Infosys Ltd (INFY) 2024 Q1 法說會逐字稿

Ladies and gentlemen, good day, and welcome to the Infosys Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.

女士們、先生們，美好的一天，歡迎參加印孚瑟斯財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I now hand the conference over to Mr. Sandeep Mahindroo. Thank you, and over to you, sir.

我現在將會議交給 Sandeep Mahindroo 先生。謝謝您，接下來就交給您了，先生。

Hello, everyone, and welcome to Infosys earnings call for Q1 FY '24.

大家好，歡迎參加印孚瑟斯 24 財年第一季度財報電話會議。

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

首席執行官兼董事總經理 Salil Parekh 先生也加入了我們的電話會議。首席財務官 Nilanjan Roy 先生；以及高級管理團隊的其他成員。我們將首先由 Salil 和 Nilanjan 對公司本季度的業績發表一些評論。隨後，將開放電話提問。

Finally, note that anything which we say that refers to our outlook for the future is a forward-looking statement, which 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.

最後，請注意，我們所說的任何涉及我們未來前景的內容都是前瞻性聲明，必須結合公司面臨的風險來閱讀。有關這些風險的完整聲明解釋可在我們向 SEC 提交的文件中找到，該文件可在 www.sec.gov 上找到。

I would now like to pass it on to Salil.

我現在想將其轉告給薩利爾。

Thanks, Sandeep. Good evening, and good morning to everyone on the call. Thank you for joining us.

謝謝，桑迪普。各位來電的人晚上好，早上好。感謝您加入我們。

We had a strong quarter in Q1. Our Q1 growth was solid at 4.2% year-on-year and 1% quarter-on-quarter in constant currency. We had 21% growth in manufacturing, 14% in life sciences. Our Europe region grew by 10%. Our operating margin for the quarter was strong at 20.8%. We generated robust free cash flow of $699 million in Q1.

我們在第一季度表現強勁。按固定匯率計算，我們第一季度的增長穩健，同比增長 4.2%，環比增長 1%。我們的製造業增長了 21%，生命科學領域增長了 14%。我們的歐洲地區增長了 10%。本季度我們的營業利潤率高達 20.8%，強勁。第一季度我們產生了 6.99 億美元的強勁自由現金流。

Our large deal value for Q1 was $2.3 billion, 56% of this was net new. We had 1 mega deal win in Q1. Our value of deals of financial services was 50% of the overall large deal value in Q1. We announced a mega deal of $2 billion value after the close of Q1 and before our results before today. With a strong large deal and mega deal wins, we are building well for the future. Our pipeline of large deals is strong, and we continue to have mega deals in our pipeline.

我們第一季度的大筆交易價值為 23 億美元，其中 56% 是淨新交易。我們在第一季度贏得了一筆巨額交易。我們的金融服務交易額佔第一季度整體大宗交易額的 50%。我們在第一季度結束後、今天公佈結果之前宣布了一項價值 20 億美元的大型交易。憑藉強大的大筆交易和大宗交易的勝利，我們正在為未來做好準備。我們的大型交易渠道很強大，並且我們繼續有大型交易。

We are delighted that Topaz, our AI and generative AI platform is resonating well with our clients. We are working on 80 generative AI projects for our clients at this time. The work we are doing encompasses large language models for software development, text, document, voice and video.

我們很高興我們的人工智能和生成式人工智能平台 Topaz 與我們的客戶產生了良好的共鳴。目前我們正在為客戶開發 80 個生成式人工智能項目。我們正在做的工作包括用於軟件開發、文本、文檔、語音和視頻的大型語言模型。

Internally, we have developed generative AI tools using an open-source model for software development. We are working with open-source and proprietary generative AI platforms and modules. We obtained 40,000 employees on generated AI. We see opportunities for new work and for productivity improvements through this technology. All of these elements are available within our Topaz set of capabilities. We see this area of generative AI and Topaz being really transformative for our clients.

在內部，我們使用軟件開發的開源模型開發了生成式人工智能工具。我們正在使用開源和專有的生成式人工智能平台和模塊。我們通過生成人工智能獲得了 40,000 名員工。我們看到了通過這項技術開展新工作和提高生產力的機會。所有這些元素都可以在我們的 Topaz 功能集中使用。我們認為生成人工智能和 Topaz 的這一領域對我們的客戶來說確實具有變革性。

As we look ahead with the large and megadeal successes and our strength in cost efficiency, automation and consolidation, we feel confident. In the short-term, we see some clients stopping or slowing down work on transformation programs and discretionary work. This is especially so in financial services, in mortgages, asset management, investment banking and payments, and in the telecom industry. We also see some impact in the hi-tech industry and in parts of retail.

當我們展望大型和超大型交易的成功以及我們在成本效率、自動化和整合方面的實力時，我們充滿信心。短期內，我們看到一些客戶停止或放慢了轉型計劃和可自由支配的工作。在金融服務、抵押貸款、資產管理、投資銀行和支付以及電信行業尤其如此。我們還看到高科技行業和部分零售業受到了一些影響。

Even as we won 2 mega deals recently and have a strong pipeline of large and mega deals, we received revenue from some of these and other large deals towards the later part of our financial year. Keeping that in mind, we are changing our revenue growth guidance for this financial year to growth of 1% to 3.5% in constant currency.

儘管我們最近贏得了兩筆大型交易，並且擁有強大的大型交易渠道，但我們在本財政年度後期仍從其中一些交易和其他大型交易中獲得了收入。考慮到這一點，我們將本財年的收入增長指導改為按固定匯率計算 1% 至 3.5% 的增長。

As a consequence of a mega deal wins overall traction in cost efficiency, automation, a differentiated digital cloud and generative AI capabilities, we are well positioned for the medium-term and especially towards the end of our financial year and the period after that.

由於大型交易在成本效率、自動化、差異化數字云和生成人工智能功能方面贏得了整體吸引力，我們在中期，特別是在財政年度末及之後的時期處於有利地位。

We have launched a broader and comprehensive margin expansion program. The program will work across 5 areas: (inaudible) efficiency, automation and generative AI improvements in critical portfolios; reducing our indirect costs and communicating and driving value across the portfolio.

我們推出了更廣泛、更全面的利潤擴張計劃。該計劃將涵蓋 5 個領域：（聽不清）關鍵投資組合的效率、自動化和生成式人工智能改進；減少我們的間接成本，並在整個投資組合中溝通和推動價值。

Our senior leadership is mobilized on this. We're working on this program with our clients, our employees and partners, and we're taking steps for the short, medium and long-term, while keeping the overall strategic direction of the company in mind. We have an ambition to improve our operating margin in the future periods. Our operating margin guidance for the financial year remains unchanged at 20% to 22%.

我們的高級領導層已為此動員起來。我們正在與我們的客戶、員工和合作夥伴一起制定這個計劃，我們正在採取短期、中期和長期的措施，同時牢記公司的整體戰略方向。我們的目標是在未來提高我們的營業利潤率。我們本財年的營業利潤率指引保持在 20% 至 22% 不變。

With that, let me hand it over to Nilanjan.

那麼，讓我把它交給 Nilanjan。

Thanks, Salil. Good evening, everyone, and thank you for joining the call.

謝謝，薩利爾。大家晚上好，感謝您加入通話。

We entered FY '24 on the backdrop of uncertain macroeconomic environment with clients reassessing the IT spend and continue to focus on cost and efficiency programs. Q1 revenue growth was 4.2% on a Y-on-Y basis in constant currency. Sequentially, revenue grew by 1% in constant currency and 1.4% in dollar terms.

我們在宏觀經濟環境不確定的背景下進入 24 財年，客戶重新評估 IT 支出並繼續關注成本和效率計劃。按固定匯率計算，第一季度收入同比增長 4.2%。隨後，以固定匯率計算的收入增長了 1%，以美元計算的收入增長了 1.4%。

Operating margin for Q1 was 20.8%, 20 basis points lower sequentially. This was primarily due to a 70 basis points of benefit from cost optimization, including utilization, automation, which was offset by a balanced 90 basis point impact from employee-related costs, including higher variable pay, promotions, et cetera.

第一季度營業利潤率為 20.8%，比上一季度下降 20 個基點。這主要是由於成本優化（包括利用率、自動化）帶來了 70 個基點的收益，但被員工相關成本（包括更高的可變工資、晉升等）帶來的 90 個基點的均衡影響所抵消。

Client metrics remained strong with the number of $50 million clients increasing to 79, and $200 million clients at 15, reflecting our strong ability to mine top clients by providing them multiple relevant services.

客戶指標依然強勁，5000 萬美元客戶數量增加到 79 個，2 億美元客戶數量增加到 15 個，這反映出我們通過向頂級客戶提供多種相關服務來挖掘頂級客戶的強大能力。

Headcount at the end of the quarter stood at 336,000 employees, which is a decline of 2% from the previous quarter. A substantial portion of attrition has been backfilled by training and reskilling existing pool of talent and deployment of pressures.

本季度末員工總數為 336,000 人，較上季度下降 2%。通過現有人才庫的培訓和再培訓以及壓力的部署，很大一部分人員流失得到了彌補。

Consequently, our utilization, excluding trainees, improved to 81.1%, which has further headroom for growth. We will calibrate the hiring for FY '24 based on available pool of employees, growth expectations and attrition trends.

因此，我們的利用率（不包括實習生）提高至 81.1%，還有進一步的增長空間。我們將根據現有員工池、增長預期和人員流失趨勢來調整 24 財年的招聘。

Free cash flow for the quarter was robust at $699 million, and the conversion to net profit for Q1 remained strong at 96.6%, led by strong collections. DSO increased by 1-day sequentially to 63. Consolidated cash and equivalents stood at $4.5 billion at the end of the quarter. This is before the payout of final dividend that happened in the first week of July. EPS grew by 6.6% in dollar terms and 12.4% in rupee terms. Yield on cash balance was 6.71% in Q1.

該季度的自由現金流強勁，達 6.99 億美元，在強勁的收款帶動下，第一季度的淨利潤轉換率保持在 96.6% 的強勁水平。 DSO 比上一季度增加 1 天，達到 63。截至本季度末，合併現金及等價物為 45 億美元。這是在七月第一周派發末期股息之前。按美元計算，每股收益增長 6.6%，按盧比計算，每股收益增長 12.4%。第一季度現金餘額收益率為 6.71%。

ROE increased to 32.8% in Q1, a 1.8% increase year-on-year, which is a reflection of our strong cash generation and capital allocation policies. Largely, momentum continued, and we signed 16 large deals in Q1: TCV of $2.3 billion, with 56% net new. 3 deals each were in FS, EURS and communication; 4 in retail; 2 in manufacturing; 1 in life sciences vertical. Region wise that's offset by 11 in America, 4 in Europe and 1 in ROW.

第一季度淨資產收益率升至 32.8%，同比增長 1.8 個百分點，這反映了我們強有力的現金生成和資本配置政策。總體而言，勢頭仍在繼續，我們在第一季度簽署了 16 筆大型交易：TCV 達 23 億美元，其中 56% 為淨新交易。 3 筆交易分別為 FS、EURS 和通訊； 4 零售業； 2 製造業； 1 生命科學垂直領域。從地區角度來看，美洲抵消了 11 個，歐洲抵消了 4 個，世界其他地區抵消了 1 個。

Coming to Vertical segment performance. Financial services vertical witnessed continued softness in areas like mortgage, asset management, investment banking, cards and payments. Large and super regional banking clients in U.S. have been resilient during this quarter. Large banking clients are focusing on vendor consolidation, cost takeout and self-funding transformation programs.

談到垂直細分市場的表現。垂直金融服務領域的抵押貸款、資產管理、投資銀行、銀行卡和支付等領域持續疲軟。美國的大型和超級區域銀行客戶本季度表現強勁。大型銀行客戶正在關注供應商整合、成本削減和自籌資金轉型計劃。

Many financial institutions are looking at outsourcing the noncore business that includes taking away existing employees across technology and operations. While delayed decision-making is impacting the vertical, our recent deal wins, and the strong pipeline will help create momentum and opportunity for future growth.

許多金融機構正在考慮外包非核心業務，其中包括裁減技術和運營方面的現有員工。雖然決策延遲正在影響垂直領域，但我們最近的交易獲勝，強大的管道將有助於為未來的增長創造動力和機會。

In retail, cost efficiency and consolidation continues to remain top priority for our clients. There is intense focus on leveraging AI to accelerate digital transformation for enhanced customer and employee experience, predictive analytics and real-time insights. While decision cycles are long, large deal, the pipelines remain in infra-apps and process modernization, cloud and workload migration.

在零售領域，成本效率和整合仍然是我們客戶的首要任務。人們高度重視利用人工智能加速數字化轉型，以增強客戶和員工體驗、預測分析和實時洞察。雖然決策週期很長、意義重大，但管道仍然存在於應用程序基礎設施和流程現代化、雲和工作負載遷移中。

Communications sector is witnessing continued impact from budget cuts, delayed decision making for newer spend and slow ramp-up. Growth challenges for the clients persist due to increasing OpEx pressures. Cost optimization and vendor consolidation, our top priority for clients who are open to innovative solutions and are asking for AI to amplify productivity.

通信行業正遭受預算削減、新支出決策延遲和增長緩慢的持續影響。由於運營支出壓力不斷增加，客戶的增長挑戰仍然存在。對於那些願意接受創新解決方案並要求人工智能來提高生產力的客戶來說，成本優化和供應商整合是我們的首要任務。

OEM clients are showing greater interest in revenue-generating services, decreased time to market, increased product quality and improved customer experience. Large deal pipeline and this vertical remains very healthy.

OEM 客戶對創收服務、縮短上市時間、提高產品質量和改善客戶體驗表現出更大的興趣。大型交易管道和垂直行業仍然非常健康。

Outlook for the energy, utilities, resources and services vertical continues to be positive, though they slowdown in decision-making. Energy clients are coming to us for large-scale transformation programs such as business capabilities for energy transition and journey to net 0.

能源、公用事業、資源和服務垂直行業的前景仍然樂觀，儘管決策速度有所放緩。能源客戶向我們尋求大規模轉型計劃，例如能源轉型和淨零之旅的業務能力。

Utilities, clients are focused on in-flight transformation programs or those required for regulatory compliance. Service clients are focused on consolidation and M&A, cloud cost optimization and legacy transformation. Our investment in industry cloud and solutions in the energy transition area had helped us differentiate in these sectors, win multiple deals and build a very strong pipeline.

公用事業、客戶關注正在進行的改造計劃或監管合規所需的計劃。服務客戶專注於整合和併購、云成本優化和遺留轉型。我們對能源轉型領域的行業雲和解決方案的投資幫助我們在這些領域脫穎而出，贏得了多項交易並建立了非常強大的管道。

Manufacturing clients are focusing on controlling the spend and awarding deals which are focused on differentiation. Despite the volatile environment, deal pipeline is strong. Areas like engineering, IoT, supply chain, cloud, ERP and digital are seeing increased traction. There's a need to increase pace of migration to cloud, increasing productivity by transforming to smart factories and transitioning to smart products. We are seeing opportunities across auto, aerospace and industrials.

製造客戶專注於控制支出並授予注重差異化的交易。儘管環境不穩定，但交易渠道依然強勁。工程、物聯網、供應鏈、雲、ERP 和數字化等領域的吸引力越來越大。需要加快向雲遷移的步伐，通過向智能工廠轉型和向智能產品轉型來提高生產力。我們在汽車、航空航天和工業領域看到了機遇。

We have revised our revenue growth guidance for FY '24 to 1% to 3.5% in constant currency terms. This was due to lower-than-expected volumes, which will ramp down in discretionary spend, coupled with lower mega deal volumes arising from delayed timing and longer ramp-up times due to regulatory approvals and transition.

我們已將 24 財年的收入增長指引修訂為按固定匯率計算的 1% 至 3.5%。這是由於交易量低於預期，可自由支配支出將減少，加上監管批准和過渡導致時間延遲和啟動時間延長導致巨額交易量減少。

Margin guidance remained at 20% to 22% for FY '24. We continue to aspire for higher margins over the medium term with the razor-sharp focus on cost optimization and efficiency improvements. As Salil mentioned, we have launched a new margin maximization program across the 5 pillars comprising over 20 flagships.

2024 財年的利潤率指導保持在 20% 至 22%。我們繼續渴望在中期內獲得更高的利潤，並高度關注成本優化和效率提高。正如 Salil 提到的，我們針對 20 多個旗艦店的 5 個支柱推出了新的利潤最大化計劃。

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

這樣，我們就可以開始提問了。

(Operator Instructions) The first question is from the line of Kawaljeet Saluja from Kotak.

（操作員說明）第一個問題來自 Kotak 的 Kawaljeet Saluja。

My first question is the fact that in the prepared remarks, both Nilanjan and Salil, both of you mentioned that the guidance cut is partly due to a delay in volumes or the delay in timing of mega deals. But as far as I remember, your guidance at the lower end was not predicated at -- or not predicated on mega deal project, which is 4%, and 7% was predicated on mega projects and volumes flowing through.

我的第一個問題是，尼蘭詹和薩利爾在準備好的發言中都提到，指導意見的削減部分是由於交易量的延遲或大型交易時間的延遲。但據我記得，你們的指導下限不是基於大型交易項目，即 4%，而 7% 是基於大型項目和流通量。

So I'm just trying to understand, if you can just delayer your guidance -- basically just highlight what percentage of the cut is attributable to your projection of change in deal in the external environment, and what percentage is really delayed signing of mega deals here?

所以我只是想了解，如果你可以推遲你的指導 - 基本上只是強調削減的百分比歸因於你對外部環境中交易變化的預測，以及真正推遲簽署大型交易的百分比這裡？

Yes. So Kawal, as you know, there was a guidance of 4% to 7%. Of course, the higher end of the guidance had a larger amount of the mega deals. And the 4%, of course, was predicated a lot on the base volumes, which by default would be in quarter 1, quarter 2. And this is where we have seen discretionary spend cuts in quarter 1 in some client, and of course, in Q2 as well, some of that softness continues.

是的。所以卡瓦爾，如你所知，指導值為 4% 到 7%。當然，指導的高端有更多的大型交易。當然，4% 在很大程度上取決於基本數量，默認情況下是第一季度、第二季度。這就是我們在某些​​客戶的第一季度看到的可自由支配支出削減的情況，當然，在第二季度，這種疲軟的情況仍在繼續。

I mean, as you know, if you have to meet the year, quarter 1 and quarter 2 are very critical for that really to happen. So fundamentally that's the base reason and we exit the year, of course, at the higher end, there was the impact of mega deals. And our guidance on both ends have come down.

我的意思是，如您所知，如果您必須滿足這一年的要求，那麼第一季度和第二季度對於真正實現這一點非常關鍵。所以從根本上來說，這是根本原因，我們退出今年，當然，在高端，存在大型交易的影響。我們在兩端的指導都下降了。

And one of the reasons the top 10 that has come down is also largely also due to the delay in mega deals signing and the transition times. But the pipeline, as Salil said, is very healthy. We got 2 under the belt, and we are as confident as we exit the year.

前十名下降的原因之一很大程度上也是由於大型交易簽署和過渡時間的延遲。但正如薩利爾所說，管道非常健康。我們取得了 2 項成就，我們對今年結束時充滿信心。

But Nilanjan, just to try you know, when you basically spoke in the last quarter, you did highlight that 1Q would be weak, and we expect pickup in 2Q, whereas right now, you're saying that 1Q and 2Q are strong quarters. I'm just trying to understand the disconnect in commentary.

但是 Nilanjan，只是想嘗試一下，你知道，當你基本上在上個季度發言時，你確實強調了第一季度將疲軟，我們預計第二季度會有所回升，而現在，你說第一季度和第二季度是強勁的季度。我只是想理解評論中的脫節。

The second part to the question underlines is that -- 2 consecutive quarters, 2 competitive misses. I guess last time around as well, there's a lot of pushback saying that the environment has deteriorated and how you built any extra cushion into your guidance, et cetera.

問題的第二部分強調的是——連續兩個季度，兩次競技失誤。我想上次也有很多阻力說環境已經惡化以及你如何在你的指導中建立任何額外的緩衝等等。

So what are your learnings in the last 2 quarters? And what are the steps you have taken to ensure that the forecasting process is a little bit more robust than what the guidance cut in the last 2 quarters indicate?

那麼您在過去兩個季度中學到了什麼？您採取了哪些措施來確保預測過程比過去兩個季度的指導下調所顯示的更加穩健？

Yes. Kawal, see, when we give the guidance, we see the outlook at that point of time. We have assemblance of what is a pipe. We assume some convertibility. There's an existing book of business. But like I just said, in Q1, from a sequential basis, we are lower than where we thought we would end up to be, right? Because like I said, Q1 and Q2 was critical for us to meet that guidance. And we have seen these discretionary cuts in clients in some sectors which we've just called out, right? And that's, what I would say, the base business.

是的。卡瓦爾，看，當我們提供指導時，我們看到了當時的前景。我們已經組裝好了管道。我們假設有一定的可兌換性。有一本現有的業務手冊。但就像我剛才說的，在第一季度，從環比來看，我們的水平低於我們預期的水平，對嗎？因為就像我說的，第一季度和第二季度對於我們滿足該指導至關重要。我們已經看到我們剛才呼籲的某些行業的客戶被酌情削減，對嗎？我想說的是，這就是基礎業務。

And on the other side, there is the mega deal impact. We've got a good pipeline and some of these deals, which was supposed to kick in earlier, are getting delayed later into the year as we speak.

另一方面，還有巨大的交易影響。我們有一個良好的渠道，其中一些原本應該提前開始的交易，在我們發言時被推遲到今年晚些時候。

Okay. Okay, that's clear. Just a final comment, how the pipeline after the conversion of the $2 billion mega deal as such? Can you just comment on the pipelinen for DSO?

好的。好的，很清楚了。最後的評論是，這筆 20 億美元的巨額交易轉換後的管道情況如何？您能評論一下 DSO 的流程嗎？

So Kawal, this is Salil. The pipeline, we still have a good pipeline of both large deals. We have some mega deals in the pipeline as well. We see a lot of the work that we're doing on cost, on efficiency, automation in consolidation. Those are tracking well with clients.

卡瓦爾，這是薩利爾。管道方面，我們仍然有良好的兩筆大型交易管道。我們還有一些大型交易正在進行中。我們看到我們在成本、效率、整合自動化方面所做的很多工作。這些與客戶的進展情況良好。

There are some transformation programs, which are funded from within the cost efficiency. Those are also something that we're tracking through. So we do see with the 2 mega deals signed, a good pipeline today of large deals, and we have mega deals in the pipeline as well.

有一些轉型計劃是由成本效率資助的。這些也是我們正在追踪的事情。因此，我們確實看到簽署了兩筆大型交易，今天有一個良好的大型交易渠道，而且我們也有大型交易正在醞釀之中。

Right. And just finally, is the upper end of the guidance band in any way predicated on future mega deal closures? Or it's based on the deals closed up to now?

正確的。最後，指導區間的上限是否以任何方式預測未來大型交易的結束？或者是基於迄今為止已完成的交易？

So here, the way we build this guidance or our view of the 3.5 is based on what we have closed today in large and mega deals. And then we have a way of estimating based on what we see into the future as an aggregate not as a one-off or not as a binary discussion, but in aggregate with what we'd see as a probability, and also the probability of when that work will transition in the revenue side. So those are what we see in the pipeline are baked into it.

因此，我們構建本指南的方式或我們對 3.5 的看法是基於我們今天在大型交易中完成的交易。然後，我們有一種基於我們對未來的總體預測的方法，而不是一次性或二元討論，而是與我們所看到的概率以及以下概率的總體進行估計：當這項工作將在收入方面轉變時。這些就是我們在管道中看到的內容。

The next question is from the line of Yogesh Aggarwal from HSBC.

下一個問題來自匯豐銀行的 Yogesh Aggarwal。

Salil, just a couple of questions. Firstly, on banking. Your banking weakness has been there for a few quarters, and now most of the companies are showing weakness as well. Whereas if you look at the clients itself, most of their financial reserves, the big commentaries and the data is not that weak. So where is the disconnect, you think? Are they spending more with captives or smaller subcontractors? Where is this market share loss coming from?

薩利爾，有幾個問題。首先，關於銀行業。你們的銀行業疲軟已經存在了幾個季度，現在大多數公司也表現出了疲軟。但如果你看客戶本身，他們的大部分資金儲備、大評論和數據都沒有那麼弱。那麼你認為脫節在哪裡？他們在自營公司還是較小的分包商上花費更多？市場份額的損失從何而來？

Yogesh, I think what we see in our financial services or banking part of financial services, there are different clients of ours that have different patterns in terms of their own pressures within their business. Some of our clients have had good results, but there are some which have had more difficult economic situation.

Yogesh，我認為我們在金融服務或金融服務的銀行部分看到，我們的不同客戶在其業務壓力方面有不同的模式。我們的一些客戶取得了良好的業績，但也有一些客戶的經濟形勢較為困難。

Also with the mix from geography between Europe, Asia Pacific and U.S. When we break it down into specific subindustry area, when you look at asset management, when you look at investment banking, when you look at payments or mortgages, those are the ones where we're seeing the impact.

此外，由於歐洲、亞太地區和美國之間的地理混合，當我們將其分解為特定的子行業領域時，當你看資產管理、當你看投資銀行、當你看支付或抵押貸款時，這些都是我們正在看到其影響。

Our sense is generally our clients are not spending on those projects. It's not that they're spending somewhere else. Typically, they're choosing not to spend at this time. And as the environment changes, we will see how that pattern changes.

我們的感覺通常是我們的客戶沒有在這些項目上花錢。這並不是說他們把錢花在其他地方。通常，他們會選擇此時不花錢。隨著環境的變化，我們將看到這種模式如何變化。

Okay. Okay. And just a quick follow-up. The revised guidance now at the lower end, I wanted to ask you, you have already won 2 mega deals. And the lower end of the guidance suggests almost negative or flattish growth for the next 3 quarters, which would also mean that for 6, 7 quarters now revenues will be flat. So what are the assumptions for the lower end of the guidance, I wanted to know?

好的。好的。只是快速跟進。修訂後的指導現在處於較低水平，我想問你，你已經贏得了兩筆大型交易。指引的下限表明未來 3 個季度幾乎為負增長或持平增長，這也意味著目前的 6、7 個季度收入將持平。那麼我想知道指導下限的假設是什麼？

See, here as Nilanjan was sharing about the guidance, the approach is really focused on what we've seen in terms of volumes, discretionary projects in quarter in Q1 and an overlay then of the actual mega deals and large deals we have already won, and the estimate that we're looking at.

看，當 Nilanjan 在這里分享指導時，該方法實際上側重於我們在第一季度季度的數量、可自由支配的項目以及我們已經贏得的實際大型交易和大型交易的疊加方面看到的情況，以及我們正在考慮的估計。

So we are -- some of those deals have start dates have moved out, whereas the volume and discretionary project slowing is still in quarter. So our view is based on how that plays out between those trends, we saw the 1% in terms of the lower end of the guidance when you combine that and then, of course, the high end we talked about earlier.

所以我們——其中一些交易的開始日期已經推遲，而數量和可自由支配的項目仍在放緩。因此，我們的觀點是基於這些趨勢之間的關係，當你將其結合起來時，我們看到了指導的下限和我們之前討論的上限的 1%。

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

下一個問題來自摩根大通的 Ankur Rudra。

Salil, thank you for the updated guidance. I just wanted to get a sense of, obviously, the ask rate for the next 3 quarters has now moderated from, maybe it could have been 2% to 4%. With the same old guidance, it's 0% to 1.5% as discussed.

Salil，感謝您的更新指導。我只是想了解一下，顯然，未來 3 個季度的要價已經從 2% 降至 4%。在相同的舊指導下，如所討論的，它是 0% 到 1.5%。

Just curious about the discretionary cuts and the delays you referenced in your guidance change description. Has this happened more towards the latter half of the quarter? Has there been a linear change over the course of the quarter?

只是對您在指導變更描述中提到的酌情削減和延遲感到好奇。這種情況在本季度後半段發生得更多嗎？本季度是否出現線性變化？

So there -- Ankur, the way we've seen it is there will be no difference in the pattern at the beginning or the end of the quarter. It's more focused on the industry that we referenced in our opening remarks between Nilanjan and me.

因此，Ankur，我們看到的情況是，季度初或季度末的模式不會有任何差異。它更關注我們在 Nilanjan 和我的開場白中提到的行業。

We have seen in different places the discretionary work and some transformation work, where it will either slowed or stop based on different industries.

我們看到在不同的地方有一些自由裁量性的工作，還有一些轉型工作，根據不同的行業，有的會放緩，有的會停止。

Okay. And also, I just want to get a sense of maybe asking this in a slightly different way. Obviously, the guidance change is quite drastic. Is this just the change in environment of spending over the course of the last 3 months? Or is this also a difference in the way you measure the likelihood of success of when the deal ramp up, or the win rate of future deals? Just curious about that and if this guidance is more conservative anyway versus the last time you said it?

好的。而且，我只是想了解一下也許可以用稍微不同的方式來問這個問題。顯然，指導意見的變化相當劇烈。這只是過去三個月消費環境的變化嗎？或者，這是否也是您衡量交易增加時成功的可能性或未來交易的獲勝率的方式的差異？只是好奇這一點，與您上次所說的相比，這個指導是否更加保守？

So there, it's a combination, as you pointed out, of the environment in terms of the discretionary or transformational projects in the quarter. And then some of the mega deals and large deals, we saw a delay in decision-making in closing and also delay changes in the start time or ramp-up of the profile of that deal.

因此，正如您所指出的，這是本季度可自由支配或轉型項目的環境的結合。然後，在一些大型交易和大型交易中，我們看到關閉決策的延遲，以及啟動時間或交易概況的調整的延遲。

We've actually not seen any change in the win rate. And in fact, internally, we had a good win rate in Q1, and we continue to see good traction, whether it's consolidation, cost efficiency on the win rate side.

實際上我們沒有看到勝率有任何變化。事實上，在內部，我們在第一季度取得了良好的勝率，並且我們繼續看到良好的牽引力，無論是整合還是勝率方面的成本效率。

Appreciate that. Just one clarification, if you could. I know this $2 billion framework agreement that you referenced is the second large deal. Could you clarify if this is fully contracted? And is this type of deal historically also been disclosed in your PCVs over the last few quarters or years?

感謝。如果可以的話，請澄清一點。我知道你提到的這個20億美元的框架協議是第二筆大交易。您能澄清一下這是否已完全簽約嗎？過去幾個季度或幾年裡，你們的 PCV 中是否也曾披露過此類交易？

The deal, we have first laid the announcement, and I'm sure you've seen, we have completed the contract signing of the deal. That's when the deal was announced. These types of deals were also included in the past within a large deal mix. Of course, in the past, there was no requirement of disclosing the specific values.

這筆交易，我們已經首先發布了公告，我相信你已經看到了，我們已經完成了這筆交易的合同簽署。就在那時，這筆交易宣布了。過去，這些類型的交易也包含在大型交易組合中。當然，過去並沒有要求公開具體數值。

Okay. Understood. Last question if I can. On margins, they were obviously flattish this time, and it doesn't -- I mean it seemed like you've done well given what the growth has been. The 5-point margin maximization plan you've highlighted, is this you playing offense or defense on margins? In other words, is Infosys confident of potentially expanding margins in F '24? Or is it more for margin defense because growth outlook doesn't look very strong, at least at the lower end of guide?

好的。明白了。最後一個問題我可以嗎？在利潤率方面，這次他們顯然持平，但事實並非如此——我的意思是，考慮到增長情況，你似乎做得很好。你強調的5分利潤最大化計劃，是你在利潤率上進攻還是防守？換句話說，Infosys 有信心在 F '24 中擴大利潤率嗎？或者更多的是為了利潤率防禦，因為增長前景看起來不太強勁，至少在指南的下限是這樣？

Yes. So like we said, I mean, this is a 2-year program we have started. It is quite comprehensive. It's just not looking at cost, it's looking at portfolio. And this is now being led personally by Jayesh with 20 tracks, 20 leaders. Of course, our aspiration continues to be that we will aspire for higher margins than where we are today.

是的。正如我們所說，我的意思是，這是我們啟動的一個為期兩年的計劃。這是相當全面的。它只是不考慮成本，而是考慮投資組合。現在由 Jayesh 親自領導，有 20 個賽道、20 位領導者。當然，我們的願望仍然是獲得比今天更高的利潤。

So I mean from that perspective, it is offensive -- on offense, I would say offensive, but on offense, this thing to increase our margins. That's the intent.

所以我的意思是，從這個角度來看，這是進攻性的——在進攻上，我會說進攻性的，但在進攻上，這件事是為了增加我們的利潤。這就是意圖。

The next question is from the line of Apurva Prasad from HDFC Securities.

下一個問題來自 HDFC 證券公司的 Apurva Prasad。

Salil, just wanted a broad further on the guidance. In the last quarter, you had referred to a achieving top-end basis, the strength of pipeline and factors that are binary. So are those binding factors still in the pipeline or converted by transition is taking longer? So what I'm trying to get at is how should we really reconcile the change in revenue guide in the last 3 months between delay and volume cuts, which is as large as $600 million?

Salil，只是想進一步了解指導。在上個季度，您提到了實現高端的基礎、管道的強度和二元因素。那麼，這些約束因素是否仍在醞釀之中，或者通過過渡而轉換需要更長的時間？因此，我想了解的是，我們應該如何真正協調過去 3 個月的收入指南在延遲和銷量削減之間的變化（高達 6 億美元）？

So there, we've already announced 2 mega deals, which is a positive. We have large and mega deals in the pipeline. The way we've seen it is really the 2 points you mentioned, which is the volume discretionary work in quarter and the delay in the start of the realization transition of some of the large and mega deals, those are what have translated to the change in the guidance.

因此，我們已經宣布了兩筆大型交易，這是積極的。我們正在醞釀大型交易。我們所看到的方式確實是您提到的兩點，即季度的可自由支配工作量和一些大型交易的實現過渡的延遲，這些都是轉化為變化的原因在指導中。

Any way that you could split those factors, how much of an impact would that have been?

如果你能以任何方式分解這些因素，會產生多大的影響？

We will not be in a position to quantify that further between those 2, unfortunately.

不幸的是，我們無法進一步量化這兩者之間的情況。

So okay. And just how would you characterize the business environment and your client conversations at the end of the quarter as compared to how it was at the beginning of the quarter?

那麼好吧。與季度初相比，您如何描述季度末的業務環境和客戶對話？

So there, it's really -- the way we see it is, our pipeline for large and mega deals is in excellent shape as we closed the quarter. We see good traction for mega deals and our large deals. The focus is much more when you're talking to clients on efficiency or cost or consolidation. We have a real traction with them. We see less discussions on digital transformation.

因此，正如我們所看到的那樣，在本季度結束時，我們的大型交易渠道狀況良好。我們看到大型交易和我們的大型交易具有良好的吸引力。當您與客戶討論效率、成本或整合時，重點更多。我們對他們有真正的吸引力。我們看到關於數字化轉型的討論越來越少。

And then in general across the client base for those industries that I referenced in the opening remark, we see where there are discretionary programs where the client feels that they can slow them or pause them for some time, we see that action. So those are the 2 sort of actions we are seeing very good traction, in fact, on the large and mega deals.

然後，總的來說，在我在開場白中提到的那些行業的客戶群中，我們看到有一些可自由支配的計劃，客戶認為他們可以放慢速度或暫停它們一段時間，我們看到了這種行動。事實上，這是我們在大型交易中看到的兩種非常有效的行動。

Apurva, does that answer your question?

Apurva，這能回答你的問題嗎？

Yes. Yes, thanks.

是的。對了謝謝。

The next question is from the line of Kumar Rakesh from BNP Paribas.

下一個問題來自法國巴黎銀行的 Kumar Rakesh。

My first question was more of a clarification. So can you just confirm the process of deciding the revenue growth guidance? Is it the same, which was last fiscal year versus this year? Or have you changed some of the assumptions for the processes that you follow?

我的第一個問題更多的是澄清。那麼您能否確認一下確定收入增長指導的過程？上一財年和今年的情況一樣嗎？或者您是否更改了所遵循的流程的一些假設？

Rakesh. This is Salil. So we've following the same approach that we followed over the last several years as we build sort of outlook of our guidance that we share with the market.

拉凱什。這是薩利爾。因此，我們在構建與市場分享的指導展望時，遵循了過去幾年所遵循的相同方法。

Great. Got it. My second question was on the margin side. So this quarter, we had a slight decline on the margin sequentially. Now wage hike is yet to be lend out. So how confident are you on holding on to the current margin or the margins which we had last year? And the cost saving program also you're going to be running? Or there would be more of headwinds than tailwinds on the margin side?

偉大的。知道了。我的第二個問題是關於邊緣方面的。因此，本季度我們的利潤率環比略有下降。現在工資上漲還沒有發放出去。那麼，您對保持當前利潤率或去年的利潤率有多大信心？您還將運行成本節約計劃嗎？或者邊緣方面的逆風多於順風？

As you saw my margin walk, right? We actually had a 70 basis points benefit from utilization, cost optimization. So we are seeing the tailwinds of that. And the big part of that, we actually put back into employee-related compensation, which is variable pay. That's a big part promotion. So it's not that we are moving that to the market. That's a conscious decision for us to plow it back towards employee.

正如你看到我的邊緣行走，對嗎？實際上，我們從利用率和成本優化中獲得了 70 個基點的收益。所以我們看到了它的順風車。其中很大一部分，我們實際上投入了與員工相關的薪酬，即浮動工資。這是一個很大的促銷活動。所以我們並不是要把它推向市場。這是我們有意識的決定，將其回饋給員工。

So as we look ahead, we are actively considering compensation hikes as well we announced an update conference earlier. And the new program that kicks in, we think in optimization will give us the necessary tailwinds to be well within the margin guidance band.

因此，展望未來，我們正在積極考慮提高薪酬，並且我們早些時候宣布了一次更新會議。我們認為，啟動的新計劃在優化方面將為我們提供必要的推動力，使我們能夠很好地處於利潤指導範圍內。

My last question was around the volume commentary which you gave. So last quarter in April when we had the discussion. You had talked about that volume through the quarter, you were seeing signs of improvement. However, in this quarter, you have seen performing much below your expectation.

我的最後一個問題是關於您給出的捲評論。所以在四月份的最後一個季度我們進行了討論。您已經談到了整個季度的銷量，您看到了改善的跡象。然而，在本季度，您發現表現遠低於您的預期。

So what has -- which are specific pockets you are seeing the weakness specifically? Is it more client specific or the entire industry working a much shorter weakness?

那麼，您認為哪些具體領域存在弱點？是更針對客戶，還是整個行業的弱點更短？

It is a client-specific like this time. In fact, we saw slightly more resilience in the U.S.-based clients. Europe turned out to be slightly weaker. So it is very client specific actually across. I mean, it's sort of a leaking bucket in a number of clients. There's no large sort of a dropoff.

就像這次一樣，它是針對特定客戶的。事實上，我們看到美國客戶的彈性稍強一些。歐洲表現稍弱。因此，實際上這是非常針對客戶的。我的意思是，這對許多客戶來說是一個漏水的桶。沒有出現大的下降。

And this is largely with the 3D effect the discretionary part, right? So it is some programs which can be pulled back and are discretionary in the nature, those are the ones we are seeing.

而這很大程度上是與3D效果自行決定的部分吧？因此，有些計劃可以撤回，並且本質上是可自由裁量的，這些就是我們所看到的。

The next question is from the line of James Friedman from Susquehanna.

下一個問題來自薩斯奎哈納 (Susquehanna) 的詹姆斯·弗里德曼 (James Friedman)。

Salil, I think many investors are wondering, Salil, I appreciate your thoughts. Does it seem to be that the soft demand was primarily due to macro factors, which are presumably temporary? Or is it potentially something more profound like perhaps related to the relevance of services or lion's share? So is this just macro it's going to go away? Or is it a question of services in itself?

薩利爾，我想很多投資者都想知道，薩利爾，我很欣賞你的想法。需求疲軟似乎主要是由於宏觀因素造成的，而宏觀因素可能是暫時的？或者它是否可能是更深刻的事情，比如可能與服務或大部分份額的相關性有關？那麼這只是宏，它會消失嗎？還是服務本身的問題？

So this is Salil. Thanks for the question. The way we see it today, we see this demand environment, especially on discretionary that we've been discussing so far, as a function of the macro environment. We can see, for example, if you look at different industries, manufacturing growing at 21%, other industry is doing well, whereas financial service is weaker. So our service portfolio, we believe, works well.

這就是薩利爾。謝謝你的提問。從我們今天的角度來看，我們將這種需求環境，特別是我們迄今為止一直在討論的可自由支配的需求環境，視為宏觀環境的函數。例如，我們可以看到，如果你看一下不同的行業，製造業增長了21%，其他行業表現良好，而金融服務則較弱。因此，我們相信我們的服務組合運作良好。

We've already transformed the company, moved it predominantly into a digital business. We are very strong on cloud with our cobalt offering. And now with generative AI and broadly with AI, we've launched our Topaz offering.

我們已經對公司進行了轉型，主要轉向數字業務。我們的鈷產品在雲領域非常強大。現在，借助生成式人工智能以及廣泛的人工智能，我們推出了 Topaz 產品。

My sense is that those are resonating well with clients. And the places where we see the constraints have been more with the macro. Even some of the large and mega deals we are winning -- we're winning against a fairly intense competition where we are demonstrating our capabilities, whether it's on transformation or on cost or efficiency or consolidation.

我的感覺是，這些與客戶產生了很好的共鳴。我們看到的限制更多的是宏觀方面的。即使是我們贏得的一些大型交易——我們也在一場相當激烈的競爭中獲勝，我們在競爭中展示了我們的能力，無論是在轉型、成本、效率還是整合方面。

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

下一個問題來自野村證券 (Nomura) 的阿布舍克·班達里 (Abhishek Bhandari)。

I have 2 questions. First of all, Salil, congrats to you for this $2 billion mega deal. And if you could share some more details around this project given that it is probably the largest you announced anywhere globally. Is it pure services deal? Or there is an element of any hardware purchase along with it? And do you think this will get into revenue translation more in the second half of this year?

我有 2 個問題。首先，Salil，祝賀您完成了這筆 20 億美元的巨額交易。鑑於該項目可能是您在全球範圍內宣布的最大項目，您是否可以分享有關該項目的更多細節。這是純粹的服務交易嗎？或者是否有隨之而來的任何硬件購買的因素？您認為今年下半年這會更多地影響收入轉化嗎？

So thanks for the question. On this specific deal, what we have shared in the public domain is as per the filing with the stock exchange, it really focuses on work that we are doing related to AI and automation-led development, modernization and maintenance services. We don't have anything more to add to that comment.

謝謝你的提問。在這項具體交易中，我們在公共領域分享的是根據向證券交易所提交的文件，它真正關注的是我們正在做的與人工智能和自動化主導的開發、現代化和維護服務相關的工作。我們沒有更多的內容可以添加到該評論中。

Sure. And do you think this goes into revenue translation in second half?

當然。您認為這會影響下半年的收入轉化嗎？

Yes. So again, there, we don't have anything more on the specific deal. It's not the general comments we've talked about the large and mega deals. We do see, in general, across our larger and mega deals, the revenue coming through in terms of the transitions and revenue realization more towards the later part of the year.

是的。再說一次，我們沒有關於具體交易的更多信息。這不是我們談論大型交易的一般評論。總的來說，我們確實看到，在我們的大型交易中，在過渡和收入實現方面的收入更多地是在今年下半年實現的。

Got it. Thank you Salil for that. Nilanjan, my final and second question is to you. So you commented that the salary hikes are under active contribution. So do you think this year, the hike cycle could differ compared to a usual cycle? And it could be more linked to when the growth comes back, we probably will be in a better position to give the hikes for employees?

知道了。謝謝薩利爾。 Nilanjan，我的最後一個也是第二個問題是問你的。所以你說加薪是積極貢獻的。那麼您認為今年的加息週期與平常週期相比會有所不同嗎？這可能與經濟增長回來時更相關，我們可能會更有能力為員工加薪？

So like I said, we are considering everything. Nothing to add more than that really in terms of timing or anything like that.

正如我所說，我們正在考慮一切。在時間安排或類似方面，沒有什麼可以補充的了。

The next question is from the line of Moshe Katri from Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Moshe Katri。

In general, I think that Europe has been holding up really well...

總的來說，我認為歐洲一直表現得很好......

Moshe Katri, may I interrupt you? Please use the handset. You're not very clear.

摩西·卡特里，我可以打斷你嗎？請使用聽筒。你不是很清楚。

Yes. Yes. So so far, Europe has really been holding up well much better than the U.S. Can you talk a bit about what you're seeing in Europe, maybe areas where you are seeing some strength in terms of verticals? I'm assuming the U.K. is a big part of it. And as that trend continues based on what you're seeing, i.e., is Europe still holding in there? Or is it also slowing down? That's my first question.

是的。是的。到目前為止，歐洲的表現確實比美國好得多。您能談談您在歐洲看到的情況嗎？也許您在垂直領域看到了一些優勢？我認為英國是其中的重要組成部分。根據您所看到的情況，隨著這種趨勢持續下去，即歐洲是否仍然堅守在那裡？或者說它也在放緩？這是我的第一個問題。

So thanks to your question. This is Salil. We saw good traction, and we've seen that over the last several quarters in Europe, as you pointed out. We've seen that, especially in the manufacturing segment. We've had good traction in multiple geographies in Europe. So we have a good traction in the Nordics. We also announced a strategic win in the Nordics, which was public a few weeks ago. We have good traction in Germany, as you referenced, a good traction in the U.K. So we've had good traction so far.

謝謝你的提問。這是薩利爾。正如您所指出的，我們看到了良好的牽引力，並且在過去幾個季度中我們在歐洲也看到了這一點。我們已經看到了這一點，特別是在製造領域。我們在歐洲多個地區都具有良好的吸引力。所以我們在北歐有很好的吸引力。我們還宣布了在北歐的戰略勝利，該消息已於幾週前公開。正如您提到的，我們在德國有很好的牽引力，在英國也有很好的牽引力。所以到目前為止，我們有很好的牽引力。

Now the macro environment, we feel, as Nilanjan also pointed earlier, is definitely something that is affecting overall in Europe. So we are seeing within the segments we referenced, for example, Financial Services and the subsegments there in telco, in some parts of retail, those being impacted in Europe as well, and we'll see how that plays out into the future.

正如尼蘭詹早些時候指出的那樣，我們認為現在的宏觀環境肯定會影響整個歐洲。因此，我們在我們提到的細分市場中看到，例如，金融服務和電信行業的子細分市場、零售業的某些部分，歐洲也受到了影響，我們將看看未來的影響如何。

Okay. And my follow-up is about an article that came out just recent in the local media in India, suggesting that there is an uptick in demand for lateral hires in the industry. And these hires will probably start happening in the month of October and on. Does that make sense to you versus what you're seeing out there in terms of demand and pipeline and the ramp that's kind of -- as you said, it's going slower than expected?

好的。我的後續內容是印度當地媒體最近發表的一篇文章，表明該行業對橫向招聘的需求有所增加。這些招聘可能會在十月份及以後開始進行。與您在需求、管道和坡道方面看到的情況相比，這對您來說有意義嗎？正如您所說，它的進展比預期要慢？

So for that, my sense is, again, some of the comments you might have heard earlier from Nilanjan, our utilization has gone up. Our total headcount number is reduced, and we believe we have some headroom for the utilization to go up further. So that would be the context in which we are operating.

因此，我的感覺是，您可能之前從 Nilanjan 那裡聽到過一些評論，我們的利用率已經上升。我們的總人數減少了，我們相信我們還有進一步提高利用率的空間。這就是我們運作的背景。

The next question is from the line of Mukul Garg from Motilal Oswal Financial Services.

下一個問題來自 Motilal Oswal Financial Services 的 Mukul Garg。

Salil, just wanted to kind of probe a bit further on the change in the guidance, and I'm just focusing on the lower end of your previous guidance. Where it does not look like the miss in Q1 from what you are kind of thinking about last quarter was that meaningful for the guidance at the lower end to come down so drastically.

薩利爾，只是想進一步探討指導意見的變化，我只是關注您之前指導意見的下限。從你對上個季度的想法來看，第一季度的業績看起來並不像第一季度那樣，但對於低端的指導大幅下降來說是有意義的。

So is it fair to assume that the incremental slowdown which you have witnessed is more front ended i.e. in Q2? Or was there an expectation of a meaningful pickup in the business in the second half, which is now no longer there?

那麼，假設您所目睹的增量放緩更多是在前端，即在第二季度，是否公平？或者是否曾期望下半年業務會出現有意義的回升，但現在這種情況已不再存在？

So on the guidance, again, some of the comments that Nilanjan shared earlier, we saw in Q1, the volume and discretionary projects slowing. And based on that, plus the delay in some of the large or mega deals is starting up in terms of revenue, we felt that -- that has given us the view of the lower end of the guidance.

因此，在指導方面，尼蘭詹之前分享的一些評論，我們在第一季度看到，數量和可自由支配的項目正在放緩。基於此，加上一些大型或特大交易的延遲在收入方面開始啟動，我們認為——這讓我們對指導的下限有了看法。

What we see really the function of the way the volume in the discretionary project evolves. The macro environment, as we look out, is changing as we see things, which are from U.S. to Europe to Asia, keeping those factors in mind is how we build that lower end of the guidance.

我們所看到的實際上是可自由支配項目的數量演變方式的功能。正如我們所看到的，從美國到歐洲再到亞洲，宏觀環境正在發生變化，牢記這些因素是我們構建指導下限的方式。

Sure. And similarly, on similar track, is there something we need to kind of see, visualize in terms of entity of large deal [TC], which we disclosed. The commentary on pipeline and large deal wins continues to remain very robust. But there is a fair bit of pain which you are kind of talking about from a discretionary side, which would be coming out of the large deal number.

當然。同樣，在類似的軌道上，我們是否需要看到一些東西，並根據我們披露的大宗交易實體 [TC] 進行可視化。對管道和大宗交易勝利的評論仍然非常強勁。但是，您從自由裁量的角度談論了相當大的痛苦，這可能是由於大量交易而產生的。

So can you share the impact on overall TCV? Or is that something which you would kind of start reassessing simply because it's giving a ceding picture when you look at only the large deals?

那麼您能分享一下對整體 TCV 的影響嗎？或者你會開始重新評估這一點，僅僅是因為當你只關注大筆交易時，它會給出一個讓步的畫面？

So there, there are some distinctions what we are seeing in the large deals, mega deals, wins in the pipeline. And what's more recent in the past quarters is more on cost of efficiency or consolidation. And so that work is continuing.

因此，我們在大型交易、大型交易和即將取得的勝利中看到了一些區別。過去幾個季度的最新情況更多的是效率或整合成本。這項工作仍在繼續。

What we referenced on the slowdown is more on discretionary projects, which are projects or transformation projects which are from before, which could have been paused or slowed down by the client, and specifically in the industries where we referenced the impact. Those are the ones we are seeing. So they're not, in a sense, correlated with the large deals that we're looking at today.

我們提到的放緩更多是關於可自由支配的項目，這些項目是以前的項目或轉型項目，這些項目可能已被客戶暫停或放慢，特別是在我們提到影響的行業中。這些就是我們所看到的。因此，從某種意義上說，它們與我們今天看到的大型交易並不相關。

Sure. And if I may just ask for clarification. Is there any impact in terms of your growth guidance from any client-specific issue specifically as related kind of highlighted in Europe, in terms of client in-sourcing or kind of slowing down business to you in any vertical?

當然。我可以要求澄清一下嗎？任何特定於客戶的問題（特別是在歐洲突出的相關類型）是否會對您的增長指導產生任何影響，包括客戶內包或在任何垂直領域對您的業務放緩？

So there, what Nilanjan was referencing to is not that it is client specific as you know 1 or 2 clients. It was more in terms of clients within that industry vertical and more now shifting what we had in the U.S. to the European market. So it is not that we have specific 1 or 2 clients where we have seen this impact showing up from.

因此，Nilanjan 所指的並不是特定於客戶的，正如您所知的 1 或 2 個客戶。更多的是針對該垂直行業內的客戶，現在更多地將我們在美國的業務轉移到歐洲市場。因此，並不是我們有特定的 1 或 2 個客戶，我們就看到了這種影響的出現。

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

下一個問題來自花旗集團的Surendra Goyal。

I know that you don't share this data point, but could you give us a directional sense of how ACV annualized contract value trends would have moved or would compare Y-o-Y, given the changing nature of the things towards the large and mega cost takeout deals.

我知道您不分享這個數據點，但考慮到大型和超額成本外賣交易的性質正在發生變化，您能否給我們一個方向性的了解，ACV 年化合同價值趨勢將如何變化或與同比進行比較。

Thanks for the questions, Surendra. We are not in a position to share that information.

謝謝你的提問，蘇倫德拉。我們無法分享該信息。

Okay. And on this recently announced mega deal in (inaudible)?

好的。關於最近宣布的這項大型交易（聽不清）？

The one that was announced after the quarter before the results.

是在業績公佈之前的季度之後宣布的。

Yes, yes.

是的是的。

Okay. So again, we are not announcing the net new in a specific deal. What I mentioned earlier was the type of work, and that's what we can say in addition to what we filed with the stock exchange.

好的。再說一遍，我們並不是在具體交易中宣布新的淨交易。我前面提到的是工作類型，這就是我們除了向證券交易所備案的內容之外還可以說的內容。

The next question is from the line of Prashant Kothari from Pictet.

下一個問題來自 Pictet 的 Prashant Kothari。

A couple of questions. One is, I mean, looking at the revenue growth guidance this year, it seems will be going maybe worse than the peer group that we track even in terms of the deciding on management compensation, how do we think about that? I mean are there things that we need to do in order to regain the kind of competitiveness in the market, so we can continue to outgrow out there? Or do you think it's all down to discretionary demand being weak and therefore, there's nothing much that we can do, and we just need to wait for the cycle to come back? That's the first question.

有幾個問題。我的意思是，看看今年的收入增長指引，即使在管理層薪酬的決定方面，它似乎也可能比我們跟踪的同行更糟糕，我們如何看待這一點？我的意思是，我們需要做些什麼才能重新獲得市場競爭力，以便我們能夠繼續發展壯大？或者您認為這一切都是由於可自由支配需求疲軟，因此我們無能為力，只需等待週期回來？這是第一個問題。

So there, we have a view with our portfolio. There is a portfolio of services that works well with our clients. We absolutely have the intensity in the client environment with a large and mega deal wins to be back into the growth mode that we've been in for the last several years.

因此，我們對我們的投資組合有一個看法。有一系列與我們的客戶合作良好的服務。我們絕對有能力在客戶環境中贏得大型交易，從而回到過去幾年的增長模式。

We also have, as you know, a high base for comps. Q1 of last year was a 21% growth year-on-year in the previous year, whereas the environment of other peers were not there. So all of those factors coming into play. We are very much of the view that we have what we need, and we are continuing to go into new areas like generative AI or continued investments in cloud to build out what we want, what our clients are looking for to continue with the growth situation.

如您所知，我們也擁有較高的競爭基礎。去年Q1是同比增長21%，而其他同行的環境卻沒有。所以所有這些因素都在發揮作用。我們非常認為我們已經擁有了我們需要的東西，並且我們正在繼續進入新的領域，例如生成人工智能或繼續投資雲，以構建我們想要的東西，我們的客戶正在尋求什麼以繼續增長。 。

Okay. So if it is kind of more about the external environment then, what would be a good kind of a leading indicator that your deals have internally to figure out that this weak discretionary demand phase is kind of coming to light?

好的。因此，如果更多的是關於外部環境，那麼您的交易在內部有什麼好的領先指標來確定這種疲軟的可自由支配需求階段是否正在顯現？

So internally, we have several elements we look at. These are not typically big data we share externally. But in terms of the overall sort of translation of that is what we translate into the guidance there.

因此，在內部，我們考慮了幾個要素。這些通常不是我們對外共享的大數據。但就整體翻譯而言，我們將其翻譯為那裡的指南。

All right. Yes, which is presenting a bit of a weak picture as of now. All right.

好的。是的，目前的情況有些疲軟。好的。

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

下一個問題來自 TD Cowen 的 Bryan Bergin。

I wanted to ask on the margin expansion program. So I understand this is a 2-year initiative. Can you give us a sense of materiality to just how are you thinking about the potential cost savings or an approximate margin expansion potential that you expect to achieve from these pillars?

我想問一下關於利潤擴張計劃的問題。所以我知道這是一個為期兩年的舉措。您能否讓我們了解一下您如何看待您期望從這些支柱中實現的潛在成本節約或大致的利潤擴張潛力？

Yes. So we can't really quantify it. These are 5 [we're seeing] critical track pricing and a more holistic sort of value-based selling approach. That's a big one. We know from a pyramid perspective; we have a lot of scope as well. We understand the generative AI and our ongoing automation projects, which we have. That's a -- continuously and actually with generative AI, we think we can up the productivity from baseline even more.

是的。所以我們無法真正量化它。這些是[我們看到的] 5 個關鍵軌道定價和一種更全面的基於價值的銷售方法。那是一件大事。我們從金字塔的角度知道；我們也有很大的範圍。我們了解生成式人工智能和我們正在進行的自動化項目。這是一個——持續且實際地利用生成式人工智能，我們認為我們可以從基線上進一步提高生產力。

Some of our portfolios in our mix, how do we improve margins that to a dedicated head team looking at these accounts. And finally, the embedded cost side and how do we keep the cap on that, looking at more efficient buying, procurement savings, et cetera.

我們的一些投資組合中，我們如何提高專門負責這些賬戶的主管團隊的利潤率。最後，嵌入式成本方面以及我們如何保持上限，著眼於更有效的購買、採購節省等。

So it's a quite a holistic approach, like I said, across 20 tracks. And these are bringing fixed cost. I can't quantify the number at this stage. But like we said, our aspiration continues to be to improve our margin in the medium run.

所以正如我所說，這是一個跨越 20 個軌道的整體方法。而這些都帶來了固定成本。現階段我無法量化這個數字。但正如我們所說，我們的願望仍然是在中期提高我們的利潤率。

Okay. And then my follow-up, I understand you've got a lot of questions here on the fiscal '24 growth outlook. Just trying to clarify maybe here and maybe tie all these questions together. Is it right to say that at the low end of your '24 growth guidance, that you're assuming a worsening of volume reductions and a worsening of decision-making pace for the balance of the year?

好的。我的後續行動是，我知道你們對 24 財年的增長前景有很多疑問。只是想在這裡澄清一下，也許可以將所有這些問題聯繫在一起。在你們 24 年增長指引的低端，你們假設今年剩餘時間的產量減少和決策速度會惡化，這樣說是否正確？

And then at the upper end, that the decision-making improves? Just trying to really get to the point of are you assuming more of the same in the improvement or further deterioration within this range?

然後在高端，決策會有所改善？只是想真正明白這一點，您是否假設在此範圍內的改善或進一步惡化有更多相同的情況？

There, the way we've constructed this guidance, we see that there is a change or a difference in the environment, in the decision-making. We have seen some of the impact in some of the industries that we shared earlier. And we will see how that volume, discretionary work translates itself over time. So we've baked in some range of possibilities into that. We also see how those possibilities play out.

在那裡，我們構建本指南的方式，我們看到環境和決策發生了變化或差異。我們已經看到了我們之前分享的一些行業的一些影響。我們將看到隨著時間的推移，大量的、可自由支配的工作如何轉化。所以我們已經考慮了一些可能性。我們也看到這些可能性如何發揮作用。

The next question is from the line of Nitin Padmanabhan from Investec.

下一個問題來自 Investec 的 Nitin Padmanabhan。

So Nilanjan, the employee headcount is down 3% over the last 2 quarters, but the absolute employee cost is up 2%. So what explains that dynamic?

Nilanjan 表示，過去 2 個季度的員工人數減少了 3%，但員工絕對成本卻上漲了 2%。那麼如何解釋這種動態呢？

Yes. So like I said, this time, we have put about 90 bps, I think, of impact. We don't see the entire thing in employee cost because even third-party costs have come down. But if you see about 90 basis points -- actually, more than 120 and then90 basis points is actually in employee costs. Variable pay is a big one, which we have upped consciously in this quarter, a little bit of promotion, then there are other items, balancing items.

是的。就像我說的，這一次，我認為我們已經施加了大約 90 個基點的影響。我們沒有看到員工成本的全部，因為甚至第三方成本也下降了。但如果你看到大約 90 個基點——實際上，超過 120 個基點，然後 90 個基點實際上是員工成本。浮動工資是一個很大的項目，這個季度我們有意識地提高了一點，有一點提升，然後還有其他項目，平衡項目。

Yes. So just a clarification there. So in the context of the deteriorating environment and attrition sort of falling, the assumption was that employee cost would be something relatively easier to manage. And obviously, because the performance -- company-wide performance itself is lower, the variable also should be lower. So what's driving the dynamic on higher variable pay and the compensation?

是的。所以這裡只是澄清一下。因此，在環境惡化和人員流失率下降的背景下，我們的假設是員工成本相對更容易管理。顯然，由於整個公司的績效本身較低，因此變量也應該較低。那麼，是什麼推動了更高的可變薪酬和薪酬的動態呢？

So we look at this holistically. I think -- I mean we are here, and we don't look at just 1 quarter and decide these decisions. We're looking at the overall environment and attrition, et cetera, and that's a decision we collectively take. It's just not on a quarter-to-quarter basis.

所以我們從整體上看待這個問題。我認為——我的意思是我們在這裡，我們不會只看一個季度並做出這些決定。我們正在考慮整體環境和人員流失等，這是我們共同做出的決定。只是不是按季度計算。

We have enough headroom in our utilization to grow volumes. And therefore, the attrition, which we see is not entirely replaced by lateral hiring. A part of that happens to lateral hiring, and we continue to reskill and move up our fresher bench and rotate people through projects. So that benefit, we continue to get.

我們的利用率有足夠的空間來增加產量。因此，我們看到的人員流失並沒有完全被橫向招聘所取代。其中一部分發生在橫向招聘上，我們繼續重新培養技能，提升新人的職位，並通過項目輪換人員。因此，我們繼續獲得這種好處。

And like I said, the 70 bps benefit, which we are seeing is coming partly because of improved utilization, right?

正如我所說，我們所看到的 70 個基點的收益部分是由於利用率的提高，對嗎？

Sure. And lastly, the $2.1 billion deal that we announced, in which vertical is that? If you could clarify, that would be helpful.

當然。最後，我們宣布的 21 億美元交易屬於哪個垂直領域？如果你能澄清一下，那會很有幫助。

No, we don't mention that really on what vertical.

不，我們並沒有真正提到這一點。

All the very best.

一切順利。

The next question is from the line of Vibhor Singhal from Nuvama Equities.

下一個問題來自 Nuvama Equities 的 Vibhor Singhal。

So Salil, 2 questions from my side. One on the talking on the guidance part again. I mean, for long, I think the guidance that Infosys gives is kind of seeing a benchmark of the industry and a read across for the entire sector as well. I mean and the share that we had at this time. So just wanted to understand the putting on hold of discretionary spend and other issues that you mentioned that caused us to lower the guidance, do you see that as a very imposes specifically? Or do you see it more of an industry across the world that maybe other companies are not seeing it right now, they might be following suit in the next few quarters. Or is it something in the nature of our portfolio because of which you probably feel that it was cyclical?

薩利爾，我這邊有兩個問題。再次談論指導部分。我的意思是，長期以來，我認為印孚瑟斯提供的指導是行業的基準，也是整個行業的解讀。我的意思是我們當時所擁有的份額。因此，我只是想了解暫停可自由支配支出以及您提到的導致我們降低指導的其他問題，您是否認為這是一種特別強加的措施？或者您是否認為它更像是世界各地的一個行業，也許其他公司現在沒有看到它，他們可能會在接下來的幾個季度效仿。或者這是我們投資組合的本質，因此您可能認為它是周期性的？

I mean, in the last 3 months or because the other companies that have reported, there might not have been such number difference in the guidances. Is the kind of $600 million shock that we have seen, we haven't seen that kind of a change in commentary over the past 3 months by any other of your player out there.

我的意思是，在過去 3 個月或因為其他已報告的公司，指導中可能沒有這樣的數字差異。這是我們所看到的那種 6 億美元的震驚嗎？在過去 3 個月裡，我們還沒有看到任何其他玩家的評論發生這種變化。

So would like to basically give some color on how readable is this environment that has caused us for this deterioration to the other companies in the sector of the industry?

因此，我想基本上說明一下導致我們惡化的環境對行業內其他公司的可讀性如何？

So there, my sense is if you look at our Q1 number, we have 1% quarter-on-quarter growth, which from what I have seen across the industries, maybe one of the strongest quarter-on-quarter growth.

因此，我的感覺是，如果你看看我們第一季度的數據，我們的季度環比增長為 1%，從我在整個行業看到的情況來看，這可能是最強勁的季度環比增長之一。

We have a clear view of what we see as we've been discussing on large and mega deals, giving us a strong growth orientation later in the year with some discretionary work, which is slowing in Q1.

當我們一直在討論大型和超大型交易時，我們對所看到的情況有了清晰的認識，這為我們在今年晚些時候提供了強勁的增長方向，並進行了一些可自由支配的工作，這些工作在第一季度放緩。

So I don't have a sense for the other players. That's how we see it. And if I look at Q1, we have a good outcome in terms of a solid quarter and looking at the industry, maybe higher growth Q-on-Q than many others.

所以我對其他球員沒有任何感覺。我們就是這樣看的。如果我看看第一季度，我們在一個穩定的季度和整個行業方面取得了良好的成果，可能比許多其他行業的環比增長率更高。

Got it. And in terms of conversations with the clients, just a follow-up on that, in terms of the conversations with the clients, I think you mentioned it before on the call as well.

知道了。在與客戶的對話方面，只是後續，在與客戶的對話方面，我想你之前在電話會議上也提到過這一點。

I mean how -- I mean, what is the overall general conversation like when they put this discretionary part of the lease on hold? I mean, do they want to do it given the weak macro at this point of time? Is there any rethinking on the part of whether they need this kind of spend at all? Are those original decisions being questioned itself to begin with. What exactly is the nature of the conversation with the clients, which are putting these spends on hold?

我的意思是，當他們擱置租約的這個酌情部分時，總體的一般對話是什麼樣的？我的意思是，考慮到目前宏觀經濟疲軟，他們是否願意這樣做？他們是否需要重新考慮是否需要這種支出？這些最初的決定是否從一開始就受到質疑？與客戶的對話到底是什麼性質，導致這些支出被擱置？

Here, what we've seen is, again, in the industries, we referenced before, whether it's financial services or telco or hi-tech, the clients or the industries are going through a difficult environment themselves in the macro. They're looking for help or support from their partners like us, where they put some projects which they perceive to be not immediately relevant for them on a pause or slowing. Those are the discretionary works that slow down. And we will see as the environment changes, what happens there.

在這裡，我們再次看到，在我們之前提到的行業中，無論是金融服務、電信還是高科技，客戶或行業本身在宏觀上正在經歷困難的環境。他們正在尋求像我們這樣的合作夥伴的幫助或支持，他們暫停或放慢了一些他們認為與他們不立即相關的項目。這些都是會減慢速度的可自由支配的工作。我們將看到隨著環境的變化，那裡會發生什麼。

Got it. Got it. Great. Wish you all the best for the rest of the year.

知道了。知道了。偉大的。祝您在今年剩下的時間裡一切順利。

Ladies and gentlemen, that will be our last question for today. I now hand the conference back to the management for their closing remarks. Thank you, and over to you.

女士們先生們，這將是我們今天的最後一個問題。我現在將會議交還給管理層，讓他們發表閉幕詞。謝謝你，接下來就交給你了。

Thanks. This is Salil. I just want to close out. Thank you, everyone, for joining us.

謝謝。這是薩利爾。我只是想結束。謝謝大家加入我們。

In summary, for us, really, we've had a solid Q1, very good Q-on-Q growth, solid margins, excellent large deals and mega deal wins. This sets us up very nicely with some of the delays and the volume slowing more for the later part of the year. We've also got incredible traction in generative AI with [80] projects and the Topaz work resonating with clients.

總而言之，對我們來說，確實，我們第一季度表現強勁，環比增長非常好，利潤率穩定，大宗交易出色，贏得了巨額交易。這為我們做好了準備，避免了今年下半年的一些延誤和交易量進一步放緩。我們在生成人工智能方面也獲得了令人難以置信的吸引力，[80] 個項目和 Topaz 工作引起了客戶的共鳴。

We now put in place a stronger program on margin expansion, which is in play. Putting all of that together, we see this is a year where we'll make that difference translate into mega deals and large deals, and as we come towards the later part of the year, showing the legalization of all of those.

我們現在製定了一項更強有力的利潤擴張計劃，該計劃正在發揮作用。將所有這些放在一起，我們認為今年我們將把這種差異轉化為大型交易和大型交易，並且隨著我們進入今年下半年，所有這些都將合法化。

So thanks again, everyone, for joining in, and look forward to catching up at the next quarterly call.

再次感謝大家的加入，並期待在下一個季度電話會議上進行交流。

Thank you very much members of the management. Ladies and gentlemen, on behalf of Infosys, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.

非常感謝管理層的成員。女士們、先生們，我代表印孚瑟斯宣布本次會議結束。感謝大家加入我們，現在您可以斷開線路了。