cycle deals. Last year in FY22, individually, a lot of your growth, from what I could make out of what management commentary was given, was driven by short cycle deals. We've seen some of your peers indicating that there are fewer short cycle deals, in the market right now. What has been your experience in FY23? When you say short cycle deals, you're talking about not the multi-year annuity deals, right? Right. Last year, FY 2022, there was quick close. This, you know, the decision to close the deals. Mr. Talona, I think even you had mentioned, I think Q2 or Q3 of last year, FY 22, a lot of the growth was driven by these short cycle deals. Yeah, I think that's still the true. That still holds good, because as I explained, once you become a strategic partner to a particular client, and the client has got a journey to transformation, then there will be, you know, a deal which will be for six months, then there will be followed by another three months, another six months. It goes on. The critical thing is to get shortlisted and be one of the strategic partners for that particular client in their transformation journey. These kind of deals over a period of time adds up to a, you know, quite sizable deal. That continues. I guess, what I misunderstood was if you're talking about decision cycle, the decision cycle has been taking a little longer of late. That we have called out, that the decision to take, you know, to start a new program, I think that is getting delayed. That is a consistent pattern that we are seeing in many situations. Another question on people costs. Last 24 months or probably we've seen some irrational increases for backfilling and even holding back people and stuff like that. Do you see any situation where you claw back some of that in the future, in the next 12-24 months? No, I don't think there is any question of. What do you mean by claw back in terms of getting? Putting in, I mean, I've been hearing from media reports and stuff like that there are certain higher standards being put on some of these employees to adhere to and stuff like that. No, that's normal thing. That is not something which is different. What we will always do and, you know, see. When you talk about people cost, this is part of your margin, and margin is not something you can just do quarter-on-quarter. It has to be a program which is to be a continuous process. As a part of that process, we are continuously looking at people cost and wherever we have. Of course, during the pandemic there was a lot of irrational behavior, which all of us understand, and we had to run the business. We did a few things, which everybody else also did. There is also a time which will when we will be able to rationalize some of those things. I think the time has come now. If you look at the attrition figures right now, the attrition has significantly dropped in the last two quarters. That is again, we don't want to get into the details, but once the attrition stabilizes, then we also know that, you know, some of the hiring costs and all those things are replacement hiring, all those things also will come down. The good news is that many of the people, if you have hired them at a premium, when we do the normal increments, then we will also do some adjustments over there. We will make sure. Those are some of the disciplines that we follow as part of execution. I think that is a continuous process. Nachiket, do you wanna add anything? Just one thing I'll add. I think, you know, Vineet mentioned on his slide, right, bending the cost curve. That was all about essentially, you know, changing the direction of the cost as a percentage of revenue. One of the main lever for us as a larger organization is also that you can organically build skills better because you have scale. On a particular competency, if you had 2,000 people as an individual organization, as a 4,000 or a 5,000 people team, you have a better ability to manage pyramid than you had as a 2,000 people company. Since he called out that as in merger synergy, it allows us to manage our pyramid better, hence we can bend the cost curve. That's the way it was. Thank you. We'll take the last question here. Hi, Abhishek from InCred Capital. Couple of questions for Sudhir. You mentioned about the large deal pipeline. Is there an element of decision-making delay, you know, in that pipeline, which is causing the bunching up of the number? The second thing is, any color in terms of the number of inquiries that you're getting or, you know, the, how the clients are behaving from Europe and U.S. now versus, let's say, 3 months ago? The last thing is, do you believe that there could be a, you know, a bunch up of closures that could happen because some of the pipeline, you know, you made the pursuit could have been longer for 3-6 months, there could be a, you know, positive swing on the closures? I think, okay, firstly, you know, I don't think there's a bunch up of the pipeline even from a large deals perspective. What I was saying was we are seeing large deals across the board, right? Right from all our service line, whether they're enterprise apps, they're cloud, they're data, they're security, across the board, we are seeing larger deal sizes across the board. That's what I meant. Are decision-making cycles longer? Yes. The answer to that is yes. People are taking longer and there is more, you know, there are more, I guess, review cycles that they're going through before they actually commit to some of those to be completed. The cycle of them also executing that is longer than... You know, I would say that all of those factors, you know, I think it's going back to what it was pre-pandemic. You know, though that's the best way to look at it. Those were perhaps the more normal cycles that we've seen in the industry. The pandemic accelerated cycles. We're going back to, you know, sort of. Oh, I'm talking about large deals here. Some of those digital transformation things that DC mentioned are actually still proceeding at speed. You had two more questions, and it's late, man. It's. Yeah. The other one was basically how are clients reacting? I mean, is there any change in terms of the inquiry? Oh, yeah. In U.S. and Europe? In the last three months, I wouldn't... You know, the thing is, you know, there are the factors that are there that are affecting our clients, right? High interest rates, environment inflation, supply chain, war in Europe, et cetera. Europe, if you look at. You know, It's been a tough year in Europe just from a currency perspective, right? I, you know, it just pains me to, you know, I won't even tell you how much money it is. You know, other than the currency factor, our European business across Europe and Nordics has actually done very well for us. I think that that, you know, built a strong base of accounts as well in this time period. There are some very good large deal footprint in Europe as well. Other than currency, which, you know, hurt us very badly, I think the other factors are okay. US is still continues, you know, it's 72% of our business. It still continues to be the strongest. You know, economically, the US is still doing well. If you look at it, you know, that's a fact. In fact, even with the stimulus, you know, the statement that Jamie Dimon and others have made on stimulus money being spent, there is still a $1 trillion worth of stimulus money in bank accounts in the US right now as we speak. That's more money than people have traditionally had. I think the way to look at it is various other factors do lead to boardroom caution. That boardroom caution does translate into spending caution. It is... I think, you know, lot of people are waiting to see how things pan out in the next two quarters, and then we will start to see, you know, a different behavior going forward as they start to reinvest into... Oh, no. As to, as the pace picks up, I would say. The monies are there, the pace of that spend will start to pick up in the, you know, I think in a couple of quarters time. Thanks. Thanks. Thank you, DC, Sudhir, Nachiket, Vineet, and Siddharth. I would request the leadership team to remain on stage and request Kavya to make certain announcements to our audience here. Thank you. Thank you, Nitin. With that, ladies and gentlemen, we formally close the event. I'm gonna thank you all. I'm gonna thank our members of the audience as well, and most importantly, both live as well as those who joined us online, for keeping those questions coming. Before we call it a close, I'm gonna also inform those who are present here we have a metaverse pod on my right side. Towards the end of the program, I'm gonna urge you all to please connect with the team and also understand all the metaverse capabilities. That includes the ability to create virtual worlds, 360 models and interactive simulations. We also have a really cool photo op booth just outside. Please do ensure you get to strike a pose and take the event beyond the walls of this venue. With that, we officially call it a wrap, so can we have a round.