Welcome everyone to Wipro's fourth quarter earnings press conference. For those of us who are joining virtually, good morning, good afternoon, good evening. My name is Nisha Chandrasekaran, and I will be your moderator for today. Joining me on stage is our Chief Financial Officer, Aparna Iyer, our Chief Executive Officer and Managing Director, Srini Pallia, and our Chief Human Resources Officer, Saurabh Govil. We will begin with opening remarks from our CEO, followed by a financial review from our CFO. Post that, we'll open the floor for your questions. With that, let me invite our CEO and Managing Director, Srini Pallia. Waiting for that. Okay. I think it's reverse. Just a minute. It's coming reverse. There's a switch here. Thank you. Hello, everyone, and thank you for joining us today. Let me begin with the broader environment. Geopolitical and policy disruptions have become the new normal, and I'm sure you know this more than me. Trade rules are changing, tighter immigration policies, and of course, conflicts continue to create uncertainties for industries and economies. Despite these headwinds, IT spending has shown resilience. Cloud, data, and AI continue to attract investments as they provide the infrastructure for future growth. Our client priorities are shifting with spending decisions increasingly tied to outcomes. In fact, many of our client contracts are becoming modular, milestone-driven, and governed by value checkpoints. Regardless of this environment, we continue to make decisive investments to navigate the AI-first world. With that context, let me now turn to our performance in quarter four and for the full year FY 2025-2026. All growth numbers I share will be in constant currency. With that, our IT services revenue for quarter four was $2.65 billion, reflecting a sequential growth of 0.2% and degrowth of 0.2% on a year-on-year basis. Our operating margins came in at 17.3%, a contraction of 30 basis points sequentially. Order booking for quarter four was at $3.5 billion, which is a growth of 3.2% sequentially and a degrowth of 13.9% on a year-on-year basis. In fact, we had 14 large deals totaling $1.4 billion this quarter. For the full year, IT services revenues were $10.5 billion, reflecting a year-on-year degrowth of 1.6%. Our operating margin was at 17.2%, an expansion of 15 basis points as compared to FY 2025. Now to our strategic market unit performance in quarter four. Let me begin with Americas 1. Americas 1 delivered sequential and year-on-year growth, driven by strong performance in consumer, technology, and communications. However, the healthcare sector was impacted by seasonality and policy changes. Americas 2 declined sequentially and on a year-on-year basis. For us, the BFSI sector was impacted by delayed ramp-ups on some large deals that were closed earlier this year and by certain client-specific issues. Europe grew sequentially and has remained flat on a year-on-year basis. In fact, we see good traction in the U.K., specifically in the BFSI sector. We also see strong deal momentum in Germany. APMEA for us grew sequentially and on a year-on-year basis. Growth was driven by Southeast Asia, and we are also seeing traction in the BFSI, technology, and communication sectors in this market. We are encouraged by the momentum we are seeing in the APMEA region, both in performance and the bets we continue to make there. A strong example is a strategic deal we announced recently with the Olam Group. Expected to exceed $1 billion in contract value with a committed spend of $800 million. In fact, this is one of our largest engagements to date in APMEA region. For the client, we will drive end-to-end transformation across farm-to-fork value chain, enhancing their operational effectiveness, resilience, and scalable growth. As part of this agreement, we are acquiring Mindsprint, Olam's IT and digital arm, and I would like to take this opportunity to warmly welcome Mindsprint's leadership and employees to the Wipro family. I'm hoping some of them are watching here. In this quarter, we also closed several strategic engagements. Let me highlight two examples with two global technology leaders who drive AI at scale and how we are partnering with them. In my first example, a leading global technology company has engaged us to help run and improve their frontier AI models. We will manage end-to-end operations of these AI models from training, governance, and evaluation to domain-specific validations. In fact, this engagement will be done through a specialized global delivery platform. We will make these models more accurate, reliable, and safe while ensuring they can be deployed and managed at scale. In my second example, we have been selected by a leading global semiconductor company to provide engineering services that accelerates their product development and manufacturing across complex hardware platforms and at locations spread globally. We will support the entire engineering life cycle from product development to performance testing analysis before the final shipment to their end clients. The client will achieve faster resolution management, higher yield, and improved governance with AI-driven analytics and automation. As intelligence becomes industrialized and widely accessible, we are making deliberate strategic pivot to stay ahead. As you all might be aware, we have launched a dedicated AI Native Business & Platforms unit to expand beyond a services-only model to a service-as-software approach. This unit will operate with dedicated leadership, focused investment, and a distinct operating model to accelerate enterprise-grade agentic AI solutions. This unit will also incubate new AI-led businesses through an invest build partner approach and collaborate with Wipro Ventures and our entire partner ecosystem. Together with core services, this creates a dual engine model driving transformation at scale while building AI-native platforms that differentiate services that enables repeatable deployments and of course, unlock nonlinear growth for us for the future. With that, let me move on to our guidance for the next quarter. In Q1, we are guiding for a sequential growth of -2% to 0% in constant currency terms. Let me now invite Aparna for a detailed view of our financials. Thank you. Over to you, Aparna. Thank you, Srini. Good evening, everybody, and thank you for joining us. Let me share an update on the financial performance for the quarter and year ended 31st March 2026. Our IT services revenue for Q4 grew 0.2% sequentially in constant currency terms and plus 0.6% in reported currency. Revenue declined 0.2% on a year-on-year basis in constant currency terms. For FY 2026, our IT services revenues declined by 1.6% in constant currency. Our operating margins for the quarter was at 17.3%. This was a marginal contraction of 30 basis points over Q3 and 0.2% contraction year-on-year. With this, our full year operating margin stands at 17.2%, which was an expansion of 15 basis points year-on-year. We maintained our margins in a narrow band, even after absorbing two incremental months of our HARMAN DTS acquisition and one month of salary increases. We rolled out our salary increase effective 1st March of the previous quarter. As we move into Q1. We do have headwinds, including the impact of some recent large deal wins, impact of two incremental months of salary increase, which could cause some volatility on a quarterly performance. However, our endeavor will be to maintain the margins in a narrow band in the medium term. Net income for the quarter was at INR 35 billion. Adjusted for the impact of labor code changes, net income increased 3.7% sequentially. Our full-year adjusted net income increased 2.2% on a year-on-year basis. This is after absorbing the restructuring charges that we took in Q1 and Q3. EPS for the quarter was at INR 3.3 and INR 12.6 for the full year. Moving to our performance in our strategic market units and sectors. All growth numbers that I will share are in constant currency terms. Americas 1 grew 0.3% sequentially and grew 2.9% on a year-on-year basis. Americas 2 declined 2.6% sequentially and 6.7% on a year-on-year basis. Europe grew 2% sequentially and was flat on a year-on-year basis. APMEA grew 3.1% sequentially and 8.8% on a year-on-year basis. BFSI declined 1.3% sequentially and 0.5% year-on-year. Healthcare declined 4.4% sequentially and was flat year-on-year. Consumer grew 1.7% sequentially and declined 2.9% year-on-year. Technology and communication sector grew 5.3% sequentially and grew 10.4% year-on-year. EMR grew 1.1% sequentially while declining 6% year-on-year. Let me share some other important financial parameters. Our operating cash flows continued to be higher than our net income and was at 112.6% of net income for FY 2026. Our gross cash, including investments, was at $5.9 billion. Accounting yield for the average investments held in India was at 7.3% in FY 2026. Our ETR was at 23.5% for FY 2026 versus 24.5% in FY 2025. In terms of the guidance, to reiterate what was stated by Srini, we expect our revenue from IT services business segment to be in the range of $2.597 billion-$2.651 billion. This translates to a sequential guidance of -2% to 0% in constant currency terms. Lastly, I would like to share with you that in our recently concluded board meeting, the board of directors have announced a buyback of INR 15,000 crores at a price of INR 250 per share. Please note this is our largest buyback, and we expect to buy back 5.7% of our paid-up capital. Buyback is expected to be completed in Q1 2027, subject to shareholder approval. Our endeavor has always been to return substantial portion of the cash generated to our shareholders. For FY 2026 alone, we distributed $1.3 billion of cash in the form of dividends, taking our total payout ratio for the three-year block ending FY 2026 to 88%, which is significantly higher than our stated capital allocation policy. With that, I will turn it over to Nisha to open it up for Q&A. Thank you, Aparna. We'll now open the floor for your questions. For journalists who are based outside of Bangalore, who have joined us on Teams, please key in your questions in the chat option. For those who are present over here, please raise your hand and a mic will be passed to you for your questions. To ensure that everyone has a chance, please limit your questions to two, and do introduce yourself and your publication before asking your question. Haripriya, since you already have the mic. Hi, Haripriya from Reuters. A couple of quick questions. One, on your guidance, it was expected to be slightly higher. Just walk us through what was behind the guidance. Two, BFSI was looking up but then there seems to be some decline. What's the outlook for BFSI going forward? Because that's usually what's expected to come back first, and does that mean that it's going to be uncertain for much longer? Just now that one quarter is in, what's the tech budgets for the next year looking like? You want me to take that question? Okay. First and foremost, in terms of the guidance that we baked in, specifically on the BFSI side, like I said, there was one client issue that we had. Another one is we were expecting a ramp-up for a large deal that we have won and it's taking time. H opefully, we get that to ramp up next quarter, right? That's important one. As far as BFSI is concerned, like I said, the traction in Europe, the traction in APMEA continues to be good. We have a very good pipeline in that. This is a very specific client issue, very specific ramp-up issue that we had, which has impacted quarter four and quarter one, and hopefully we'll move on from there. What was the second question, Haripriya? Guidance, BFSI, tech budget. Full year. Tech budgets. Okay. From a broad tech budgets perspective, all I can say is that clearly there are two areas where the clients are looking for. One is AI. It's front and center of whatever the clients are trying to do. Which is about not just productivity experience, but also they're trying to see how they can create new business and so on and so forth. So tech budgets, as far as we are concerned across industries and across markets, is very strong. Okay. That's it, Haripriya. Sir, this aside, specifically U.S., what do you see it going forward? From a pipeline perspective, we do have a good pipeline in our BFSI. The issue is because of the existing client. Yeah. Hi. Reshab here from Moneycontrol. Large deal wins are highest in at least five quarters, sorry, five fiscal years, and revenue growth in at least two fiscal years. My question is this sustainable as the Olam deal was also involved in this fiscal year? Apart from that, your headcount has grown fastest in at least three quarters, Srini. Do you think this signals to those skeptics who think AI might be the end of IT services? Yeah. There's a lot written in the media and analysts and so on, so forth. All I can tell you is that from an IT services perspective, and purely if I look at from our pipeline, it is secular, and it is strong, which is very important. If you look at the pipeline, it's across vendor consolidation, it's across cost management, and also on the AI. Now, if you look at companies, with the kind of geopolitical situation that they have, just to give an example, right? They want to make their supply chains resilient, right? With AI being the core of that, I think, they could create a very different context for themselves. In fact, one of my client was saying that their ships are stuck because the raw material is not going to the factories, and factories are not able to deliver. They are leveraging AI to have that visibility across the supply chain so that they can cut short these losses or idleness in the factory. To me, that's the trend I'm seeing. Uma, would you like to go next? Yeah. Good evening. Uma Kannan here from Deccan Herald. Are you seeing any impact in any particular sector or business due to geopolitical situation in Middle East? And are you seeing any supply chain disruption or any concerns among your clients due to this? Can I have a pen? Thanks. Sorry, Uma, I got this. One is the supply chain. What is the first one? I was trying to write it as. Middle East crisis. Middle East crisis. Middle East crisis. Any impact or? For us, from a Middle East perspective, our employees are safe there, and our operations continue to run and we have been making sure that everything runs as per the process. There is no specific impact in terms of how we deliver to our clients, and it continues. From a Middle East perspective, from a client perspective, I'm sure some of the clients are thinking in the context of this, "Should I hold onto my spend? Should I re-look at my projects?" And so on and so forth. We have not seen a significant impact right now, but we'll see how it goes, how the whole situation shapes up. I think we may get a better sense of that. At this point of time, not significant, but there are a couple of projects the client wants to slow down. From a supply chain, you're talking about the client's supply chain or you're talking about our supply chain? Client's supply chain. Client's supply chain. Like I said, one of the clients I was talking to yesterday, their challenge is the raw materials comes from different countries, and it goes to different countries for production from a factory perspective. With the ships getting stuck, they see a complexity around that aspect. Hopefully if the situation settles down, then I think it should be business as usual. Otherwise, they'll have to start prioritizing which products, where, and how to manufacture. Okay. One more question. Sir, the ongoing harassment allegations at TCS Nashik, it's kind of raised many questions, including workplace culture and policies in place. Given the current situation, will you be reviewing or revisiting your own policy frameworks, POSH audit and reset? I must tell you that we have a fairly robust process of ombudsman POSH, run independently under the company's compliance committee and then to the audit committee. We are very confident that we have a fairly robust process today, and we review it regularly. It's not because of an incident. It happens, regular reviews on that. Thank you. Srishti, would you like to go next? Okay. Hello. Hi. Good evening, gentlemen. I'm Srishti Achar from The Economic Times. A couple of quick questions. One on the guidance. It's reduced. We've seen in the guidance you've given for Q1, and this is despite the two acquisitions you've done, which are due to be closed in the quarter. Could you give us a bit of a color on why exactly that is the case? Second question for Saurabh. Last quarter you told by the end of this fiscal year, you aim to hire some 7,500-8,5 00 freshers. Could you give us an update on what the number is and if there are any targets for the next fiscal year as well? From a guidance standpoint, we always guide based on the visibility we have at the start of the quarter. Our guidance does include the two deals that you spoke about. These are very strategic wins for us, and they are very much a part of our guidance, and they've been factored. In terms of what is driving the softness in our guidance, Srini spoke about it. There is a continuing challenge in one of the clients in Americas 2, which is causing some softness into the guidance as well. For us, Q1 has been traditionally a weaker quarter. That's also something, a kind of seasonality that plays in. Beyond this, there is nothing more to explain. Just a follow-up to that. On the fresh- Sorry. How much basis points has been baked into the guidance with the acquisitions in mind? At the midpoint, we've assumed that these deals will come in for half the quarter. Mansee. Oh, sorry. There's a question here. Yeah. Sorry. On the freshers, as we had called out last quarter, we've ended up with hiring 7,500 people for FY 2026. We did about more than 3,000+ in Q4. For next fiscal, we are not giving any targets right now. Depends completely on demand. Very volatile environment right now. We'll play it by the ear. As the demand picks up, we'll see how it goes. Go ahead. Good afternoon, Srini, Aparna, and Saurabh. Mansee Dave from ET Now, ET Now Swadesh. It's a pleasure talking to you all. [Non-English content] [Non-English content] 20%- [Non-English content] 20% Hindi will also do, Srini, please. Whatever you can. [Non-English content] Please. All right. It's on sequential revenue growth, which is positive, but the underlying demand still looks cautious. Can we say it's the start of the recovery in the challenging times? Maybe. Again, a little bit of Hindi, I'll really appreciate. Thank you. [Non-English content] He will not appreciate me speaking in Hindi. On the serious note, I think what I look for is how the pipeline is across countries, across industries. That's a very important data point for us. How the year looks. From that vantage point, I think the deal pipeline momentum is really strong. We do have strategic deals in the pipeline. You have seen we have been aggressive and competitive in the market, and we will continue to do so. From that perspective, I think the impact of geopolitics and impact of that is not significant from IT budget and IT spend perspective. There are uncertainties. You never know, you can't predict. I hear you, and I completely agree about the uncertainties. At the same time, strong deal wins, which we have seen, and at the same time, does the management expect specific verticals or geographies where the demand divergence is seen? Also at the same time, [Non-English content] [Non-English content] Srini has a lot of strengths. Hindi is not his strength. Thank you. That's my HR head saying. To me, the way we see it, AI is an opportunity for us to actually disrupt how the clients are doing application management, infrastructure management, and process. That's how we see it from a run-and-operate perspective. On the software development life cycle, the productivity levels are significantly improving because of AI, especially around testing and coding aspects of that. Besides that, there are a lot of new AI projects that are coming up. Opportunities for AI advisory and consulting, and also we are building a lot of AI-native platforms across healthcare, banking, financial services, automotive and so on, so forth. That's also picking up because the clients are looking for AI-powered kind of solution, which becomes much more easier, which is also non-legacy, the legacy that they're trying to challenge themselves. Because in the new environment, the more you have AI specific, it becomes much more easier for them to take care of the future investments that they're doing. I would say, AI is a positive opportunity for us. Of course, there will be productivity benefit that will come in, just like the way earlier we used to have automation, ML and so on, so forth. Avik. Hi, Srini. This is Avik Das from Business Standard. Just a couple of questions. It's been a couple of years since you are at the helm, and while you've obviously won a lot of large deals, but reported revenue growth as well as constant currency revenue growth on a year-over-year has always been in the negative. Of course, the numbers have sort of shrunk. Do you think a couple of years down the line from right now, would you call this a turnaround that is actually happening, or is it still a lot of work in progress? If it's the latter, then what is it that needs to be done? Aparna, if you can also give us some breakdown into the margins. What were the upsides and the downsides? Saurav, a couple of questions were already asked, so I'll move over to the last question. Salary hikes for all IT companies have been all over the place in terms of the cycles. It has moved on from April to anybody can guess. With such a distorted cycle for all the companies, do you think that really impacts morale for employees across the industry, across your company? Because you gave your hike only last month for last fiscal. How do you think this really is playing out for the employee growth, everything? Thank you. From perspective on the question that you asked me specifically, right? I've been in the healthcare for two years, but with Wipro for 34 years. I think only thing that speaks for me is numbers, right? You get info from the numbers. Having said that, the momentum that we are getting on the deals and the pipeline is something that I'm looking forward to. What's most important is for the entire team to come together, make sure we win those deals, and also proactively work with the clients in the context of AI. Because the clients are also looking at, if you look at the token consumption, it's not that significant in enterprises compared to the tech and AI companies. That's an opportunity area as well. My answer to you is that numbers will speak, and we got to make sure that we convert the pipeline that we have. From a margin standpoint, there were three major factors. Certainly, we had two incremental months of the HARMAN DTS acquisition that we had made. That is dilutive to the margin. That was one factor. Second was, we rolled out our wage increases effective 1st March. That was another factor. It was offset by the rupee depreciation and the Forex benefits that we've had. Our margin is actually a combination of those three factors playing out. It's a 30 basis points decline. See, your observation is right. Given what's happening in the industry, in the environment, across the industry, different organizations have shifted depending on the business situation to take calls on them. Because it's a people-intensive business. Any decision there has a significant impact, you heard Aparna, in terms of on margins of any company. But I must tell you that it's a group of knowledge workers who understand what's happening in the organization. It's a reality. It's about the opportunities outside, it's the impact of AI, all the points, geopolitical, economic. So people appreciate that this is the reality. I think they need more people to deliberate this and be open about it as it's rather than being entitled about it. So at least we have seen that if we are able to communicate transparently, people appreciate and understand. Obviously, there are disappointments, and people believe that it's important, but that's the reality of what it is. If I look at my attrition for this quarter, it's a 20-quarter low at 13.8%. The environment outside is known to people, so people look at that as well. Poulomi, please go ahead. Poulomi from Financial Express. I had a couple of questions. I just wanted to understand, like at what rate is advanced revenue scaling? And also like, do you have any plans of breaking advanced AI revenue? And also there were at least a couple of analyst reports recently. This is after the release of the Anthropic Mythos model, which said that there's headwind in revenue growth for IT firms between 3%-3.5%. There's been enough discussion around this I guess, but I just wanted to understand your thoughts on this. So... Y eah. I think at this point in time, we're not calling out AI revenue separately. For us, what's most important is any new project that we take, it has to be AI first as an approach. Wipro Intelligence is the platform that we are building, whether it's run and operate or build and transform or reimagine a process for the client. It has to be AI led, which is Wipro Intelligence from a branding perspective. In the context of Anthropic, I'm sure you're reading, last few months, few weeks, whenever Anthropic says something else happens, right? There's a conscious effort of that. Specific to Mythos, they have not released it publicly. They have given it to the set of tech companies for them to play around with that. That's more in terms of looking at the bugs in a code and if there are more bugs, you got to go and fix the bug as well. It could be an opportunity too in the future in that context of specific to Mythos, I'm talking about. Sanjana. Yeah. Good evening. Sanjana from The Hindu Business Line. I wanted to understand the kind of impact on your ENU and manufacturing clients' sector, because of the conflict in West Asia. Would you say that the sector which is currently contributing around 17% to your revenues will be disproportionately affected because of the conflict? Some of your peers have announced collaborations with companies like OpenAI and Anthropic to develop AI-powered solutions across client sectors. Is that a collaboration that Wipro will also be exploring? Oracle of course, laid off quite a few employees, even in India recently. Some of your peers have said that they will absorb some of this talent. Is that on the books for Wipro at all? Thanks. Okay. On the EMR segment, whether the conflict has an impact, at this point in time, we don't see that. Because, again, I want to reflect the pipeline across markets. At this point in time, in the last four to five weeks, whatever has happened, and right now there's some kind of a peace and so on, so forth. What is happening is geopolitics have become new normal for our clients, right? You've got to sense and respond to the situation, and sometimes they have baked that into the plan because war is not permanent. It can stop any time. Excuse me. I don't see any impact right now at this point in time. As far as the partnerships are concerned, they're extremely critical for us, right? When we said we are launching this AI Native Business and Platforms, they are all AI native. We have to work with all the partners that you have right across the value chain, including startups and Wipro Ventures companies that we have. It is the ecosystem that will drive our pivot to this new way of working in the context of services as a software. Our hiring will be depending on business needs. Layoffs are happening across the industry. We can't go across hiring. If we require Oracle people, we'll go and hire Oracle people because the talent will be available. That will be a driver. Business needs will be a driver. Hi. Chandra here from Moneycontrol. Hi. Srini, while Wipro has sort of gained momentum around large deal wins and focus on top accounts, it somehow failed to translate that to consistent revenue growth and market share gains. Where do you think the gaps lie from an execution perspective? Aparna, in terms of doing an INR 15,000 crore buyback, is that the best use of cash at a time when people are doubling down on AI investments? Did you consider perhaps acquisitions or investments in this segment? Saurabh, I know you took the question on TCS earlier, but I want to ask you, this has raised questions about whether IT companies will re-look at how POSH guidelines are being implemented if there's a gap between design and enforcement. Will you look at reinforcing POSH mechanism within Wipro in the coming weeks or coming days? Thank you. Hi, Chandra. Let me answer the first set of questions, right? The gap that you talked about, first and foremost, like Aparna also talked about this quarter and next quarter, we have two specific accounts. One, where the client account specific issue, which is impacting for us in quarter four and quarter one, and another account where we won a deal, but we have not been able to ramp up yet because of the delays from the client. These are the two reasons why that is baked into the guidance that we are given. Having said that, like I said, there are also deals and pipelines. If we can convert them, we should see through. The deal pipeline and momentum is very strong. We are being very competitive in the market. The landscape is very competitive, so you've got to be more competitive to win those deals. It has to be based on the strategy we define, consulting-led, AI-powered. It's not about just cost and productivity, but also it's about business outcomes that we can deliver to the customer. That's the value these new clients are looking for. On your question on buyback. Our buyback, we are doing after three years, Chandra. This is actually returning the excess cash that we have on our balance sheet. We make sure when we do that the net cash that's available can actually support all our ambitions for M&A investments both in the large deals, winning strategic wins that we have done recently, making sure that we have enough for our investments in our newly formed Wipro Intelligence platform unit. It's after due consideration that we're doing this. This is returning of excess cash that was due back to the shareholders, and we believe it is very good use of cash. That's my response to you. We have enough. We have a very good war chest to support our ambitions that are needed. Don't forget, we continue to generate 112% of our net income as operating cash flows. Even as we give back, we continue to generate, we remain committed to generating operating cash flows north of 100%. We have enough. On the last question, Chandra, we exchanged text and so I'll say this is very important for us. This has been our pivot for the organization on integrity, on harassment, and not because of this incident, but as a compliance committee, we review it every quarter. We review policies, execution, people, processes on a regular basis. Every six months, we communicate to the audit committee on the progress. We believe it's a robust process. We continue to invest in that, and it's very important for us, and we'll make sure that we. It's done very independently. Today, this entire POSH committee and the ombudsperson doesn't report to any individual in the company. It's an independent institution which has its own mind to decide and do things. It's not pushed by any function. They're not under HR, they're not under legal, they're not under finance. They're independent. They report to a committee as a team. I think that brings in the objectivity in how we deal with it. Sorry, Chandra, we'll have to come back to you because we're getting to the last bit. Shilpa, if we can take your question. Hello, sir. Shilpa from The Times of India. I wanted to understand from you, the Olam Mindsprint deal, is it a one-off? Because the way that the GCC carve-out is structured, it looks like they have very little third-party revenues. Some industry observers were saying that the valuation was very steep for the deal. Can you please share your comments on that? This is a very important strategic win for us. Expected to give us revenues of more than $1 billion through the whole tenure of the deal. We are very happy to have won that deal. It is very strategic on several counts in terms of the capabilities, in terms of the vertical, and in terms of the relationship that we will have access to. We are very excited about it. Deals are structured in many ways. In some cases, in a large deal, you tend to pass on the productivity through the years. Each year, your productivity pass on keeps becoming bigger. In some cases, we pass on the productivity upfront, right? It is a unique way of structuring a deal, and we are very happy to have secured it. Maybe I just wanted to add a few points. Why we are excited about this opportunity. Number one, it gives us farm-to-fork entire process aspect of it in the food and distribution industries and agriculture industries. Second, the kind of supply chain they have, and if you look at Olam, it's a $50 billion company. They have huge presence in Africa to Australia to across Europe, and the markets are global. That gives us a very good view of supply chain. They have got solid products that they've built, which are actually AI specific, which I've actually had a very deep understanding having conversations with their team. We are really excited having the leadership team and the entire Mindsprint team coming on to Wipro, and a lot of possibilities that we can do together besides the committed billion-dollar opportunity. I just wanted to give that context. Sure. Saurabh, sir, if I may come to you. The net addition is about 154. Do you think this is going to be a sharper delinking of revenue from headcount going forward with AI thrown in the mix? You're going to stay away from campuses for a bit, and it's going to move on to domain-specific hiring from here on? Shilpa, the shift is for real. We should not shy away from saying that. We have seen it. Our campus intake over the last four years has gradually coming down. That's a reality. We are seeing more and more revenue, which is going to come over a period of time, not immediately, which will be less FT intensive. That's the way the industry is going to move when we talk of agent intake and other things. That's for real. How it plays out, how soon it plays out is we have to see. Your mic is- Chandra, your mic not working. Sorry. Have you switched it off or something? Just check. It's on. Just speak into it. Yeah. Nope. Can you hear me now? No. Try the other one. Louder. Can you hear me now? Yeah. Okay. The client-specific issue that you mentioned, this quarter, next quarter. I just want to understand, is it specific to industry? Is it a function of the ongoing geopolitical issue in West Asia? If you can give us some color on that. Saurabh, what you mentioned on hiring, how does this kind of change the traditional inverted pyramid structure that we've seen for IT companies? Will there be more stress in the middle management layer, because AI has reduced the need for larger teams, for larger oversight. What will it mean for people in the middle management? Thanks. On the client-specific issue, it will be contained, and it'll not have any continuing impact post Q1. There's nothing material. It is not a result of the Middle East crisis or anything like that. Yeah. That's what I had to respond to, Saurabh. Yeah. Chandra, this is a debate that is ongoing. Today, we have business coming for our traditional businesses. We are seeing shifting towards the new areas. It's not that the tap will turn off today and new will open tomorrow. This will be a gradual change of things happening over a period of time. Pyramids will change. There are different theories right now. Diamond theory, there is a theory of smaller base, top heavy. We are looking at different things. The key is we need to have talent and skills which are relevant for tomorrow. I think that's what we should gear our existing organization and existing leader, people and our colleagues to gear up for. Reskill them, upskill them till they're relevant for tomorrow. That becomes the key. The shape will get different as demands changes across where we do. It will evolve. It's difficult to give a view right now in terms of how things are happening. Because there is traditional business still coming, there is new business coming. Both are happening at the same time. We have one minute for the last question. Haripriya. Yes. We begin with Haripriya, and we end with Haripriya. Go ahead. Srini, in your opening remarks, you said that client spending priorities are now tied to outcomes. Is that now changing how you price deals as well, and is it making it more competitive to win them? Because is it becoming more outcome-based as opposed to just the amount of effort it takes? Also M&A, mostly you had HARMAN DTS, you had Mindsprint, you had announced another one yesterday. Do you see more of your growth coming from inorganic moving forward? Sort of what areas would you be looking at to acquire more? On the amended, the one we announced, it is actually part of the vendor consolidation strategy for the client. This was as part of that. The good part is that for the client, the service delivery continues without an impact. I just wanted to talk about that. Olam, again, it's a strategic deal. HARMAN was something that we really acquired from a concept of capabilities, and it also gives us opportunities in markets that they serve on the connected services. That's where it is. I think we will continue with the deal pursuit that I talked about, and it has become very competitive, let me be honest. The way we price is also in terms of how much of AI you can build into that, whether it's a run and operate or a build opportunity or something dramatically new project, right? The pricing, the way you look at it is in terms of the outcomes the clients is looking for, and most of the time it's a business outcome, and you work backwards around that. Execution of that becomes very critical and very important. Understanding the customer industry domain and process becomes very important. That's why we call ourselves, we want to be consulting-led and then AI-powered because the technology comes later. AI, data, cloud, but you need to understand the customer business process workflows and how it works. We will have to conclude our Q4. Yes. Thank you. Yes. We'll be concluding our Q4 FY 2026 earnings press conference. For all your follow-up questions, please reach out to the external communications team and we'll be happy to help you. Thank you, and we'll see you next quarter.