Infosys Ltd (INFY) 2023 Q4 法說會逐字稿

Very good evening, everyone, and thank you for joining us today at our fourth quarter financial results press conference. Glad to see a full house, and we'd like to welcome our friends from media, our leaders from Infosys.

大家晚上好，感謝您今天參加我們的第四季度財務業績新聞發布會。很高興看到座無虛席，我們歡迎來自媒體的朋友，來自 Infosys 的領導。

My name is Rishi and on behalf of Infosys, I'd like to welcome our leaders, Salil and Nilanjan to this press conference.

我叫 Rishi，我代表 Infosys 歡迎我們的領導人 Salil 和 Nilanjan 參加這次新聞發布會。

As always, like I say, we request one question from each media person, so that we can accommodate everyone over the next hour.

一如既往，就像我說的，我們要求每位媒體人提出一個問題，這樣我們就可以在接下來的一個小時內容納每個人。

With that, let me invite our Chief Executive Officer, Mr. Salil Parekh for his opening remarks overall. Over to you, Salil.

就此，請允許我邀請我們的首席執行官 Salil Parekh 先生致開幕詞。交給你了，薩利爾。

Thanks, Rishi, good afternoon and good evening, everyone here for joining in, and thank you for being here on the campus.

謝謝，Rishi，下午好，晚上好，大家的加入，感謝你們來到校園。

We had an excellent full year performance in financial year 2023 and with a growth of 15.4% in constant currency. Our digital business grew at 25.6%, now being 62.9% of our overall revenue. And our core services grew as well. at 1.9%. We had 95 large deals with a value of $9.8 billion for the year, 40% of which were net new. Our operating margin for the full year was at 21%, and our attrition has continued to decline in each quarter of the year, including in Q4.

我們在 2023 財年的全年業績表現出色，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%。我們的核心服務也在增長。 1.9%。我們全年有 95 筆價值 98 億美元的大型交易，其中 40% 是淨新交易。我們全年的營業利潤率為 21%，我們的人員流失率在今年每個季度都在持續下降，包括第四季度。

We are leveraging generative AI capabilities for our clients and within the company today. We have active programs and projects with clients working with generative AI platforms to address specific areas, processes and libraries within their business. We have trained open source generative AI platforms on our own internal software development libraries. We anticipate generative AI to provide more opportunities for work with our clients and to enable us to improve our own productivity.

今天，我們正在為我們的客戶和公司內部利用生成式 AI 功能。我們與使用生成 AI 平台的客戶開展積極的計劃和項目，以解決其業務中的特定領域、流程和庫。我們在自己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，並使我們能夠提高自己的生產力。

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 our Q4 year-on-year growth of 8.8% in constant currency and quarter-over-quarter decline of 3.2%. Our operating margin was resilient at 21% for the quarter. We had $2.1 billion in large deals in the quarter. Our pipeline of large deals is extremely strong. Several of these are mega deals and several of them are opportunities for cost and efficiency programs within clients and consolidating -- consolidation opportunities.

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產量下降。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。這導致我們第四季度按固定匯率計算同比增長 8.8%，環比下降 3.2%。本季度我們的營業利潤率保持在 21% 的彈性。本季度我們進行了 21 億美元的大型交易。我們的大型交易渠道非常強大。其中幾項是大型交易，其中幾項是客戶內部成本和效率計劃的機會以及整合 - 整合機會。

Based on our sustained momentum in the financial year '23, the strong pipeline of opportunities, especially the ones in 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 the financial year is 20% to 22%.

基於我們在 23 財年的持續發展勢頭、強大的機會渠道，尤其是成本效率和整合方面的機會，同時還要牢記不確定的環境，我們本財年的收入增長目標為 4% 至 7%不變的貨幣。我們本財年的營業利潤率指引為 20% 至 22%。

Thank you, and over to you, Rishi, for our questions.

謝謝你，Rishi，請回答我們的問題。

Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Nilanjan Roy, Chief Financial Officer, Infosys.

謝謝你，薩利爾。我們現在開始提問。加入 Salil 的是 Infosys 首席財務官 Nilanjan Roy 先生。

With that, our first question is from Ritu Singh from CNBC-TV18.

有了這個，我們的第一個問題來自 CNBC-TV18 的 Ritu Singh。

Your constant currency revenue decline for the quarter. It's far worse than what the Street was expecting. And then that sort of explains why your full year revenue growth guidance has missed what you guided at 16%, 16.5%. And I just wanted to understand where are you seeing softness? I remember reading your comments that your exposure to U.S. banks isn't that large. What are the verticals that are seeing softness? And also on your margin guidance, which now for FY '24, you've brought to about 20% to 22%. Again, last year, we thought it was an aberration because of higher wage bills, and the expectation was that it would be brought back to 21% to 23%, which is not the case. Could you tell us a bit more about why this?

您本季度的固定貨幣收入下降。這比華爾街預期的要糟糕得多。然後這就解釋了為什麼你的全年收入增長指導沒有達到你 16%、16.5% 的指導。我只是想了解您在哪裡看到柔軟度？我記得讀過你的評論，說你對美國銀行的風險敞口並不大。看到柔軟的垂直行業是什麼？還有你的利潤率指導，現在是 24 財年，你已經達到了大約 20% 到 22%。同樣，去年，我們認為這是因為更高的工資單而出現的異常情況，並且期望它會回到 21% 到 23%，但事實並非如此。你能告訴我們更多關於為什麼會這樣嗎？

And a second question on attrition as well, which has been coming down. If you expect that trend to continue in your hiring plans for the year, please?

還有第二個關於減員的問題，這個問題一直在下降。如果您希望這一趨勢在您今年的招聘計劃中繼續下去，好嗎？

Let me start off with the market. Nilanjan will share a little bit about the margin and the other points we'll come back to as well.

讓我從市場開始。 Nilanjan 將分享一些關於利潤率的信息，以及我們將要討論的其他要點。

On what we saw in Q4, during the quarter, we saw some ramp-downs which were unplanned, and these were across different sectors. We saw some in telco. We saw some in Hi-Tech, some in retail. And within Financial Services, it was on mortgages that we've talked about in the past in asset management and investment banking. So those were the areas in which we saw things which were unplanned. In addition to that, we see -- we saw some onetime impact in the quarter.

根據我們在第四季度看到的情況，在本季度，我們看到了一些計劃外的減速，這些減速跨越了不同的行業。我們在電信公司看到了一些。我們在高科技領域看到了一些，在零售領域看到了一些。在金融服務領域，我們過去在資產管理和投資銀行業務中談到過抵押貸款。所以那些是我們看到計劃外事情的領域。除此之外，我們看到 - 我們在本季度看到了一些一次性影響。

Now in terms of the margin. Yes, go ahead.

現在就保證金而言。好，去吧。

I'll take that. So we've ended the year, as you know, at 21%, and this has been pretty stable as the year has gone by. So 21% was the full year margin as the exit margin as well. And in a way, it's a midpoint between 20% and 22%. It gives us the flexibility in this year as well. So we will have some headwinds which we'll see with compensation, we will have some travel coming back. But we know with things like utilization, more automation, et cetera, we also have a runway to increase the margins. But this gives us the necessary flexibility into next year.

我會接受的。因此，如您所知，我們今年結束時為 21%，隨著這一年的過去，這一數字一直非常穩定。所以 21% 是全年利潤率，也是退出利潤率。在某種程度上，它是 20% 到 22% 之間的中點。它也為我們提供了今年的靈活性。所以我們會遇到一些逆風，我們會看到有補償，我們會有一些旅行回來。但我們知道，通過利用率、更多自動化等，我們也有一條增加利潤的跑道。但這為我們明年提供了必要的靈活性。

(inaudible) is with Infosys, like even with your revenue guidance last year, you started with something and you kept increasing it every quarter. Should we expect some sort of upside risk to these guidance figures you've given us for this year as well for FY '24?

（聽不清）與 Infosys 一樣，就像去年的收入指導一樣，你從一些東西開始，並且每個季度都在不斷增加。我們是否應該期待您為我們提供的今年以及 24 財年的這些指導數據存在某種上行風險？

So the guidance we've given is based on what we see from the deals we won this $9.5 billion -- $9.8 billion in the year plus what we see with a steady business and the outlook we have in the demand environment today. So that is the way we build our guidance. That is the way we look at it. We don't have a view on what will change as the year progresses. On hiring...

因此，我們給出的指導是基於我們從我們贏得這 95 億美元的交易中看到的 - 一年中的 98 億美元加上我們對穩定業務的看法以及我們在當今需求環境中的前景。這就是我們建立指南的方式。這就是我們看待它的方式。我們對隨著時間的推移會發生什麼變化沒有看法。在招聘...

Sorry, what was the question again?

抱歉，又是什麼問題？

Attrition and hiring.

減員和招聘。

Attrition and hiring.

減員和招聘。

For next year?

明年？

Yes, FY'24.

是的，24 財年。

Yes, FY '24. So looking at the volumes, one is we have a lot of bench with us. In fact, over a long period of time, we have kept this bench. They are ready to move into production projects. But of course, they will take time as volumes come in their own pace. And of course, we have an agile model of hiring off campus as well. So as demand picks up, we have that flexibility as well. So I think our model in terms of hiring is -- has got that enough flexibility to take care of new volumes. In any case, we have a rich bench, 80% utilization is what we have, and usually, we've operated well above that.

是的，24 財年。所以看看數量，一個是我們有很多板凳。事實上，在很長一段時間內，我們一直保留著這條板凳。他們準備好進入生產項目。但是，當然，隨著銷量的增長，它們需要時間。當然，我們也有一個靈活的校外招聘模式。因此，隨著需求的回升，我們也有這種靈活性。所以我認為我們在招聘方面的模式是——有足夠的靈活性來處理新的數量。無論如何，我們有一個豐富的替補席，80% 的利用率就是我們所擁有的，而且通常情況下，我們的運作都遠遠高於這個水平。

The next question is from Shilpa Phadnis from The Times of India.

下一個問題來自印度時報的 Shilpa Phadnis。

I just wanted to understand from you, if you look at the guidance for the next year, it looks really understated. And way back in 2016 is when you had the low single-digit guidance that was re-revised downwards. I just wanted to understand from you, where are the headwinds coming from? Is it largely in BFSI? Last quarter also, you called out some sort of account headwinds. Can you please take us through that?

我只是想從你那裡了解到，如果你看一下明年的指導，它看起來真的很低調。早在 2016 年，您就有了重新向下修訂的低個位數指導。我只是想從你那裡了解，逆風來自哪裡？它主要在 BFSI 中嗎？同樣在上個季度，您提出了某種賬戶逆風。你能幫我們解決這個問題嗎？

Second, you said onetime impact. So is it largely related to ramp down or any other client-related issues? Can you please help us with that?

第二，你說的一次性影響。那麼它在很大程度上與減速或任何其他與客戶相關的問題有關嗎？你能幫我們嗎？

So on the first, I'll address it, Nilanjan will come back on the second one.

所以在第一個問題上，我會解決這個問題，Nilanjan 會在第二個問題上回來。

We saw during the quarter certain clients where we saw these ramp downs, which were not planned. And they were across the telco sector, retail, Hi-Tech and financial services, parts of which mainly focused on mortgages, asset management and investment banking. So it was across those industries that we saw some of the constraints that came up.

我們在本季度看到某些客戶看到了這些沒有計劃的減速。他們橫跨電信行業、零售、高科技和金融服務，其中部分主要集中在抵押貸款、資產管理和投資銀行業務。因此，正是在這些行業中，我們看到了一些出現的限制。

Yes. On the revenues, onetime is, so most of the decline in revenue actually was from volume and the impact of revenue one time is a combination of cancellations actually exactly what you said. So the combination of cancellations and also some specific client issues. So it's a combination of that, but most of the decline actually has been from volume.

是的。關於收入，一次是，所以收入下降的大部分實際上來自數量，而一次收入的影響是取消的組合，實際上正是你所說的。因此，取消和一些特定的客戶問題相結合。所以這是兩者的結合，但大部分下降實際上來自數量。

I had one last question. With the two presidents leaving the organization, do you see some sort of a restructuring that you're going to announce, you're going to break up some of the verticals into our anyway monolithic and you going to break it down into smaller business units? Is that plan underway?

我有最後一個問題。隨著兩位總裁離開組織，你是否看到你將要宣布的某種重組，你將把一些垂直領域分解成我們無論如何都是單一的，你將把它分解成更小的業務部門？該計劃正在進行中嗎？

And you ventured into the delayering exercise, delayering of the -- Yes. And so I just wanted to understand from you that you've not called out replacements for the two presidents. Is Infosys breaking away from the past in terms of doing away with the President structure?

你冒險進行了延緩練習，延緩了——是的。所以我只是想從你那裡了解到，你沒有召集兩位總統的繼任者。 Infosys 是否在廢除總裁結構方面打破過去？

So we've announced and rolled out internally a structure, which is focused on delivery with the exit, when Ravi left. We're in position to now roll out the structure that would be for financial services as we move ahead. What we see is within Infosys, we have a strong leadership team. And so we are fortunate that the leaders are coming from inside and then we see more and more at the next level.

因此，我們已經宣布並在內部推出了一個結構，該結構專注於在 Ravi 離開時退出交付。隨著我們的前進，我們現在可以推出適用於金融服務的結構。我們在 Infosys 內部看到的是，我們擁有一支強大的領導團隊。因此，我們很幸運，領導者來自內部，然後我們在下一個層次上看到越來越多。

There is no delayering plan within Infosys at all. Our organization structure really is something we are building, which is agile, and also quite solid to deliver our consistent trajectory that we've been driving through. We have, as you know, growth drivers on digital and growth drivers on cost and automation. And so those are the ones that we'll continue to drive. And we have probably the best delivery organization in the industry. So we want to continue to enhance that with the team we have.

Infosys 內部根本沒有延遲計劃。我們的組織結構確實是我們正在構建的東西，它是敏捷的，而且非常穩固，可以提供我們一直在推動的一致軌跡。如您所知，我們有數字增長動力和成本和自動化增長動力。因此，這些是我們將繼續推動的。我們可能擁有業內最好的交付組織。因此，我們希望通過我們擁有的團隊繼續加強這一點。

So the current responsibilities will be split between other leaders in the organization?

那麼目前的職責將由組織中的其他領導者分擔嗎？

Sorry?

對不起？

The current responsibilities of BFSI?

BFSI目前的職責是什麼？

Other leaders -- the leaders within the company will step up and also delivery is done. So everyone is done. The next one will be done in the next few weeks.

其他領導者——公司內部的領導者將加強並完成交付。所以每個人都完成了。下一個將在接下來的幾週內完成。

The next question is from Jochelle Mendonca from ET Prime.

下一個問題來自 ET Prime 的 Jochelle Mendonca。

I have -- i want clarification on something you've said in the press release. You've said you've expanded your internal program on efficiency and cost to build a higher path to margins. I'm asking this specifically because I'm looking at headcount and headcount fell in the quarter, but it fell more on the software professionals while sales and support staff actually went up marginally. So could you give me some clarity on what this efficiency program is and how it's feeding into how you look at the sales staff and what augments or the tractions you might make on that front?

我有--我想澄清你在新聞稿中所說的話。您曾說過，您已經擴展了關於效率和成本的內部計劃，以建立更高的利潤率途徑。我問這個問題是因為我正在查看本季度的員工人數和員工人數下降，但軟件專業人員的人數下降更多，而銷售和支持人員實際上略有上升。那麼，您能否讓我清楚地了解一下這個效率計劃是什麼，它如何影響您對銷售人員的看法，以及您可能會在這方面做出哪些增強或牽引？

So that, I think, is a very critical program. We were running it. In fact, Nilanjan was driving that with a very strong team. We have expanded the attention to that program during the last quarter. We have several methods in which we can do better in that program, whether that relates to automation, it relates to pyramid. It relates to on-site mix, relates to subcontractors, relates to travel and also relating to pricing and how we can drive that within our system, given the inflation that all of us have seen.

因此，我認為這是一個非常關鍵的計劃。我們正在運行它。事實上，Nilanjan 正在與一支非常強大的團隊一起推動這一切。我們在上個季度擴大了對該計劃的關注。我們有幾種方法可以在該程序中做得更好，無論是與自動化有關，還是與金字塔有關。考慮到我們所有人都看到的通貨膨脹，它涉及現場組合、分包商、差旅以及定價以及我們如何在我們的系統內推動它。

What we are communicating with that is that program gets very focused attention and we have, within our internal way of looking at it, a path to bring us to the aspired margin that we want because we want to be at that margin as we go ahead.

我們正在與之溝通的是，該計劃得到了非常集中的關注，並且在我們內部看待它的方式中，我們有一條途徑可以將我們帶到我們想要的理想利潤率，因為我們希望在我們前進的過程中處於那個利潤率.

Having said that, we have low utilization that Nilanjan mentioned. We are going to make sure that we look after our people with that commitment. We're going to make sure that we continue with the training, and that's an area we will continue our focus on. We are not going to take some short-term actions against that and that will be a way to build it because over time, that is a team that will start to work on projects as well.

話雖如此，Nilanjan 提到的我們的利用率很低。我們將確保以這種承諾來照顧我們的員工。我們將確保繼續進行培訓，這是我們將繼續關注的領域。我們不會對此採取一些短期行動，這將是構建它的一種方式，因為隨著時間的推移，這個團隊也將開始致力於項目。

The next question is from Chandra Srikant from Moneycontrol.

下一個問題來自 Moneycontrol 的 Chandra Srikant。

So going by the guidance that you mentioned, can you give us a sense of the incremental revenues that you will be adding for FY '24? Because based on the back of the envelope calculation, I think it will come up to some $300 million to $500 million compared to the $3 billion that you added in the previous fiscal. So can you give us a sense of how much incremental revenues you expect to add in FY '24?

因此，按照您提到的指導，您能否讓我們了解您將為 24 財年增加的增量收入？因為根據信封背面的計算，我認為與您在上一財年增加的 30 億美元相比，它會達到大約 3 億到 5 億美元。那麼，您能否告訴我們您希望在 24 財年增加多少增量收入？

And Salil, what are you hearing from clients? I mean, yesterday, the TCS management mentioned that discretionary projects are getting deferred. There are no cancellations or budget cuts, but that clients are spending wisely. If you can give us a sense of what the conversations are like, what kind of deal discussions are happening?

Salil，你從客戶那裡聽到了什麼？我的意思是，昨天，TCS 管理層提到可自由支配的項目正在推遲。沒有取消或削減預算，但客戶正在明智地消費。如果你能告訴我們對話是什麼樣的，正在進行什麼樣的交易討論？

And how impacted are you by the regional banking crisis in the U.S? I think JPMorgan recently said that you and TCS have the highest exposure to regional banks in the U.S. So if you can give us a sense of that because financial services has declined quarter-on-quarter and year-on-year. So.

美國區域性銀行業危機對您有何影響？我認為摩根大通最近表示，您和 TCS 對美國地區性銀行的風險敞口最高。所以，如果您能告訴我們這一點，因為金融服務環比和同比下降。所以。

So the first part, on the regional banks, Nilanjan will come back with that. But on the first part, two parts to what you asked. One, on the incremental revenue. So as you know, we don't give a specific dollar number for that, but our guidance very clearly allows you to interpret it, 4% to 7% constant currency growth on the base, which now is closed in March 31. So both reported and constant currency, we have those numbers. But that is our guidance, which will, therefore, give you the incremental revenue.

所以第一部分，關於區域銀行，Nilanjan 會回來的。但是在第一部分，你問的是兩部分。一，關於增量收入。如您所知，我們沒有為此給出具體的美元數字，但我們的指導非常清楚地允許您解釋它，即 4% 至 7% 的恆定貨幣增長，現在已於 3 月 31 日結束。所以兩者報告和固定貨幣，我們有這些數字。但這是我們的指導，因此將為您帶來增量收入。

Now what our clients are telling us now. Several clients where we've -- several industries where we've talked about telecom, retail, Hi-Tech and parts of financial services. There are some clients which are seeing in their own business, whatever constraints they're seeing with the economic environment. As a consequence, we have noticed that some decisions were made during the quarter to stop some parts of the programs, not everything, but some parts of the program. And that's what we observed in the quarter. Plus what Nilanjan and I also shared some onetime impact in the quarter.

現在，我們的客戶現在告訴我們的是什麼。我們有幾個客戶——我們討論過電信、零售、高科技和部分金融服務的幾個行業。有些客戶在他們自己的業務中看到了經濟環境中的任何限制。因此，我們注意到本季度做出了一些決定來停止部分計劃，不是全部，而是計劃的某些部分。這就是我們在本季度觀察到的情況。加上 Nilanjan 和我在本季度也分享了一些一次性影響。

Now what we see going ahead, we saw some stabilization in March, but the demand environment is still uncertain. We saw in the last quarter with certain banking situations changing both in the U.S. and European geographies, those things impacting decision-making across the board. With that in mind, we are working very closely with our clients and supporting them, making sure that we remain committed to our clients as they go through their way of dealing with the situation that's changing. And we believe that as we did in the past, the clients connect with us will help us massively in the future as well.

現在我們看到的是 3 月份的情況有所穩定，但需求環境仍不確定。我們在上個季度看到美國和歐洲地區的某些銀行業務情況發生了變化，這些因素影響了全面的決策制定。考慮到這一點，我們正在與客戶密切合作並為他們提供支持，確保我們在客戶處理不斷變化的情況時繼續致力於他們的工作。我們相信，正如我們過去所做的那樣，與我們聯繫的客戶在未來也會為我們提供大量幫助。

Having said that, we have an extremely large pipeline, the largest pipeline we've seen in a long while, while there is still slowing in the cycle of closing the deals, the deals are very strong and some of the mega deals. So we feel good that there is a pipeline in there focused on cost and efficiency and consolidation.

話雖如此，我們有一個非常大的管道，這是我們很長一段時間以來看到的最大的管道，雖然完成交易的周期仍在放緩，但交易非常強勁，其中一些是大型交易。因此，我們很高興那裡有一條專注於成本、效率和整合的管道。

I think the Street was expecting 21% to 23%, and I think you've given 20% to 22%. So again, what are the pressure points there? Is it rising on-site cost...

我認為華爾街的預期是 21% 到 23%，我認為你已經給出了 20% 到 22%。那麼，那裡的壓力點是什麼？是不是現場成本上漲...

Yes. So like I said, we've ended the year at 21% and in fact, the quarter was closed at 21% and the full year is 21%. So we've seen a very steady 21% and frankly, that is the midpoint of between 20% to 22%, and it gives us the flexibility to look at certain headwinds if they arise. There will be some increases, like I just mentioned earlier, it will be in terms of travel, compensation. And of course, we have the whole benefit of utilization, the pyramid, et cetera, to work. So I think that's a fair range. And of course, aspiration continues to be to improve our margin profile.

是的。所以就像我說的那樣，我們今年結束時為 21%，事實上，本季度結束時為 21%，全年為 21%。所以我們看到了非常穩定的 21%，坦率地說，這是 20% 到 22% 之間的中點，這讓我們可以靈活地看待某些不利因素，如果它們出現的話。會有一些增加，就像我剛才提到的，在旅行和補償方面。當然，我們可以利用金字塔等的全部好處來發揮作用。所以我認為這是一個合理的範圍。當然，我們的願望仍然是提高我們的利潤率。

Next question is from Sai from The Economic Times.

下一個問題來自經濟時報的Sai。

So looking at the guidance, I just wanted to ask, even last year, you had given and you had kept updating it, right? So would you call this some sort of a misstep or like kind of seeing the demand forecast as overestimating demand?

所以看著指南，我只想問，即使在去年，你已經給出了並且你一直在更新它，對嗎？那麼，您會稱這是某種失誤，還是將需求預測視為高估了需求？

And also, I wanted to know you were saying that a lot of project cancellations and onetime impact was there. So, has that impact subsided? Or do we also should expect similar pressure in the pipeline that's coming?

而且，我想知道你是說有很多項目取消和一次性影響。那麼，這種影響消退了嗎？或者我們是否也應該期待即將到來的管道中的類似壓力？

Yes. And also for Nilanjan, I wanted to know the campus hiring target for FY '24. Thanks.

是的。對於 Nilanjan，我想知道 24 財年的校園招聘目標。謝謝。

So there on what we saw many of the things that we, Nilanjan and I shared earlier today were things that happened in the quarter. For example, some of the clients that decided to slow down or stop some of the projects. So these were things we had not seen at the start or at the end of last quarter, and that's what we felt. We've also seen some of that stabilizing in March, but the demand environment is uncertain. So we are making sure that we keep that in mind as we look ahead and remain agile as we look ahead.

因此，我們看到的許多事情，Nilanjan 和我今天早些時候分享的都是本季度發生的事情。例如，一些決定放慢或停止某些項目的客戶。所以這些是我們在上個季度開始或結束時沒有看到的，這就是我們的感受。我們還看到 3 月份的一些情況趨於穩定，但需求環境不確定。因此，我們確保在展望未來時牢記這一點，並在展望未來時保持敏捷。

So on the freshers, like I said, we have a very rich bench now. We've hired more than 50,000, we had said we'll hire 50 000. We actually hired, I think, 51-odd thousand last year. And a lot of them are the bench are getting skilled, are getting trained. So we have quite a leeway for the next few quarters in terms of the availability of freshers. And of course, with the agile model of doing both college and off-campus recruitment, we can always turn that up. So we have no specific number for FY '24 at this stage. We have enough actually today sitting in on the bench.

所以在新生方面，就像我說的，我們現在有一個非常豐富的替補席。我們已經僱用了 50,000 多人，我們曾說過我們將僱用 50,000 人。我認為，去年我們實際上僱用了 51-000 人。他們中的很多人都是板凳球員，他們正在變得熟練，正在接受培訓。因此，就新生的可用性而言，我們在接下來的幾個季度中有很大的迴旋餘地。當然，通過同時進行大學和校外招聘的敏捷模式，我們總能做到這一點。因此，現階段我們沒有 FY '24 的具體數字。事實上，我們今天坐在替補席上已經受夠了。

The next question is from Haripriya Sureban from The Hindu BusinessLine.

下一個問題來自 The Hindu BusinessLine 的 Haripriya Sureban。

Salil, you mentioned about slowdown. I just wanted to understand, is it more sentimental? Or is it structural? Why are these deals getting delayed? And on the ChatGPT part that you mentioned, are there any specific use cases that you guys are working at? And we keep hearing that ChatGPT could make our jobs redundant or something like that. So would roles change -- would the nature of jobs change? And are you internally training employees for these technologies?

Salil，你提到了經濟放緩。我就是想明白，是不是比較感性？還是結構性的？為什麼這些交易會延遲？在您提到的 ChatGPT 部分，有沒有你們正在處理的具體用例？我們一直聽說 ChatGPT 可以讓我們的工作變得多餘或類似的事情。那麼角色會改變——工作的性質會改變嗎？您是否在內部培訓員工使用這些技術？

The first part was what secular or?

第一部分是世俗的還是？

Is it sentimental the (inaudible) that you're seeing and the client behavior that you're seeing, is it sentimental because everybody is scared or is it structural?

你看到的（聽不清）和你看到的客戶行為是多愁善感的，是因為每個人都害怕還是結構性的？

So there, what we are seeing is some clients have made a decision to slow down or ramp down projects. We see that across the different industries that I mentioned, telecom, Hi-Tech, retail and parts of financial services. So I don't know whether it's sentimental or structure, but we've seen that as the way the clients have interacted with us. As we were sharing, we saw some stabilization in March, but the environment is uncertain, so we will see how it plays out.

因此，我們看到的是一些客戶已經決定放慢或減少項目。我們在我提到的不同行業中看到了這一點，電信、高科技、零售和部分金融服務。所以我不知道這是感性的還是結構性的，但我們已經將其視為客戶與我們互動的方式。正如我們分享的那樣，我們在 3 月份看到了一些穩定，但環境是不確定的，所以我們將看看它如何發揮作用。

On generative AI, we are working with multiple platforms. We are working with open source platforms, and we are working with proprietary platforms. We have active client projects today. The projects that we are working on are focused on large models within the client organization for different areas and how generative AI can take advantage of those large models and create something that is more efficient for the client.

在生成人工智能方面，我們正在與多個平台合作。我們正在使用開源平台，我們正在使用專有平台。我們今天有活躍的客戶項目。我們正在進行的項目側重於客戶組織內不同領域的大型模型，以及生成式人工智能如何利用這些大型模型並為客戶創造更高效的東西。

And then we are working on our own software development tool on an open source generative AI platform. We're actually working with 2 of them, and we are building -- we are training it on our software development libraries. We've already done that with several of our internal software library elements. And we feel quite good that these things are going to help us with client work, so more work and also with productivity. So it's really incredible how we think our organization has moved quickly into driving generative AI within our business. And it's now part of all the new training as well because once you have it for your own software library, you can really deploy it very effectively.

然後我們正在開源生成人工智能平台上開發我們自己的軟件開發工具。我們實際上正在與其中的兩個合作，並且我們正在構建——我們正在我們的軟件開發庫中對其進行培訓。我們已經用我們的幾個內部軟件庫元素做到了這一點。我們感覺很好，這些東西將幫助我們完成客戶工作，從而增加工作量並提高生產力。因此，我們認為我們的組織已經迅速轉向在我們的業務中推動生成人工智能，這真是令人難以置信。現在它也是所有新培訓的一部分，因為一旦您將它用於您自己的軟件庫，您就可以非常有效地部署它。

The next question is from P. P. Thimmaya from YourStory.

下一個問題來自 YourStory 的 P. P. Thimmaya。

Just 2 questions. One is the kind of the negative growth you saw in this Q4. Was it kind of -- I mean, I understand the SVB crisis, and the banking crises and the Credit Suisse and the UBS crisis. But was it expected -- I mean that kind of deep cuts for Infosys as such from a revenue perspective?

只有2個問題。一種是您在本季度看到的那種負增長。是不是有點——我的意思是，我了解 SVB 危機、銀行危機、瑞士信貸和瑞銀危機。但這是意料之中的——我的意思是從收入的角度來看，Infosys 的這種大幅削減？

And secondly, the kind of revenue outlook you have given for the current financial year. Is this a long-term trend you're going to see that the overall growth rate is going to be under single -- maybe high single digits or below 10% kind of thing?

其次，您對當前財政年度的收入前景的看法。這是一個長期趨勢嗎，你會看到整體增長率將低於一個——可能是高個位數或低於 10% 之類的東西？

So there -- first, every quarter, we look at where our -- let's say, wins in large deals overall wins plus the current work is, and we build in a bottom-up way, what our estimate is and what our forecast is for the period ahead -- for the year, for the financial year, and that's the guidance or update or change that we gain, and we've given that consistently over the last several years.

所以 - 首先，每個季度，我們都會看看我們的 - 比方說，贏得大筆交易的總體勝利加上當前的工作，我們以自下而上的方式構建，我們的估計是什麼以及我們的預測是什麼對於未來一段時間 - 對於今年，對於財政年度，這就是我們獲得的指導或更新或變化，並且我們在過去幾年中一直給予這種指導。

We saw a different kind of volume when we were at the end of last quarter and then things changed during the quarter, which is what we shared with the project ramping down -- projects ramping down.

我們在上個季度末看到了不同類型的交易量，然後在本季度發生了變化，這就是我們與項目縮減共享的內容——項目縮減。

Now looking ahead, first, if you look at, let's just say, the last couple of years, we had 19% growth the year before, 15% this past year. So we know that it depends on where the economic environment is and how we see that. We think our business has 2 growth drivers. When there's a huge change going on within our client organizations and they are putting in large investments there. There's digital transformation, and we have deep capability in that. That comprises of cloud. We have a very strong capability on COBOL. And then when there are different areas where the client wants to focus on efficiency, costs, even consolidation. We have a very strong capability in automation, our own AI that we've used for that in the past. So we feel comfortable on both of those dimensions depending on how the economic environment is.

現在展望未來，首先，如果你看看過去幾年，我們前一年增長了 19%，去年增長了 15%。所以我們知道這取決於經濟環境在哪里以及我們如何看待它。我們認為我們的業務有兩個增長動力。當我們的客戶組織內部發生巨大變化並且他們在那裡投入大量資金時。有數字化轉型，我們在這方面有深厚的能力。那包括雲。我們在 COBOL 上有很強的能力。然後，當客戶希望在不同領域關注效率、成本甚至整合時。我們在自動化方面擁有非常強大的能力，我們過去曾使用過我們自己的人工智能。因此，根據經濟環境的情況，我們在這兩個方面都感到滿意。

The next question is from Rukmini Rao from Fortune India.

下一個問題來自《財富》印度的 Rukmini Rao。

Salil, this is just an addition to what Shilpa asked on delayering of your leadership, your answer essentially meant that you're not going to have the President structure anymore. Would that be a fair inference or you plan to make changes again?

Salil，這只是對 Shilpa 提出的關於延遲領導層問題的補充，你的回答基本上意味著你將不再擁有總裁結構。這是一個公平的推論，還是您打算再次做出改變？

So what we are doing is for the delivery organization, we've already put in place the new team and the structure. We've rolled that out. We have a lot of people because we have, I think, a very good leadership team within the company. So a lot of people are really energized and excited with the new roles that they're already playing. On FS, we will be rolling that out in the next few weeks.

所以我們正在為交付組織做的，我們已經建立了新的團隊和結構。我們已經推出了。我們有很多人，因為我認為公司內部有一支非常優秀的領導團隊。所以很多人都對他們已經扮演的新角色充滿活力和興奮。在 FS 上，我們將在接下來的幾週內推出。

Okay. Nilanjan also if you can give us some understanding around the reduction in the free cash flows.

好的。 Nilanjan 如果你能給我們一些關於自由現金流量減少的理解。

No. So I think we had a very good quarter in terms of cash flow at 713...

不，所以我認為我們在 713 的現金流方面有一個非常好的季度......

On a year-on-year?

同比？

Year-on-year, we had 85% conversion of free cash. And I think as the [percent] of net profit, that's a very good conversion because also you have investment into working capital. Last year was very unique. We went above 100%. CapEx was low. We had other working capital benefits. There were some delays because of COVID in terms of our payments, which we had got benefits from governments on payments of taxes which came back this year. So otherwise, 85% is a very good ratio on conversion.

與去年同期相比，我們有 85% 的自由現金轉化率。而且我認為作為淨利潤的[百分比]，這是一個非常好的轉換，因為你也有營運資金投資。去年非常獨特。我們超過了 100%。資本支出很低。我們還有其他營運資金收益。由於 COVID，我們的付款出現了一些延誤，我們從政府那裡獲得了今年返還的稅款支付的好處。所以除此之外，85% 是一個非常好的轉化率。

Salil, also given that we -- the U.S. macros look so weak and the commentary coming from various quarters also has been the same. So would that mean that for Indian IT services companies, would there be opportunities to pick up, like, say, captives of noncore assets of, let's say, big banker and are there M&A opportunities that will come out of this slowdown?

薩利爾，還考慮到我們——美國宏觀經濟看起來如此疲軟，來自各個方面的評論也都是一樣的。那麼，這是否意味著對於印度 IT 服務公司來說，是否有機會收購非核心資產的俘虜，比方說，大銀行家的非核心資產，以及這次經濟放緩是否會帶來併購機會？

We are seeing very good opportunities in the M&A environment. And this is a good environment. We have a very strong balance sheet, a very good way to deploy it. If we find a company or an entity which fits in strategically, but also culturally, and we have a way of integrating it, we will look at that.

我們在併購環境中看到了非常好的機會。這是一個很好的環境。我們擁有非常強大的資產負債表，這是一種很好的部署方式。如果我們找到一家在戰略上和文化上都適合的公司或實體，並且我們有辦法整合它，我們就會考慮。

So, you are on the look-out?

那麼，你在尋找嗎？

Yes. We are -- but we are on the look out at it at all times. But yes, this environment is a good environment for finding it..

是的。我們是——但我們一直在關注它。但是，是的，這個環境是找到它的好環境..

The next question is from Sethuraman from Reuters News.

下一個問題來自路透社新聞的 Sethuraman。

So the question is this weak -- I mean, the soft outlook, is it going to drill down to your plans for hiring next year as well as the increments and the variable pay? That is one.

所以問題是這麼弱——我的意思是，疲軟的前景，它是否會深入到你明年的招聘計劃以及加薪和可變薪酬？那是一個。

And do you see a recovery period over the next few quarters? Like, I mean, one or two quarters from where like you feel that like the situation in North America will stabilize or at least you have a hint.

您是否看到未來幾個季度的複蘇期？就像，我的意思是，從你覺得北美的情況會穩定下來或者至少你有暗示的地方開始的一兩個季度。

Also like is the softness overall coming from North America outlook? You are seeing pockets of softness from other regions as well like Europe.

另外，北美前景整體疲軟嗎？您會看到來自其他地區以及歐洲的一些疲軟。

And you also mentioned about the generative AI, I just want to know like whether this is in association with OpenAI like where you have some stake or like how it's going to?

你還提到了生成人工智能，我只是想知道這是否與 OpenAI 有關，比如你在哪些地方有股份，或者它會如何發展？

I'll take the second one, which is on the softness. Nilanjan will come back on the first one and then I'll also talk about generative AI.

我要第二個，它是柔軟的。 Nilanjan 將回到第一個，然後我還將討論生成式 AI。

We see, firstly, our view today is from where we sit today, which is sort of in the middle of April as we look out to our financial year. It's -- we will see how the economic environment, how the global environment evolves. It's not something that we have a clear view of what we will look like for the full year. We have a good approach to building what we consider our guidance based on what work we have already got committed from clients, what we've seen from the past that's continuing. And then what we typically see in Q3, Q4 in most years. So that's how we've built our guidance and that's the approach.

我們看到，首先，我們今天的觀點來自我們今天所處的位置，也就是我們展望財政年度時的四月中旬。這是——我們將看到經濟環境、全球環境如何演變。這不是我們對全年的情況有清晰認識的事情。我們有一個很好的方法來建立我們認為我們的指導基於我們已經從客戶那裡得到的工作，我們從過去看到的正在繼續的工作。然後是我們通常在大多數年份的第三季度和第四季度看到的情況。這就是我們建立指南的方式，這就是方法。

I think on the geography, we do see more impact in U.S. and less in Europe, and that's in our numbers. You see the growth in the full year or even in quarter is stronger in Europe than in U.S. even though there's growth in both for the full year.

我認為在地理上，我們確實看到美國的影響更大，歐洲的影響更小，這就是我們的數字。你會看到歐洲全年甚至季度的增長都強於美國，儘管兩者全年都有增長。

On generative AI, with clients, we have many projects going on. We are working on the generative AI platform that the client has some interest in where they have a preference. If they don't have a preference, we have a certain set of recommendations that we have. We work with both open source platforms for clients, but also with platforms that they want, which could be open sourced or proprietary platforms. For our own work, we are working on open source platforms today and we have the ability to work on any generative AI platform because we have our software development libraries, and we can train them on that model.

在生成人工智能方面，與客戶一起，我們正在進行許多項目。我們正在開發生成式 AI 平台，客戶對他們有偏好的地方感興趣。如果他們沒有偏好，我們有一套特定的建議。我們既與客戶的開源平台合作，也與他們想要的平台合作，這些平台可以是開源平台或專有平台。對於我們自己的工作，我們今天在開源平台上工作，我們有能力在任何生成人工智能平台上工作，因為我們有我們的軟件開發庫，我們可以在該模型上訓練它們。

On the first question, of course, as we build out the financial model for the year, we factor in lateral hiring, we factor nutrition, the questions around the fresher in the pipeline. And therefore -- and of course, we have a margin guidance accordingly built in. So these factors in many of these things, including things like compensation, travel. So the model actually puts together all these various factors and has that flexibility to change each lever as per way the year will progress.

關於第一個問題，當然，當我們建立今年的財務模型時，我們會考慮橫向招聘，我們會考慮營養，以及關於新人的問題。因此——當然，我們有一個相應的保證金指導。所以這些因素在很多事情中，包括補償、旅行等事情。因此，該模型實際上將所有這些不同的因素放在一起，並具有根據年度進展的方式靈活地改變每個槓桿的能力。

The next few questions are on text from friends from media who've sent it to us. I just want to make a quick announcement that we are going to consider those questions in the interest of time, which haven't yet been addressed. Most of our questions have been addressed.

接下來的幾個問題是關於媒體朋友發給我們的文本。我只想快速宣布，為了節省時間，我們將考慮這些尚未解決的問題。我們的大部分問題都已得到解決。

The first question on text is from Anisha Jain from ET Now. And Anisha's question, Salil is to you. Regarding the onetime revenue impact you said in your opening comments, is there a slowdown caused by a client-specific issue or a specific sector? Or is it broad-based?

關於文本的第一個問題來自 ET Now 的 Anisha Jain。 Anisha 的問題是，Salil 是給你的。關於您在開場評論中提到的一次性收入影響，是否有客戶特定問題或特定行業導致的放緩？還是基礎廣泛？

Onetime...

一度...

Yes. So like we mentioned, I think the majority of the revenue slowdown is from actually volume and part of the onetimer, which is on revenue is a combination of onetime client issues as well as client cancellation in a way which is a subset of the ramp downs.

是的。所以就像我們提到的那樣，我認為收入放緩的大部分來自實際數量和部分一次性，收入是一次性客戶問題以及客戶取消的組合，這是下降的一個子集.

The next question is from BQ Prime. Tushar has sent us 2 questions, one for Salil and one for Nilanjan. For Salil. What is the rationale behind the revision in guidance given the weakness in the BFSI space? For Nilanjan, how do we see deal making and margin panning out over the next two quarters, is growth likely to return in a hurry?

下一個問題來自 BQ Prime。 Tushar 向我們發送了 2 個問題，一個給 Salil，一個給 Nilanjan。對於薩利爾。鑑於 BFSI 領域的弱點，修訂指南背後的理由是什麼？對於 Nilanjan，我們如何看待未來兩個季度的交易達成和利潤率，增長是否可能很快恢復？

So on the first one, in that sense, there's no revision in the guidance because it's the start of our financial year. So that is our starting guidance for the year. That is our guidance for the year. There's no revision in our guidance.

所以在第一個方面，從這個意義上說，指南沒有修改，因為它是我們財政年度的開始。這就是我們今年的起始指南。這是我們今年的指導方針。我們的指南沒有任何修訂。

Yes. I mean I think we see the guidance in the context of the macro environment, which we are sitting in now, right? And that, of course, can change. But the other thing is we have a very strong pipeline. In fact, our large deal pipeline is the strongest ever we've had. And in a way, that gives us the confidence, at least as the year progresses, that we will have some conversion of this. And the second half of the year, we'll definitely see -- definitely improvement in which is why the 4% to 7% band we've given widen that band exactly for that reason.

是的。我的意思是我認為我們在我們現在所處的宏觀環境的背景下看到了指導，對嗎？當然，這可以改變。但另一件事是我們有一個非常強大的管道。事實上，我們的大型交易管道是我們有史以來最強大的。在某種程度上，這讓我們有信心，至少隨著時間的推移，我們將對此有所轉變。而今年下半年，我們肯定會看到 - 肯定會有所改善，這就是為什麼我們給出的 4% 到 7% 的範圍正是出於這個原因而擴大了該範圍。

The next question is from Kushal Gupta from Zee Business to Nilanjan. What are the tools available at your end to safeguard the margins ahead given the current scenario remains like this for some more quarters?

下一個問題來自 Zee Business 的 Kushal Gupta 向 Nilanjan 提問。鑑於目前的情況在未來幾個季度仍然如此，您可以使用哪些工具來保障未來的利潤率？

Yes. So I think 4 of 5 of them with straight away we know. I think our automation capabilities are tremendous. I think it's the biggest source of our margin improvement. And of course, with new tools coming in, I think we can see more and more productivity increases. The one which is sitting out there really is utilization. I think at 80%, we know we have a large headroom to improve that. On-site offshore mix, which post-COVID slightly went a skew because, of course, there was some travel which went back that now strategically can be looked at and as we can offshore more work. Definitely, on the pyramid side as well. So as Freshers go into the pyramid, you will get a benefit really on the production workforce.

是的。所以我認為其中 5 個中有 4 個是我們直接知道的。我認為我們的自動化能力非常強大。我認為這是我們利潤率提高的最大來源。當然，隨著新工具的出現，我認為我們可以看到越來越多的生產力提高。坐在那裡的那個真的是利用率。我認為在 80%，我們知道我們有很大的空間來改進它。現場離岸組合，在 COVID 之後略有偏差，因為當然，有一些旅行可以回去，現在可以從戰略上考慮，因為我們可以離岸更多的工作。當然，在金字塔一側也是如此。因此，當新生進入金字塔時，您將真正從生產勞動力中受益。

So today, the bench has a double whammy on cost because you have idle people. And of course, you have a rich pyramid in terms of a very, I would say, top-heavy pyramid, and as Freshers go in, you will be having that benefit as well. So there are multiple levers, which we have. Pricing is one of them. Salil mentioned that as well. We continue to work with our clients where we can put [cool our] clauses into our deals where we can sell pod-based deals, new innovative commercial constructs.

所以今天，替補席在成本上有雙重打擊，因為你有閒置的人。當然，你有一個非常豐富的金字塔，我會說，頭重腳輕的金字塔，當新生進入時，你也會從中受益。所以我們有多個槓桿。定價就是其中之一。薩利爾也提到了這一點。我們繼續與我們的客戶合作，我們可以將 [cool our] 條款放入我們的交易中，我們可以出售基於 pod 的交易，新的創新商業結構。

Of course, the environment is tough. The good news is we have not seen, for instance, a return back to a heavy discounting environment. We are making sure that we are continuing to push back on our clients on discounts, et cetera, and that really has stayed even during this time.

當然，環境也很艱苦。好消息是，例如，我們還沒有看到重折扣環境的回歸。我們正在確保我們將繼續以折扣等方式向客戶推銷，而且即使在這段時間裡，這種情況也確實存在。

The next question is from CNBC Awaaz for Salil. Has the sentiment worsened among clients? Is there a fear of further uncertainty or just caution? Does the uncertainty and delay in decision-making make it likely to play on the pricing of deals in the coming quarters.

下一個問題來自 CNBC Awaaz 對 Salil 的提問。客戶的情緒是否惡化了？是害怕進一步的不確定性還是只是謹慎？決策的不確定性和延遲是否可能影響未來幾個季度的交易定價。

So there -- the way we saw during the quarter, we saw some of our clients looking at ramp downs in their projects. And then there were some onetime impact on revenue. These were spread across different industries. There were some in telecom, some in high tech, retail and parts of financial services. We see some stabilization in March, but the demand environment is uncertain. So we will watch it and with agility, adapt to it.

所以在那裡 - 我們在本季度看到的方式，我們看到我們的一些客戶正在考慮減少他們的項目。然後對收入產生了一些一次性影響。這些分佈在不同的行業。有一些在電信，一些在高科技、零售和部分金融服務。我們看到 3 月份有所企穩，但需求環境不明朗。所以我們會觀察它並敏捷地適應它。

With that, we come to the end of this press conference.

至此，本次新聞發布會到此結束。

We have perhaps 10 more minutes in case anybody would like to ask another question, otherwise.

我們可能還有 10 分鐘的時間，以防有人想再問一個問題。

Sure, Jochelle. Please go ahead.

當然，喬謝爾。請繼續。

(inaudible) the sharp drop in client addition...

（聽不清）客戶增加量急劇下降......

Thimmya, Please use the microphone because we have to record it.

Thimmya，請使用麥克風，因為我們必須錄音。

We would like to know about the sharp drop in client addition in the fourth quarter of FY '22. Any particular reason for that?

我們想知道 22 財年第四季度客戶增加量的急劇下降。有什麼特別的原因嗎？

No, I think I don't think -- I think it probably could be seasonal. I don't have the exact number of hand.

不，我想我不認為——我認為這可能是季節性的。我沒有確切的手數。

Because your own fact sheet shows that you added about 115 clients, right, in fourth quarter and December quarter to 134. Right? (inaudible) year back...

因為您自己的情況說明書顯示您在第四季度和 12 月季度增加了大約 115 個客戶到 134 個。對嗎？ （聽不清）一年前...

Nothing specific really at all. I mean, these -- I mean, 115 clients on a large base of 1,600 clients. So that happens, the ups and downs of that happen. We also lose some clients, and we had in fact, net more what we had lost. So I don't think anything specific in that.

沒有什麼特別的。我的意思是，這些 - 我的意思是，在 1,600 個客戶的龐大基礎上有 115 個客戶。所以這種情況發生了，這種情況的起伏發生了。我們也失去了一些客戶，事實上，我們失去的更多。所以我不認為有什麼特別的。

Nilanjan, also, in terms of the utilization whether it's including the trainees or excluding. Given that you're going into a difficult year, is there any sort of a number that you're working with in terms of improving your utilization?

Nilanjan，在利用率方面，無論是包括受訓者還是排除在外。鑑於您將進入艱難的一年，您是否正在使用某種數字來提高您的利用率？

No, as Of course, as we look -- as the year progresses, we will have different targets for -- as the quarters progress because you can't put all the freshers into on day 1 into programs, right? So it depends on the kind of work you have your left. T&M work, FP work. So it's literally horses for courses, which programs come in, how many freshers can you put in, in large deals, by default, you can put in more freshers. So it's quite complicated.

不，當然，正如我們所看到的——隨著時間的推移，我們將有不同的目標——隨著季度的進展，因為你不能把所有的新生都放在第一天的項目中，對吧？所以這取決於你剩下的工作類型。 T&M 工作，FP 工作。所以它實際上是課程的馬匹，有哪些項目進來，你可以投入多少新生，在大交易中，默認情況下，你可以投入更多的新生。所以這很複雜。

But given that your revenue guidance (inaudible) I wouldn't mean to say that you'll not have as many work or...

但鑑於您的收入指導（聽不清），我並不是說您不會有那麼多工作或......

No, that is, of course, a headwind. So one of the ways you get around that is on existing deals. So a deal is -- current project is 3 years old. You move people out from an existing deal which is three years well into tenure, move up the people into higher roles, put freshers in and move those experienced people into other deals. So different ways you can play this game as well. But yes, of course, I mean, if you don't have that large volumes, there is a bit of a headwind in terms of how much we can deploy.

不，那當然是逆風。所以你解決這個問題的方法之一就是現有的交易。所以交易是——當前項目已有 3 年曆史。您將人員從現有的交易中調出，該交易已經三年進入任期，將人員提升到更高的角色，讓新人加入並將那些有經驗的人調到其他交易中。您也可以通過不同的方式來玩這個遊戲。但是，是的，當然，我的意思是，如果你沒有那麼大的數量，那麼我們可以部署多少就會遇到一些阻力。

Jochelle had a question. Shilpa one sec, Jochelle had a question and after Shilpa's, we'll close the conference.

喬謝爾有一個問題。 Shilpa 一會兒，Jochelle 有一個問題，在 Shilpa 之後，我們將結束會議。

Sorry. So it's a broader question. Over the past few months, we've seen companies say that they have record high deals, strong deal wins and with Accenture announced 19,000 job cuts or in the case of TCS, the market is still uncertain and have issues with not as strong growth as maybe the market had expected. Could you give some color on why there may be this disconnect between strong demand in high deals and good deal wins in large deals, that's not somehow flowing into the revenue line?

對不起。所以這是一個更廣泛的問題。在過去的幾個月裡，我們看到公司表示他們的交易量創下歷史新高，交易贏得強勁，埃森哲宣布裁員 19,000 人，或者就 TCS 而言，市場仍然不確定，並且存在增長不如預期強勁的問題也許市場早有預料。您能否說明為什麼高額交易的強勁需求與大額交易中的好交易之間可能存在這種脫節，而這並沒有以某種方式流入收入線？

Jochelle, it would be difficult for me to comment on those two companies.

Jochelle，我很難對這兩家公司發表評論。

No. I mean a broader industry thing because I think you've had good deals this quarter. It's not terrible deal wins for...

不，我指的是更廣泛的行業，因為我認為你本季度有很好的交易。這不是可怕的交易勝利......

For us. No, I think we -- for Infosys, we've had very strong year in terms of wins, $9.8 billion. And that is what we see the growth guidance that we've given 4% to 7%. Then we saw in the quarter some of the ramp down. So there's always some additions. And then this -- what we have not seen at the end of last quarter, those ramp down. So then we balance those two things as we give the guidance.

為了我們。不，我認為我們 - 對於 Infosys，我們在勝利方面取得了非常強勁的一年，達到 98 億美元。這就是我們給出的 4% 至 7% 的增長指導。然後我們在本季度看到了一些下滑。所以總會有一些補充。然後這個——我們在上個季度末沒有看到的是，那些下降了。因此，我們在提供指導時會平衡這兩件事。

Slowdown is so bad that it's offsetting the remarkable deal wins we saw in the previous year.

放緩是如此糟糕，以至於它抵消了我們在前一年看到的顯著交易勝利。

There -- the way we look at it is we had very good large deal wins, and then we had some clients where we had ramp downs.

在那裡 - 我們看待它的方式是我們贏得了非常好的大筆交易，然後我們有一些客戶在我們減少的地方。

Shilpa, you had a question?

希爾帕，你有問題嗎？

Yes, the revenue productivity has dropped sharply, and that is on a consolidated basis with all the subsidiaries added its $53,400 vis-a-vis $57,000 nearly $58,000 last year. So if you can help us understand that revenue productivity per employee.

是的，收入生產力急劇下降，這是在合併的基礎上，所有子公司去年增加了 53,400 美元，相對於 57,000 美元增加了近 58,000 美元。所以，如果你能幫助我們了解每位員工的收入生產力。

Yes. So this is just year total revenue by head count and in a way, our utilization, if it's down from 88% to 80%. Straight away, mathematically, you have a 10% reduction. So that's just an impact of utilization. So we just carrying many more fresher than we did last year, thats as simple as that.

是的。所以這只是按人數計算的年度總收入，在某種程度上，我們的利用率從 88% 下降到 80%。馬上，從數學上講，您可以減少 10%。所以這只是利用率的影響。所以我們只是攜帶比去年更新鮮的東西，就這麼簡單。

And in terms of the renewals, did clients -- are they taking longer than usual to renew? And hence, the revenue recognition hasn't happened? Is that one of the reasons why you see more slower closures?

在續訂方面，客戶是否需要比平時更長的時間來續訂？因此，收入確認還沒有發生？這是您看到關閉速度變慢的原因之一嗎？

There -- we are seeing is in a large deal pipeline. We've seen an expansion in the time to close the deal. So it's not specific to a renewal or to something new. It's more that in the large deal pipeline, we've seen that. And then once it's closed, then it flows in. There is no -- once it's closed, there is no other constraint on how the project starts and so on.

那裡——我們看到的是大量交易。我們已經看到完成交易的時間有所增加。所以它並不特定於續訂或新事物。更多的是在大型交易管道中，我們已經看到了這一點。然後一旦它關閉，它就會流入。沒有 - 一旦它關閉，就沒有其他限制項目如何開始等等。

Thank you. With that, we come to the end of this press conference. We thank our friends from media for being part of this press conference, and thank you, Salil. Thank you, Nilanjan. And thank you to all our leaders from Infosys who are with us today.

謝謝。至此，本次新聞發布會到此結束。我們感謝媒體朋友們參加這次新聞發布會，也感謝你，Salil。謝謝你，尼蘭詹。感謝今天與我們在一起的所有 Infosys 領導。

Before we conclude, please note that the archived webcast of this press conference will be available on the Infosys website and on our YouTube channel later today.

在我們結束之前，請注意本次新聞發布會的存檔網絡廣播將於今天晚些時候在 Infosys 網站和我們的 YouTube 頻道上提供。

Thank you, and please join us for some tea outside.

謝謝，請和我們一起去外面喝茶。