Hello everyone, I welcome you all to Tech Mahindra's FY 2025 Earnings Meet. I'm Leah Jena from the marketing team. We have with us today Mohit Joshi, Chief Executive Officer and Managing Director at Tech Mahindra, Rohit Anand, Chief Financial Officer, Atul Soneja, Chief Operating Officer, and Richard Lobo, Chief People Officer. As a reminder, all participants who have joined us virtually will be in listen-only mode, and there will be an opportunity for you to ask questions once the presentations conclude through the chat window. Please note that this webcast is being recorded. We would also like to reiterate and state that certain statements in today's presentation may contain forward-looking statements identified by the use of forward-looking words or phrases and statements relating to our future performance and prospects for growth FY 2026 and beyond, our ability to achieve our financial, strategic, and business goals, and our planned investments. Our actual actions or results may differ from those expected or anticipated in the forward-looking statements due to both known and unknown risks and uncertainties. Without any further delay, over to you, Mohit. Thank you, Leah, and thank you all. Welcome to our sort of abbreviated Investor Day. I really appreciate you all making the time. In terms of sequence, first we'll just walk you through the details for our quarterly performance, and then Rohit will go through the financials in some detail. After that, we'll have a brief presentation where we'll be covering the progress that we've made towards the three-year roadmap that we've identified. First, we'll just go through the details of the Q4 performance and FY 2025 consolidated numbers. Let me just get started here. First of all, look, I'm really glad that we have this opportunity today to share the numbers and the results. Like I said, in addition to the updates from the recent quarter, Rohit and I will also be sharing the updates for our strategic roadmap, giving you an update on where we are about FY 2027 plan. we will talk about the progress that we made over the last year and how we see the next two years shaping up. Let me just start with the performance for the quarter and for the full year. Q4 and FY 2025 performance, we closed the year with a revenue of $ 626.4 million, with 0.3% growth on a constant currency basis. This year's stable revenue performance comes after absorbing more than 1% of top-line reduction. This is because of the strategic decision that we had made to scale down our non-core and our loss-making businesses. This also contrasts with about a 5% decline that we had the previous year. If you recollect, and all of you obviously know our numbers, Q4 last year, we actually exited at a -7% year-on-year revenue growth rate. Importantly, this year, I think we achieved the goal that we'd set for ourselves to stabilize the organization, to stabilize key accounts. I think this is a key milestone in our transformation journey. Our operating profit for the full year stood at about $607 million. This is 60% year-on-year growth. We expanded the margins by about 360 basis points to 9.7%. This is primarily due to the operational efficiencies and the savings from Project Fortius. Atul will be sharing details about how we performed and how we expect to perform over the next two years. Also, just want to give you a flavor on our vertical-wise performance for the full year. This is on a constant currency basis. First and foremost, from a BFSI perspective, the BFSI vertical grew by about 5.2%. We continue to scale up the new logos that we have, and also obviously expanding on the engagements with the existing accounts. I feel confident that we're making steady progress on our journey to drive better growth and to diversify our mix across segments. The retail vertical grew by about 4.5%. This is led mainly by volume expansion and new client acquisitions. Healthcare, again, remains a critical vertical for us. We grew by about 3.4%, deal wins across the board. Manufacturing declined by about 1%. We had good year-on-year growth in the first half of the year, but then we saw weakness, especially in the second half in the auto sector. On the whole, though, I'm quite confident that we're making efforts to expand our client base in this vertical and our geography reach, which I think will stand us in good stead from a long-term perspective. Coms, the vertical declined by about 4.2% as the industry has continued to face headwinds because of downturn in the sector. We are now seeing signs of stability returning, especially in Europe and Asia Pacific. The evidence for this is there in our bookings and in our pipeline. High tech has remained flattish for the year. The momentum tapered off in the second half, sorry, tapered off in the second half of the year. Just one second. Sorry about this technical glitch. I think we just need to. I'll just default to the document that I had. Like I said, communications, we are seeing, sorry, in high tech has remained flattish for the year. I think the momentum tapered off in the second half with the outlook turning cautious, particularly in Q4 due to macroeconomic pressures. In terms of geography, in Americas, we saw a decline of 2% on a constant currency basis. Europe remained flat for the year, and ROW grew by about 5.9%, led by growth in our prioritized markets in APG on a constant currency basis. Our deal wins for the year stood at about $2.7 billion. This is a growth of 42.5% year-on-year. Deal wins are broad-based across our key industries and our prioritized markets. Our focus is on achieving profitable growth by offering proven solutions to clients to produce deals that are healthy for both clients and for TechM and not taking on speculative deal risk. For the quarter, we reported revenues of $1,549 million. It's a growth of 0.3% year-on-year on a constant currency basis. This performance was primarily impacted by delays in customer renewal decisions for a U.S. high-tech client, along with seasonal trends in the retail vertical. This is for the BPS segment specifically. We expect the client's renewal decision to be finalized in short order, and this will help our BPS business. The comms business grew by 1% sequentially, supported by Comviva seasonality. As stated previously, signs of stabilizing of the telecom spend in Europe and in APAC. BFSI growth is underpinned by early recovery signals in discretionary spending. TechM is making further progress in engaging BFSI clients in a more consultative way. Manufacturing remains soft, as I've mentioned previously, especially in the automobile sector. However, we continue to address industry challenges such as high operational costs, process inefficiencies, and supply chain disruptions with the launch of an advanced manufacturing experience center at our campus in Chennai. This center will help customers quickly prototype and scale AI-driven innovations in a low-risk environment before implementing them on a larger scale, thereby accelerating development cycles by allowing businesses to assess their return on investment and improve operations in a controlled setting. I would really welcome all of you to visit the center and to experience our capabilities in the manufacturing vertical firsthand. Despite these headwinds, our operating margin for the quarter stood at 10.5%, an expansion of 310 basis points on a year-on-year basis and 40 basis points sequentially. You would also recall that during the release of our strategic roadmap last year, we announced that one of our focused areas of investments was the expansion of our service offerings and in-house capability building. Pursuant to that, we are excited to announce the launch of our latest service line, Te chM Consulting. Through this offering, we aspire to be a trusted advisor and a growth partner for our clients based on our ability to support their evolution and transformation. TechM has highly experienced staff that really stands out in the services industry, given that many other players have increasingly emphasized more junior staffing models. The strong experience and tenure of TechM staff is a differentiator that gives us a ripe opportunity to increasingly serve customers in consulting and advisory roles. Our experienced staff gives us the right to play more consultative roles, and we are leaning into this by formally launching TechM Consulting. Arjun Saxena, who is actually here, has joined us as the head of TechM Consulting, a seasoned veteran with 28 plus years' experience in business and technology consulting. We're also pleased to welcome Scott Sorokin, who has joined us to spearhead our company's digital transformation and experience design initiatives. During the year, we invested in building a strong leadership foundation through key hires across our prioritized markets and service lines. With this, we are well positioned to drive the next phase of our strategic roadmap. As you may have seen in the press release earlier today, we have also launched our comprehensive suite of AI offerings with a renewed strategy of AI Delivered Right. I'll cover the details in my presentation and walk you through the core pillars. Our large deal TCV for the quarter stood at $798 million, taking the LTM TCV wins to $2.7 billion. It's a 42.5% year-on-year growth. This also includes two large deals that we signed in Q4, each over $100 million in TCV. Some of the notable deal wins this quarter include a large deal with a U.S. Tier 1-based Telco. This deal positions us as one of the largest one-stop device test and certification labs for the US market, with the ability to support global smartphone OEMs, IoT module makers, and chipset manufacturers focused on launching 5G next-gen wireless-enabled devices. TechM was also selected by a leading Americas-based Telco to enhance customer experience, reduce churn, and improve efficiencies across the wireless and wireline service offerings. We want to deal with a global leader in enterprise applications to provide managed tech ops services for the end customers of their flagship enterprise platform, handling end-to-end journey of build, migrate, operate, and decommissioning of the private cloud infrastructure. We were selected by a U.S.-based healthcare technology provider providing public health solutions to the Medicaid population for a CMS interoperability mandate. We will be the reseller, implementation, and support partner of the SaaS interoperability solution, helping the client onboard their customers seamlessly. We want to deal with a leading US-based aerospace company in the compute infrastructure space that involves managing compute instances using advanced technologies like containers as a service and platform as a service. TechM was selected by a leading retailer in the U.S. to serve as a strategic extension of their technology team. This involves establishing a global engineering center for data and insights. This will act as a hub to implement advanced analytics and AI-driven programs for the clients. I think these are some examples of deals that feature TechM in roles where we are serving clients as a strategic partner rather than merely as an outsourcing vendor. We also continue to expand our partnerships and alliances with the ecosystem partners. Just wanted to highlight a few notable strategic partnerships. We built a pharmacovigilance solution with NVIDIA AI software and powered by TechM's TENO framework to advance drug safety management by leveraging agentic AI and automation to enhance the accuracy, speed, and efficiency of pharmacovigilance processes. We expanded our long-term partnership with Google Cloud to boost the adoption of AI and to lead digital transformation globally, combining TechM's deep domain expertise with Google Cloud's AI capabilities, AI development platform, and agentic AI technology. We announced a strategic AI collaboration with Qualcomm through the successful integration of their proprietary AI model, IndusQ LLM, into Qualcomm's AI hub. It's a dedicated platform for on-device AI model deployment, placing us as the only GSI to achieve this integration. We announced a membership in the AI-RAN Alliance, a global initiative committed to fostering the development and deployment of AI-driven solutions within radio access networks, enabling us to help our customers, enterprises, and partners navigate the evolving telecom landscape. Rakuten Symphony signed MOUs with Tech Mahindra, Cisco Systems, and Airspan, enabling Airspan and TechM to resell Rakuten Symphony open RAN software licenses to Telcos and enterprises globally. TechM will also serve as the preferred systems integrator for Rakuten Symphony. We secured the first-ever licensing agreement for Cricket Wireless, an AT&T-owned leading prepaid wireless provider, point-of-sale system, "Aktivate", enabling TechM to integrate it into its comprehensive suite for wireless solution providers globally. We have gathered encouraging accolades and recognitions for our people policy and sustainability policies. I think a few notable recognitions I want to mention over here. We were selected with a gold award for the best tech team of the year, an organization using HR Tech at the BW People Tech Futures Awards 2025. We won three awards for exceptional efforts in ESG, including validation by the Science-Based Targets Initiative for net zero goals. We are the only Indian company in the top 5% of the global sustainable companies, and we are placed on the A-list for CDP climate change and for CDP water stewardship. We generated a free cash flow of $150 million in Q4 2025. In line with our capital allocation policy, the board has recommended a final dividend of INR 30 per share. This brings the total dividend FY 2025 to INR 45 per share, a dividend payout ratio of 104%. I think this represents an increase of INR 5 per share over the previous year, marking a 12.5% growth in the dividend per share. As we FY 2026, we remain steadfast in achieving our stated goals. While the global economic conditions continue to present challenges, we believe the foundational work we have put in will help us navigate the evolving landscape. We remain mindful of the volatility, but our focus on disciplined execution and resilience across our core strategies keeps us well grounded. With this, I hand it over to Rohit for the detailed financial performance. Sorry for the flub on the teleprompter, but thankfully I had a paper backup copy. Thank you, Mohit. I'll just walk you through the quarter and the year financials a little bit more detail. Let me cover the company financials for the quarter ending March 2025. We ended the quarter with a revenue of $1,549 million versus $1,568 million in the previous quarter. On a reported basis, revenue declined by 1.2% sequentially and remained flat on a YoY basis. On a constant currency basis, we declined 1.5% sequentially and growth of 0.3% on a YoY basis. The sequential decline in revenue is primarily driven by delay in closures. Renewal deal, as Mohit mentioned, the high-tech segment, which in the BPS space, which we think will get regularized in the next few months. We should see that come back. From an INR term perspective, revenue stood at INR 13,384, which is versus INR 13,285 in Q3, a growth of 0.7% on a sequential basis, and a 4% growth on a YoY basis on the back of favorable exchange rate movements. In Q4, the communication vertical grew 1% sequentially, supported by Comviva seasonality. BFSI, one of our focus verticals, grew 2.4% sequentially and a 6% growth on a YoY basis on the back of recent deal wins and project ramp-ups. Manufacturing declined by 0.2% QoQ on account of weakness in the automobile segment. High-tech verticals saw a decline of 8.2% for the stated reason earlier, while reporting a 4% decline on a YoY basis. On deal wins this quarter, we ended at $798 million, which is a 60% jump on a YoY basis. This marks a continued acceleration of our deal win trajectory. Our deal wins have been broad-based across verticals and geographies. Coming to profitability, we reported an EBIT of $163 million. This is an increase of 2.8% from a quarter-over-quarter basis and a 43.6% on a year-over-year basis. The EBIT in INR terms is INR 1,405, and the margin stood at 10.5%, which is an expansion of 40 basis points quarter-over-quarter. Moving to the margin walk, the margin key items for the quarter was, as we mentioned, we did wage hikes for all the employee base for the company, which broadly impacted the margin negatively by 1%, which was offset by the operating actions we drove under Project Fortius, which you have seen through the year continuously. In the detailed presentation, Atul is going to talk more about it. Plus, also supported by Comviva seasonality, as well as favorable FX movement, which both together helped the margin QoQ. This quarter, effective tax rate came in at 22% due to certain one-time refunds versus our normalized run rate that we mentioned of 26%-27%. On a full-year basis, the tax rate was 24.8%. Our PAT stood at $136 million, an increase of 17%, and 71% on QoQ and YoY basis, respectively. In INR terms, PAT was INR 1,167, which made the PAT margin at 8.7%, an expansion of 130 basis points sequentially and 350 basis points on a YoY basis. Coming to cash flow, we generated $150 million of cash for the quarter, equaling the DSO days we had last quarter of 88 days. When you compare to the last year, same quarter, we were at 92 days. It is an improvement of four days from that time. We continue to drive strong working capital execution within the business, and we look for similar opportunities for us to drive in the future as well. From a hedge book perspective, on March 31, our hedge book was at $1.96 billion versus $2.1 billion last quarter. Based on hedge accounting, the mark-to-market gain for the quarter was $5.9 million. Our $0.8 million loss was taken to P&L, and the gain of $6.7 million went to reserves. Now, moving to full-year performance, revenue was at $6,264 million at a constant currency growth of 0.3% and a decline of 0.2% on a reported basis. In rupee terms, the revenue was INR 52,988, which is a growth of 1.9%. On a full-year and reported basis, BFSI delivered a strong 4.3% growth, supported by new logo wins and indicating steady performance in the industry. HLS and retail growth 3.7% and 4.4%, respectively, reflective of sustained client demand and strong execution. High-tech has been flat, and we've seen more pressure, as Mohit mentioned, in the second half. Similarly, in manufacturing, there was a decline for the year of 1.6%, mainly driven by softness in the auto segment, again in the second half of the year. Comms vertical saw a decline of 5% as the industry still focused on cost optimization and reduced discretionary spending, while we do see some positive light in Europe and APJ. We remain focused on long-term value across all these verticals. The TCV for the year, in line with our sustained deal momentum, resulted in $2.7 billion for the year, with a 42.5% growth on a YoY basis. More importantly, significant portions of these wins are multi-year, strategic, as well as across the geography that helps us in good stead from a diversification perspective. EBIT stood at $607 million for the year, which is an increase of 60% in USD terms. In rupee terms, EBIT was INR 5,138 crore, and the margin was at 9.7% for the year, which is an expansion of 360 basis points on a reported basis. The free cash flow for the year was $613 million, and cash and cash equivalent was $896 million. In line with our stated capital allocation policy, the board has recommended a final dividend of INR 30 per share, taking the total dividend announced at INR 45 per share for the full year. The resulting payout ratio as a percentage of PAT is 104%, and as a percentage of free cash flow of 122%. I now hand it over to Mohit to present an update on the strategic roadmap. Thank you, Rohit. Thank you. Look, let me just, first of all, start by thanking everybody in this room. It is just about a year since we first outlined our strategic roadmap for the first three years. I must thank everybody in this room, all the analysts, all the investors, that we got a lot of support from all of you. We got a fantastic reaction to the three-year plan that we shared. That really gave us a lot of confidence. That really gave us a lot of confidence as we went through the year. I believe you've seen the numbers already. I believe we had a good year in terms of the fact that we were laying out the foundations. FY 2025 was really about laying the foundations for the organization for the future. If I look at our journey FY 2027 is about realizing those FY 2027, we have made commitments to you in terms of growth, in terms of profitability, in terms of return on capital. I believe that we have established strong foundations FY 2026 is, again, a very important year. It is a year about showing significant sustained acceleration towards meeting FY 2027 goals. What I wanted to emphasize is that we have to our mind a fairly straightforward plan. We have an intense amount of focus in making sure that the plan is met. As you will see today, we are going about our plan in a fairly disciplined manner in terms of execution. You will see very little that is new today, quite honestly, from us. It is all about making sure that the plan that we shared with you, how we're progressing against that, and how we want to make sure that we double down and show continued progress FY 2026 so that we meet FY 2027 commitments that we've made. We'll also be covering sort of our renewed AI strategy and providing an update, like I said, on FY 2027 plan. Let me just share here a little bit of the details. Obviously, we've shared the metrics in terms of the full-year performance, but the metrics only give you some perspective on what we've accomplished through the year, the earnings numbers, that is. Over here, if you look at these sets of metrics, these, again, are exceptional achievements for the year. We now, as a company, have about 162 Fortune 500 clients. If I take a look, if I slice and dice it a little bit further, if I exclude, let's say, the Chinese SOEs that we really don't do much business with, effectively, we're left with about 420 global 2000 companies that we could do business with. We have a high degree of penetration among the customers that we want to do business with. One in three of global BFSI clients are those that we work with. We added three more in the top 15 of the top 15 banks in the world to our portfolio this year. Manufacturing, we have about 50% of the penetration of the consideration set of customers, whether it's in auto, aerospace, or defense or process manufacturing that we want to work with. This is a significant number. We've continued to add clients through the year. We have added 45 must-have clients in the course of the year. As we shared with you earlier, we have a very disciplined and rigorous process about the clients you want to work with. Each of these 45 logos, I believe, offer us significant headroom for growth. I'm actually probably the happiest with the NPS numbers that we've been able to deliver this year. As you know, last year, we started using an external firm, a global firm that does this for literally all the IT services and the software companies. We started using them to calculate NPS for our top clients. The NPS results only came out actually yesterday. I'm very happy to share that we have seen a significant improvement in our NPS scores just in the first year of the transformation. We have moved from being somewhere in the median to being in the top quartile in a single year. What is even more sort of heartening from our perspective is that the growth in terms of customer satisfaction is the highest for senior and for CXO levels, which I think bodes really well for the sort of acceptance and visibility that we're getting at that level. At the same time as our NPS scores are improving significantly, we've also seen an improvement in our employee satisfaction scores. This is something that is done group-wide through a process called MCares. We are at a three-year high in terms of our employee satisfaction scores. We have continued to focus on our employees through also speeding up a lot of the internal processes so that employees feel that they are also seeing the benefits of speed within the organization. One of the key things in any organization is about how quickly can you process expense reimbursements. This was one thing we identified would be an important proof point to employees that the company is moving in the direction of speed, and we've seen a 50% improvement in expense settlements. Clearly, other areas as well, like fulfillment, where we're focused on improvement in speed that we'll share later. Finally, from an external sort of, you've seen the customer feedback from our NPS scores. The analyst feedback is equally heartening. 90% of all the quadrants in which we compete, we are now either in the top two quadrants. This is an improvement from about 79% a year ago. Again, 11% improvement in a single year. Beyond the earnings metrics, beyond the profitability metrics, I felt that these were critical metrics for us to share with you that really, to my mind, show the sizable progress that has been made over the past year. Last year, we had also announced or we had stated our Scale at Speed narrative, the fact that we believe that with 150,000 people, $6.25 billion in revenues, multiple service lines, we have the scale to work with the largest companies in the world. Again, given the entrepreneurial DNA of the company, given the fact that we have made significant investments in learning, given the way we have organized ourselves, we also have the benefit of speed and agility. I feel this narrative is really playing out well in terms of our people, the industries in which we operate, and the service lines which we have. I feel that we have a really comprehensive and well-defined architecture with which to approach the largest clients in the world. I mean, increasingly, we are seeing each of our service lines, all of our client industries, and all of our people being transformed by the use of AI. AI is a key area of focus for us. What we're hearing from most of our clients is that they see that there is a gap in terms of the value that they're able to realize from AI at this time. I have no doubt that AI will be a very significant tailwind for the industry as clients continue to use us increasingly to be able to extract the full value from AI beyond just the pilot. Really, this is where there is an issue just now. This is a recent BCG study. 74% of enterprises are struggling to achieve and scale value. As you speak to many clients, they talk about the fact that what seems to work in the sandbox is not really working in real life. This is the opportunity for us to help clients truly extract value from AI. Therefore, driven by that, this is our narrative. Our strategic narrative for AI is AI Delivered Right because we feel that implementation is as important as invention. The next phase of the AI transformation journey, the opportunities will be for partners who can help our clients really fulfill and realize this promise. Obviously, AI Delivered Right is broken into its various component parts. We feel that it is wonderful to be creating sort of innovative and magical AI solutions. To be fair, we've done that bit also through the launch of Indus, for instance, with the only GSI to launch a large language model from scratch. Really, the opportunity is to help our clients harness the full value of AI with precision, with speed, and with effectiveness. When we talk about AI Delivered Right, we have broken it into its foundational pillars. We feel the first pillar of AI Delivered Right is productivity delivered right. At the end of the day, one very important component of AI is the work that we're doing both in operations and technology to deliver significant productivity. This is obviously the most important use case, whether it be from a contact center perspective or from a developer productivity perspective. There's also the opportunity to help clients to deliver transformation outcomes for them. We'll talk about a significant example over here. Innovation continues to be a key focus for our clients. How do they make sure that they're able to get the value from AI-powered experience, from advanced customer analytics, from the transformation and redesign of their entire technology estate? This is the innovation delivered piece of AI Delivered Right. Finally, how do we make sure that AI is delivered in a safe manner? This goes both to the cybersecurity elements of it, where we're using, let's say, agentic AI to help track and therefore defeat intrusion efforts, or whether it's the efforts to make sure that bias is not injected into AI models, or the fact that we're building appropriate guardrails to help our clients in their AI journey. For us, AI Delivered Right is a combination of these four elements of productivity, of transformation, of innovation, and assurance. This is a great case study to my mind of the work that we have done on AI, helping deliver AI right for BT. As you know, we've had a long history with BT through a joint venture with them way back in the 1980s. We have been working with them as a transformational partner on the AI journey. The involvement of TechM with BT on the AI side has taken a number of forms in a very diverse fashion. Firstly, how do we help them optimize IT operations through AI using auto healing techniques? This goes towards the productivity delivered aspect that I've spoken about. We're also working on optimizing engineer productivity. This specifically has been with Amazon Q. For both brownfield and greenfield development efforts, how do we make sure that we're able to deliver productivity? We also worked with Openreach. We worked with Openreach on the field services operations to make sure that we're helping the field service agents become more productive. We worked on back office processes, specifically on invoice management and on auto reconciliation. All of this, all of this while making sure that we're working within guardrails, all of this while we're making sure that we are able to deliver secure outcomes for BT. A great example of work done across multiple streams, across field services, across technology, across operations, across the back office in delivering transformational change using AI. We're very excited about our AI Delivered Right strategy. I think this is resonating well with our clients. We've got a short video that, again, gives you the highlights of our offer and the traction it's having in the marketplace. Can AI be the compass and not the map? Guiding you through uncharted territory or the echo in the cave whose answers sharpen your questions. The quiet crew backstage that ensures the spotlight shines on you, moving you from vision to value, pilot to mainstream, shepherding you throughout the journey, empowering you with the required methods and needs, delivering data security and desired outcomes from concept to cartoon across the pillars of productivity, transformation, innovation, and assurance, leveraging a powerful partner ecosystem for today, for the future, ethically and end to end. That is AI done right. That is what we do. AI Delivers R ight. So again, li ke Scale at Speed, we feel that this is a narrative which is both meaningful to customers because at the end of the day, our clients are looking for really extracting value from AI. It is equally a narrative that is credible because we have a deep understanding of our clients' landscapes, of their operating models, of their businesses. I feel again, like Scale at Speed, this is a narrative that combines meaningfulness and credibility. I have no doubt it will be very successful. Now moving on FY 2027 journey. again, when we set out our journey, we were very clear about the FY 2025 was going to be about laying a solid foundation for growth. For those of you who have been involved in civil construction, you will know that the foundation building period is the one where it looks the slowest. It just takes the longest, but it is very important to set secure foundations. After that, hopefully, the growth appears to be more effortless. We have spent an incredible amount of effort FY 2025. if you remember, less than a year ago, actually, on the 26th or 27th of April, we'd really spoken about the fact that we had got a brand new organization structure into place, the fact that we were moving into a service line-oriented structure, the fact that we identified clear verticals and clear geographies for growth. We had established Project Fortius for the first time to help us get the margin lift. Through the course of the year, like I said, moving from revenue exit rate of - 7% to slight growth, moving from a margin which has expanded by over 300 basis points over the course of the year, I do feel that we have set ourselves very strong foundations for growth. I'll speak a little bit about the team that has made this happen. This current year is very important because this is the year where there is stabilization, but also significant progress towards the goals that we have FY 2027 is the year for accomplishing FY 2026 is the year where you will see significant improvements and significant efforts towards realizing these goals. We'd also spoken about the flywheel, the TechM flywheel that we'd established, which would help us achieve the goals of growth greater than peer FY 2027, an ebit margin of 15%, and a return on capital expectation threshold that we had set. What we had said is that this plan had three components to it. There was a plan for revenue, which is a lot about focus on the largest accounts and critical geographies and key service lines. I'll talk about that. I will talk about the plan for the organization. I will pass it on to Atul to talk about the productivity and the margin-related efforts that we are making. First and foremost, from a revenue perspective, from a revenue perspective, we had spoken about the fact that we wanted to make sure that our industry mix, our geography mix, our service line mix was more towards the more attractive portions of the industry. We wanted to make sure that we were laser-focused on our largest accounts and actually exited a lot of the accounts that we did not feel we had headroom to grow or that did not meet our criteria in terms of tech spend. We wanted to make sure that we established a large deals program that was focused on profitable growth. I am very happy with the progress that we made across the board. We'd spoken about the balance industry mix being critical. We obviously want to make sure that we retain our leadership position in telecom and manufacturing, but equally, that we're able to grow in areas like banking and healthcare because this is where a lot of the spend is. Now, if you look at BFSI, for instance, it has been the fastest-growing vertical for us in the previous 12 months. We've also, like I said, added on significant new logos. Beyond that, we have been chosen, for instance, as the partner of the year by Temenos, which is the leading core banking provider in the market. We have done significant deals and opened, like I said, three Fortune 15 accounts in this space. We have significantly stepped up analyst ratings and rankings and built a very strong presence from a domain consulting perspective. We have clearly identified areas in BFSI, in insurance, in asset and wealth management, in payments, in core banking, where we feel that we have truly differentiated capabilities and we will grow on this basis. Telecom continues to be the key area of focus for the organization. This is the area where we have very significant penetration, and we have focused on building out a deep suite of solutions. We have built out, based on the experience that we have with operators and with equipment manufacturers across the world, a suite of 12 solutions. Each of these solutions are incredibly detailed, like autonomous operations and incorporate frameworks, partnerships, elements of GenAI and agentic AI. We will be taking these solutions to the market. We are also working to make sure that we leverage fully the deep software capabilities that we have in the telecom space with Comviva. Comviva has done incredibly well this year, double-digit for FY 2025, the highest growth since it was acquired in 2012. It sets us up with a really deep amount of credibility with Telco operators because we are a services vendor, but if we also have the software, the BSS software, the marketing analytics software, the financial services software for the Telco business, it really sets us apart in Telco. Manufacturing, like I said, we have a significant right to win, again, because of the heritage of the parent and a deep penetration with more than 50% of our must-have accounts of the Fortune 500 accounts already in our kitty. We have been working to build a set of solutions over here. We have expanded the domain consulting teams by over 30%. We have set up a wonderful manufacturing experience center in Chennai with the support of a number of partners and a number of solutions from partners like Aethon AI, from AWS, from Pega, from Microsoft are shown in this center. We have already had this center was only opened in January, by the way, by Anand. We have already had 40+ client visits in the center. Manufacturing remains a key area of focus for us, and we are building significant industry muscle. What I should point out is till last year, we were not organized in a vertical line. A lot of the domain capabilities were really spread out across the organization. We have really brought a lot of focus into it, and the focus is bearing fruit. In addition to these three sectors that I chose to highlight today, we're also building out capabilities from a healthcare life sciences perspective, from a high-tech perspective, and from a retail perspective. Retail is interesting. We actually have a reasonably small retail footprint, but there is such a desire for change in that sector. Combining the capabilities that we have as a company in packages like SAP and also the design capabilities that we have with Pininfarina and Born, it's actually been a very winning combination for us. Beyond the balance industry mix, just want to talk about the focus on prioritized markets. We've spoken about the fact that we wanted to grow in the Americas. We wanted to grow in Europe. We'd identified certain priority markets for us in APJ, specifically the ANZ region, Singapore, Indonesia, and Japan. We have now also identified specific markets where we want to grow in India, Middle East, and Africa. For each of these markets, first and foremost, we made sure that we were verticalized so that we had specific teams who really understood the sector and the industry dynamics to help us grow. We worked to build up an ecosystem, making sure that we are much more visible. Some of the statistics are here about the analyst and the advisor relationships that we have built up and the pipeline to build a marketing team that was focused by vertical and by geography. We made sure that we have made significant sales investments in the geographies where we want to focus. Seventy-five percent of our sales headcount is now focused on priority markets where previously it was diffused across the world. We have also now doubled our specialist sales headcount in the service lines where we want to grow in these markets. Finally, as we have shared with you through the year, we have added significant leadership bench in the markets where we want to focus. The most recent examples, obviously, being Arjun and Scott that I spoke about. We also hired Sham Arora, who's a CTO, who was the previous CTO of Standard Chartered, to help us in, again, our growth, both from a domain perspective and from a geography perspective. We have identified GCCs as a key area of growth and hired a new set of leaders there under Sahil. Again, the focus on prioritized markets also has taken specific steps that we have taken from an ecosystem perspective, from a leadership perspective, from a talent perspective that has enabled us to grow. We've identified the fact that we want to grow in our largest accounts. Actually, one of the strengths of TechM has always been that both from the sort of MBT days as well as because of the Satyam acquisition and the other acquisitions, we already have a lot of clients that we want to do business with. We have just brought an intense amount of focus into these clients so that we're able to grow. It has taken the shape of bolstering our leadership teams. Some of this, as you have seen, is already bearing fruit in terms of the NPS improvements that we have seen from somewhere in the median to being in the top quartile in a single year. We have enhanced the depths of the team. We're also investing heavily from a training and learning perspective. All of our top client leaders, we've set up a program in collaboration with INSEAD and ISB for our top leaders. The impact is showing. The impact is showing our accounts over $20 million have delivered a 470 basis point sort of delta in growth compared to the last year, which I think is, again, very good from a foundational perspective. We continue to have significant headroom to grow in these accounts. Like I said, for our top 100 accounts, huge improvement in NPS overall, but especially for the CXO and the senior levels, very significant improvements. 40% of our top 100 clients actually gave us perfect scores, which is, to my mind, quite remarkable. Building out a large deals program was the other piece that we were focused on. We wanted to make sure that we expanded the size of the funnel, but also that we significantly improved our win rates. This took the shape of making sure that we had the deal architects, the deal advisors, the deal pricing specialists in place, that we were building higher quality solutions. To my mind, we always had great technical solutions. What was really missing was the ability to identify the problem the client was trying to solve and then to explain very clearly how we could help the client realize value faster. These are the two elements that we have strengthened in our solutions. I am very happy to say that, again, the proof of the pudding is in the eating of 42.5% year-on-year improvement in large deal wins and especially backloaded in the second half of the year. These are all deals that we are winning with our must-have accounts, with the largest accounts. The quality of the wins is very good. I am really happy that we have made a good start. We will not compromise on sort of contract risk and margin risk. We have also built a very strong contract management framework and a contract management team to make sure that we do not end up doing deals that we regret later. That discipline, I can assure you, will continue in the future as well. I want to give an example again of a top-tier client where we have seen growth this year. KPN, for those of you who know this, is the largest Telco in the Benelux region. It is the number one Telco in the Netherlands. Really, beyond just the size, it is seen as a reference Telco in that market. It's seen as a reference Telco in the market. KPN had announced its connect, activate, and grow strategy. Obviously, like all Telco players, they have a complex legacy estate, the manual processes, and we are working with them on their plan for autonomous operations. This is autonomous operations across network, across IT, field operations, and customer operations. It's a very well-defined program. It's a very well-defined program about driving them to level five, which is defined as near autonomy by the TM Forum. This will have significant impacts on by 2030. It will drive 80% automation, 50% call volume reduction. A very significant reference program in a reference Telco in a field which is truly cutting edge. We will work to take this solution to clients across the world. I feel this is a great example, again, of growth and relevance in an existing account in a sector which is really critical to TechM. Moving on from the revenue sort of plan that we had to the plan for the organization. The plan for the organization is about really building muscle for the long term. This is actually beyond FY 2027. how do we make sure that we're able t build talent? How do we make sure we're transforming the culture of the organization? How do we make sure we're branding and positioning ourselves for the future? How do we make sure we meet and exceed the ESG aspirations we've set for ourselves? How do we make sure that we get the full benefits of the group we're part of the Mahindra Group. We have worked on all five of these sort of elements of the plan through the year. I'll talk about the Mahindra Synergy first. We had spoken about the fact that the Mahindra Synergy really takes three parts. The first is the work that we do for the group. Here, we've worked with the group across the industry, Ford Auto Solutions for the auto and farm equipment business, a very successful program. We're working with Mahindra Finance as they transform their customer operations and customer experiences. We're leveraging the relationships that the group has. The group is like any manufacturing company, and especially like a leading manufacturing company, has a ton of relationships. The Mahindra Group really has had outstanding relationships. It's seen as a high-integrity, trusted partner across the world. We're getting the benefits of those relationships when we're bidding for deals across the world. We are going together with the group, whether it's in the aerospace and defense space, or it's in the auto space, or the financial services space. This gives us instant credibility and instant recognition of the partner. We're leveraging the benefits of that. At least a significant fraction of the 45 must-have accounts that we've opened have been helped by the fact that there are pre-existing relationships with the group that we have tapped. Finally, we are co-creating solutions with the group. For instance, the very successful launch of the EVs. There is a car configurator that you can use to choose the car you buy. That was built TechM. Again, the early stages of fully exploiting the synergy of the group and helping the group in their tech transformation journey. I feel we've made a good start. I've spoken about the fact that culture is really a critical ingredient for our success. We have tried to define cultural transformation in a very specific way. We want to make sure that we keep the best of TechM in terms of the warmth of the relationships, in terms of the fact that it feels like a family. Equally, there are four elements that we want to transform. The first of it was simplify. How do we simplify the processes for our customers, for our employees? I spoke about the expense management process that we had changed. We've also equally transformed our fulfillment processes. Under Arjun's leadership, we've implemented a next-gen AI-enabled search and match platform that allows us to improve internal fulfillment by at least 10%. This is, again, part of our simplification journey. We've worked at clarifying roles and responsibilities, making sure that everybody understands the mission that we're on FY 2027 and beyond. This has taken the shape of numerous outreach programs so that each and every person in the organization understands what it is that we're trying to do because I feel that's a critical element of success. We have to communicate our purpose. From an innovate perspective, we have launched, among other things, a grassroots innovation program called InnoQuest. This took the shape of every project team or every individual submitting ideas about the ways they think they can help improve our customers' processes and improve outcomes for customers. We had over 150 entries in the first iteration of this, and five of these were selected for awards. Really injecting innovation into the core of the organization. Finally, making sure that we're driving a performance-oriented culture. Changing sales compensation philosophies, changing delivery compensation philosophies, making sure that the service lines and the sales teams are really collaborating to win. Making sure that we're putting together a one-team, one-goal type approach rather than having a sort of a, rather than as happens in any large company, people really competing with each other rather than competing with the outside world. Again, an example of the cultural transformation that we're driving. This is a never-ending journey. We feel that we have identified the key pillars that we're working on. Richard, our CHRO, and all the leadership team are working towards making sure that we make this possible. Our CMO, Peeyush Uzia, has helped us completely redefine our marketing and branding approach. He has a sort of very poetic-sounding and very rhyming sort of idea about how marketing will be transformed. Brand, demand, expand, and grant. Brand is about making sure that we're building the brand for the future, about making sure that with things like Global Chess League, we're associated at the cutting edge with sort of the cognitive intensity that a game like chess requires, making sure that we stand at the intersection of high-tech manufacturing and sustainability through Formula E, making sure that we're working to expand our footprint in key events, whether it's a WEF, or it's a Hannover Masse, or it's a MWC. How do we make sure we're running an integrated marketing function that builds together the sales team, the events team, the digital marketing team, the field marketing team so that there's a seamless interconnect between all of these? Grant is about making sure that we realize our aspirations towards doing the mega deals through advisor relationships and through the private equity channel. At the same time as we're doing all of this, we're also significantly improving our own MarTech stack. Whether it's Marketo, whether it's Google AI, whether it's Factor.ai, whether it's OrbitShift, making sure that we're weaving all of this into our marketing ecosystem so that it really is a world-class marketing engine that we have built for our team. Finally, on the ESG side, ESG remains a clear area of focus for us. Under the leadership of Sandeep Chandana, we have continued to move forward. Really proud of the fact that we are among the first companies in the country to be accepted for science-based targets to make sure that we are net zero by 2035, being the top performer in the DJSI Sustainability Index in India and number two globally for the sector. ESG remains a continued area of focus for us. With that, I will now pass it on to my friend, Atul Soneja, to talk about the transformational journey we are on from an operational perspective because I know how important margins are to all of us. Atul, no pressure. Is this mic working? Hi, good evening, everyone. Once again, thank you, Mohit, for setting the context and refreshing our memories on the TechM flywheel. Over the last one year, as Mohit highlighted in his earlier presentation, the focus around growth, organization, and operations is what has been driving the organization. The key focus around the delivery and operations strategy is something which is not very new. It is not something which is very unique. It is about creating a resilient, efficient, agile delivery and operations organization. How do we realize the vision that we have set FY 2027? we have obviously seen the progress that we have made in the last one year through doing a few of the areas that we wanted to focus on. Now, as we enter into the stabilization of FY 2026 so that we can reap the in FY 2027, there are a series of steps that we are taking as an organization that can help us become more resilient with respect to our margin aspirations as well. Our operation strategy is not about just improving the margins. It's about also building a world-class delivery organization where we have the right kind of skilling, upskilling, retraining based on the evolving customer needs as well. This is what I'm really going to cover as part of my five, ten minutes kind of a speech. As we look forward, what we have really in FY 2025 is look at the parameters that can have an impact for us when we look at our margin aspirations. One of the key areas that we focused on is how do we look at our fixed-price engagements and bring better productivity into those engagements? Obviously, we have lean, AI, automation, and the technology is evolving at such a fast pace that our ability to infuse that into our fixed-price programs and take out and extract some headcount, which basically can be used for other programs, is really about how we have been able to drive the FP productivity. Now, this program has been structured in a way where we look at how we have gone around bidding for a particular deal, what have we committed, how can we leverage technology, AI, GenAI, now Agentic into multiple of these FP programs and drive that optimization. That is one area which has given us some improvement and will continuously focus on this. The other area that we focused on was around pricing, which is around really finding out the right rate for the right role. Now, we obviously did some kind of industry benchmarks. Mohit spoke about also the fact that we are an organization which has a very rich experience. How do we really monetize that experience with our clients, taking those capabilities that we have built over the years and be able to charge a premium for the premium and the niche skills that we are developing? The entire pricing strategy, which has actually yielded results for us in the last year, and we'll continuously look at how do we take it forward as well. This will also be aided by the platform that Mohit mentioned, which is this intelligent skills platform that we have developed where the skills of every single individual in the organization are ready for us with their proficiencies. Our ability to have those meaningful conversations with the customers in terms of why we really need a differential rate becomes so much more meaningful for us. Last year, we started our process of integrating some of the portfolio companies. We made some good progress there. This is a year that we will continue on this journey as well. The entire portfolio integration is a key part of our FY 2026 as we look into this year of stabilization. One area that we continuously look at, and there are a lot of these hygiene parameters which go into any margin program. As Mohit mentioned, this is not something which is new to all of you, but it's about the rigor and the discipline of doing it. It's about how do we do rotation, how do we really tackle the utilization, how do we make sure that our on-site offshore percentages are properly aligned. I think that is really the focus of Project Fortius. As we look FY 2026, we obviously have our margin aspirations as to how we want to exit the year with. Clearly, these are the same parameters that we will be following with the intensity and the rigor that we have FY 2025 to give us the results that we want to achieve and FY 2027. One of the big areas that we wanted to focus on was how do we really become an organization where learning and development and upskilling and reskilling people is at the core of the organization. Obviously, we as a services organization, it's all about the people. Hence, multiple initiatives which came in. RAPID is the platform that I just spoke about, which is the platform where the skills and the taxonomy of the skills along with the proficiency level of every individual is captured, which obviously helps us to go and have a pricing discussion with the customer. Not just that, it helps our fulfillment team to be able to fulfill much faster as well. The acceptability of these people back to the delivery organization and the customers improves significantly as a result of the right skills capture that we have done. It's not just about the delivery organization, the upskilling and the reskilling that is required by the sales organization, not just the SBU sales, but the practice salespeople on the ground through focused interventions so that we can uplift their capabilities to have meaningful discussions with the customer was part of the velocity program as well. One of the key things that we really realized is that as we are entering into this, the customer needs is not just about deliver what has been committed by you. It is about understanding the needs. It's about understanding their uncalled-for needs. It's about understanding the value that you can drive through adjacencies that we have identified in other areas. We went into an intense program of training our project and program managers to really understand not just how to deliver projects, but also how to identify opportunities and take it in a meaningful way to the customers. How do we start leveraging AI? How do we get our project and program managers certified on AI as well? It became an integral part of this. Now, as we look in FY 2026, we continue on this journey. We had spoken about how we are going to continuously invest back into the business as part of FY 2027 roadmap. Investing in learning and development is also one of the key pillars that we are focused on. This year, there is a whole lot of focus on basically making sure that every single individual has an individual career and a learning roadmap that is being defined. There is a personalized coaching which has been identified for a lot of the high performers. The journey of the sales enablement obviously continues as well. Learning and development at its core will continue. Obviously, there has been this huge focus around certification. We have our own certification programs, be it on AI, or be it on different technology stacks, or be it on domain as well, but also the external certifications that we do as part of our overall process. I think that focus continues for us for the coming year as well. As part of FY 2027 roadmap, in addition to calling out what are our strategic verticals, industry verticals, what are the markets that we want to operate in, we are also called out certain service lines or capabilities that we believe we are strong in and we have the right to win and will continuously develop and take it forward to the customers. The four that you see here are the ones that there has been a significant focus on. The one on the enterprise apps, which really talks about what the work that we do with the SAPs, Oracles, Salesforce, the ServiceNow of the world, that's seen significant progress both in terms of the attraction that we have seen from the customers as well as the wins that we have seen. We have had significant accolades and wins in enterprise applications over the last two years. We got the Partner of the Year award for Oracle and Salesforce. We were recognized by ISG as leaders in digital engineering and capability when we look at our engineering services. Next-gen services, which is all about the work that we do on data and analytics, AI, cyber, etc., has been at the forefront of most of the large deal wins. If you look at most of the large deal wins, they are embedded with the solutions on cybersecurity, on AI, and data. That continues to be a significant focus for us. As you can see, a significant number of accolades that we have received there as well. On cloud, I think if you look at most of the large deal wins, again, that we are speaking about, they have cloud embedded. I mean, most of the deals are happening on the cloud as well. We continuously see our movement in the analyst leaders quadrant. Mohit spoke about the 90% that we are seeing there, and that's exactly what we are seeing as part of our cloud movement as well. Over this year, our focus really is to industrialize these capabilities, industrialize these capabilities, and take it in a meaningful way to our largest clients, to our largest deals, convert these capabilities into wins, and then really use these wins and capabilities as a competitive advantage. That's the journey that we are in when we look at our focus service lines. While it's very heartening for us to see the progress that we have made with respect to NPS that Mohit spoke about, this is really a result of the focused interventions that have also happened as part of the delivery excellence program. The delivery excellence was all about how do we ensure that the right talent is allocated for the clients at the right time, bringing in the right capabilities so that the client's needs can be serviced. This entire talent planning and acquisition, both in terms of restructuring as to how we think about people's supply chain, using the platforms which are AI-enabled, has happened in a meaningful way. There is this whole program which we run as part of our large deal review with Rohit and myself, which is making sure that we are getting into the right deals, deals that we want to win. Anything that we think is a high risk or is going to be a margin dilutive, there are enough checkpoints so that we can have those calls so that we do not really enter into those kinds of risky contracts. As we have looked forward, building the right industry solutions to take to our customers in a meaningful way. The good part of our service line construct, when we look at our service lines, we have the verticalized service lines, which are really focused on building deep domain solutions and capabilities that can be taken to the customers. We have our horizontal service lines, like Cloud Infrastructure services, Next-Gen services, Enterprise Apps, Design, etc., which are really focused on building these horizontal capabilities. Now, mapping these two and taking these solutions and accelerators in a meaningful way to the customers is really resonating very well. When we look at our large deal wins, it is also backed by the solutions and accelerators that we have been able to build, which show that the productivity and efficiency that we can drive. NPS is definitely one way to look at it, but there's really no better proof point than what we look at when the customer talks about it. We speak about building a delivery organization which brings in innovation, which brings in agility, which brings in resilience. This quote from Kate, who is the CEO of Brighter Speed, actually speaks about what we have been able to drive as a business transformation for them itself. This is really what the core and the heartbeat of any organization is, which is a delivery organization, which is being transformed through learning and development, through the process and quality controls and checks that we have brought in, through the people supply chain processes that are getting completely revived to make sure that they become tuned to the latest needs of the industry. This is how we are really making sure that we deliver to the margin and the delivery excellence goals that we have set for FY 2027. with this, I'll take a pause and invite Rohit to talk us through how we are building a more sustainable financial organization as well. Thank you, Atul. Mohit, with a view on the three pillars that we shared the strategy with you guys earlier and the progress we've seen, I just want to reflect that in charts so that we bring all of this together and what the future looks like for us. If you look at deal wins, we've gradually ramped up from the Q4 of last year, each quarter from $500 million to $798 million in the recent quarter. I think the more important point is the diversity of the deals between geography, vertical, type of clients we're servicing. That diversity is very important. The rigor we have, as Atul mentioned, on the deal review qualification process is also key. We have a whole contract management team that we've set up, which looks at each and every aspect of this deal and makes sure that the diligence is very strong so that the customer choice as well as the project choice is rightly made. We are very diligent in that process. We want to reiterate the qualification of projects is a very important aspect as we grow this deal pipeline. Pipeline as well as deal wins growth with the quality is very important. When you look at revenue, we were negative last year, as Mohit mentioned. We've come to a flattish view this year. I think our goal is to be ahead of the peer average by fiscal 2027. That is what we mentioned in fiscal 2027. We are slated to go in that path as we move forward. We obviously have some macro headwinds that you all know of in the current stream, but we are continuing monitoring that. Our long-term goal of fiscal 2027 still continues to be in that path from a revenue standpoint. When you look at earnings, EBIT%, we started with 7.4% in the quarter ending last year, and that was without any unusuals. Through the year, we had some unusuals, and I will talk to the full year walk next page, but 7.4% to 8.5%, 9.6%, 10.2%, and 10.5% despite a wage hike that we announced in the recent quarter. We have had sustained momentum each quarter that you have seen progress in the margins and various aspects, as Atul mentioned. It's not just one area. There's multiple efforts that are going through Project Fortius that we're working on. I'll do a margin walk to you that where do we see the maximum improvement and where do we see a vision from a future standpoint. We're still committed on our ROCE goals. We've got to the 22% in this quarter. I think long-term commitment, again, to you as a function of profitability and growth is to get ahead of the 30% mark. We're committing ourselves towards that goal as we move towards a financial journey, which we had clearly laid out to you guys last year. These are some of the metrics that we also shared beyond the key numbers to see some of the inputs between growth metric, margin, and organization talent, and how we're progressing on that. I think Mohit already mentioned the growth in accounts, which are greater than $20 million revenue for us. It's grown by 2.3% against a flattish organization growth, which is year on year also a change of 400 basis points plus. That's a big positive for us with the peak and prime program that we've launched, the focus that we're doing in top accounts that's very important. Contribution from the key geographies that we defined for ourselves, I think that's gone up year on year. Had it been not the pressure we saw recently in Americas due to which you saw growth drop off, I think this number would have been much better. I think this will anyways take time. This is a long-term makeshift that we're trying to drive. It's a long-term trajectory that we'll keep on getting better on. Next new deal wins I already spoke about. In terms of enterprise as a segment, that's improved year on year at 66.9% now, improvement of 1.6% from a last year perspective. That growth, you've seen improvement in pretty much all the metrics we had shared with you. Similarly, margin, entry-level workforce, we continue to drive the program this year as we've committed. We get better there. CNB is a reflection of all the efforts we've done on the fixed price program as well as overall margin actions. Percentage revenue from service line was what Atul just shared with you. The growth there is very important for us because these are high-growth service lines. These are differentiating service lines, which put us ahead of the customer in all large deal wins as well as they're better in margin. We want to continue to drive focus investment here. Organization talent, very core of the foundation of the organization we're trying to build. As Atul shared in the page, learning and development, ensuring that everybody gets reskilled, everybody gets upskilled. We want to encourage that culture within the organization. We've invested a lot already on learning and development. We will continue to invest a lot more in the next few years. This is going to be a big focus for us. You can see the improvement of upskilling that has happened across the organization. I mean, we want to drive diverse and inclusive organization. There's multiple diversity metrics that we drive for. One of the ones which we shared last time with you was gender. We've improved in that year- on- year also. The clients that we continue to drive, GenAI, Generative AI is a big focus. Mohit mentioned about it. That will continue to be an investment area, and we'll continue to track our progress on this as we move forward as well. This is the roadmap for last year. This just ended. We reported 6.1% margin, and we said there were certain one-timers that won't be repeated. Naturally, the baseline gets a little better. From that comparison, we've exited at 9%. We've had the year at 9.7%. These were the buckets we'd shared with you. We'll continue to drive cost savings through Project Fortius each year. The bucket has to be similar each year, so it's kind of linear. We'll get some positive portfolio mix based on the choices we're making between certain geographies, certain verticals, certain project types. Wage hikes that we announced in January, including investment. Investment, I said, when we spoke about it as a team, when we sat around it, we made a plan reemphasizing that for long term, we have to invest in the business and not think about a next-up% margin expansion right now. This investment of a% plus, which we'd articulated, is very important for us to drive service line capability, to drive investment in tools that give us long-term margin improvement, invest in the pyramid of the organization. It is an area where it is a long-term vision and very important, and we continue to push ourselves to commit to this. We will continue to drive that next year as well. In fact, in a tough macro environment, we are even more committed to get better talent, better leadership as we move forward to make sure that we drive from a long-term organization change perspective. This is what we delivered last year, and same path we have for the next two years. That is exactly detailed into each and every lever that we're going to get into to make sure there's a linear improvement in margin that you'll see over the next two years. These are some of the other working capital and capital return metrics. You can see DSO is consistently down over the last few years from 97%, 96%, 92% to 88%. We still feel we'll continue to push this further through various improvements on terms, through various improvements in the way we drive operational project execution so that our unbilled days get down, and hence we can drive more productivity here even in future. From a free cash flow perspective, we generated 122% of free cash flow as a percentage of PAT. Last year, also we were exceeding as a percentage of PAT there. We'll continue to drive this metric in a positive direction. As committed, more than 85% of FCF returned as dividend. That's what we've done for this year. That's an increase year- on- year, and we'll continue to push that envelope as we move forward. Atul spoke about it. It's an important part of our margin as well as growth journey, both, because the capabilities that we had acquired historically, we'd kept it isolated in different pockets and ownership. We've now integrated everything in this year's front office. Everything is integrated between a sales and a service line structure. Similarly, from a middle office perspective, capabilities are all with Atul and his service line leaders. It makes a better portfolio when we go to customer to offer. The differentiated capability is much better. We already had spoken to some of you on our backend integration. We're expanding our ERP system to all portfolio companies. That process is on. We have 60% there. I think the next year we'll continue to drive more 100% closure, which will drive more G&A optimization, better simplification, governance, compliance as we move forward. It is a big part of our integration process. We have already seen the benefit. We have seen the benefit in Bond, which, as you all know, is a lead-in service line for us to get into customers, differentiate ourselves with that capability, and win large deals. That is playing out very well. Similarly, in HCI, we were able to pull in with that capability and relationship the other service line to get a much bigger share of revenue than what HCI themselves got as a delivery unit. I think very, very early stages, but I feel this is going to grow much more as we move forward and as the integration goes more deeper into back office as well as middle office. Investment, I mean, it is exactly the same page we showed. We are still committed to these areas. We are going to invest in service line capabilities. We'll continue to invest in the ecosystem on our productivity efforts. As Atul mentioned, talent is a big focus for us. Then from a sales and key vertical perspective, we are doubling down in regions where we've verticalized the regional structure and we've gotten talent. As I'd mentioned, even in this year with a tough macro, this is a perfect opportunity for us to get the right talent, and we'll be very aggressive on that as well. I mean, it is a tough macro situation right now, but we're confident with the transformation we've made that with the macroeconomic challenges, we'll continue to progress in our journey, and we'll continue to watch the environment very closely along with that. Margin growth has been sustained. I think we have very confidence with the process and all the pillars of levers of margin improvement that we've laid. It's an engine that will continue to drive on a long-term basis. We will also ensure that the deal wins are more sustainable as we move forward. Obviously, there's some lumpiness on deals over quarter over quarter, but on a long-term basis with the pipeline, we have the qualification process, we have the selection we have. We're very confident that this will move in the right direction. I think GenAI, as I mentioned, and consulting, you can talk to Arjun through the dinner. I think we are areas of investment for us along with various service line capabilities. We'll continue to double down here. Our reinforcement in our policy to return back capital to the shareholders, that continues to be predominant, and we'll stick to that. I just want to leave with these commitments and the progress as we see it today. I'll hand it over back to Atul to wrap up and open it up for Q&A. Apologies. Thank you, Rohit. Look, I think that we're at the end of the session. Like I said, really grateful to all of you. Really grateful to all of you for the support that we had last year as we were rolling out the plan. Clearly, a lot of things could have fallen through the cracks, but I'm really happy that this is a fairly straightforward business. I think we had a fairly simple plan that we presented to you. I'm really happy that it has started to come together really well. I wanted to thank the team that we have. We just have an incredible team. Many of them who are here today are SBU leaders. Harsh who leads our APJ business. Harshul, who leads our Europe business. Sumit, and CTL from our U.S. portfolio. We have a number of our service line leaders here, including Sahil, who used to head up our digital enterprise applications business. We have our finance team here. I feel that in the past one year, the team has really come together well. It is incredibly aligned. We have a very clear sense of the mission of what we have promised to FY 2027. we are not deviating from what we have promised. My own sense is, and again, it sounds like a bit of a truism, but if the one lesson in life for me is that people and companies who know what they want to accomplish usually find a way to get there, and that is where we are. Thank you all again for your time today. I look forward to our discussions over dinner. Thank you all for your support. That really gave a lot of confidence and credibility to our plan. The positive reception by the market really gave a lot of confidence and credibility to the plan through the past one year. Hopefully, you've seen that we have built the foundation to deliver on our commitments. Thank you. Thank you, Mohit, Rohit, and Atul. We'll now begin the Q&A session. We will first take questions from our guests present here, followed by guests who have joined us virtually. For in-person guests, we would request you to please identify your name and organization before asking your questions. Thank you. I had a few questions. One, if we could talk about the margin tailwind from the 1% top line reduction from scaling down non-core businesses. Then the forex margin tailwind in Q4. The benefit to margin from support functions consolidation of portfolio companies. How many global Fortune 500 customers did we FY 2024? i know you talked about what we have now, but just for context, how many did we have last year? How do you define the entry-level workforce? Is it zero to three years or something else? What's your current offer acceptance ratio for lateral hires? Thankfully, most of them are for Rohit. Sorry, I didn't get the name. Can you just hand over the mic, please? Yeah. Ravi, can you repeat on the margin walk? Your question was on mix. If you can just repeat that, please. The tailwind from the 1% top line reduction from scaling down non-core businesses. Yes. That is a 1% impact on growth that is there in FY 2025, where, as stated, we said we will not focus on non-core portfolio. It was a conscious effort in certain geographies and areas where we didn't see long-term strategic alignment that we wanted to make sure that we scale it down. I mean, we'd already done a lot of that in FY 2024, and we said a tail of that is FY 2025. that is the portion of the business that we scaled down. That is the impact of 1% on growth for last year. That will have a margin benefit, right? That's what I was asking. Yeah, yeah, yeah. Of course. That's a margin benefit that we are getting in this year as well as continue as a full year benefit next year. Absolutely. That's right. You can't quantify that, though. I mean, it's a part of the effort under Project Fortius. You can look at everything accumulating as one stream of benefit. This is one of the streams that we have. I would say it's, I would say, 20 basis, 20-30 basis points within the whole scheme of improvement you've seen. Very important because the risk it carried was much more. It's more a risk and reward decision than really the margin impact. Thank you so much. The FX margin tailwind in Q4? FX is minor. It's around 30-40 basis points that we've seen in this quarter. That's the benefit that we had. The benefit to margin from support functions consolidation of the portfolio companies? Not yet. We've not yet done that. FY 2026 plan. we've already started executing on it, and it's a part of the roadmap for this year's margin. Mohit, how many Global Fortune 500 customers did we add this year? Look, when we had mentioned in the deck that we've added about 45 must-have accounts. Now, for the must-have account definition, obviously, the Fortune 500 clients are within there, but it also includes other clients which may not be Fortune 500, which may be, let's say, a certain minimum threshold, let's say, over $2 billion, but where we feel there is significant headroom for growth. Now, if I look at the 45 clients that we added, I would say roughly about a quarter of them would be Fortune 500. To that degree, you can say that 10% or so, thereabouts, of the Fortune 500 clients that we have were added in the past one year. Thank you. How do you define the entry-level workforce? The entry-level workforce that we define is zero to three years, as you rightly pointed out. That is the definition that we do. We have our internal bands that we use, and yeah, zero to three years. What's your current offer acceptance ratio for lateral hires? You talked about how ESAT has improved, but at least it's trending up a little bit. Just worried a bit about the lateral hiring. I think it really varies significantly based on the capabilities that we are hiring. For generic skills, it is above 70%. For some of the niche and premium skills, it comes down less than 50%. It hovers from around 45% to close to 80%, depending on which skills we are targeting. In the interest of time, we'll only restrict to one question, please. Yeah. Thanks, team. This is Sudheer from Kotak Mutual Fund. We have roughly around 42% year-on-year growth in the net new deal wins, which probably none of our competitors whom we are benchmarking against have at this stage. Secondly, we also have very high exposure to telecom, which may be relatively insulated from this tariff situation, unlike retail, so on and so forth. Given these two advantage factors that we are FY 2026, can that target of doing better than industry average growth, can that FY 2026 itself? number one. Second is on margins, given that you seem to be a little bit ahead in terms of the target 15% rate, if you actually go there faster than what you are baking in at this stage, will you recoup that back into business, or will you let it flow into the P&L? I think as I had shared with Kawal, because he had asked me the exact same question, I told him the secret of happiness is low expectations. Look, I think we are very happy with the deal wins that we have had. Clearly, you have also got to account for the fact that in the past three months, actually almost from January onwards, you have started to see a softness in certain sectors. You have started to see a softness in manufacturing, auto specifically. You have started to see a softness in high tech. We have to weigh that against the fact that the large deal wins are very significant and will contribute to, will deliver FY 2026 from a Telco perspective, Telco has not been impacted by tariffs yet because there is still an exemption for tariffs. On the other hand, Telco economics continue to be stressed. A lot of the expectation from a Telco perspective was driven based on expected declines in interest rates, and they have been slower than expected. There's also a concern about the consumers slowing down, especially in the U.S., and the impact that has as customers trade to cheaper plans. I do feel that CapEx spending from a Telco perspective continues to be very low. I do not feel that Telco is really in an expansionary mode as far as enterprise tech spend is concerned. The opportunity for Telco for us, candidly, is going to be consolidation. There is going to be consolidation in the sector. We are already seeing signs of that in Europe, in Asia Pacific, where we have delivered a better set of numbers. I feel that the opportunity in Telco will be more consolidation-driven and for us, com-lever driven rather than driven by an increase in spend. On the margin front, look, I feel that, as Rohit mentioned, we are moving into a tough macro environment. I think we had candidly stated when we had presented the three-year plan that this three-year plan is not based on explosive growth or COVID-era growth coming back, but it is based on normal growth coming back to the industry. Now, clearly, growth in 2025 was stressed, not just for us, but for the entire industry. FY 2026 also looks like it is going to be stressed. We have to make sure that we're able to deliver against that headwind. I'm really not, at the end of the day, a level of margin growth also requires revenue growth. As of now, the overall macro environment does look stressed. I feel that we have a lot that we want to invest in the business from a growth perspective. We will have to take that call as and when it happens. As of now, I would just account for the fact that there are more headwinds from a macro perspective than tailwinds. Maybe the reason for one question was also that we'll be carrying for dinner so we can have more opportunity to talk. Surendra from Citi, a couple of questions. Firstly, you alluded to macro uncertainty a few times. Did it actually have an impact on your business towards the end of the quarter? Anything that you are seeing for, say, in the immediate near- term? Sure. Look, I think it did have an impact. Clearly, we saw discretionary spend and auto being cut during the quarter. We also saw some headwinds in, and we called out one of them from a high-tech perspective that impacted our BPS business in the quarter. There are also some BPS ramp-ups that we were expecting that have gotten slightly pushed out. They have not been canceled, but there is some push-out that is happening. Clearly, there are two or three examples of a macro impact that we are seeing in the U.S. specifically. Going forward, anything that you expect in one year? We did see, look, I think BPS did see some recovery in March. We are hoping that is a sign. No, on the whole, look, it's very hard to tell. It's very hard to tell. The good news is that we have a very diversified portfolio, which really is now a strength because we have a very significant footprint in Europe. Our APAC business has been growing gangbusters. We also have a strong presence in certain attractive markets in India, Middle East, and Africa. I feel that while, obviously, a lot of the focus is in the U.S., the fact that we're running a globally diversified business and the fact that we're running a vertically diversified business does provide us with a level of cover as opposed to if we were getting 90% of our revenue from a single market. On the deal TCV, while the growth is quite impressive, Tech Mahindra has done FY 2023. is there an aspirational number you have in mind which can give you the industry-leading growth that you are in FY 2027 for the deal flow number for FY 2026? No. I think as far as deals are concerned, as we've said, we're very happy with the momentum that we have. We also want to make sure that there's a lot of discipline that we have in the deals. If you look at where not just TechM in the past, but a lot of companies have had challenges, is where in the sort of deals are obviously very attractive. We all love deals. We love talking about deals. We have established fairly strong guardrails. To that degree, we'll always be prudent about the deals that we sign up to because we're very focused on delivering on our margin commitments. Thank you. Just to add there, the range 600-800 that we've been articulating, I think for the view we have right now, is the range bound sufficient? To Mohit's point, if the environment and the situation gets better, we'll obviously up it given the growth we have to deliver. Thank you. Yeah, hi. This is Abhishek Kumar from JM Financial. Two questions on deals. One is we have been winning deals despite being a little prudent on the margin profile. In an environment where the budgets are constrained and the competition is a little more aggressive, do you think that's a risk as a strategy? Is that a risk FY 2026? and second related question is, did we see any change in the deal closure momentum towards the end of March or in April? Thank you. Yeah, look, I think what we have been, the reason why we have been winning deals despite the greater prudence, I mean, you'd say you're being more prudent, but you are winning more deals. I think the thing is that we realize that there are certain strengths that we had as a company, and we're able to articulate that quite effectively. In this environment, the fact that, for instance, our pyramid is less broad-based than our peers, the fact that we are effectively running almost a diamond in terms of the talent structure is very attractive to clients. We just had not been able to articulate that story maybe in the past. We have been articulating the story of the fact that there is a deep engineering strength in the company, the fact that our average years of experience are much higher than our peers, the fact that we have differentiated software capabilities from a telecom perspective, the fact that we have deep relationships because of the Mahindra Group. Beyond being price comparative, I think these factors are helping us maintain that deal momentum. There's always a balance that we need to draw between being aggressive in the marketplace. I feel that where we are being especially prudent is being on the contracting side, where we're not taking on open-ended liabilities, where we're very clear about defining the scope of what needs to be done and making sure that the solutions are fleshed out to a level of detail where there are fewer surprises. That's been the focus, not just prudence in terms of price, but also prudence in terms of contracting. Just to add as well, Abhishek, I think it's also around the capabilities that we have built as part of our strategy solutions team, which we spoke about, deal architects and solution architects. I mean, combining the capabilities from consulting to engineering to BPS to IT and solutioning it well enough so that it's valuable to the customers, using the focus drive that we have built in building the deep capabilities on AI, automation, etc., using it as part of the deal construct. I think the focus that we have is not just going away from deals which are large. It's about making sure that the deals that we are getting into, we can actually execute it and better during the deal execution phase. That is the approach that we are taking. Yeah. Maybe one more point I want to add, maybe Mohit, with something that I have personally observed as being four years here. I think the individual involvement of each and every SBU leader on deals that we are seeing is much higher than we have seen before. That is something, I mean, maybe it is driven by what Mohit comes back with a background, and he has been personally involved in deals. I think everybody is getting in that depth probably that is also differentiating now. Obviously, we have added sales talent across the geographies. That is the investment we did. Those are supplemental factors that are very important. There is no substitute to the depth that you want to go into each deal and know the solution yourself as leaders. Momentum to your question, I think this is significant. We saw towards the quarter end on the deal closure momentum. No, I think, look, we have not seen any deals being canceled or being delayed. If anything, there is pressure on clients from a cost perspective. We feel that that will be helpful for us. We have our BPS leader, Biren, here as well. We are seeing traction and deal activity in that segment also, apart from IT services that we'd referenced previously. In the interest of time, take one last question offline. Sure. Thanks. Yeah, hi. Vibhor here from Nuvama. Mohit, my question was on the manufacturing vertical. I think you mentioned that's the vertical which is probably likely to face, has been, as we've heard from the commentary from the peers also. In the last couple of days, most of the ER&D companies have also been basically talking about that. What are we seeing in that vertical at this point of time? Do you see that as a potential headwind which kind of mitigates the growth that we could get from telecom or the large deals? I think manufacturing is an interesting one because our exposure, for instance, to European auto, with the exception of Pininfarina, is somewhat limited. Our exposure there is somewhat limited. We do have exposure to U.S. auto. We have also one of the deals that we referred to in our commentary was a large aerospace win. We are also diversifying across beyond auto into aerospace as well. We have a large process manufacturing footprint, and we won a very large deal with a German chemical company on that side. I do feel that our portfolio is balanced enough. While we are calling out the auto exposure, I also want to point out that our manufacturing is not just auto. We are seeing good traction in Japan, which historically has been a very difficult market. One client, for instance, did 22 site visits before they signed us up for an ODC. They told us that, look, it's going to take a long time, but then this is a relationship for life. We expect to ramp that up. Our engineering team under Arvish's leadership and our manufacturing team under Manish's leadership and obviously the market leadership that we have with Krishna and with Mukul and the others, we're building out very deep solutions. For instance, we've built out a vehicle recall and safety solution. We have built out a warranty management solution. We have built out Factory of the Future solutions that we had. We spoke about an Industry Ford Auto solution for the group itself. I feel the depth of the solutions with a diversified manufacturing portfolio should protect us even in the phase of a slowdown. There clearly is a slowdown. H1, we had grown in manufacturing. H2, we shrank, but maybe less exposed than our peers to European auto. Got it. Thanks. We'll now take questions virtually. The first question is from Rodd Bourgeois at Deep Dive Research. Are there certain types of services that are best resonating with clients amid today's heightened macro uncertainty? Are you more actively emphasizing certain offerings to clients in order to help them respond to their macro challenges? Yes. Thank you, Rodd. I think one is obviously there is a focus on consolidation and cost, and the fact that we have been seen as a credible player historically, the fact that we have a diamond-shaped talent structure is very attractive to clients because while they want to take out costs, they do not want to take risks either. Clearly, consolidation and cost takeout opportunities are going to be significant. The one other area I will call out is GCCs. As you know, we announced a GCC strategy about a month or so ago, even though we have been working on it for a long time. We have created, at the end of the day, TechM itself came out of a GCC. We were initially a JV with BT. It is a space we understand very well. Building out specific solutions for GCCs, hiring new GCC leadership under Sahil, and working on solutions that go all the way from a build, operate, and transfer to a build-out option to supplementing them on the variable capacity, these are all solutions that we're working on. We've had some interesting recent wins in the GCC space. Apart from that, across the board for all of our vertical sectors, whether it's life sciences or whether it's manufacturing or financial services, we continue to see pockets of opportunity. The next question is from Ankur Rudra, JP Morgan. Your revenue growth chart did highlight an acceleration versus deceleration, perhaps for the industry. Where do you see industry growth heading to give the pushes and pulls this year? If normal industry growth does not come FY 2027, which of your margin levers to lift margins to 15% would be at risk? What level of quarterly or annual deals do you need to get to stay mid to high single-digit growth in a year? Okay. Hi, Ankur. Lots of questions. Let me answer some of them, and maybe I will pass it on to Rohit for some of the others. Look, as far as the industry growth rate is concerned, candidly, we have been studying your estimates, as I am sure you are studying our estimates. We have seen from industry growth expectations in November, very high single digits, moderated in January, mid- single digits, moderated again now to, I think the average has come down to low single digits. I think it is a discovery process. There is still not enough clarity about where the industry growth rate will be. Obviously, we're working on our own plans. Clearly, we have got some deal wins, but clearly, equally, we see some headwinds as well. We are trying to make sure that despite wherever the industry is, that our focus remains very clear on making sure that we are winning market share and that we are focused on our 40 years transmission journey. As Rohit mentioned, we continue to believe that the $600 million-$800 million range is a good range for us to be in. Again, large deals are lumpy, so we may fall out of this for a particular set of quarters. We feel that that is a reasonable aspiration for us to have to meet the expectations that we have from a revenue growth and from a margin perspective. And I think nothing to add. Mohit, all I would say is that the environment's obviously evolving, and I think we're very close to our customers. I think the team who's here, people who are here should interact with what you are hearing from them from the field. That's why we've called everybody here. It's a good opportunity. I think it's evolving, and we're very close to our clients to make sure that we are creating our plans which are accomplishing the goals we've set for ourselves. I think it's an evolution, and we have plan A, plan B. We're very committed to what we set for ourselves towards the F2027 goals. Revenue-wise, the way you should look at it is our aspiration is to closing in the gap. Historically, organic growth of us was always trailing the peers. I mean, this is a chart one of the analysts had shown to us as well, that we've always lagged the peer growth with a fair degree of range. I think our aspiration is to close that range over this year and F2027, as we've already stated, be ahead of the peer growth average. We'll now take the last question from Yoggesh Agarwal, HSBC. What percentage of loss-making businesses have already been pruned? Is there more to go or mostly done last year? Can you provide some color on the BPO business composition percentage of voice and non-voice? What could be the potential impact on GenAI on this business, as BPO is usually the first target area for GenAI optimization? Talk about BPO and then I'll talk. Yeah. So look, I think from a BPS perspective, the business has really evolved over a period of time. I feel that Biren and his team have put together a great strategy in making sure that we are building out vertical capabilities, but also end-to-end horizontal capabilities rather than purely voice and contact center capabilities. I feel the shift has been from a business which was historically almost 70% voice and contact center to a business that maybe is slightly over a third voice and contact center. That is the transformation we have driven. I also want to point out that even in the contact center space, we have created a huge set of agent assist and agentic AI solutions that is now able to offer clients a package which consists of agents plus human effort. It is not purely a bumps-and-seats model anymore. I do feel that the BPO business has been through multiple rounds of automation, multiple rounds of technology interventions, but the demand is still there. I do feel that we are doing a good job in winning market share because clearly we are seen as a technology-enabled player. I continue to remain optimistic about our potential as we transform the BPO business to be more of an agentic AI plus human exercise rather than purely sort of an FT-driven model. From a loss-making business perspective, we've done, I think, some actions in FY 2024 that you know we had. Few actions that I mentioned this year around 1% of growth that we've not taken or walked away from. I think as we move forward, these are all mostly now recovery portfolios for us. I think I'll give an example. Some of the portfolio companies which are underperforming and had strong alignment with BPS, we've given it to Biren. We're working with a strong margin improvement plan. I think we're midway already in that journey. Through the year, I think we'll see improvement in their profitability as well. I think it's still there, but it's more correction of what the entitlement is for them versus just giving away that revenue now. Thank you, Mohit and Rohit. If you have any additional questions, please reach out to our IR team. We will now conclude the stream for those who have joined us virtually. For our guests present here, we invite you to please have dinner with us. Thank you. Thank you. Thank you.