Infosys Ltd (INFY) 2023 Q4 法說會逐字稿

Ladies and gentlemen, good day, and welcome to the Infosys Limited Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Sandeep Mahindroo. Thank you, and over to you, sir.

女士們，先生們，美好的一天，歡迎來到 Infosys Limited 收益電話會議。 （操作員說明）請注意，正在錄製此會議。我現在將會議交給 Sandeep Mahindroo 先生。謝謝你，交給你了，先生。

Thanks, Inda. Hello, everyone, and welcome to Infosys financial results for Q4 and FY '23. Joining us here on this call is CEO and MD, Mr. Salil Parekh; CFO, Mr. Nilanjan Roy; and other members of the senior management team.

謝謝，因達。大家好，歡迎來到 Infosys 23 財年第四季度的財務業績。與我們一起參加這次電話會議的是首席執行官兼總經理 Salil Parekh 先生；首席財務官Nilanjan Roy先生；以及高級管理團隊的其他成員。

We'll start the call with some remarks on the performance of the company for the recently concluded quarter and year by Salil and Nilanjan, subsequent to which the call will be opened up for questions.

我們將以 Salil 和 Nilanjan 對公司最近結束的季度和年度業績的一些評論開始電話會議，隨後電話會議將開始提問。

Please note that anything that we say that refers to our outlook for the future is a forward-looking statement that must be read in conjunction with the risk that the company faces. A full statement explanation of these risks is available in our filings with the SEC, which can be found on www.sec.gov. I'd now like to pass it on to Salil.

請注意，我們所說的任何涉及我們未來展望的內容都是前瞻性聲明，必須結合公司面臨的風險來閱讀。我們向美國證券交易委員會提交的文件中提供了對這些風險的完整聲明解釋，這些文件可以在 www.sec.gov 上找到。我現在想將它傳遞給 Salil。

Thanks, Sandeep. Good evening and good morning to everyone on the call, and thank you for joining us. For the full year financial year 2023, we had a good performance with growth of 15.4% in constant currency. Our digital business grew 25.6%, now being 62.9% of our overall revenue and our core services grew as well at 1.9%. We saw broad-based growth across our business segments with most in double digits. We had 26% growth in Europe and 12% in the U.S. In 95 large deals with the value of [$9.8] billion for the year with 40% net (inaudible).

謝謝，桑迪普。晚上好，早上好，感謝您加入我們的行列。對於 2023 年全年財政年度，我們表現良好，按固定匯率計算增長了 15.4%。我們的數字業務增長了 25.6%，目前占我們總收入的 62.9%，我們的核心服務也增長了 1.9%。我們看到我們業務部門的基礎廣泛的增長，其中大多數是兩位數。我們在歐洲增長了 26%，在美國增長了 12%。在 95 筆大型交易中，全年價值 [98] 億美元，淨增長 40%（聽不清）。

Our operating margin for the full year was up 21%. We generated free cash flow of $2.5 billion in the year. Our attrition has continued to decline in each of the quarters through the year. We are leveraging generative AI capabilities for our clients and within the company. We have active projects with clients working with generative AI platforms to address specific areas within their business.

我們全年的營業利潤率增長了 21%。我們在這一年產生了 25 億美元的自由現金流。我們的員工流失率在全年的每個季度都在持續下降。我們正在為我們的客戶和公司內部利用生成人工智能的能力。我們有積極的項目與客戶合作，使用生成人工智能平台來解決他們業務中的特定領域。

We have trained open source generative AI platforms on our internal software development libraries. We anticipate generative AI to provide more opportunities for work with our clients, and to enable us to improve our productivity.

我們已經在我們的內部軟件開發庫中訓練了開源生成人工智能平台。我們期望生成式 AI 能夠提供更多與客戶合作的機會，並使我們能夠提高生產力。

In Q4, we saw changes in the market environment. During the quarter, we saw unplanned project ramp downs in some of our clients and delays in decision-making, which resulted in lower volumes. In addition, we had some onetime revenue impact. While we saw some signs of stabilization in March, the environment remains uncertain. This led to a Q4 year-on-year growth of 8.8% in constant currency and quarter-on-quarter decline of 3.2%.

第四季度，我們看到了市場環境的變化。在本季度，我們看到一些客戶的計劃外項目減少和決策延遲，導致銷量下降。此外，我們對收入產生了一些一次性影響。雖然我們在 3 月份看到了一些企穩跡象，但環境仍不明朗。這導致第四季度按固定匯率計算同比增長 8.8%，環比下降 3.2%。

Our operating margin was at 21% for the quarter, and we have $2.1 billion in large deals in the quarter. We generated $713 million of free cash flow in the quarter. Our pipeline of large deals is extremely strong. Several of these are mega deals and several of these opportunities are for cost and efficiency programs and for consolidation projects.

本季度我們的營業利潤率為 21%，本季度我們有 21 億美元的大型交易。我們在本季度產生了 7.13 億美元的自由現金流。我們的大型交易渠道非常強大。其中一些是大型交易，其中一些機會用於成本和效率計劃以及整合項目。

Some industries such as financial services, in mortgages, asset management, investment banking, telecom, high-tech and retail are more impacted, leading to uncertainty in spend and delays in decision-making. The U.S. is more impacted than Europe.

金融服務、抵押貸款、資產管理、投資銀行、電信、高科技和零售等一些行業受到的影響更大，導致支出的不確定性和決策的延遲。美國比歐洲受到的影響更大。

Keeping in mind the current environment, we have further expanded our internal efficiency and cost program to work on our pyramid on-site ratio, automation, (inaudible), subcontractor, office consolidation and on pricing. We anticipate this program will build a path to higher margins in the medium term.

考慮到當前的環境，我們進一步擴大了內部效率和成本計劃，以致力於我們的金字塔現場比率、自動化、（聽不清）、分包商、辦公室整合和定價。我們預計該計劃將在中期開闢一條通往更高利潤率的道路。

We are committed to investing in our people in this period. We are committed to working with our clients as they deal with changes in the economic environment. Based on our sustained momentum in financial year '23, a strong pipeline of opportunities, especially focused on cost efficiency and consolidation while also keeping in mind the uncertain environment. Our revenue growth guidance for this financial year is 4% to 7% in constant currency. Our operating margin guidance for this financial year is 20% to 22%. Thank you. With that, let me hand it over to Nilanjan.

我們致力於在此期間投資於我們的員工。我們致力於與客戶合作應對經濟環境的變化。基於我們在 23 財年的持續發展勢頭，大量的機會，特別是關注成本效率和整合，同時也牢記不確定的環境。我們本財政年度的收入增長指引按固定匯率計算為 4% 至 7%。我們本財政年度的營業利潤率指引為 20% 至 22%。謝謝。有了這個，讓我把它交給Nilanjan。

Thanks, Salil. Good evening, everyone, and thank you for joining this call. FY '23 was a year of 2 halves, mirroring broader macroeconomic conditions Growth was extremely strong in H1 with 20% year-on-year constant currency, which reduced to 11.2% in H2 due to the slowdown in verticals like telecom, high-tech, retail and parts of financial services. Q4 came in lower than expected due to some specific client ramp-downs in discretionary spend and delayed client decision-making on new deals.

謝謝，薩利爾。大家晚上好，感謝您加入本次電話會議。 23 財年是兩個半年，反映了更廣泛的宏觀經濟狀況，上半年增長極為強勁，同比固定匯率為 20%，由於電信、高科技等垂直行業的放緩，下半年增長率降至 11.2% 、零售和部分金融服務。由於一些特定客戶的可支配支出減少以及客戶對新交易的決策制定延遲，第四季度低於預期。

In addition, we had some one-off revenue impacts, including project cancellations, et cetera. Despite the above, we closed FY '23 with a strong 15.4% growth in constant currency, leading to continued market share gains. Operating margin for Q4 and FY '23 were at 21%, in line with our guidance.

此外，我們還有一些一次性的收入影響，包括項目取消等。儘管如此，我們在 23 財年結束時以固定匯率計算實現了 15.4% 的強勁增長，導致市場份額持續增長。第四季度和 23 財年的營業利潤率為 21%，符合我們的指導。

Free cash conversion to net profit for FY '23 was near 85%. FY '23 EPS grew by 1.3% in dollar and 9.7% in INR terms. Client metrics were strong with a number of 50 million clients increasing to 75, 100 million client count increasing to 40 million and 200 million client count increasing to 15.

23 財年的自由現金轉換為淨利潤接近 85%。 23 財年每股收益以美元計算增長 1.3%，以印度盧比計算增長 9.7%。客戶指標表現強勁，5000 萬客戶增加到 75 個，1 億客戶增加到 4000 萬，2 億客戶增加到 15 個。

Long-term LTM voluntary attrition declined to 20.9%. Quarterly annualized attrition reduced by over 4% sequentially and is the lowest in the last 9 quarters. This is also well below pre-pandemic levels.

長期 LTM 自願減員下降至 20.9%。季度年化人員流失率環比下降超過 4%，是過去 9 個季度中的最低值。這也遠低於大流行前的水平。

Coming to Q4 performance. Revenues grew by 8.8% year-on-year and declined by 3.2% sequentially in constant currency terms due to the reasons mentioned earlier. Utilization declined to 80% on the back of softness in demand. We expect the utilization to improve gradually in the coming quarters as pressures start getting deployed. We will calibrate [be hiring] for FY '22 -- '24 based on available pool of employees, growth expectations and attrition trends.

來到第四季度的表現。由於上述原因，按固定匯率計算，收入同比增長 8.8%，環比下降 3.2%。由於需求疲軟，利用率下降至 80%。隨著壓力開始得到釋放，我們預計未來幾個季度的利用率將逐漸提高。我們將根據可用的員工數量、增長預期和人員流失趨勢，為 FY '22-'24 校準[招聘]。

Q4 margins were at 21%, which is a decline of 50 basis points sequentially. Major components of sequential margin movements are: We had tailwinds of 50 basis points on cost optimization, including reduction in sub-con a 60 basis points benefit from reduction in PSCS, which is post-sale customer support, offset by a headwind of about 70 basis points from a drop in utilization and the balance 90 basis points with the combination of revenue one-timers as mentioned above, partly offset by other savings.

第 4 季度利潤率為 21%，環比下降 50 個基點。連續利潤率變動的主要組成部分是： 我們在成本優化方面有 50 個基點的順風，包括減少分包 60 個基點受益於 PSCS 的減少，這是售後客戶支持，被約 70 個逆風抵消利用率下降的基點和余額 90 個基點與上述一次性收入的組合，部分被其他節省抵消。

Q4 EPS grew by 0.2% in dollar terms and 9% in rupee terms on a year-on-year basis. Our balance sheet remains strong and debt-free. Consolidated cash and equivalents stood at $3.8 billion at the end of the quarter. Free cash flow for the quarter was robust at $713 million with a conversion of 95% to net profit, yield on cash balance of 6.6% in Q4. The Board has recommended a final dividend of INR 17.50 per share, which will result in a total dividend of INR 34 per share for FY '23 versus INR 31 per share for FY '22, an increase of 9.7% per share for the year.

第四季度每股收益以美元計算同比增長 0.2%，以盧比計算同比增長 9%。我們的資產負債表依然強勁且無債務。截至本季度末，合併現金及等價物為 38 億美元。本季度自由現金流強勁，為 7.13 億美元，淨利潤轉化率為 95%，第四季度現金餘額收益率為 6.6%。董事會建議派發每股 17.50 印度盧比的末期股息，這將導致 23 財年的每股總股息為 34 印度盧比，而 22 財年為每股 31 印度盧比，全年每股增長 9.7%。

Including the final dividend and recently concluded buyback, we have returned 86% of FCS to shareholders over the last 4 years under our current capital allocation policy. In Q4, we completed the open market share buyback of INR 9,300 crores, buying back 1.44% of shares at an average buyback price of INR 15.39 versus a maximum buyback price of INR 18.50. ROE increased to 31.2% in FY '23 from 29.1% in FY '22 as a result of higher payout to investors.

包括末期股息和最近完成的回購，根據我們目前的資本配置政策，我們在過去 4 年中已將 86% 的 FCS 返還給股東。在第四季度，我們完成了 930 億印度盧比的公開市場股票回購，以 15.39 印度盧比的平均回購價格回購了 1.44% 的股票，最高回購價格為 18.50 印度盧比。由於對投資者的支付增加，股本回報率從 22 財年的 29.1% 增加到 23 財年的 31.2%。

Coming to segment performance. Large deal momentum continued, and we signed 17 large deals in Q4. TCV was [$2.1] billion with 21% net new. 5 large deals were in manufacturing, 4 in FF, 3 in CRL, 2 each in life science and high tech and 1 in EURS. Region wise, this was split by 10 in Americas and 7 in Europe.

來細分性能。大宗交易勢頭持續，我們在第四季度簽署了 17 筆大宗交易。 TCV 為 [21 億美元] 億美元，淨新增 21%。製造業有 5 筆大交易，FF 有 4 筆，CRL 有 3 筆，生命科學和高科技各有 2 筆，歐元有 1 筆。就地區而言，美洲有 10 個，歐洲有 7 個。

In FY '24, we signed 95 large deals with TCV of $9.8 billion with 40% net new. We are coming to the vertical segment performance. Financial Services vertical was impacted by budgeting delays at the start of the year led by macroeconomic uncertainties, coupled with softness in mortgages, asset management and investment banking. However, our strong pipeline and large deal wins in areas like Infra, production support, cybersecurity and business operations is helping in better visibility for FY '24.

在 24 財年，我們與 TCV 簽署了 95 筆大型交易，總金額為 98 億美元，其中 40% 為淨新交易。我們正在討論垂直細分市場的表現。年初由於宏觀經濟的不確定性導致預算編制延遲，加上抵押貸款、資產管理和投資銀行業務疲軟，金融服務垂直行業受到影響。然而，我們在基礎設施、生產支持、網絡安全和業務運營等領域的強大渠道和大筆交易正在幫助提高 FY '24 的知名度。

We have a very diverse portfolio of clients in the U.S. and hence, exposure to multiple regional banks is less than 2% of our overall revenues. We do not anticipate any material impact on our operations as a result of recent news in regional banking segment.

我們在美國擁有非常多樣化的客戶組合，因此，對多家地區性銀行的敞口不到我們總收入的 2%。我們預計區域銀行部門的近期消息不會對我們的運營產生任何重大影響。

In retail, there is heightened focus on accelerating digital transformation to enable top line growth with rigor in ensuring budgets get spent on right programs to maximize ROI while there is some pressure on discretionary tech spending, companies are prioritizing investments in key areas such as e-commerce platforms, supply chain management systems and customer engagement tools.

在零售業，人們更加關注加速數字化轉型以實現頂線增長，並嚴格確保預算用於正確的計劃以最大化投資回報率，同時可自由支配的技術支出存在一些壓力，公司正在優先投資關鍵領域，例如電子商務商務平台、供應鏈管理系統和客戶參與工具。

Manufacturing segment continues to see ramp-up of large deal wins and benefits of vendor consolidation. There is increased focus on digital spend, including opportunities on ER&D, 5G and industrial IoT. Increased energy prices and interest rates coupled with continuous supply chain disruptions impacting spend on the run side of the business, especially in Europe.

製造部門繼續看到大筆交易的勝利和供應商整合的好處。人們越來越關注數字支出，包括 ER&D、5G 和工業物聯網方面的機會。能源價格和利率上漲，加上持續的供應鏈中斷，影響了企業運行方面的支出，尤其是在歐洲。

Communications segment is witnessing increased OpEx pressures, cost cutting ramp-downs and delayed decision-making. Demand for ideas and solutions are moving from cost takeout to revenue growth side with heavy focus on customer success. Cloud and Mobility remain top driver for 5G adoption. Overall pipeline remains strong, which gives us the confidence of growth opportunities in the coming quarters. The positive momentum in energy utilities resources and services for FY '23 was supported by large deal wins.

通信部門見證了運營支出壓力的增加、成本削減的減少和決策的延遲。對創意和解決方案的需求正在從成本削減轉向收入增長，並高度關注客戶的成功。雲和移動仍然是 5G 採用的首要驅動力。整體管道仍然強勁，這使我們對未來幾個季度的增長機會充滿信心。 23 財年能源公用事業資源和服務的積極勢頭得到了大筆交易的支持。

Our renewed strategy to repermit our offerings and developing integrated Energy as a Service solution and the focus on Journey to net zero initiative has positioned us well ahead of competition. While we are seeing delays in kicking off discretionary spend projects, the cost takeout and vendor consolidation initiatives continue to pick momentum.

我們重新許可我們的產品和開發集成能源即服務解決方案的新戰略以及對淨零之旅計劃的關注使我們在競爭中遙遙領先。雖然我們看到啟動可自由支配支出項目的延遲，但成本削減和供應商整合計劃繼續保持勢頭。

We expect our revenues to grow by 4% to 7% in constant currency terms in FY '24. Our pipeline of large deals remains extremely strong with increased focus on cost takeout programs. Operating margin guidance stands at 20% to 22%. The margin guidance factors and growth assumptions for FY '24 impact of utilization, employee cost increases, further normalization of costs like travel, facilities, et cetera, and we continue to focus on various cost optimization and efficiency improvement measures.

我們預計我們的收入在 24 財年按固定匯率計算將增長 4% 至 7%。隨著對成本削減計劃的更多關注，我們的大型交易渠道仍然非常強大。營業利潤率指引為 20% 至 22%。 24 財年利用率影響的利潤率指導因素和增長假設、員工成本增加、差旅、設施等成本的進一步正常化，我們將繼續關注各種成本優化和效率改進措施。

As we look beyond FY '24, we believe we have various levers to generate more efficiencies like improving utilization, reducing subcons, improving pyramid apart from growth acceleration and potential pricing increases, which will enable us to aspire for higher margins over time.

當我們展望 24 財年之後，我們相信我們有各種槓桿來產生更高的效率，例如提高利用率、減少分包、改善金字塔，除了增長加速和潛在的價格上漲，這將使我們能夠隨著時間的推移渴望更高的利潤率。

With that, we can open up the call for questions.

這樣，我們就可以開始提問了。

(Operator Instructions) Our first question is from the line of Yogesh Aggarwal from HSBC.

（操作員說明）我們的第一個問題來自匯豐銀行的 Yogesh Aggarwal。

A couple of questions. Firstly, while the quarter was weak, the guidance at the upper end still looks very solid when we just mathematically look at the sequential build up from here. So is that 7% based on some macro pickup? Or is it what you see today 7% is possible? And related to that, Salil, in general, the demand and the growth picked up post-COVID. So are we back to post -- pre-COVID growth rate of 5%, 6%, 7% or FY '24 is one-off and we can see a pickup from FY '25. And then I have a follow-up, please.

幾個問題。首先，雖然本季度表現疲軟，但當我們從這裡開始從數學上看連續增長時，上端的指導看起來仍然非常穩固。那麼這 7% 是基於一些宏觀經濟增長嗎？還是您今天看到的 7% 是可能的？與此相關的是，薩利爾，總的來說，需求和增長在 COVID 後回升。那麼我們是否回到發布 - COVID 前 5%、6%、7% 或 24 財年的增長率是一次性的，我們可以看到 25 財年的回升。然後我有一個後續行動，請。

This is Salil. I didn't catch the second one. I'll go with the first question, then you can just repeat the second one. On the guidance, what we have built it with today is -- what we see with the deals we have sold and the ongoing work that we have and then put the range between 4% and 7%. There are different scenarios in which different things happen. We've widened the band to 3 points given the uncertainty in the environment. We also have a very strong large deal pipeline with some mega deals in the pipeline. Of course, these are always binary. But given the strength of the pipeline, we believe that there is ways that we can achieve the high end of the guidance.

這是薩利爾。我沒有抓住第二個。我會回答第一個問題，然後你可以重複第二個問題。根據指導，我們今天建立它的是——我們看到我們已經售出的交易和我們正在進行的工作，然後把範圍放在 4% 到 7% 之間。不同的場景會發生不同的事情。鑑於環境的不確定性，我們將範圍擴大到 3 分。我們還有一個非常強大的大型交易管道，其中有一些大型交易正在籌備中。當然，這些總是二進制的。但鑑於管道的實力，我們相信我們可以通過多種方式實現指導的高端。

Got it. So I was asking the second question was 4% to 7% is almost going back to pre-COVID growth rate. So is it like the new normal again? Or we can expect some pick up again from FY '25? That is one. And also, Salil, I wanted to ask you on the recent management exits. Just recently, you had 2 Presidents and a COO. Now all 3 are not there for whatever reasons. So has it impacted the business by any chance? And is it -- what's the new structure? Are you going to replace them? Or is it -- the new structure doesn't need President and COO.

知道了。所以我問的第二個問題是 4% 到 7% 幾乎回到了 COVID 之前的增長率。那麼它又像新常態了嗎？或者我們可以期待從 25 財年起再次有所回升？那是一個。還有，Salil，我想問你最近的管理層離職情況。就在最近，你們有兩位總裁和一位首席運營官。現在，無論出於何種原因，所有 3 個都不在那裡。那麼它是否偶然影響了業務？它是——新結構是什麼？你要更換它們嗎？或者是——新結構不需要總裁和首席運營官。

So on the first one, as of course, you know we don't provide a view or a guidance beyond this financial year. Underlying the way we see the business, we see 2 growth drivers, and we are well-positioned on both in terms of capabilities and track record. One is on digital transformation, comprising of cloud and other elements and one is on cost efficiency, automation and an additional element, which is on consolidation that comes in through that.

所以關於第一個，當然，你知道我們不會提供本財政年度之後的觀點或指導。在我們看待業務的方式的基礎上，我們看到了 2 個增長動力，並且我們在能力和業績記錄方面都處於有利地位。一個是關於數字化轉型，包括雲和其他元素，一個是關於成本效率、自動化和另一個元素，即通過它進行的整合。

We see both of those drivers working. We've seen a reduction in the digital transformation work today. We see more in the cost and efficiency and consolidation play today, but going through depending on where the client is, what the environment is, we feel comfortable for both of those drivers to work over time.

我們看到這兩個驅動程序都在工作。我們已經看到今天數字化轉型工作的減少。今天，我們在成本、效率和整合方面看到了更多，但根據客戶所在的位置、環境的不同，我們對這兩個驅動程序隨著時間的推移工作感到舒服。

In terms of the structure, we have put in place a structure for the delivery organization, which is already rolled out. And in the next few weeks, we'll roll out the new structure for our FS team. So we feel good with the leadership [tool] that we have within the company who are moving up to take a broader role and a larger role that they will step up and deliver what we are driving to.

在結構方面，我們已經建立了交付組織的結構，並且已經推出。在接下來的幾週內，我們將為我們的 FS 團隊推出新結構。因此，我們對公司內部的領導 [工具] 感到滿意，他們正在上升到更廣泛的角色，他們將加強並實現我們正在推動的目標。

Our next question is from the line of Bryan Bergin from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Bryan Bergin。

I wanted to ask on the growth outlook first. At the midpoint of your 4% to 7% range, can you give us a sense on how much of the backlog is already in hand versus having to go out and convert upon the pipeline to achieve that growth target? And does the amount that you have to sign in that pipeline to hit the target differ relative to prior years at this time?

我想先問一下增長前景。在 4% 到 7% 範圍的中點，您能否告訴我們有多少積壓訂單已經在手，而不是必須外出並轉換管道以實現該增長目標？你必須在該管道中籤署以達到目標的金額與往年相比目前有何不同？

This is Salil. Thanks for that. We don't have a specific sort of number there that we share externally. What I can sort of share is we see through this past financial year, we've had a good large deals booking, $9.8 billion with 40% net new and we see a set of very strong active relationships, some of them are expanding through the year through other work. And then we saw in Q4 during the quarter, some ramp downs. So keeping those factors in mind, we have built the guidance of 4% to 7%. And we see that we have the ability to deliver on that guidance.

這是薩利爾。感謝那。我們沒有與外部共享的特定類型的數字。我可以分享的是，我們在過去的一個財政年度中看到，我們有一筆不錯的大宗交易預訂，98 億美元，其中 40% 是淨新交易，我們看到了一系列非常強大的積極關係，其中一些正在通過年通過其他工作。然後我們在本季度的第四季度看到了一些下滑。因此，牢記這些因素，我們制定了 4% 至 7% 的指導。我們看到我們有能力實現該指導。

Okay. And my follow-up is kind of on margins here. So you've cited internal efficiency programs that you're going to progress upon, I think, [permitting] office consolidation and other items. Is there a stated target of cost reduction that you're expecting to achieve? So a run rate of op margin expansion? Just trying to get a sense of how you think about the structural margins of the business, assuming the efficiency initiatives you cited.

好的。我的後續行動在這裡有點邊緣。所以你引用了你將要推進的內部效率計劃，我認為，[允許]辦公室合併和其他項目。是否有您期望實現的既定成本降低目標？那麼運營利潤率擴張的運行率是多少？假設您引用了效率舉措，只是想了解您如何看待業務的結構利潤率。

So there, we put together an internal plan with targets and, let's say, a roadmap for each of the subcategories that we outlined and a few others. And we have a view to drive that through the next sort of period here in the coming quarters. We have not shared that target externally, but our view is to make sure that we put in place -- execute on that program programs in place and deliver to that in the medium term.

因此，我們制定了一個帶有目標的內部計劃，比方說，我們概述的每個子類別和其他幾個子類別的路線圖。我們希望在接下來的幾個季度裡推動這一點進入下一個時期。我們尚未與外部共享該目標，但我們的觀點是確保我們落實到位 - 執行該計劃並在中期交付該計劃。

Our next question is from the line of Ankur Rudra from JPMorgan.

我們的下一個問題來自摩根大通的 Ankur Rudra。

First question is on -- I just wanted to get a bit more color, if you can, on the reasons for the [very] sharpness on revenues and margins versus the guidance. What -- why did this surprise you? And how much of the demand environment has existed through the quarter or versus what probably came in the last 30 days. That's the first one.

第一個問題是——如果可以的話，我只是想了解更多關於收入和利潤率與指導的[非常]清晰度的原因。什麼——為什麼這讓你感到驚訝？以及本季度存在多少需求環境或與過去 30 天可能出現的情況相比。這是第一個。

This is Salil. So what we saw there was during the quarter as the quarter progressed, we saw on some clients ramp downs on programs. And this was across different sectors, telecom, retail, high-tech and parts of financial services, mortgages, investment banking, asset management, and that was something which were unplanned as we went through. And then additionally, we had some onetime impact, which we saw in the quarter as well.

這是薩利爾。因此，隨著本季度的進展，我們在本季度看到的情況是，我們看到一些客戶的計劃有所減少。這涉及不同的部門，電信、零售、高科技和部分金融服務、抵押貸款、投資銀行、資產管理，這是我們經歷時沒有計劃的事情。此外，我們還產生了一些一次性影響，我們在本季度也看到了這種影響。

Would you be able to elaborate on the onetime impact, Salil.

Salil，您能否詳細說明一次性影響。

Yes. So I think, firstly, the majority of the decline is volume-led. The balance of the revenue is one-timers, which is a combination of specific client issues, including the impact of cancellations as well, which is just a top line impact more and more -- over and above the volume impact. So that's the state of play really for the quarter.

是的。所以我認為，首先，大部分下跌是由成交量主導的。收入的餘額是一次性的，這是特定客戶問題的組合，包括取消的影響，這只是越來越多的頂線影響——超過了數量影響。這就是本季度的實際情況。

Okay. On the guidance, I just wanted to get a sense. Looking at what happened in the quarter and the uncertainty in the environment, are you turning more conservative for the guidance setting process for FY '24, both on the revenues and the margins versus what you may have done before? And also, along with that, if you can share what's the visibility that you have at the moment for the full year versus what you may have had at the beginning of last year.

好的。關於指導，我只是想了解一下。看看本季度發生的事情和環境的不確定性，你是否對 24 財年的指導設定過程變得更加保守，無論是收入還是利潤率與你之前可能做過的事情相比？而且，除此之外，如果你能分享你目前全年的可見度與去年年初的可見度。

So there on the guidance, we took into account what we see typically as we closed the year in March, on what we've had in new large deals and overall new deals and the ongoing work that we have across our client base. And that basically becomes the foundation of our guidance. Typically, again, as you know well, we don't have a detailed view of Q3 and Q4. So we have more typically estimates from other years that we use. And that's the same approach we've used this year from what we see as we look out. And the same on margin, we finished the year at 21%. Utilization in Q4 is low compared to what we want to target.

因此，在指南中，我們考慮了我們在 3 月份結束這一年時通常看到的情況，我們在新的大型交易和整體新交易中所擁有的，以及我們在客戶群中正在進行的工作。這基本上成為我們指導的基礎。通常，正如您所知，我們沒有第三季度和第四季度的詳細視圖。所以我們有更多來自我們使用的其他年份的估計。這與我們今年使用的方法相同，從我們所看到的來看。同樣在利潤率方面，我們以 21% 的價格結束了這一年。與我們想要的目標相比，第四季度的利用率較低。

We have a very strong efficiency and cost program, but within that program, we are very clear that from an employee perspective, we will continue with our commitment with employees. And so the utilization will go up through the quarter. But in the medium term, we will get that impact back into the margin. And that's how we built the '20 to '22 margin guidance.

我們有一個非常強大的效率和成本計劃，但在該計劃中，我們非常清楚，從員工的角度來看，我們將繼續履行對員工的承諾。因此，整個季度的利用率都會上升。但從中期來看，我們會將這種影響重新納入利潤率。這就是我們建立 20 到 22 年利潤率指導的方式。

Understood. Just a last question on the leadership. I think this was attempted before but my (inaudible) it would be -- I mean, clearly, there's been departures, as you acknowledge, and some of them have gone to competition, probably will drive [hungry] in peers going forward. Do you think you're losing [muscle] and increasing the roles and responsibilities at a more concentrated leadership team as seen -- at least as seen from the outside at the time of the industry is facing a tougher period this year.

明白了。關於領導層的最後一個問題。我認為這是以前嘗試過的，但我的（聽不清）會是——我的意思是，很明顯，正如你所承認的那樣，有一些人離開了，他們中的一些人已經參加了比賽，可能會推動 [飢餓] 在同行中前進。你認為你正在失去 [肌肉] 並在一個更集中的領導團隊中增加角色和責任嗎 - 至少在行業今年面臨更艱難時期時從外部看來是這樣。

Sorry, Ankur, I didn't follow, you said, will we have concentrated leadership or.

對不起，Ankur，我沒聽懂，你說，我們會集中領導還是。

Yes, concentrated leadership has basically more roles and responsibilities as an example, on your door or Nilanjan's door versus having 3 other very senior leaders helping you with a wider leadership team.

是的，集中領導基本上有更多的角色和責任，例如，在你家門口或 Nilanjan 家門口，而不是讓其他 3 位非常高級的領導幫助你建立更廣泛的領導團隊。

Okay. What we have seen and what we know is within the company, there's a very strong set of leaders across different roles. Many -- on delivery, many of them have now stepped up and clearly, any role as you start to step up to deliver leadership within a large company like Infosys becomes more concentrated, and that has been announced and rolled out and the same will happen with FS where we are rolling that out in the coming weeks. The FS segment, of course, is a large segment for us. So those will be concentrated in that sense. So we will have a leadership structure with a very strong responsibility for several of the senior leaders.

好的。我們所看到的和我們所知道的是在公司內部，有一組非常強大的領導者，他們擔任不同的角色。許多 - 在交付時，他們中的許多人現在已經加強並且很明顯，當你開始加強在像 Infosys 這樣的大公司中提供領導力時，任何角色都會變得更加集中，並且已經宣布和推出並且同樣會發生與 FS 一起，我們將在未來幾週推出它。 FS 部分當然對我們來說是一個很大的部分。因此，這些將集中在這個意義上。因此，我們將擁有一個領導結構，對幾位高級領導負有非常強烈的責任。

Our next question is from the line of Kawaljeet Saluja from Kotak.

我們的下一個問題來自 Kotak 的 Kawaljeet Saluja 系列。

I have a couple of questions. The first question is on guidance once again. Is it back-ended or guidance assumes even growth through the course of the year? And a related question to the guidance is that given the deterioration in the macro environment, along with a huge miss in the 4Q along [with the] signings. Do you think you have been more, what I would say, watchful in your guidance for FY '24. Has the process been tightened? Any thoughts on that would be welcome.

我有一些問題。第一個問題再次是關於指導。它是後端還是指導假設全年都在增長？與指導相關的一個問題是，鑑於宏觀環境的惡化，以及第四季度的巨大失誤以及[簽約]。您是否認為您在 24 財年的指導中更加謹慎？流程是否收緊？歡迎就此提出任何想法。

This is Salil. On the revenue growth guidance there. The thinking is really spread over the 4 quarters. I'm not sure, I would say, it's front or back. But it's based on what we see in the large deals today, and also in the pipeline that we have, where we do have some mega deals in the pipeline. So that gives some weightage to the guidance, given where those deals will come, it will be later on in the year itself. The second one, sorry, Kawal was -- are we more conservative? Is that the point?

這是薩利爾。關於那裡的收入增長指導。思想真的分散在4個季度。我不確定，我會說，它是正面還是背面。但它基於我們今天在大型交易中看到的情況，以及我們在管道中看到的情況，我們確實有一些大型交易正在籌備中。因此，考慮到這些交易將在何處進行，這會給指導帶來一定的影響，它將在今年晚些時候進行。第二個問題，抱歉，Kawal 是——我們是不是更保守了？這是重點嗎？

No, no. Has the process of guidance have been tightened or rather the forecasting process, has it been tightened given the magnitude of the miss in your revenues in the quarter, which obviously would have [shocked] you as well. Have you basically, I mean, built in better cushion, greater cushion in your guidance for FY '24? Or is the process and the underlying assumptions the way it used to be historically.

不，不。指導過程是否已經收緊，或者更確切地說是預測過程是否收緊，考慮到您本季度收入的失誤幅度，它是否收緊了，這顯然也會讓您感到震驚。你基本上，我的意思是，在你對 24 財年的指導中建立了更好的緩衝，更大的緩衝？或者，這個過程和潛在的假設是歷史上的方式。

So we have tried to put in place what is a changing and uncertain economic environment, which -- where we saw some of these impacts. So those factors have been taken in as we build this guidance.

因此，我們試圖將不斷變化和不確定的經濟環境落實到位，我們在其中看到了其中一些影響。因此，我們在製定本指南時已考慮了這些因素。

Okay. And the second question that I had is on profitability. Every company would, I mean, want to operate at a certain base value of profitability. Now in Infosys case, this profitability has been drifting down and the profitability guidance is down to 20% to 22%, which is a kind of a new low. How should one think about the underlying operating assumptions behind these deal wins and the process of bidding for large deals? And how does that [tailwind] now with the underlying base of profitability aspirations and rather assumption that you have? And is this -- so how should one think about structural profitability, if you may?

好的。我的第二個問題是盈利能力。我的意思是，每家公司都希望以一定的盈利基礎值運營。現在在 Infosys 的案例中，這種盈利能力一直在下降，盈利能力指導下降到 20% 到 22%，這是一種新低。人們應該如何思考這些交易獲勝背後的基本運營假設以及大型交易的競標過程？那[順風]現在如何以盈利願望的基礎為基礎，而不是假設你有？這是——如果可以的話，人們應該如何考慮結構性盈利能力？

Yes, so I think if you step back a bit into, say, the last 1.5 years, I mean, basically the whole chasing of this demand side, 3 compensation hikes in 15 months, [stress] salaries, all that, in a way, has made our structure a bit inefficient, right? And in a way, a part of that today is the reverse that you're sitting at 80% utilization, whereas you want to be at much higher levels and your pyramid is not as efficient because you had to get talent from anywhere when the market was hot. So we've seen a lot of these sort of things during this period where we can identify these profits subcon rising to 11.5%. So I mean, we were clear that we had to go behind this -- the -- getting the volumes in, right? And we knew we had time to correct the margin structure, right? And therefore, that's fundamentally what we still believe in.

是的，所以我想如果你稍微回顧一下，比方說，過去 1.5 年，我的意思是，基本上是整個需求方的追逐，15 個月內 3 次加薪，[壓力] 工資，所有這些，在某種程度上，讓我們的結構有點低效，對吧？在某種程度上，今天的部分情況與您坐在 80% 的利用率相反，而您希望處於更高的水平並且您的金字塔效率不高，因為您必須從市場上的任何地方獲得人才很熱。因此，我們在此期間看到了很多此類事情，我們可以確定這些利潤分包上升至 11.5%。所以我的意思是，我們很清楚，我們必須支持這個 - 獲得數量，對嗎？我們知道我們有時間糾正保證金結構，對嗎？因此，從根本上說，這就是我們仍然相信的。

Our guidance is just today at a midpoint that we ended the year at 21%, and we have enough flexibility in this guidance between 20% to 22%. And in a way, 21% is just the midpoint of that. To take care of -- firstly, of course, there may be some headwinds coming because of compensation, there could be something on travel, but at the same time, you have levers of improving our utilization at 80%, really, which is probably one of the lowest I've seen.

今天，我們的指導剛好處於我們年底 21% 的中間點，我們在 20% 到 22% 之間的指導中有足夠的靈活性。在某種程度上，21% 只是其中的中點。要照顧好——首先，當然，可能會因為補償而出現一些不利因素，可能會出現一些旅行方面的問題，但與此同時，你有辦法將我們的利用率提高到 80%，真的，這可能是我見過的最低之一。

We have other opportunities of improving the pyramid because the higher bench comes with a double [whammy] of cost. One is you have the ideal cost of the bench. And at the same time, you have a very rich pyramid. So the moment you start moving freshers into the pyramid, you get a double benefit of cost that the ID cost goes away from the bench and your quality of the pyramid improves on the production side, right? So you're sitting on 2 inefficiencies now. These are the levers we start using pricing, et cetera, still going on with conversations, how we build in (inaudible) aspiration continues to be that we continue to look at improving margins from where we are. The guidance is just a reflection of it gives us the flexibility in this uncertain year. And we've ended at 21% as you saw consistently during this last year as well.

我們還有其他改進金字塔的機會，因為更高的板凳會帶來雙重 [whammy] 成本。一是您擁有理想的工作台成本。同時，你有一個非常豐富的金字塔。因此，當您開始將新生轉移到金字塔中時，您將獲得成本的雙重好處，即 ID 成本從替補席中消失，並且您的金字塔質量在生產方面得到提高，對嗎？所以你現在坐在 2 低效率。這些是我們開始使用定價的槓桿，等等，仍在繼續對話，我們如何建立（聽不清）的願望仍然是我們繼續從我們現在的位置著眼於提高利潤率。該指南只是反映了它在這個不確定的一年中為我們提供了靈活性。正如你在去年一直看到的那樣，我們以 21% 結束。

Sorry to interrupt you, Nilanjan was there, uncertainty might be there in revenue. But on costs, right, there are only tailwinds, and there are a number of tailwinds that you listed out, and I presume that the labor market is cooled off. So why bring down the lower end of the buying, actually.

抱歉打斷你，Nilanjan 在那裡，收入可能存在不確定性。但在成本方面，對，只有順風，你列出了很多順風，我認為勞動力市場已經降溫。那麼為什麼要降低購買的低端呢？

Yes. So I think also some is that many -- some of these levers will take time to put in because it's a different situation of how much sort of room you have to deploy levers when you're growing at 10% versus what many are growing at 4% to 7%, right? So for instance, your pressure, how fast can you deploy them when you're growing at 4%, it's a different pace versus what you are deploying at 7% versus what you're deploying at 10%, right? So all that will still weigh into the structure. It's not that you can immediately say I want to overnight change my utilization from 80 to 85 or shift beyond site offshore because in a way, a slower volume regime has that overhang on how fast can be deployed. But like I said, when we started that we are sitting on these inefficiencies, which are very visible to us, and we know we can deploy many of these sort of levers which we have to continue to aspire for a higher margin profile.

是的。所以我認為還有很多——其中一些槓桿需要時間來投入，因為當你以 10% 的速度增長時，你必須有多少空間來部署槓桿，這與許多人的增長速度是不同的。 4% 到 7%，對吧？因此，例如，你的壓力，當你以 4% 的速度增長時，你部署它們的速度有多快，這與你以 7% 的速度部署的速度和你以 10% 的速度部署的速度不同，對吧？所以所有這些仍然會影響結構。這並不是說你可以立即說我想在一夜之間將我的利用率從 80 更改為 85 或轉移到離岸站點之外，因為在某種程度上，較慢的容量機制會影響部署的速度。但就像我說的，當我們開始時，我們正處於這些低效率的境地，這對我們來說是非常明顯的，我們知道我們可以部署許多這樣的槓桿，我們必須繼續追求更高的利潤率。

Our next question is from the line of Pankaj Kapoor from CLSA.

我們的下一個問題來自 CLSA 的 Pankaj Kapoor。

Nilanjan just continuing on Kawaljeet's question around margins, 2 things. One, what kind of a timeframe are you looking at for this year's wage hike? Are you sticking to first quarter? And what kind of quantum are you expecting? What kind of margin impact do you foresee of that? Will it be similar to last year? Or do you think this could be lower this year?

Nilanjan 繼續回答 Kawaljeet 關於邊距的問題，有兩件事。第一，您對今年加薪的時間表有何看法？你堅持第一季度嗎？你期待什麼樣的量子？您預計這會對利潤產生什麼樣的影響？會不會和去年一樣？或者你認為今年會更低嗎？

Yes. So this will be continuously evaluated. We have built in, like I mentioned into our guidance compensation, and we will take a decision during the year as well, looking at the market context, the competitive context, so no decision has been taken as yet.

是的。因此，這將被不斷評估。正如我在指導薪酬中提到的那樣，我們已經建立了我們的指導薪酬，我們也將在年內做出決定，看看市場環境、競爭環境，所以目前還沒有做出任何決定。

So the hike may not happen in the first quarter. Is that what you're saying?

因此，加息可能不會在第一季度發生。你是這麼說的嗎？

At this moment, no decision has been taken for the hike.

目前，尚未就加息做出任何決定。

Understood. And in the -- at the lower end of the guidance, are you keeping a buffer for some kind of potential pricing pressure that might come in during the course of the year? Is that the headwind, which you see as the major one when you are guiding for a 20% floor?

明白了。在 - 在指導的低端，你是否為今年可能出現的某種潛在定價壓力保留了緩衝？這是逆風嗎，當你指導 20% 的樓層時，你認為這是主要的逆風？

I don't think -- I mean, specifically in on pricing. I think it's just that we are at 21% and the midpoint between 20% to 24% just happens to be 21%. And like I said, there may be some headwinds, there may be some tailwinds. And of course, the aspiration is continuing to do better than our margins as well. So nothing specific like that in terms of pricing contingency or something.

我不認為 - 我的意思是，特別是在定價方面。我認為這只是我們處於 21%，而 20% 到 24% 之間的中點恰好是 21%。就像我說的，可能有一些逆風，也可能有一些順風。當然，我們的願望也繼續比我們的利潤率更好。因此，在定價應急或其他方面沒有什麼特別的。

Okay. And Salil, if I look at the net new deal wins, probably this was the lowest since we had from the start of the pandemic. I mean, was this mainly due to clients delaying decisions on deal awards towards the last, say, 30 days? Or -- and are you building any kind of a conversion of this to get to that 7% at the upper end of the guidance?

好的。而薩利爾，如果我看一下新交易的淨胜利，這可能是自大流行開始以來的最低水平。我的意思是，這是否主要是由於客戶將交易授予的決定推遲到最後，比如 30 天？或者 - 您是否正在構建任何類型的轉換以達到指導上限的 7%？

So there, one of the things we have seen in the pipeline is a slowing in decision-making. So large deals are staying in the pipeline longer. Having said that, the net new or even the quantum of large deals, as we've discussed in the past, there is always volatility because these are only deals over $50 million and not everything, it's not a full, let's say, bookings value. And so we've always seen that volatility in the past. We think with the large deal pipeline that we have today, which happens to be a very large pipeline, and some mega deals in it, we have the ability to drive to a margin -- sorry, our growth guidance as we run through the year.

因此，我們在管道中看到的一件事是決策速度放緩。因此，大宗交易的籌備時間更長。話雖如此，正如我們過去討論過的那樣，淨新交易甚至是大宗交易的數量總是存在波動，因為這些只是超過 5000 萬美元的交易，而不是全部，這不是一個完整的，比方說，預訂價值.因此，我們過去總是看到這種波動。我們認為，憑藉我們今天擁有的大型交易管道，這恰好是一個非常大的管道，以及其中的一些大型交易，我們有能力實現利潤——抱歉，我們全年的增長指導.

So just to clarify, at the upper end of the guidance, we are expecting some of those mega deals to convert during the course of the year.

因此，為了澄清，在指導的上限，我們預計其中一些大型交易將在年內轉化。

We -- I would not be so specific in that to say what it's based on. We do have a large pipeline with mega deals, and we anticipate that some of those will allow us to get to the higher band of the guidance.

我們——我不會那麼具體地說明它的基礎是什麼。我們確實有大量的大型交易管道，我們預計其中一些將使我們能夠達到更高的指導範圍。

Our next question is from the line of Abhishek Bhandari from Nomura.

我們的下一個問題來自野村證券的 Abhishek Bhandari。

Salil and Nilanjan, this quarter, we had certain unanticipated external events. That led us to miss our guidance of 16% to 16.5%, especially after we had [upgraded] at the end of Q3. Do you think you could have considered issuing a profit warning citing results are beyond your control because this time the miss seems to be fairly sudden and shocking in the fourth quarter.

Salil 和 Nilanjan，本季度，我們發生了一些意想不到的外部事件。這導致我們錯過了 16% 至 16.5% 的指導，尤其是在我們在第三季度末 [升級] 之後。您是否認為您可以考慮發布盈利預警，理由是結果超出您的控制範圍，因為這次失誤似乎在第四季度相當突然和令人震驚。

No, I think we see the full year, we said 16% and we are at 15.4%. And we said 21% margin, and we were at 21% as well. So I'm not sure what questions referenced to.

不，我認為我們看到了全年，我們說是 16%，現在是 15.4%。我們說 21% 的利潤率，我們也是 21%。所以我不確定參考了哪些問題。

Nilanjan, where that was coming from, we had raised the band at the end of Q3. We signaled we possibly had better execution under control. Of course, things have changed there are macro situations beyond our control and there were some cancellations. So as a good practice.

Nilanjan，這是從哪裡來的，我們在第三季度末提高了樂隊。我們表示我們可能會更好地控制執行。當然，情況發生了變化，有些宏觀情況超出了我們的控制範圍，並且有一些取消。所以作為一個好習慣。

This was all during the quarter, right? So the situation also has evolved during the quarter. It's not as if suddenly on one day, we wake up and certainly see that the volumes are down. This is a situation during the quarter as well.

這都是在本季度，對吧？因此，情況在本季度也發生了變化。這不像是突然有一天，我們一覺醒來，肯定會發現交易量下降了。這也是本季度的情況。

Okay. The second question is, Salil, I think in the press conference, you mentioned M&A could be an opportunity where some of the global companies could consider selling the [captives]. Do you foresee a meaningful deployment of capital for that particular purpose this year? Are there enough number of such captive conversations in your pipeline?

好的。第二個問題是，Salil，我認為在新聞發布會上，你提到併購可能是一些全球公司可以考慮出售 [俘虜] 的機會。您是否預計今年會為該特定目的進行有意義的資本配置？您的管道中是否有足夠數量的此類俘虜對話？

So on M&A, I think we have, with a strong balance sheet, the ability to do something small or medium or large. Today, we are in, let's say, we look at many opportunities. We will see how those fit in. There are various sort of components to it, a strategic fit, of course, valuations, which are much more reasonable today, cultural fit of those companies and the ability for us to integrate that in and so all of those we will keep in mind. And if it sort of meets those points for us, we will look at those opportunities.

因此，在併購方面，我認為我們擁有強大的資產負債表，有能力做一些小的、中的或大的事情。今天，我們在，比方說，我們看到了很多機會。我們將看看它們是如何適應的。它有各種各樣的組成部分，戰略上的契合，當然，估值，今天更合理，這些公司的文化契合度以及我們將其整合的能力等等我們會記住這些。如果它符合我們的這些要點，我們就會考慮這些機會。

Our next question is from the line of Ashwin Mehta from AMBIT Capital.

我們的下一個問題來自 AMBIT Capital 的 Ashwin Mehta。

So sir, what is the nature of this one-off client issue? And when this reverse out like we saw last year in the same quarter, where we took a client contract provision. Secondly, is it a single client or multiple client issue that we are talking about? And in which segment have you seen this client issue? And I have a follow-up.

那麼，先生，這個一次性客戶問題的性質是什麼？當這種情況像我們去年同一季度看到的那樣逆轉時，我們獲得了客戶合同條款。其次，我們討論的是單客戶端還是多客戶端問題？您在哪個部分看到了這個客戶端問題？我有一個後續行動。

Yes. So like I said earlier, this is a one-off client revenue issues, and there are a number of clients -- it's a mixture of clients, and some of it is a provision against them. Some may come back, some may not come back. And some of it is also linked to cancellations, right, because the revenue impact also beyond the volume impact of cancellations. Yes, I mean, it is -- there is a mixture of clients there.

是的。所以就像我之前說的，這是一個一次性的客戶收入問題，有很多客戶——它是客戶的混合體，其中一些是針對他們的規定。有些人可能會回來，有些人可能不會回來。其中一些也與取消有關，對吧，因為收入影響也超出了取消的數量影響。是的，我的意思是，那裡有各種各樣的客戶。

And the 10% decline that we've seen in U.S. Telecom, is it related to this -- these client issues because that appears to be a pretty steep decline.

我們在美國電信看到的 10% 的下降是否與此有關——這些客戶問題，因為這似乎是一個相當陡峭的下降。

10% decline?

下降 10%？

In the U.S. telecom business of yours.

在你的美國電信業務中。

Yes. No, I don't think anything specific in coming out of these issues really.

是的。不，我不認為真正解決這些問題有什麼特別之處。

Okay. And the last one is, if I look at your guidance it implies a 2.9% sequential growth over the next 4 quarters. The last we saw this ex of the COVID surge was in FY '16, so what drives such a high growth comfort for us in an uncertain environment.

好的。最後一個是，如果我看一下你的指引，它意味著未來 4 個季度將連續增長 2.9%。我們最後一次看到 COVID 激增是在 16 財年，所以在不確定的環境中，是什麼為我們帶來瞭如此高的增長舒適度。

Sorry, just say that again, please. I didn't follow that.

對不起，請再說一遍。我沒有聽懂。

So the CQGR requirement for your top end of guidance is around 2.9% sequential every quarter. This is something that ex of FY '22, we've seen last in FY '16. So in an uncertain demand environment, what drives such a high-growth comfort?

因此，CQGR 對您的最高指導的要求是每季度連續 2.9% 左右。這是我們在 16 財年最後一次看到的 22 財年之前的事情。那麼在不確定的需求環境下，究竟是什麼驅動了舒適度如此高的增長？

So there, what we've seen with our guidance is we have some good large deals that we closed in the previous financial year. And we have a pipeline, which gives us a large pipeline, several of them megadeals the opportunity to have those come into our mix and give us a flow through the year.

因此，我們在指導中看到的是，我們在上一財政年度完成了一些不錯的大型交易。我們有一條管道，這為我們提供了一條大管道，其中有幾筆大型交易有機會讓這些交易進入我們的組合，並為我們提供全年的流量。

So would you say the sub-$50 million deal flow is where the traction is much stronger than what appears in the greater than [$50] million deal flow that we announced typically?

那麼，您是否會說低於 5000 萬美元的交易流量比我們通常宣布的超過 [5000 萬美元] 的交易流量的牽引力強得多？

We don't have a view that we share typically on the nonlarge deals but our large deals is one of the components that we use to build out the guidance.

我們不認為我們通常在非大型交易上有共同看法，但我們的大型交易是我們用來製定指南的組成部分之一。

Our next question is from the line of Gaurav Rateria from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Gaurav Rateria。

So first is conversion of the order book to revenue. If I look at your fiscal '23, you entered the year with a net new deal win of roughly $3.8 billion, which generated incremental revenues of [$1.9 billion]. You're entering fiscal '24 with a net new deal wins of $3.9 billion, which is pretty similar to last year, but the guidance implies incremental revenues of $1 billion at the midpoint. Just trying to understand that what has changed that is driving significant downtick in the incremental revenue with a very similar net new tailwinds in your book.

因此，首先是將訂單簿轉換為收入。如果我看一下你的 23 財年，你進入這一年時淨贏得了大約 38 億美元的新交易，這產生了 [19 億美元] 的增量收入。您將以 39 億美元的新交易淨贏額進入 24 財年，這與去年非常相似，但該指引暗示中點收入增加 10 億美元。只是想了解發生了什麼變化，導致增量收入大幅下降，而您的書中有非常相似的淨新順風。

Yes. So I think also part of it is the net new wins and the phasing of that, right? And I think in FY '22, you would have seen them more throughout the year. And if you're seeing in FY '23, I think the last quarter, for instance, somebody has also mentioned has been a weaker quarter because there's usually a 4- to 6-month gap between that deal win right before it comes into revenue. So I think partly is the phasing, but the underlying -- I think we've had strong deal wins on both sides and a percentage of net new. I think part of the answer is the way the net new has (inaudible) during the year.

是的。所以我認為其中一部分是新的淨胜利和它的分階段，對吧？而且我認為在 22 財年，你會在全年看到更多。如果你在 23 財年看到，我認為最後一個季度，例如，有人也提到了一個較弱的季度，因為在獲得收入之前，通常有 4 到 6 個月的差距.所以我認為部分是分階段的，但潛在的——我認為我們在雙方都取得了強勁的交易勝利，並且有一定比例的淨新交易。我認為部分答案是淨新產品在這一年中（聽不清）的方式。

So it's to do with the ACV growth being weaker than the TCV growth. Is that like a fair understanding?

所以這與 ACV 增長弱於 TCV 增長有關。這是一個公平的理解嗎？

Could be, could not be, also a timing of it, right? So I'm just saying that in the net new, like, for instance, in quarter 4, as somebody has mentioned, is about 22%. So that will reflect in FY '24 going forward initially. And then, of course, as new deals ramp up, that's a separate volume impact. But the phasing of the wins within that is also to be seen of where the net news come.

可能是，不可能，也是一個時機，對吧？所以我只是說在淨新中，例如，在第 4 季度，正如有人提到的那樣，大約是 22%。因此，這將首先反映在 FY '24 中。然後，當然，隨著新交易的增加，這是一個單獨的數量影響。但其中的勝利階段也可以從網絡新聞的來源中看出。

All right. The second question is around the comment that you made around the stabilization that you have seen in March. So is it fair to say that your guidance is assuming things are likely to improve sequentially from here on? And this is the worst? Or it's difficult to say that the worse is behind us.

好的。第二個問題是關於您對 3 月份看到的穩定所做的評論。那麼可以公平地說，您的指導假設事情可能會從現在開始依次改善嗎？這是最糟糕的？或者很難說更糟的已經過去了。

Yes. At this stage, we are not saying any of those things. What we are saying is we saw some stabilizing, but the environment is uncertain. So we are watchful and agile. And one of the reasons we've expanded the margin -- sorry, the growth guidance band to 3 points is to take that into account.

是的。在這個階段，我們不會說任何這些事情。我們的意思是我們看到了一些穩定，但環境是不確定的。因此，我們保持警惕和敏捷。我們擴大利潤率的原因之一——抱歉，將增長指導範圍擴大到 3 個百分點是為了考慮到這一點。

Got it. Last question from me on the margins. So how much of the margin downtick is primarily a cost-led issue, which will rectify over a period of time? And how much it is kind of flexibility you have given to yourself to go after the deals, which may have a fundamental different contract profitability?

知道了。我在邊緣提出的最後一個問題。那麼，利潤率下降有多少主要是成本主導的問題，這將在一段時間內得到糾正？你給自己多少靈活性來進行交易，這可能具有根本不同的合同盈利能力？

That's a fantastic. So like I said, I mean, we explained how we've done the margin guidance. We ended at 21%. That is the midpoint of 20% to 22%. We have some headwinds. We have some tailwinds. And this margin allows us that flexibility as well. Of course, we continue to aspire to improve that.

太棒了。所以就像我說的，我的意思是，我們解釋了我們是如何完成保證金指導的。我們以 21% 結束。那是 20% 到 22% 的中點。我們有一些不利因素。我們有一些順風。這個餘量也讓我們有這種靈活性。當然，我們繼續渴望改進這一點。

We'll take a next question from the line of Sudheer Guntupalli from Kotak Mahindra Asset Management.

我們將從 Kotak Mahindra 資產管理公司的 Sudheer Guntupalli 那裡回答下一個問題。

A couple of clarifications. Due to unplanned ramp-downs and cancellations, you said we have seen a sharp 3.2% fall in the revenue. However, margins fell just 50 basis points. And even based on the positioning of margins you gave, utilization and cancellation led impact isn't so much in proportion to 3.2% fall in revenue. Logically, this decline of this magnitude should have entailed a much bigger margin impact given the cost recalibration is difficult in the near-term. So just curious, is there any sizable pass-through element which would have gotten rolled off, which would have also led to the revenue decline? Or is there any deferred cost component which will come and hit us in the subsequent quarters?

一些澄清。由於計劃外的減產和取消，您說我們的收入急劇下降了 3.2%。然而，利潤率僅下降了 50 個基點。即使根據您給出的利潤率定位，利用率和取消導致的影響與收入下降 3.2% 的比例也不大。從邏輯上講，鑑於短期內很難重新校準成本，這種幅度的下降本應帶來更大的利潤率影響。所以很好奇，是否有任何相當大的傳遞元素會被淘汰，這也會導致收入下降？或者是否有任何遞延成本組成部分會在隨後的幾個季度中打擊我們？

No. So as we went through the margin walk earlier, if you go back to [script], we explain the 4 key elements. I think they're quite clear of how the margin has moved from 21.5% to 21%.

不。因此，正如我們之前經歷的保證金步行一樣，如果您返回[腳本]，我們會解釋 4 個關鍵要素。我認為他們非常清楚利潤率是如何從 21.5% 上升到 21% 的。

Sure. And the second part, the reason why I'm also asking about this pass-through component is the (inaudible) scare and the sentiment overhang sort of unfolded from 10th March post which there were 12 to 15 working days. And the revenue was almost 3.5% to 4% short of guidance or expectations, which means there is a $180 million revenue swing. It looks quite a bit for 12 to 15 working days of invoicing, so again, put it conversely, is there a deferred revenue component which can come in the subsequent quarters since you also mentioned somewhere about the provision reversal of one off.

當然。第二部分，我也問這個傳遞組件的原因是（聽不清）恐慌和情緒懸垂從 3 月 10 日郵寄開始，有 12 到 15 個工作日。而且收入比指導或預期低了近 3.5% 到 4%，這意味著收入有 1.8 億美元的波動。 12 到 15 個工作日的發票看起來相當長，因此，反過來說，是否有遞延收入部分可能會在隨後的幾個季度出現，因為你在某處也提到了一次性撥備逆轉。

No, I'm not clear on your question really.

不，我真的不清楚你的問題。

No. What I was asking was in general, the macro sentiment overhang unfolded in the last quarter.

不，我問的是一般情況，上個季度宏觀情緒懸而未決。

No, I think if you say that whether all the shortfall of 3.5% has happened in the last, like month or something like that?

不，我想如果你說 3.5% 的所有缺口是否都發生在上個月，比如一個月之類的？

Yes. So you are saying the 3.5% shortfall is evenly spread from the beginning of the quarter itself and not necessarily.

是的。所以你是說 3.5% 的缺口從本季度開始就均勻分佈，但不一定。

Yes, of course, the onetime is a different issue, but the biggest -- the majority of the drop in revenue is because of volume. And like Salil said, this was pretty much after 15th, and we've actually seen March stabilizing. So it was in the initial half of the quarter.

是的，當然，一次性是一個不同的問題，但最大的 - 收入下降的主要原因是數量。就像 Salil 所說的那樣，這幾乎是在 15 日之後，我們實際上已經看到 3 月趨於穩定。所以這是在本季度的前半段。

Our next question is from the line of Surendra Goyal from Citigroup.

我們的下一個問題來自花旗集團的 Surendra Goyal。

So my first question was on the revenue guidance. Just wanted to confirm that the guidance is all organic in nature.

所以我的第一個問題是關於收入指導。只是想確認該指南本質上都是有機的。

Yes, the guidance is all organic.

是的，指導都是有機的。

Yes. And second question is on margins for Nilanjan. So while I understand that your guidance is always annual. But how do you really think about medium-term margins, right? So the common question we have been getting from investors, given the direction of margins is can it be 18% a couple of years down the line. So I know you can't quantify it, but just wanted to understand how you guys think about medium-term margins.

是的。第二個問題是關於 Nilanjan 的利潤率。因此，雖然我知道您的指導總是每年一次。但是你如何真正考慮中期利潤率，對嗎？因此，考慮到利潤率的方向，我們從投資者那裡得到的常見問題是，未來幾年能否達到 18%。所以我知道你無法量化它，但只是想了解你們如何看待中期利潤率。

Yes. I think I've explained it earlier in the question to Kawal as well. If you have to step back and you see during this period of COVID for us to go after in a very talent constrained environment, the impact on the cost structure of the company all across per capita cost went up, pyramids got -- with a combination of compensation, [stretches], pyramids got skewed basically, fundamentally, you are going behind these large deals. We will have time to really optimize on all these levers subcon at a record 11.3%.

是的。我想我之前也在向 Kawal 提出的問題中對此進行了解釋。如果你不得不退後一步，你會看到在這段 COVID 期間，我們在人才非常受限的環境中追求，對公司成本結構的影響，人均成本上升，金字塔得到了——結合補償，[延伸]，金字塔基本上是傾斜的，從根本上說，你正在支持這些大交易。我們將有時間真正優化所有這些槓桿，達到創紀錄的 11.3%。

All these inefficiencies we saw, but like we have continuously said during that period that we knew that we had to go and grab that volume, and we would have enough time to subsequently as we start unwinding those inefficiencies and this is a cost optimization program we run throughout. And that's where we still think these inefficiency still exists across -- utilization is a classic one. I mean we're sitting today at 80%, as we mentioned, and it's got a double whammy on cost, like I mentioned earlier. So these are things we will continue to target on and aspire to improve our margins, then 20% to 22% really gives us that flexibility and 21% just happens to be the midpoint where we ended the year.

我們看到了所有這些低效率，但就像我們在那段時間裡不斷說的那樣，我們知道我們必須去抓住那個數量，並且我們將有足夠的時間隨後開始消除這些低效率，這是我們的成本優化計劃貫穿始終。這就是我們仍然認為這些低效率仍然存在的地方——利用率是一個典型的問題。我的意思是我們今天坐在 80%，正如我們提到的那樣，它對成本造成了雙重打擊，就像我之前提到的那樣。所以這些是我們將繼續瞄準並渴望提高我們的利潤率的事情，然後 20% 到 22% 確實給了我們這種靈活性，而 21% 恰好是我們年底的中點。

Sure, I get the annual guidance. My question was more medium term because in good demand, margins go down because of supply side issues and in bad demand scenario, possibly, they go down because of either pricing or whatever other reasons. So maybe, I'll just take it offline.

當然，我得到了年度指導。我的問題是更中期的，因為在需求良好的情況下，利潤率會因為供應方面的問題而下降，而在需求不佳的情況下，它們可能會因為定價或其他任何原因而下降。所以也許，我只是讓它離線。

Our next question is from the line of Keith Bachman from BMO Capital.

我們的下一個問題來自 BMO Capital 的 Keith Bachman。

Yes. I had 2 questions also. Could you talk about what the growth rate of the backlog in the pipeline was during the March quarter and how that deferred during the December quarter. I'm just trying to understand the magnitude you called out volume was the major driver. But how did it impact the overall backdrop? And within that context, could you give us a sense of -- you called out there are several onetime events for customers. Could you give a quantification about what that was in the quarter?

是的。我也有兩個問題。您能否談談 3 月季度管道中積壓的增長率是多少，以及如何在 12 月季度推遲。我只是想了解你所說的數量級是主要驅動因素。但它如何影響整體背景？在這種情況下，你能否給我們一種感覺——你說有幾個一次性的客戶活動。您能否量化一下本季度的情況？

Yes. So we don't quantify that. But like I said, the majority has been because of volumes and the balance has been because of the one-timers across clients, some of them related to cancellation and other provisions.

是的。所以我們不量化它。但就像我說的，大部分是因為數量，而餘額是因為客戶之間的一次性服務，其中一些與取消和其他規定有關。

Okay. But you don't want to give a characterization of what that was -- those cancellations were a quantification of it?

好的。但是你不想描述那是什麼——那些取消是對它的量化？

No, I don't think anything else we have to add on this, Keith.

不，我不認為我們需要添加任何其他內容，基思。

Okay. Okay. I wanted to -- my second question then relates to pricing. And the previous question, I think, was trying to get at this. I'm not sure, I understood the answer. But if you think about the guidance that you provided, on the one side, perhaps I would think that you give COVID benefits associated with your contracts, but a lot of your customers, frankly, are experiencing the same economic weakness you are and therefore, could negotiate [candidly] tougher pricing as we look out over the next 12 months. In other words, want price reductions because they're experiencing economic pain as well. So maybe just talk how are you thinking about like-for-like pricing as you look out over the next 12 months in terms of the forecast that you provided regarding -- excuse me, that you provided.

好的。好的。我想——我的第二個問題與定價有關。我認為，上一個問題就是試圖解決這個問題。我不確定，我理解答案。但是，如果您考慮一下您提供的指導，一方面，也許我會認為您提供與合同相關的 COVID 福利，但坦率地說，您的許多客戶都在經歷與您相同的經濟疲軟，因此，在我們展望未來 12 個月時，可以 [坦率地] 協商更嚴格的定價。換句話說，希望降價，因為他們也正在經歷經濟痛苦。因此，也許只是談談你如何看待未來 12 個月的同類定價，因為你提供的預測 - 對不起，你提供的。

Yes. So I think if you see pricing in generic, and I won't say how much of the pricing element has been built in. So this is a program we started about 1.5 years back. And it is a combination of 2 or 3 things. One is the renewal discounts, which clients come back when programs are ending. And basically, after productivity increases at the renewal stage, which we are just loosely calling discounts. Now that is something which we have really curved over the last few years, basically pushing back on the renewal because there are other ways we can get productivity as well. So that's something which has actually stemmed quite a lot.

是的。所以我想如果你看到仿製藥的定價，我不會說內置了多少定價元素。所以這是我們大約 1.5 年前開始的一個項目。它是 2 或 3 種事物的組合。一種是續訂折扣，當項目結束時客戶會回來。基本上，在更新階段生產力提高之後，我們只是粗略地稱之為折扣。現在這是我們在過去幾年中真正彎曲的東西，基本上推遲了更新，因為我們還有其他方法可以提高生產力。所以這實際上已經產生了很多。

In fact, clients understand that we have to also provide for our own talent in this hot talent market to compensate their teams. So that's something which we've learned appreciate as well. So that's one part of it.

事實上，客戶明白我們必須在這個火熱的人才市場上提供我們自己的人才來補償他們的團隊。所以這也是我們學會欣賞的東西。這就是其中的一部分。

Second, to the program, which we run on basically digital pricing where we're going after new digital deals, and this is a combination of how we've changed our pricing model into linking it, for instance, the new early acquired subsidiaries, which have higher pricing. It could be more broad-based pricing, outcome-based pricing -- there are new innovative pricing construct so that's second.

其次，對於我們在新的數字交易之後進行的基本數字定價運行的程序，這是我們如何改變我們的定價模型以鏈接它的組合，例如，新的早期收購的子公司，價格更高。它可能是更廣泛的定價，基於結果的定價——有新的創新定價結構，所以這是第二個。

Third is simple hygiene work of having [COLA] clauses into our MSAs. And of course, how much you can execute and implement a different question, but at least with that and deals going in, at least you have a starting point to negotiate with the client as well.

第三是將 [COLA] 條款納入我們的 MSA 的簡單衛生工作。當然，你可以執行多少並實施一個不同的問題，但至少隨著交易的進行，至少你也有一個與客戶談判的起點。

So it's all 3 we look at in terms of existing deals, new deals and renewals, and of course, you have clients where we are able to push this through great levels, some clients ask for that to be plowed back into the employee sets. In some clients, it depends on markets, of course, who are going through their own sort of concerns on their environment, it may be more difficult. And therefore, it's literally horses for courses in which we go literally client by client to see where we can get an improvement in the underlying [ARPU] realization.

因此，我們在現有交易、新交易和續約方面都關注這三者，當然，您有客戶，我們能夠將其推向更高的水平，一些客戶要求將其重新投入到員工群體中。在某些客戶中，這當然取決於市場，他們正在經歷自己對環境的擔憂，這可能會更加困難。因此，對於我們逐個客戶的課程來說，這實際上是馬匹，以了解我們可以在哪些方面獲得基礎 [ARPU] 實現的改進。

And so what is the underlying assumption associated with the guidance for FY '24? And how is that different on what you've experienced.

那麼與 FY '24 指南相關的基本假設是什麼？這與您所經歷的有何不同。

Yes. So we don't break down our guidance into volume and price, if you want to call it that way, that contracted into the overall guidance.

是的。因此，我們不會將我們的指導分解為數量和價格，如果你想那樣稱呼它，那麼它會收縮到整體指導中。

Yes, more just directional. Is it the same, better or worse, just kind of directional barometer?

是的，更只是定向。它是一樣的，更好的還是更壞的，只是一種方向性的晴雨表？

Yes. We would expect pricing to improve, right? Now I can't give you a sense of versus last year, how much will this improve, but yes, we have pricing improvements built into our overall plan.

是的。我們希望定價會有所改善，對嗎？現在我無法讓您了解與去年相比，這會改善多少，但是是的，我們的整體計劃中包含定價改進。

Our next question is from the line of Abhishek Kumar from JM Financial.

我們的下一個問題來自 JM Financial 的 Abhishek Kumar。

You've seen some divergence in the client behavior that we have talked about versus what some of our larger peers have spoken about. One, we have seen March stabilizing while what we heard yesterday out of March actually decelerated. And second, the discretionary spend for peers have actually got deferred and not canceled, while we have seen certain cancellation in the project. So in that context, just wanted to understand the nature of these projects, which are being canceled, are these discretionary or there are also when the consolidation deals where we manage lost (inaudible).

您已經看到我們所討論的客戶行為與我們一些較大的同行所談論的客戶行為存在一些差異。第一，我們看到 3 月趨於穩定，而我們昨天聽到的 3 月實際上已經減速。其次，同行的可自由支配支出實際上已經推遲而不是取消，而我們已經看到項目中的某些取消。因此，在這種情況下，只是想了解這些被取消的項目的性質，這些項目是自由裁量的，還是我們管理的合併交易丟失（聽不清）。

So the -- what we shared with some of the projects or programs were stopped in an unplanned way during the course of the quarter. These are not resulting from tender consolidation. These are resulting from decisions that the clients have typically made on their spend given the environment that they have faced.

因此 - 我們與某些項目或計劃共享的內容在本季度期間以計劃外的方式停止。這些不是招標合併的結果。這些是由於客戶通常根據他們所面臨的環境做出的支出決定而產生的。

Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Over to you, sir.

謝謝。女士們，先生們，這是今天的最後一個問題。我現在將會議移交給管理層徵求閉幕意見。交給你了，先生。

So thanks, everyone, for joining us. As we shared through the call, first, for the full year, we had good growth, good margin, good cash collection, we saw during the quarter some situations which were new situations during the quarter with the changing environment. We have a strong guidance for next year of 4% to 7% of growth. We have a good guidance on margin. We've put in place even more emphasis on a cost and efficiency plan, which has many components at a detailed level, and we look to see that benefit come through over multi-year period and aspire to higher margins.

所以感謝大家加入我們。正如我們通過電話分享的那樣，首先，在全年中，我們有良好的增長、良好的利潤率、良好的現金回收，我們在本季度看到了一些情況，這些情況是本季度隨著環境變化而出現的新情況。我們對明年的增長有 4% 到 7% 的強烈指導。我們對保證金有很好的指導。我們已經更加重視成本和效率計劃，該計劃在詳細層面上包含許多組成部分，我們希望看到這種收益在多年期間內實現，並渴望獲得更高的利潤率。

And we have an extremely strong pipeline with large deals and some mega deals, especially on cost efficiency automation. With that, we feel the business remains in a good position and we have the ability to work through different environments on digital transformation and/or on cost efficiency consolidation as the [course] of the year develops. So we look forward to executing on that and connecting with you at the end of this Q1. Thank you.

我們有一個非常強大的渠道，有大筆交易和一些大筆交易，尤其是在成本效率自動化方面。有了這個，我們覺得業務仍然處於有利地位，並且隨著年度[課程]的發展，我們有能力在不同的環境中進行數字化轉型和/或成本效率整合。因此，我們期待在第一季度結束時執行並與您聯繫。謝謝。

Ladies and gentlemen, on behalf of Infosys Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

女士們，先生們，代表 Infosys Limited，本次會議到此結束。感謝您加入我們，您現在可以斷開線路。