Ladies and gentlemen, good day, and welcome to the Q1 FY 2027 conference call of L&T Technology Services Limited. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sandesh Naik, Head of Investor Relations. Thank you. Over to you, sir. Thank you, Dobbin. Good evening. I'm Sandesh. I welcome you all to the earnings call of L&T Technology Services for the first quarter of FY 2027. Our financial results, investor release, and press release have been filed on the stock exchanges and are also available on our website, www.ltts.com. I hope you had a chance to go through them. This call is for 60 minutes. We will try to wrap up the management remarks in 20 minutes. Then open up for Q&A. The audio recording of this call will be available on our website approximately one hour after the call ends. With that, let me introduce the leadership team present on this call. We have with us Amit Chadha, CEO and MD, Alind Saxena, Executive Director and President, Rajeev Gupta, Executive Director and CFO, and Munjay Singh, Chief Operating Officer. We will have Amit providing an overview of the company's performance and outlook, with Alind sharing perspectives across our business segments. Rajeev will then walk you through the financial performance. With that, I now invite Amit to start his opening remarks. Thank you, Sandesh. I hope I'm audible. Yes. Okay. With that, I'll start. Thank you all for joining us on the call today. The strategic actions initiated under our Lakshya 31 plan and continued investments across our six technology bets are now delivering tangible business outcomes reflected in the healthy quarterly growth and continued margin improvement. For the key highlights for our Q1 performance. Revenue came in at $310 million, growing 1.5% sequentially and 1.9% year-on-year on a constant currency basis. Mobility segment showed encouraging signs of recovery in a dynamic macro environment, recording a 2.3% sequential growth. Our most profitable segment, Sustainability, continued the growth journey at 4.3% quarter-on-quarter and 11.3% year-on-year, continuing with its double-digit growth driven by continued deal wins and ramp-ups. North America, our major market, continued to grow sequentially along with ROW and India, while Europe demonstrated slight moderation during the quarter. The enhanced growth profile, coupled with operational discipline and actions taken, contributed to a continued EBIT margin expansion to 15.7%, up 50 bps quarter-on-quarter and 200 bps year-on-year. Our Engineering Intelligence solutions, which I'm personally very proud of, are opening up more strategic client conversations and translating into a healthy pipeline of large opportunities. In Q1, we recorded large deal TCV wins of nearly $100 million, with a few large deal wins that were supposed to close in Q1 having moved to early part of Q2 right now. We are confident of closing even larger engagements in the coming quarters. Further strengthening our Engineering Intelligence portfolio, we just announced a strategic partnership with Anthropic to integrate Claude models across engineering processes and LTTS' AI-powered platforms like Agentic IQ, Plex AI, and others. In Q1, we achieved several milestones across our technology and innovation charter. One, we inaugurated Europe's LTTS' outside of India, Europe's first Engineering Intelligence center in Munich, strengthening our ability to support AI-led engineering and manufacturing transformation globally. Two, through our consultative engagements, we are helping clients assess their AI maturity and shape future AI roadmap, supported by an AI readiness index developed by MIT Media Lab. Third, Ainfonix, our latest Engineering Intelligence platform, was launched to help the process industry clients unlock insights from engineering data. Finally, our innovation momentum remains strong. AI patents now stand at 244, taking the total patent count to 1,757. With that said, I would request Alind to provide a detailed segment performance outlook and review. Alind, over to you. Thank you, Amit. Am I audible? Sir, you are audible. Okay, perfect. All right. Thank you, Amit. First of all, good morning, good afternoon, and good evening to wherever you are. Appreciate all of you joining us today. I will now walk you through the segment-wise performance and outlook. Mobility. Mobility delivered 2.3% sequential growth. This was broad-based, led by Aero and Rail and traction off- highway. In North America, the business is seeing good traction and growth. With increase in new vehicle launch plans by OEMs, we are participating in their next-gen vehicle architecture program. We also continue to expand into newer areas such as autonomous mobility and advanced transportation platforms. While Europe remains challenging, we believe that LTTS is well-positioned to benefit from vendor consolidation and engineering outsourcing opportunities in that area. In Japan, OEMs are increasingly looking to leverage India for engineering, product localization, and supply chain optimization, where we continue to expand our presence. Across the industry, customers remain focused on reducing vehicle development timelines and cost. With improvement in our client engagement, substantial investment in SDV platform and leadership in EV solutions, our Engineering Intelligence capabilities are helping improve engineering productivity and speed to market for all our sub-segments in mobility. A leading aerospace technology provider selected LTTS to establish engineering capabilities for next-generation airborne connectivity platforms and aviation communication solutions. We also expanded our engagement with a leading electric vehicle manufacturer to support vehicle development across exterior systems, lighting technologies, and future mobility solutions. Overall, mobility remains a key contributor to our large deal wins, and our pipeline remains healthy, giving us confidence in gradual improvement in revenue and margin through the rest of the fiscal year. Sustainability. Sustainability remains a strong growth driver, delivering 11.3% year-on-year and 4.3% sequential growth, driven by strong execution of recently won programs. Both plant engineering and industrial products ensured strong growth towards this quarter's performance. In plant engineering, we continue to see strong demands across upstream oil and gas, LNG, and chemicals, supported by investment in capacity expansions, digitalizations, engineering information management, and operational optimization. Our newly launched Ainfonix platform is gaining strong client adoption and is expected to improve project productivity, quality, and cost efficiency. The strategic partnership announced last quarter with a leading global energy company continues to ramp up as planned. LTTS secured a project to lead the design and site construction supervision program for a major industrial development company. Industrial products continues to see healthy demand across data centers, electrical equipment, motion and robotics, and automation. These are supported by investment in digital infrastructure, energy transition, and smart manufacturing. These trends are helping us expand our engagements with leading global clients across the industrial energy and technology sectors. Emerson selected LTTS as a global system integrator and technology development partner, supporting the design, deployment, and lifecycle enablement of advanced systems engineering platforms across industries. Overall, we continue to see healthy growth with a strong pipeline driven by demand for digital transformation, plant modernization, power electronics, and data center investments. Tech. Our tech portfolio. In the tech segment, we are doubling down on strategic partnerships across technology ecosystem through collaborations with Anthropic, Databricks, and other leading AI innovators. By combining their technology with our engineering domain expertise, we are advancing Engineering Intelligence solutions for clients in the products, services, and manufacturing. This is being leveraged across all other segments. The segment updated in a measured demand environment during the quarter. We expect these headwinds to ease over the next few quarters and a significant deal in telecom to close in early Q2. The media and tech business continues to see healthy demand driven by investments in semiconductors, AI-powered networks, and digital systems. We are expanding our engagements with semiconductors and telecom customers through vendor consolidation, offshore engineering, and transformation programs. Our software and platform sub-segment is scaling AI-led solutions across software testing, AI, and analytics optimization, helping clients improve productivity and accelerate enterprise AI adoption. We are also seeing increasing traction in FinTech, including addition of our first customer in the private equity segment. Our pipeline continues to strengthen, supported by improved sales execution and growing demand for AI-led engineering and platform solutions. In MedTech sub-segment, one of our programs reached its planned conclusion, while the start of the other program has been temporarily delayed. Strong demand digital health, diagnostics, imaging, surgical robots, and connected medical devices. LTTS has won a deal from a global medical technology leader in ophthalmology and microsurgery solutions to establish an offshore engineering center to innovate, support new product development, product refresh, and lifecycle engineering. We are also expanding our pharma business by bringing together our engineering, manufacturing, and healthcare abilities to deliver end-to-end solutions for lifecycle clients. Building on innovation from our software and platform business, our pharma-wide AI solution is gaining good traction in the marketplace, which is an end-to-end AI platform accelerating pharmaceutical R&D by transforming data into actionable insights with regulatory compliance. Overall, the tech segment has several large opportunities at advanced stages of discussion, and we remain optimistic about converting them over the coming months. We expect the segment to return to growth from Q2 onwards. With that, I hand the call back to Amit to share the outlook. Amit, over to you. Sure. Thank you so much, Alind. Before I conclude, let me briefly touch upon why we remain confident about the road ahead. It comes down to Engineering Intelligence. We believe that AI is a six-layer cake. It's real, and LTTS is uniquely positioned with capabilities spanning the entire tech stack, from energy to chips, to infrastructure, to data engineering, AI models, and real-life world applications. Second, our Lakshya 31 strategy continues to gain momentum, providing a clear roadmap to help clients transform products, processes, and manufacturing, while positioning LTTS for the next phase of sustainable growth. Third, I would like to confirm and reconfirm that your company will continue to grow sequentially in revenues and margins in the quarters ahead. Finally, looking ahead, we remain committed to our aspiration of delivering 13%-15% CAGR over the next five years while maintaining EBIT margins of 16%-17%. With that said, I'd like to thank you for all your support and would like to hand over the call to Rajeev to provide his commentary. Thank you, Amit, and greetings to everyone joining us on the call. Let me start by sharing key highlights and themes for the quarter. First, we made good progress on our journey from an engineering services company to an Engineering Intelligence solutions company. Engineering Intelligence is becoming integral to both how we engage with customers and how we deliver programs, enabling smarter, faster, and more scalable outcomes. As part of our Engineering Intelligence Live event, we brought together nearly 40 industry analysts to experience our Engineering Intelligence solutions through live demonstrations across Engineering AI, Agentic AI, manufacturing AI, and Physical AI. Second, our focus on building scalable business and improving operational efficiency, maintaining disciplined SG&A management helped us deliver constant currency revenue growth of 1.5% sequentially and 1.9% year-on-year. Our EBIT margin improved by 50 bps sequentially and 200 bps year-on-year, and strong free cash flows at 153% of net income. With that, I will move to Q1 FY 2027 financials, starting with the P&L. Revenue for the quarter came in at INR 2,940 crore, representing growth of 2.9% sequentially and 11.5% year-on-year. EBIT margin for the quarter stood at 15.7%, an improvement of 50 bps sequentially and 200 bps year-on-year. Effective tax rate for the quarter was 26%, improving by 60 basis points over the previous quarter. We expect ETR to remain in the range of 26.2%-26.7%. Net income for the quarter was INR 352 crore, up 1.5% sequentially and 17.4% year-on-year, representing 12% of revenue. Our earnings per share from continuing operations was INR 33.17 for the quarter, translating to an annualized EPS of INR 132.68, compared with reported FY 2026 EPS of INR 105.89, which is improvement of nearly 15%. This reflects the benefits of our portfolio mix, prudent capital allocation alongside investments in Engineering Intelligence and six technology bets aligned with Lakshya 31 strategy. Other income net was INR 14.7 crore for the quarter, lower compared with previous quarter, primarily due to Forex losses. Turning to balance sheet, let me highlight key line items. Our combined DSO improved to 77 days from 83 days in Q4, an improvement of six days. Bill DSO improved to 57 days from 68 days in Q4. Going forward, we expect combined DSO to remain in the range of 80 - 85 days. Free cash flows for Q1 FY 2027 was INR 540 crore at 153% of net income. Cash and investments stood at INR 3,394 crore at the end of Q1 FY 2027 compared to INR 3,555 crore at the end of Q4 FY 2026. Revenue metrics in dollar terms. Revenue was $309.9 million compared with $ 305.9 million in Q4 FY 2026. This represents constant currency sequential growth of 1.5% and year-over-year growth of 1.9%. On segment margin performance, Mobility margins for Q1 came in at 15.6%. There was a slight decline, primarily due to on-site ramp-up of new programs. As these engagements mature, we expect both revenue and margins to improve sequentially. Sustainability continued to perform well, with margins improving to 29.1%, up 40 bps sequentially. A healthy pipeline and good quality of revenue continue to support both growth and profitability. Tech segment margins came in at 11.5%, reflecting softer revenue performance during this quarter. As recently won deals move into execution, we expect both growth and margins to improve over the coming quarters. On operational metrics, offshore mix was 53.9%, broadly in line with Q4. We continue to work on opportunities to improve this mix going forward. T&M revenue mix was 64.9% in Q1, lower compared with Q4, as we focus on favorable shift towards fixed price and outcome-based engagements. Client profile improved with an increase in $20+ million accounts, $10+ million accounts compared with previous quarter. Client contribution to revenue remained broadly similar with Q4 across categories. Headcount remained steady at 23,845 in Q1, compared with 23,813 in Q4. Attrition as well remained range bound at 14.7%. The realized rupee for Q1 was around INR 94.86 to the dollar, representing depreciation of 1.5% versus Q2 USD. Margin outlook. Before concluding, let me talk about our margin outlook. We continue to expect sequential improvement in EBIT margins throughout the year, resulting from three factors. Continued growth in higher-margin Sustainability and Mobility business, along with improving margin outlook for Tech. Second, greater productivity through Engineering Intelligence-led delivery model, and continued focus on operational excellence and disciplined SG&A management. With that, we remain on track towards our aspiration of achieving a mid 16% EBIT margin on or before Q4 FY 2027. To summarize, Q1 FY 2027 reflects steady execution, sequential revenue growth, margin expansion, disciplined working capital management, and strong cash conversion. We will also continue to invest in Engineering Intelligence and our six strategic technology bets, which we believe will strengthen our differentiation and support long-term value creation. With a strong foundation in place, we remain focused on executing our Lakshya 31 strategy and achieving our aspiration of 13%-15% CAGR for revenue over the next five years by maintaining EBIT margins between 16%-17%. Thank you everyone for your support. I will now hand the call back to the moderator for questions. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to please use their handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Ravi Menon with Axis Capital. Please go ahead. Hi, thank you for the opportunity. Amit, congrats on really strong growth in Mobility and sustainability both. In Mobility, especially in auto, some of the peers have been struggling. So want to talk a bit about what works for you here. I know that you said there is a good pipeline, but what's really differentiating you in this market? In tech, I know we used to have a Q1 seasonality with all the SWC, but I was sort of surprised to see that decline. If you could talk about why that declined. Sure. I'm going to start, I'm going to hand over to Alind to talk about differentiators in a bit. One, if you look at, Ravi, we've invested in advance, like Rajeev talked about, Alind talked about, in Engineering Intelligence. That allows us to continue to have new deal wins and ramp-ups for the deal wins that were done throughout last year in sustainability. And I had said this during quarter four as well, that I expect sustainability to grow double digit in the current financial year, FY 2027, and you're seeing that play out. These differentiators are there based on AI, based on the work that we're doing with our bets will continue. Now in Mobility, we have invested in EV, we've invested in hybrid, we've invested in SDV, and all three are playing out positively for us. Alind will share a few more details in a second. On the Tech part, like Alind mentioned, there was a particular medical program that actually stopped. Per plan, a new one didn't start. That's why we said a couple of our wins have moved into Q2. That's why you saw that slight decline that was there. As I look forward, I do believe Mobility and Tech as two segments will also grow in this financial year. Alind, would you like to share a few details on differentiators of Mobility and sustainability if you would? Sure. Sure. If we fundamentally look at it, we look at Mobility and we think about it as three different sectors within that. We've got automotive, we've got trucks and off-highway, and we've got aero and rail. That's our Mobility as a world. That diversification as a strategy really helps, as we are seeing now as well. We have been very closely and been very intimate with our clients in what we have been doing with them. That I do believe that above all, technology that remains a key differentiator for us to be able to leverage the part of the journey that they are undertaking. That's one. Two, like Amit said, look, we have advanced invested in the whole EV strategy, which didn't play out as a way. What it is doing is the hybridization, which is now becoming very popular. This remains a very key aspect of that. The fact that we had invested in our labs, in our solutions, is playing out well for us because that hybrid strategy is very clearly laid out, not just for automotive, but for some of the off-highway vehicles and off-highway engines as well. The third thing is that we were one of the earlier adopters to not just look at SDV, but SDV with an angle of AI. Which means that you look at a software-defined vehicle through the angle of autonomous and intelligence. Those are the solutions that we have built. I think we showcased that in one of our investors roadshow. We are happy to do that again, which is key and crucial to our continuing differentiation. If I were to talk about sustainability. On sustainability side, we know that there is an upside, which is there due to data centers. The forward investments that we have done in our solutions like Ainfonix, which is helping transform our plant engineering customers and helping them utilize the data that they are already generating to be able to create differentiation. That is very unique and sort of unparalleled in the outcomes that we are able to deliver. Similarly, on industrial products, we have had a very strong relationship with the OEMs and their whole product development process as well. Embedding the AI solutions in there is helping in creating not just us catch the momentum, but catch the momentum favorably on the base of technology and solutions that we have developed. I will take a pause. Thanks so much for the detailed explanation, Alind. The rest of the world, that includes the Middle East as well, right. This is a segment that people are expecting not to do very well, but that's done pretty well here. Could you talk about that? We operate largely in Japan. ROW for us is a little bit of Australia, little bit of Middle East. I think it's done okay for us. It's Europe that has moderated this quarter for us, but that should come back next quarter for us as well. Thanks so much. Thanks a lot. Thank you. Our next question comes from the line of Vibhor Singhal with Nuvama Equities. Please go ahead. Yeah. Hi. Thanks for taking my questions. Congrats to the LTTS team for a solid performance. Amit, just one question from me for you and Alind maybe, then just one for Rajeev. Talking in terms of the broader context of how deals are shaping up. If you look at the peer set in the IT service industry, a lot of large companies have now started reporting some large deals in the AI space, which is basically helping clients complete end-to-end transformation using AI. Do you believe a similar kind of deal transition might also happen in ER&D at some point of time? Maybe with a lag or maybe it is already happening. That the deal sizes might actually start increasing with the clients using AI to, let's say, do more gamut of work from one end to the other, which could eventually lead to some sort of vendor consolidation also? Do you think it's too early to call anything on that part in the ER&D space specifically? Sure. Your second question was for Rajeev. Do you want to give us that question as well? Or you leave it here? Yeah, sure. No, that's it. Rajeev, I think very solid cash flow generation in this quarter. Our free cash flow to net income is around 153%. You mentioned that the DSO range has to be between 80-85 is what we're expecting. Does the free cash flow to net income also remain as high as 153%? Or was it an aberration in this quarter, and we would probably settle more at 100%-125% range, which generally is the case? Yeah, those are the two questions. Rajeev, you want to answer that, and then I'll answer the AI part after that. Sure. Thank you, Vibhor. As always, supportive of LTTS team, so appreciate that. As far as the cash flow, I think I've always guided that we will deliver free cash flows, in the range of 90%+. Right. This has been a stellar quarter in terms of working capital management. While we will attempt to do as well as we did in this quarter, but you try to keep it between 90%-95%, that is for certain that we can deliver for the year. Right. That's what I will say. Yeah, we'll see our best if we can deliver as well as we delivered in this quarter. Got it. That is clear. Okay. On deals and those Alind runs Strategic Initiatives and large deals for us. Alind, you want to take a stab at that? Sure, Amit. Vibhor, hi. Hi. See, Vibhor, today, if I look at any large deals, and we talked about this earlier, Rahul. There are two fundamental shifts which are happening. One is that most of these large deals are on a fixed price or an outcome-based model where there is clarity on what's the outcome that needs to be delivered. The second equally important point is that our customers are asking us on how are we going to transform the current processes which we are running. Unless the transformation happens along with that deal, it is not going to really be a winnable opportunity. Where we play in and we think about AI, right? AI is a central part of the transformation theme which is there. To say that you take any process and if you're not putting that thought process in there and the solution that we have built around Engineering Intelligence in there, it's not going to come to fruition. AI is clearly embedded. How we talk about it, how we announce is different, but that's the fundamental which is there. Right. Can I just add a couple of things? Number one, Vibhor, if you look at. We have, because we announced MIT Media Lab, we have gotten into now consulting and being the consultation partner to our clients on which engineering processes, which manufacturing processes to take and roll out EI or AI and which ones to leave because the ROI is not there. We are starting at that level. There's a lot of those projects that we are executing for our customers, paid assignments. From there, you are then getting into the ones which we agree to roll out manufacturing, like lights out factory. If I take engineering, you take Plex AI, you take Ainfonix. In fact, we have developed a tool now even for the finance function that we have rolled out through our segment on LinkedIn. I just liked it yesterday. We've just launched it yesterday. We announced a win there. That is the second part where you are actually implementing it for various parts. That is the second piece. The third part comes like Alind is talking about, where their existing work is there and you are figuring out whether you are going to implement AI and do productivity improvement, and of course pass it on, et cetera. The last thing which I want to mention is this Claude partnership that we have signed. This is very important because this will help us in taking the Claude model as well as the various workflow to our clients. I'll give a small example. We were in Midwest recently, and one of our clients is moving from complete EV to a hybrid set of vehicles. He was sharing that, "Look, it takes us about 36 months to 40 months to do a complete design. Is it possible for you to come in and do it in 18? Is it possible for you to do it in 15?" Now, part of their engineering design will be done by us for sure, but part of it will be done by their own engineers. What you're doing is with this Claude partnership, with other tools that you're developing, you are starting to become the owner's engineer, which is a very different positioning than just going asking for work. That's what's helping us, knock on wood, as you look at us today, and that's the EI part that we have talked about. And I'm sure you've seen the new logo as well. You love the colors. Yeah. All credit goes to Sameer and his team for that. Yeah. Got it. That's really helpful, Amit. Just one last follow-up question on that. Do you believe this kind of a positioning that you mentioned, that we will be able to own that basically IP or that process or that engineering domain that we're talking about? Can that also eventually, if not immediately, lead to some basically pricing benefit for us in the medium to long term? Or do you think it's difficult to call on that? We will see. We'll continue to, again, God has been very kind to us. Other than specific cases that Rajeev and I had called out last year, nobody has ever come back and said, "Reduce your rates to us," because they see the value and we are not a commodity player, right? Right. We are a differentiated engineering player. We are a higher-end engineering player. We will continue to see expansion. We'll see. A lot to be done. I think Munjay had also spent a lot of time with you during the EI event. Yes, absolutely. We are leading all this. We'll see where it goes. A lot to be done. A lot of excitement, a lot to be covered. Like I said, six-layer AI cake. Now you decide which one is strawberry and which one is vanilla and which one is chocolate in the layers. Got it. Great. Thank you so much for answering my question. Wish you all the best. Thank you. Our next question comes from the line of Sandeep Shah with Equirus Securities. Please go ahead. Thanks for the opportunity. Congrats on a good start despite these difficult macro-led challenges. Amit sir, just wanted to understand in a pivot from engineering services to EI, do you believe the productivity gain demand can take a lead versus a higher wallet share or both goes hand-in-hand and the impact on the growth may not be material? When I look at EI, right, I've actually divided it up see the EI part that I talked about, the six layers, which is energy, there's chips, there's infrastructure, there's data and data engineering, there's models, and there is application. These are six layers, right? If I take those I then map it to our bets. Our bets are software platforms in AI, number one. Software-defined mobility. Third is plant build-out and modernization that is to do with AI and without AI as well. There's energy automation with digital manufacturing, medical technology, and next-gen compute and AI infrastructure. Those are our bets that we have got. Sandeep, as we move forward for the past few quarters, the wins that we have been having, we are having to use our own tools. I'll request Munjay to chip in here and talk about the tools we have got. The tools are being used as part of our bids to our customers, and we are having to pass on some productivity improvement. Absolutely. Otherwise, we will not win it. It's a very competitive environment. The clients are able to see the value and allow us to keep some of that as well. As you look forward, there will be two parts. One, you will continue to see LTTS gain market share over competition because we do believe that we are still between six to nine months ahead of competition in this area. Number one. Number two, you will continue to see some of these benefits being passed and we will have to continue to reinvent ourselves and build new offerings as we take it forward. Munjay, you want to take a minute and talk about toolkit that we have established in EI, please? Sure, Amit. Hi, good evening, everyone. We have tools which is I'll put you in three buckets. One is tools which we use to work faster, which is basically like an aid to people to do their jobs better. The second is to make sure we are able to generate tools which can automate work so that the systems can become autonomous, as autonomous as possible. The third is to actually embed this in the product itself. These are the three sets. We have specific tools built for each one of them. I have Plex AI Nexus, AI-Test, Ainfonix for aiding people to do the jobs faster. I have Agentic IQ platform for creating agents which can make systems autonomous. I have Physical AI that we embed, like Track AI, et cetera, that we embed in products which will take this AI application into real world. The broad question that you asked is, I'll try in 30 seconds to explain that. The use of AI is to do things faster, right? When you do things faster, it will produce more, not less, because the customers will have an opportunity to create lot more variety of products. Eventually it will lead to explosion of the work that we are seeing today. If you look at code bases, for example, we will see a lot more code getting generated. Eventually these codes, somebody will have to run, maintain, new products need to be launched. It's a broader shift that is happening in the industry, and we believe the way we have approached this, which is ensuring that the intelligence is being engineered using the tools in the products and the processes. We believe that it will lead to a lot more expansion of the work that we do in the market. Okay. Thanks. Is it possible to throw some nature of the demand shaping up in the Europe-based auto segment, both with tier one and the OEMs? Sure. Sandeep, I think Alind alluded to it in his commentary, but I'll just two things here. Europe OEMs will take a little time to recover and come back. I had actually mentioned this in the last two quarters as well. If I look at... Let me take U.S., then Europe, and then ROW. If you look at U.S., the OEMs are largely insulated from the world requirements. They largely service the U.S. market. Other than one company on the West Coast that is global, most of them only serve the U.S. market. The U.S. demand is as the U.S. demand is. We do believe that the worst from U.S. auto is behind us. Stuff is growing. Not just that, we do believe that T&OH, trucks and off-highway segment, as well in the U.S., is on a steady path for SDV and others. Our SDV is not limited to auto, it is also to T&OH. Therefore, the U.S., we believe, is in a better shape. Europe, because they were depending on Asia and China for a significant part of their market, which seems to have been vanishing over the last few quarters. You must have read this in the commentary from all the OEMs. There is a challenge, right? Some of them, some model years are being pushed, some consolidation happening, all that. Tier ones in Europe, again, seem to be in a similar waterfall effect from the OEMs in an issue. The silver lining in all this is that I do believe, and I am not just talking about LTTS, but I talk about all India Inc. engineering companies. All of us actually start from a lower cost base than European service providers. Therefore, we stand a much better chance. In fact, one of the reasons we inaugurated our EI center in Munich is that we believe that the new technology along with productivity improvements, I think somebody asked a question, I think it was before you. Somebody asked a question about productivity improvement. If we can bring EI and bring productivity improvement, our chances to win once the shakeout continues and happens in these consolidation is higher. That is how I would see it, Sandeep. Again. Yeah. Thanks totally to be played out. I mean, today another one of our esteemed peer competitors or peers announced their results and others are going to come. You can make your own analysis. I do believe that like Alind said, being diversified into auto, T&OH and aero, number one. Number two, being in U.S., Europe and ROW, rather than just being focused on Europe, has played to our advantage. We do believe very strongly in our diversification strategy. Okay, thanks. Just a last question. We have done well in first quarter. The commentary suggests in Q2 the growth drivers could be broad-based, A, in terms of verticals, B, in terms of markets. Is it fair to assume the growth momentum in the coming quarter could be better versus first quarter growth momentum? Sandeep, I will not comment on that because we are providing a five-year outlook and we are committing to you growth every quarter. We are shying away and not providing annual outlooks. That is a decision we have made after feedback from a number of you. I will leave that question unanswered, but I can commit to you growth in Q2. How much to be paid out. The quarter just started. Okay, fair enough. All the best. Thank you. Our next question comes from the line of Jyoti with Haitong. Please go ahead. Yeah. Thank you for the opportunity and congratulations on the great execution. I just wanted to understand, Tech did not very well in this quarter, and now contributing only 30.6% of revenue compared with 34.4% a year ago. Is this a structural shift in portfolio mix or are we expecting Tech to regain its historical share? Tech, and I would request Rajeev to actually help me here slightly on the percentages. Our Tech now is without SWC and therefore continuing business, number one. Number two, it's a fair point that actually sustainability has grown double-digit last year, which Tech did. Rajeev, do you want to chip in on this, please? Jyoti, let me add to what Amit said. There are two parts to this. One, you are aware of it, that we did portfolio rationalization in quarter four with our Smart World business, right? Just to update everyone, we are looking to conclude the transaction in Q2. We did announce the disinvestment end of March. I think with most of the condition precedents in progress, hopefully we should be able to conclude the transaction in Q2. Having said that, I think the proportion is with the growth coming a lot more in sustainability followed by Mobility. Tech, I think, maybe Amit would have alluded to, but we do see good momentum on some large deals, right? We in fact expected to close that in Q2, which moved to end of Q1, which moved to early part of Q2. Likely you will see some more momentum in Tech, but do we expect it to come back to 34% levels? Not really. I think you will see more of sustainability and Mobility followed by Tech. Okay. Thank you, sir. Another small question on the other income side that has declined sharply in this quarter. Should we assume a lower other income going forward? This is, I think, primarily hedge losses, which is why you're seeing a lower other income. I think for the next few quarters, you probably could assume to be in this range while we anticipate. We are seeing some benefit on the rupee depreciation, but on the other side, we are seeing hedge losses. For the next few quarters, you could likely assume to be in this range. Okay. Thank you so much. Thank you. Our next question comes from the line of Karan Uppal with PhillipCapital India. Please go ahead. Thanks for the opportunity and congratulations on a strong set of numbers. First question is on sustainability vertical. Amit, does crude price volatility impact the decision-making of clients within the plant engineering segment in terms of their R&D budgets? Just wanted to understand if this could be a factor which can come in our way in terms of the solid run in the sustainability vertical which we are seeing. That's the first question. Why don't you give me your second question as well? Let me answer it once and for all. Anything else? That was your first question. Second question was on the mobility. You are quite optimistic on aero, rail, trucks, and off-highway. Do you expect automotive also to grow given the puts and takes you have mentioned in terms of European as well as U.S. OEMs? Overall, do you expect auto also to grow? Within the transport or the mobility segment, what is the broad split between aero, rail, trucks, off-highway as well as auto? On sustainability, see, if you look at the sustainability vertical for us, it is broadly broken up into two or three broad components. There is energy automation, electrical equipment, all that being one part. There is building and factories. There is plant engineering where we do plant design for CPG and chemicals and oil and gas, including digital twins and all that work that we do on sustainability. As we look at crude prices today, we look at the volatility given the recent excitement that's been happening in the Middle East region, we have not seen any pullback from our customers. We do see a good pipeline of projects and work execution happening, we continue to hire in this area. I think we could have grown a little more had we had all the talent in sustainability. That is definitely there. Middle East was very small for us. That did decline for us a little bit in quarter four and got hit in quarter one, got hit a little bit. It is very small for us, I wouldn't want to make a big deal out of it. Some execution got delayed, all that happened, right. That is true. Long answer short I do believe that given tailwinds from AI spending, given tailwinds of people wanting to continue to convert projects to more service-led revenue, as well as plants being built out globally, including a lot of chemical plants coming up in India, I do believe that this growth should continue. I'm confirming double-digit growth for sustainability for FY 2027. On mobility, we don't give the split anymore between aero, rail, T&OH and auto because it's one segment for us now, unless Sandesh or Rajeev want to make a point on that. As far as mobility is concerned, like we just said, T&OH, aero and rail have done well for us in the current quarter. U.S. auto has done well for us in the current quarter. There is a lot of deals in the pipeline right now that we have got in aero, rail as well as in auto. Let's see which one closes and where the ramp-up starts. Please allow us some more time. By the time we come back to you in October, we would be in a much better position to answer that. Rajeev, would you like to provide a split or we don't provide a split? We don't provide the split. I think, Amit, you've covered part of that question, but we don't provide the split, and I'll maintain in that fashion. Got it. Thanks for the detailed explanation. Just one on High-Tech. Amit, in your opening remarks, you mentioned a significant telecom deal which is in the pipeline. Could that be a growth driver for the High-Tech vertical going ahead? Yes. Yes, please. Any sense in terms of the size and the scope of work for LTTS? It's a significant deal and hopefully, if all goes well, like Rajeev alluded and Alind alluded, we should be able to announce it in the early part of Q2, and the ramp-up will start immediately. That's one. Then there is a couple of others in the medical domain, which is a profitable vertical for us, which we are currently in negotiation with as well. We'll see which one closes first, second, third. The pipeline definitely has gone up from last quarter, last year as well. Close the backlog, so working on. Work to be done. Sure. Thanks a lot, and all the best. Thank you. The next question comes from the line of Dipesh Mehta with Emkay Global. Please go ahead. Thanks for the opportunity. Just want to get some clarity about this right shifting of the deal, which we observe, whether it is broad-based or it is, let's say, some specific areas which are seeing some kind of delay in decision-making. What will be the nature of it is largely, let's say, macro or some client-specific situation which is leading to delay in some of this decision-making. Second related question to first question is whether, let's say, because of some right shifting, do you expect it to have revenue implication also, compared to what you anticipated beginning of year because of right shifting, any implication on full year growth? Thanks. Alind, you want to take that? Yeah, sure. I'm assuming I'm audible. No, it's not broad-based. As you probably know that the decision-making varies from client to client, and it's dependent on always some of the other factors which is there, part of which is also that Europe does go on vacation during this time. It's not broad-based. It's dependent on certain things. We're fairly positive that it's going to come around. Like Amit said earlier, the ramp-up is scheduled along with the win, that's going to come in the quarter. The question is, had it come earlier, would the ramp-up would have done earlier? That's always the case, depending on when that happens. Those are just two deals. There are others that we have closed earlier, which are contributing to the results as we see. We will keep track on the other deals as well, which are on pipeline and bring them to closures. At the end of it, the growth is a sum net of all of this that comes about. We are seeing continued traction. We are seeing a very healthy pipeline of deals of different nature. We are seeing across sectors as well. These are not just in one sector. There is a broad-based coverage that we see in these deals going forward. Amit- I'll add two items. Maybe this is the last question, I believe. Two items. Number one, we do believe that AI is not replacing services. If you remember February, there was this utterance by a number of people that AI will take out the IT sector completely and India Inc. is going to go down and all that. I would like to actually please point you out to the two large providers of modules who actually set up their own service companies. A third hyperscaler has announced a service company. If services was to go away out of fashion, why would they do that? Just an open question for us to think about. My belief is that what is happening is the kind of services we provide, the way we provide the services is changing, and companies that can anticipate that in advance. One thing we did not mention, we've actually now created a team of 100 forward deployment engineers as well. We have jumped into that area as well. The point is, as you can envisage, stay close to the clients. Before reports come out on what the client wants, you should know what the client needs. Build that offering prior and get the fastest finger first will help, number one. Number two, in terms of macros, yes, decision-making continues to be up and down. We have created a model internally in the company, and I thank Munjay for that and all the other segment leaders and horizontal leaders in the company for building a flexible ramp-up model that allows us to start ramping up the moment we close a deal. I think these two things we can do and continue to be very wary, very careful, and continue to the point of being paranoid of when am I going to get phased out and what should I do, I think we'll be okay. Last question from Bhavik. Next question is from the line of Bhavik Mehta from JP Morgan. Please go ahead. Hi. Thank you. Just one question, Amit. At a broader level, how have the client conversations changed over the last three months, given where the geopolitics is? Are we still in that wait-and-watch mode given the macro? Do you get a sense that maybe discretionary spends will finally start to come back and there could be some acceleration in R&D spend by the clients? Bhavik, thank you. Bhavik, in fact, interestingly, yesterday, my office was telling me that just two months, April and May, my own meetings, I did 48 meetings with clients, different clients, 48 meetings just in two months, face-to-face. This is just me. You've got Alind, you've got Rajeev now, you've got Munjay, you've got segment heads. A lot of client conversations and meetings going on. Three broad items coming out. We are still a little shielded from the impacts of the Middle East in the business that we operate in. Again, God be kind to everybody, and I don't want to get political on this and let things pass and be okay. Number one, most of the client conversations are still shielded from a war standpoint, right? Still conversations around how do we increase market share? How do we make products more viable? How do we improve our products experience with our customers? That's number one key. Number two question, which is where we've been actually spending a little bit of our time ourselves is, will AI be a net positive for my business or be a net negative? How do I make sure it's a net positive? Because a lot of their boards are asking them this question, so they come back and ask us. Though other companies are very strong in IT and are able to do that, these are engineering-based and these are manufacturing-based, and these questions come up on how to address it, right? Now we have tied up with Databricks, we have tied up with Anthropic, we've done a couple of other tie-ups. We are able to bring these in and be able to address it. The third question coming up is that, is there better ways to execute the projects that we are doing and others are doing on existing systems so overall cost remains neutral or comes down? Because they are all facing this token cost that is there, so they want to find a way to neutralize it. Bhavik, that's broadly the conversations that we've had across sectors. I hope I have answered your question. Yeah, that's helpful. Thank you. Thank you. I would now like to hand the conference over to Mr. Sandesh Naik for closing comments. Over to you, sir. Thank you all for joining us on the call today. We hope we were able to address your queries. If there are any follow-ups, we'll be happy to address them. With that, we are signing off for today and look forward to interacting with you through the quarter. Wish you all a very good evening and a good day. Thank you. On behalf of L&T Technology Services Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your line.