Infosys Ltd (INFY) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Infosys Limited Q2 FY25 earnings conference call. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Sandeep Mahindroo. Thank you, and over to you, Mr. Mahindroo.

女士們、先生們，美好的一天，歡迎參加 Infosys Limited 2025 財年第二季財報電話會議。（操作員說明）請注意，本次會議正在錄製中。我現在將會議交給 Sandeep Mahindroo 先生。謝謝您，現在請您，Mahindroo 先生。

Hello, everyone, and thanks for joining Infosys earnings call for Q2 FY25. Joining us on this call is CEO and MD, Mr. Salil Parekh; CFO, Mr. Jayesh Sanghrajka; and other members of the leadership team. We'll start the call with some remarks on the performance of the company, subsequent to which the call will be opened up for questions.

大家好，感謝您參加 Infosys 2025 財年第二季的財報電話會議。執行長兼董事總經理 Salil Parekh 先生也加入了我們的電話會議。財務長 Jayesh Sanghrajka 先生；及領導班子其他成員。我們將在電話會議開始時對公司的業績發表一些評論，隨後將開始提問。

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

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和解釋可在我們向 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 transfer the call to Salil.

我現在想將電話轉接給薩利爾。

Thanks, Sandeep. Good evening, and good morning to everyone on the call. We had a strong performance in Q2 with robust and broad-based growth, stable operating margins, strong cash generation, strong large deals and increased employee headcount.

謝謝，桑迪普。各位來電的人晚上好，早安。我們在第二季表現強勁，成長強勁且廣泛，營業利潤穩定，現金產生強勁，大宗交易強勁，員工人數增加。

Our revenue grew 3.1% quarter-on-quarter and 3.3% year-on-year in constant currency terms. Financial services grew at 2%; manufacturing, double-digit; energy, utilities and services at 5.8%, all quarter-on-quarter. We saw growth in all geographies quarter-on-quarter basis. Our large deals were $2.4 billion. Our overall pipeline remains strong. We saw a double-digit quarter-on-quarter increase in our pipeline of deals below $50 million.

以固定匯率計算，我們的營收季增 3.1%，年增 3.3%。金融服務成長2%；製造業，兩位數；能源、公用事業和服務業年增 5.8%。我們看到所有地區的季度環比增長。我們的大筆交易價值 24 億美元。我們的整體管道仍然強勁。我們看到 5000 萬美元以下的交易數量出現了兩位數的季度環比增長。

Our operating margin for Q2 was at 21.1%. Free cash flow for the quarter, $839 million. Employee attrition is stable at 12.9%. We will launch our employee compensation increase in two phases, effective Jan 1, 2025, and April 1, 2025.

我們第二季的營業利益率為 21.1%。該季度自由現金流為 8.39 億美元。員工流動率穩定在 12.9%。我們將分兩階段啟動員工薪資上調，分別於2025年1月1日及2025年4月1日生效。

The financial services segment in the US continues to see discretionary spend increase in capital markets, mortgages, cards and payments. We've seen slowness in the automotive sector in Europe. Apart from these verticals, demand trends remain stable with clients continue to prioritize cost takeout over discretionary initiatives.

美國金融服務領域資本市場、抵押貸款、銀行卡和支付方面的可自由支配支出持續增加。我們看到歐洲汽車產業發展緩慢。除了這些垂直領域外，需求趨勢保持穩定，客戶繼續優先考慮成本支出而不是酌情採取的措施。

Our Q2 performance reflects our sustained strength and differentiation in the industry. We are deepening our work in generative AI, working with clients to deploy enterprise generative AI platforms, which become the launchpad for client usage of different use cases in generative AI.

我們第二季的業績反映了我們在產業中的持續實力和差異化。我們正在深化在生成式人工智慧方面的工作，與客戶合作部署企業生成式人工智慧平台，該平台成為客戶使用生成式人工智慧不同用例的啟動平台。

We are building a small language model leveraging industry and Infosys datasets. This will be used to build generative AI applications across different industries. We've launched multi-agent capabilities to support clients in deploying agent solutions using generative AI.

我們正在利用產業和 Infosys 資料集建立一個小型語言模型。這將用於建立跨不同行業的生成式人工智慧應用程式。我們推出了多代理功能，支援客戶使用生成式人工智慧部署代理解決方案。

Our generative AI approach is helping clients drive growth and productivity impact across the organization. We are partnering with client to build a strong data foundation, which is critical for any of these generative AI programs.

我們的生成式人工智慧方法正在幫助客戶推動整個組織的成長和生產力影響。我們正在與客戶合作建立強大的數據基礎，這對於任何這些生成人工智慧程式都至關重要。

One example, we are working with a logistic major using Topaz to power their operational efficiency improvements. Concurrently, we're supporting their digital transformation journey to help them deliver exceptional services for their customers.

舉個例子，我們正在與一家物流專業公司合作，使用 Topaz 來提高他們的營運效率。同時，我們正在支持他們的數位轉型之旅，幫助他們為客戶提供卓越的服務。

With a strong performance in Q2 and our current outlook, we have revised our revenue growth guidance for the financial year. The new guidance is 3.75% to 4.5% growth in constant currency. Our operating margin guidance for the financial year remains the same at 20% to 22%.

鑑於第二季的強勁表現和我們當前的前景，我們修改了本財年的營收成長指引。新的指引是以固定匯率計算成長 3.75% 至 4.5%。我們本財年的營業利潤率指引維持在 20% 至 22% 不變。

With that, let me hand it over to Jayesh.

接下來，讓我把它交給 Jayesh。

Thank you, Salil. Good morning, good evening, everyone, and thank you for joining the call. We had a strong Q2 with broad-based growth and resilient margins amidst an uncertain macro environment.

謝謝你，薩利爾。大家早安，晚上好，感謝您加入通話。在不確定的宏觀環境中，我們的第二季表現強勁，成長基礎廣泛，利潤率富有彈性。

Let me talk about some of the key highlights. Revenues grew sequentially at 3.1% in constant currency terms, ahead of our expectations. All geos and verticals, barring retail, grew sequentially. Europe had a strong growth and is now approximately 30% of our revenue.

讓我談談一些關鍵亮點。以固定匯率計算，營收季增 3.1%，超出我們的預期。除零售外，所有地理和垂直領域均持續成長。歐洲成長強勁，目前約占我們營收的 30%。

Inorganic contribution was 0.8% QoQ, which contributed to growth in Europe manufacturing. We had another quarter of volume growth. Financial Services in US continues to see discretionary spend uptick in capital markets, mortgages and cards and payments.

無機貢獻季增0.8%，推動了歐洲製造業的成長。我們的銷量又實現了一個季度的成長。美國金融服務業在資本市場、抵押貸款、銀行卡和支付方面的可自由支配支出持續增加。

Both EURS and manufacturing verticals reported double-digit year-on-year growth. Overall deal pipeline remains strong. Pipeline for deals less than $50 million increased double digits sequentially.

歐元和製造業均實現了兩位數的年成長。整體交易管道依然強勁。低於 5000 萬美元的交易數量連續增長兩位數。

Operating margin during the quarter was stable at 21.1% driven by better operating metrices despite higher variable pay and acquisition impact. Utilization continued to improve to 85.9%, up 60 basis points sequentially.

儘管可變薪酬和收購影響較大，但由於營運指標改善，本季營運利潤率穩定在 21.1%。利用率持續提高至 85.9%，比上一季提高 60 個基點。

We saw headcount additions after six quarters and added 2,500 employees sequentially. We had second quarter -- second consecutive quarter of over 100% of free cash flows conversion to net profit. Free cash flow for H1 stood at $1.9 billion, 41% higher over H1 last year.

六個季度後，我們增加了員工人數，連續增加了 2,500 名員工。我們第二季—連續第二季超過 100% 的自由現金流轉化為淨利。上半年自由現金流為 19 億美元，比去年上半年成長 41%。

Let me delve upon the details now. Revenue for Q2 was $4.9 billion, up 3.1% sequentially and 3.3% on a year-on-year basis in constant currency terms. This included benefit from acquisition of 0.8%.

現在讓我深入研究細節。以固定匯率計算，第二季營收為 49 億美元，季增 3.1%，年增 3.3%。其中包括 0.8% 的收購收益。

Operating margin was stable at 21.1%. The major component of sequential margin [work hours]. Tailwinds of 80 basis points benefit from Project Maximus, 10 basis points from the currency movement, offset by 30 basis point impact from acquisitions mainly on account of amortization of intangible assets, 60 basis points from higher variable pay and other costs.

營業利益率穩定在 21.1%。連續保證金的主要組成部分[工作時間]。Maximus專案帶來80個基點的利好，匯率變動帶來的10個基點的利好，被收購帶來的30個基點的影響（主要是無形資產攤銷帶來的影響）所抵消，可變薪酬和其他成本較高所帶來的60個基點的影響。

Project Maximus remains a key focus area and successes of that is visible in improved operating matrices like utilization, realization, subcontracting costs, et cetera, for the quarter. H1 revenue growth was 2.9% in constant currency terms. Operating margins were at 21.1%, 10 basis points up year-on-year basis.

Maximus 專案仍然是關鍵的重點領域，其成功體現在本季營運矩陣的改善，例如使用率、實現、分包成本等。以固定匯率計算，上半年營收成長 2.9%。營業利益率為21.1%，較去年同期上升10個基點。

Headcount at the end of the year stood at 3,17,000 returning to a positive sequential growth after six quarters of decline with net additions of approximately 2,500 employees. Utilization, excluding training, increased by 60 basis points to 85.9%.

截至年底，員工人數為 3,17,000 人，在連續六個季度下降後恢復正成長，淨增員工約 2,500 人。不包括訓練的利用率增加了 60 個基點，達到 85.9%。

LTM attrition for Q2 was up by 20 basis points at 12.9%. We are on track to onboard 15,000 to 20,000 freshers in FY25. Free cash flow conversion was approximately 108% for Q1. H1 '25 free cash flow is 41% higher than H1 '24. DSO for the quarter was 73 days versus 72 sequentially.

第二季的 LTM 流失率上升了 20 個基點，達到 12.9%。我們預計在 2025 財年將招收 15,000 至 20,000 名新生。第一季自由現金流轉換約 108%。25 年上半年自由現金流比 24 年上半年高出 41%。本季的 DSO 為 73 天，而上一季的 DSO 為 72 天。

Consolidated cash and cash equivalents stood at $4.6 billion after paying out $1.4 billion towards dividend. The Board announced an interim dividend of INR21 per share, an increase of 16.7% as compared to last year.

支付 14 億美元股息後，合併現金和現金等價物為 46 億美元。董事會宣布派發中期股利每股21印度盧比，較去年增加16.7%。

Yield on cash balance was flat at 7% in Q2. ETR was at 29.6% for Q2 and 29.5% for H1. We continue to expect ETR for FY25 to be in the range of 29% to 30%.

第二季現金餘額收益率持平於 7%。第二季的 ETR 為 29.6%，上半年的 ETR 為 29.5%。我們繼續預期 2025 財年的 ETR 將在 29% 至 30% 之間。

EPS grew by 4.7% in INR and 3.4% in dollar terms on YoY basis. We closed 21 large deals with TCV of $2.4 billion. 41% of this was net new. Vertical-wise, we signed seven deals in financial services; three each in communication, manufacturing and others; two in retail; and one each in EURS and hi-tech and life sciences.

以印度盧比計算每股收益年增 4.7%，以美元計算每股收益年增 3.4%。我們與 TCV 完成了 21 筆大型交易，總價值達 24 億美元。其中 41% 是全新的。縱向來看，我們在金融服務領域簽署了七項協議；通信、製造等各三個；零售業有兩個；歐元、高科技與生命科學各一項。

Region-wise, we signed 12 large deals in America, five in Europe, three in India and one in ROW. H1 large deal wins stood at 55 deals with TCV of $6.5 billion, and 51% of that is net new.

從地區來看，我們在美洲簽署了 12 項大交易，在歐洲簽署了 5 項，在印度簽署了 3 項，在世界其他地區簽署了 1 項。上半年贏得的大型交易為 55 筆，TCV 達 65 億美元，其中 51% 是淨新交易。

Coming to verticals. Financial services saw continued good momentum in Q2 with traction in cost optimization through large outsourcing and transformation opportunities. We saw discretionary spend uptick in capital markets, mortgages and cards and payments.

來到垂直領域。金融服務在第二季度繼續保持良好勢頭，透過大型外包和轉型機會實現成本優化。我們看到資本市場、抵押貸款、銀行卡和支付領域的可自由支配支出增加。

Deal wins during the quarter were strong with couple -- which, coupled with expanding pipeline of small deals, gives us visibility for future growth. We are going -- we are doing a variety of gen AI projects and are seeing them getting embedded in large programs.

本季的交易取得了巨大的成功，再加上小額交易管道的擴大，讓我們對未來的成長有了清晰的認識。我們正在進行各種人工智慧項目，並看到它們被嵌入到大型程式中。

Retail sector continues to be impacted by economic and political uncertainties. Cost takeout efficiency and consolidation are key priorities for clients. Consumers spend in the upcoming holiday season will be a lead indicator for future spend decisions.

零售業繼續受到經濟和政治不確定性的影響。成本削減效率和整合是客戶的首要任務。消費者在即將到來的假期期間的支出將成為未來支出決策的領先指標。

We are progressing well on our journey to leverage AI to deliver business value with safeguards around privacy, ethics, controls, et cetera, across areas such as enhanced customer and employee experiences, digital marketing et cetera.

我們在利用人工智慧提供商業價值的過程中進展順利，並在隱私、道德、控制等方面提供保障，跨領域包括增強客戶和員工體驗、數位行銷等。

Communication sector outlook is challenging with plans primarily focused on cost reductions and making that investment profitable. Discretionary spend for OEMs are expected to remain under pressure. Cost optimization, vendor consolidation are in the top priorities with clients open to innovate solutions and asking for AI to amplify productivity.

通訊產業的前景充滿挑戰，計劃主要集中在降低成本並使投資有利可圖。原始設備製造商的可自由支配支出預計仍將面臨壓力。成本優化、供應商整合是開放創新解決方案並要求人工智慧提高生產力的客戶的首要任務。

Political conflicts and higher interest rate continues to influence spending patterns, causing clients to focus on cost optimization on initiatives. We saw strong growth in verticals, especially in energy sector -- especially there is significant traction in cloud programs with many companies adopting to -- adopting the cloud and AI strategy. Our competencies in energy transition space, human experience and industry clouds and proactive client pitches have helped us build strong pipelines.

政治衝突和較高的利率持續影響支出模式，導致客戶將重點放在舉措的成本優化上。我們看到垂直產業的強勁成長，特別是在能源領域，尤其是雲端計畫具有顯著的吸引力，許多公司都採用了雲端和人工智慧策略。我們在能源轉型領域、人類經驗和行業雲方面的能力以及積極主動的客戶宣傳幫助我們建立了強大的管道。

Growth in manufacturing was strong, partially contributed by in-tech acquisition. Europe automotive sector has been -- has seen recent challenges, while discretionary spend remains under pressure.

製造業成長強勁，部分原因在於科技領域的收購。歐洲汽車產業最近遇到了挑戰，而可自由支配支出仍然面臨壓力。

We have seen increased benefits of vendor consolidation. We see opportunities around supply chain optimization, cloud ERP, smart factory and connected devices across various subverticals. We are in discussion with multiple clients for setting up AI CoEs to drive AI adoption at scale.

我們已經看到供應商整合帶來的好處越來越多。我們看到了供應鏈優化、雲端 ERP、智慧工廠和跨各個垂直領域的互聯設備的機會。我們正在與多個客戶討論建立 AI CoE，以推動 AI 的大規模採用。

Most hi-tech clients remain cautious due to geopolitical tensions. Discretionary spend and new project starts are slow due to cash conversion focus. We are advancing multiple AI programs from PoC to implementation, focusing on customer support and sales effectiveness.

由於地緣政治緊張局勢，大多數高科技客戶仍保持謹慎態度。由於注重現金轉換，可自由支配支出和新項目啟動緩慢。我們正在推動多個人工智慧專案從概念驗證到實施，重點關注客戶支援和銷售效率。

Driven by our H1 performance and outlook for the rest of the year, we are revising our FY25 revenue guidance to 3.75% to 4.5% in constant currency terms. Our operating margin guidance remains at 20% to 22%.

在我們上半年業績和今年剩餘時間的前景的推動下，我們將 2025 財年的收入指引修訂為按固定匯率計算的 3.75% 至 4.5%。我們的營業利益率指引維持在 20% 至 22%。

With that, we will open the call for questions.

至此，我們將開始提問。

(Operator Instructions) Gaurav Rateria, Morgan Stanley.

（操作員指令）Gaurav Rateria，摩根士丹利。

First question is the reasons for change in guidance for revenue growth. Is it largely because 2Q came in better than your expectations? Or is it because the outlook for 2H has improved versus your prior expectations because of better pipeline of the smaller deal?

第一個問題是收入成長指引改變的原因。很大程度是因為第二季的業績好於您的預期嗎？還是因為 2H 的前景比您之前的預期有所改善，因為較小的交易有更好的管道？

Hi Gaurav, this is Jayesh here. I think there are multiple factors that led to increase around guidance. Of course, the H1 performance or the Q2 performance, as you said, and more importantly, the broad-based Q2 performance was one factor.

嗨，Gaurav，我是 Jayesh。我認為有多種因素導致指導意見的增加。當然，正如你所說，上半年的表現或第二季的表現，更重要的是，廣泛的第二季表現是一個因素。

We saw continued momentum in volume as well as the momentum in financial services. Our increase in the smaller deals which is less than $50 million deals, as we said earlier, which has had a strong double-digit growth, I think all of these factors contributed to increase in the guidance.

我們看到了交易量和金融服務業的持續成長動能。正如我們之前所說，我們在小於 5000 萬美元的小型交易中的增長，實現了強勁的兩位數增長，我認為所有這些因素都促成了指導的增加。

Got it. Second question on gen AI adoption. Have you seen the gen AI actually triggering a large transformation project and leading to a multimillion-dollar deal or multiyear deals? Just trying to understand that is this going to lead to a wave of a larger IT spend and increase the overall addressable market for us?

知道了。關於新一代人工智慧採用的第二個問題。您是否看到新一代人工智慧實際上引發了大型轉型項目並促成了數百萬美元的交易或多年期的交易？只是想了解這是否會導致一波更大的 IT 支出並增加我們的整體潛在市場？

Gaurav, this is Salil. On generative AI, what we are seeing is, first, we built the capability set, three examples that I shared of how we're doing it with platforms, with agents and a small language model. It's also very much focused on productivity and growth as clients are looking at it.

高拉夫，這是薩利爾。在生成人工智慧方面，我們看到的是，首先，我們建立了能力集，我分享了三個範例，展示了我們如何使用平台、代理和小型語言模型來實現這一目標。當客戶關注它時，它也非常關註生產力和成長。

So any of our large deals -- the large deals today are not that much focused on transformation, more focused on cost and efficiency. So more of the gen AI focus is productivity. Any of the large deals that we're looking at, there's a generative AI component to it. Now is it driving the large deal? Not in itself, but it's very much a part of that large deal.

因此，我們今天的任何大型交易都不太關注轉型，而是更關注成本和效率。因此，新一代人工智慧更重視的是生產力。我們正在關注的任何大型交易都包含生成式人工智慧元件。現在它正在推動大交易嗎？其本身並非如此，但它在很大程度上是這筆大交易的一部分。

All right. And last question for Jayesh. What would be the tailwinds from a margin point of view in the second half, which could help us to offset the impact of the wage hike?

好的。最後一個問題問傑耶什。從利潤率的角度來看，下半年的有利因素是什麼，可以幫助我們抵銷薪資上漲的影響？

So Gaurav, just to put together all the headwinds and tailwinds, the headwinds will come from compensation increase in Q4 that we talked about. The Q3 and Q4 will have regular seasonality in terms of furloughs, in terms of lower working day in calendar, et cetera. And tailwinds would be all the things that we are doing in the Project Maximus, pricing, whether you're talking about ratios (technical difficulty) optimization. So all of those would be part of the same bucket of Project Maximus.

因此，Gaurav，將所有不利因素和有利因素放在一起，不利因素將來自我們談到的第四季度薪資增加。第三季和第四季將在休假、日曆中較低的工作日等方面具有規律性的季節性。順風車將是我們在馬克西姆斯專案中所做的所有事情，定價，無論你談論的是比率（技術難度）優化。因此，所有這些都將屬於馬克西姆斯計劃的同一部分。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

I wanted to ask, just as you think about how you built the forecast forward and the discretionary view, aside from the improvement you've cited in US, the FSI, have you basically held everything else muted in your discretionary review as you go through the December and the March quarters?

我想問，正如您思考如何建立前瞻性預測和自由裁量觀點一樣，除了您提到的美國金融服務業的改進之外，您在進行自由裁量審查時是否基本上對其他所有內容都保持沉默十二月和三月季度？

Bryan, this is Jayesh here. As I said earlier, I think there are various factors that has led to a margin expansion -- sorry, our guidance change starting from the Q2 performance, the increase in volumes that we saw across multiple sectors, including financial services.

布萊恩，我是賈耶什。正如我之前所說，我認為有多種因素導致了利潤率擴張——抱歉，我們的指導方針從第二季度的業績開始發生變化，我們看到包括金融服務在內的多個行業的交易量增加。

Our pipeline, which is strong large deal pipeline as well as the smaller deals, which are less than $50 million deals, which have grown double digit. So I think all of these have been baked in. Of course, there will be seasonality in H2 as we all know about in terms of furloughs, in terms of lower working days, et cetera. So all of that at this point in time is baked in, in our guidance.

我們的管道包括強大的大型交易管道以及較小的交易管道（不到 5000 萬美元的交易），這些交易已增長了兩位數。所以我認為所有這些都已經被考慮了。當然，下半年會有季節性，我們都知道，像是休假、工作日減少等等。因此，目前所有這些都已納入我們的指導中。

Okay. And then just a follow-up, just to make sure I understand the furloughs. Can you just -- how do you think about composing the furlough activity that you're embedding in the year-end? Any difference than what you saw from last year or historical levels?

好的。然後進行後續跟進，以確保我了解休假情況。您能否－您如何考慮在年底內嵌入休假活動？與您去年看到的或歷史水平相比有什麼不同嗎？

No. So we, at this point in time, have baked in the regular furloughs that we have seen over the last -- past few years.

不。因此，在這個時候，我們已經享受了過去幾年的定期休假。

Jonathan Lee, Guggenheim Securities.

喬納森李，古根漢證券公司。

Can you share further detail around what you're hearing in the pricing conversations, both around new deals and any potential rescoping of deal terms, particularly given continued focus on cost optimization for clients?

您能否分享您在定價對話中聽到的更多細節，包括新交易和任何潛在的交易條款範圍調整，特別是考慮到持續關注客戶成本優化？

Jonathan, this is Jayesh here. The pricing overall, the environment has remained stable. However, within the pricing environment, we've been able to make a lot of progress in terms of getting -- we're getting benefits on the track that we are running under Project Maximus, which is value-based selling.

喬納森，我是賈耶許。物價環境整體保持穩定。然而，在定價環境中，我們已經能夠在獲得方面取得很大進展——我們在Maximus專案下運行的軌道上獲得了好處，這是基於價值的銷售。

So many of those tracks have started kicking in benefits, which is visible in our numbers. If you look at our volume growth using a proxy of the headcount, you will see there will be a delta between the revenue and the volume growth, which is contributed by the pricing significantly.

其中許多賽道已經開始產生效益，這從我們的數據中可見一斑。如果您使用員工人數的代理商來查看我們的銷售成長，您會發現營收和銷售成長之間存在增量，這是由定價造成的顯著貢獻。

And how should we think about large deal TCV momentum going forward? Are we seeing any changes to client preferences around signing of large deals perhaps maybe towards smaller deals, given some of what you called out around smaller deal strength?

我們該如何看待未來大型交易 TCV 的勢頭？考慮到您所提出的關於較小交易強度的一些內容，我們是否看到客戶在簽署大型交易方面的偏好發生了任何變化，也許可能轉向較小的交易？

This is Salil. The large deals, the way we are seeing it is the pipeline remains quite good for us today. There's much more focus on the cost efficiency, automation, consolidation type of work. The -- these are lumpy. So in some quarters, we see a little bit more, some a little bit less, but we don't see a change in that outlook for large deals. The point on the smaller deals that Jayesh shared was a little bit additive. We are seeing more activity there as well, which we had -- which is different from what we have seen before.

這是薩利爾。從我們目前的情況來看，大型交易對我們來說仍然相當有利。人們更加關注成本效率、自動化、整合類型的工作。這些都是塊狀的。因此，在某些季度，我們看到的交易量會多一些，有些季度會少一些，但我們沒有看到大型交易的前景發生變化。Jayesh 分享的小額交易的要點有點累加。我們也看到那裡有更多的活動，這與我們以前看到的不同。

Vibhor Singhal, Nuvama Equities.

維博辛哈爾 (Vibhor Singhal)，努瓦瑪股票公司。

So Salil, I just wanted to pick your brains mainly on how the BFSI vertical is looking at this point of time, post the interest rates have been -- change in conversation in -- any change in the approach of the clients towards discretionary spend that they might be picking up in upcoming quarters. How do you see that playing out? And then I have a follow-up.

所以薩利爾，我只是想請教一下您的想法，主要是關於 BFSI 垂直行業在此時此刻的看法，在利率發生變化後，客戶對可自由支配支出的態度發生了任何變化。接下來的幾季有所回升。您如何看待這種情況？然後我有一個後續行動。

Thanks. So on financial services, we saw last quarter a good improvement in discretionary spend. And we continue to see that in Q2, the discretionary spend is good. We also saw the results of some of the large US banks look quite strong.

謝謝。因此，在金融服務方面，我們看到上季可自由支配支出有了很大改善。我們繼續看到第二季的可自由支配支出良好。我們也看到一些美國大型銀行的業績看起來相當強勁。

We see still the focus is much more on the discretionary and then some cost efficiency program. We are still not seeing large transformation type of program. But given our scale and the needs that the banks have and some of our clients where we are seeing good traction, the overall feeling when we look at financial services, whether it's capital markets or mortgages, cards and payments, we see good traction on the discretionary side.

我們仍然看到，重點更多地放在酌情決定上，然後是一些成本效率計劃。我們仍然沒有看到大型轉型類型的計劃。但考慮到我們的規模和銀行的需求以及我們看到良好吸引力的一些客戶，當我們審視金融服務時的整體感覺，無論是資本市場還是抵押貸款、銀行卡和支付，我們都看到了良好的吸引力酌情方。

Got it. Okay. My second question was on the PCB side. PCB of this quarter a bit on more softer side. Would you attribute that to anything specific? Is the planning policies at this point of time on the side pushing the deals out because of the pending US elections? How would you read that? And how do you see the deal flow in the upcoming two quarters and the rest of the year?

知道了。好的。我的第二個問題是關於 PCB 方面的。本季的 PCB 有點偏軟。你會把這歸因於任何具體的事情嗎？由於美國大選即將到來，目前的規劃政策是否會延後交易？你會怎麼讀？您如何看待未來兩個季度和今年剩餘時間的交易流量？

So there, we have not seen a change in the behavior from the Q1 to the Q2 in terms of the deal timelines and so on, on large deals. These are, at least in our experience from the past over multiple quarters, they're sometimes lumpy. We see some more some quarters, some less because they are large deals. That's where we are looking. So we don't see that as -- at least we don't see any change in the data about it, including in the pipeline, which looks good as well.

因此，在大型交易的交易時間表等方面，我們沒有看到從第一季到第二季的行為改變。至少從我們過去多個季度的經驗來看，這些有時是不穩定的。我們在某些​​季度看到的交易較多，有些則較少，因為它們是大宗交易。這就是我們正在尋找的地方。所以我們不認為這一點——至少我們沒有看到有關它的數據有任何變化，包括管道中的變化，這看起來也不錯。

But we would have liked a better deal flow, I'm assuming, for the quarter. Do you see maybe Q3 or Q4 deal flow will end up picking up? Or it will -- again will depend on how the macro factors play out?

但我想，我們希望本季有更好的交易流程。您認為第三季或第四季的交易流量最終會回升嗎？或者這將再次取決於宏觀因素如何發揮作用？

It will be both. So the deal flow is decent. But sometimes because the size of these deals is quite large, sometimes they bunch up in a quarter. Sometimes they spread out a bit. So we look at it a little bit more like over the half, over the full year and then we look backwards. And that way we get -- because most of them are driving revenue for the next several years. So it's not really like they convert into a quarterly movement. So we look at it more in that sort of time horizon.

兩者都會。所以交易流量還不錯。但有時因為這些交易的規模相當大，有時它們會集中在一個季度內。有時它們會散開一點。所以我們會更傾向於回顧上半年、全年，然後再回顧過去。這樣我們就得到了——因為他們中的大多數都在未來幾年推動收入。所以它們並不是真正轉變為季度運動。所以我們更多地在這樣的時間範圍內看待它。

Okay. Just one question if I could squeeze in for Jayesh. Jayesh, what is the feeling behind we pushing out the wage hikes to Q3? And -- I mean, in fact, Q4 and Q1 of next financial year. I mean you find out (inaudible) to some part of the organization, we would actually be setting FY25 particularly in terms of wage hike. So is this multiple (technical difficulty) with demand environment or the kind of price that we had given last year, a breakup? Just wanted to pick your brains on that.

好的。只是一個問題，我是否可以擠進賈耶什的身邊。Jayesh，我們將薪資上漲延後到第三季有何感受？事實上，我的意思是下一財年的第四季和第一季。我的意思是，您會發現（聽不清楚）組織的某些部分，我們實際上會特別在薪資上漲方面設定 25 財年。那麼這個倍數（技術難度）與需求環境或是我們去年給的那種價格是分手嗎？只是想請教一下您的想法。

So yeah, when we look at the comp hike, we look at various factors, including what's the demand environment, what's the market practice, what's -- when did we do the last compensation, et cetera. We have taken all of that into account. Our last comp increase was in November last year. So this is pretty much almost on an anniversary, if you look at it. So that's point number one.

所以，是的，當我們考慮薪資上漲時，我們會考慮各種因素，包括需求環境是什麼、市場慣例是什麼、我們最後一次補償是什麼時候等等。我們已經考慮到了所有這些。我們上次加薪是在去年 11 月。所以如果你看一下的話，這幾乎是一個週年紀念日。這是第一點。

Point number two, if you look at within this quarter, we have increased our variable pay as well. So that's another factor to consider as well, yeah.

第二點，如果你看看本季度，我們也增加了可變薪酬。所以這也是要考慮的另一個因素，是的。

Kumar Rakesh, BNP Paribas.

庫馬爾‧拉克什 (Kumar Rakesh)，法國巴黎銀行。

My first question was to understand how is the traction on your gen AI work? So you have the Topaz platform, which you have launched. You earlier had, for cloud, a similar platform, Cobalt, to build an accelerator to help customers set up the new technology.

我的第一個問題是了解你們的人工智慧工作的吸引力如何？現在您已經推出 Topaz 平台了。您之前針對雲端有一個類似的平台 Cobalt，用於建立加速器來幫助客戶設定新技術。

So relative to how it was at that time when Cobalt initially was launched and how it was first year of traction in terms of how many customer engagements are happening, how many customers signed up for that? Related to that, how do you see Topaz panning out?

那麼，相對於 Cobalt 最初推出時的情況以及第一年的客戶參與量而言，有多少客戶註冊了？與此相關的是，您如何看待托帕石的平移？

Hi. This is Salil. So first, on Cobalt, the way as, of course you know, was launched and rolled out, we had very strong partnerships with the three big public cloud players and have today but when it was launched as well. We had a very strong private cloud offering, which we also have expanded. And we had a set of offerings on SaaS providers, the range of them. So that was an ecosystem which for enterprises was already in motion. And we were already playing on that, and Cobalt brought all of it together.

你好。這是薩利爾。首先，在 Cobalt 上，當然你知道，我們與三大公有雲廠商建立了非常牢固的合作關係，今天也是如此，但在它推出時也是如此。我們擁有非常強大的私有雲產品，並且我們也對其進行了擴展。我們有一系列關於 SaaS 提供者的產品。因此，對於企業來說，這是一個已經在運作的生態系統。我們已經在研究這個問題了，Cobalt 將所有這些整合在一起。

In generative AI for the enterprise, it's a start in terms of how it will be adopted. There are, of course, as you know, several use cases, some of them with some good traction with clients. But the method of adoption, so what we have done here in Topaz, some of the examples that I shared, we have created a generative AI platform, which can be rolled out across a large organization.

對於企業的生成式人工智慧來說，這是如何採用它的一個開始。當然，如您所知，有幾個用例，其中一些對客戶有很好的吸引力。但採用的方法，我們在 Topaz 中所做的，我分享的一些範例，我們創建了一個生成式 AI 平台，可以在大型組織中推廣。

And then the individuals in the organization start to build out their own gen AI applications on that in building a small language model. We have a multi-agent framework, where the agents are doing or a set of agents are doing full solutions to certain business processes or certain functions.

然後組織中的個人開始在此基礎上建立自己的人工智慧應用程序，建立小型語言模型。我們有一個多代理框架，其中代理正在做或一組代理正在做某些業務流程或某些功能的完整解決方案。

So these are different ways that generative AI is being rolled out. It's difficult to compare, in that sense, the two. We see much deeper capability set that we've rolled out in generative AI today than what we see anywhere else. Our clients are giving us that same view. We're also seeing generative AI a lot in productivity and especially in the deal flow we see today in cost takeout.

因此，這些都是生成式人工智慧的不同推出方式。從這個意義上說，很難對兩者進行比較。我們今天在生成人工智慧中看到的能力集比我們在其他地方看到的要深入得多。我們的客戶也向我們表達了同樣的觀點。我們也看到生成式人工智慧在生產力方面發揮了很大作用，尤其是在我們今天在成本削減方面看到的交易流程。

And there, almost every large deal or significant deal even has some generative AI component related to productivity. While not the whole deal is generative AI, a part of the deal becomes generative AI. So it's a different way it's creating an impact from what we saw in the cloud space.

在那裡，幾乎每筆大宗交易或重要交易甚至都有一些與生產力相關的生成式人工智慧組件。雖然並非全部交易都是生成式人工智慧，但交易的一部分變成了生成式人工智慧。因此，它產生影響的方式與我們在雲端空間中看到的不同。

And any insight on the customer adoption? How many customers have signed up for that? How many transactions are happening or how many accelerators you have run on that?

對客戶採用情況有什麼見解嗎？有多少客戶已註冊？正在發生多少筆交易或您在其上運行了多少個加速器？

So there, we have not publicly shared that for the generative AI. What we have shared at this approach we are taking plus that our projects today are not a PoC or proof of concept. They're actual projects, while they're small in revenue, delivering impact in that space.

因此，我們還沒有公開分享產生人工智慧的情況。我們正在採用的這種方法所分享的內容加上我們今天的專案不是 PoC 或概念證明。它們是實際項目，雖然收入很小，但在該領域產生了影響。

Got it. My second question was on -- during the press conference, you did talk about the small language model for industry-specific use cases and the data that you are working on. My understanding is that at least the bigger models that we look around are either for consumer space or for enterprise generally for more of generate use cases, not for industry-specific use cases.

知道了。我的第二個問題是——在新聞發布會上，您確實談到了針對特定行業用例的小語言模型以及您正在處理的資料。我的理解是，至少我們所關注的更大模型要么適用於消費者空間，要么適用於企業，通常用於更多生成用例，而不是針對特定於行業的用例。

This could be a wide space from the product perspective. How do you want to position this in the end market? Would it still be just an accelerator built on top of what the other tools are there? Or you would want to eventually look at this as a set product as well?

從產品的角度來看，這可能是個廣闊的空間。您想如何在終端市場中定位它？它仍然只是一個建立在其他工具之上的加速器嗎？或者您最終也想將其視為一套產品？

So here, first, if you step back, our views on enterprise AI, generative AI, large language models will also play a part. But in addition, we are working on a small language model. So it's not one or the other. The reason for the small language model, we believe we have some very good data sets within Infosys. And we are taking some, let's call it, clean datasets from outside the industry and so on. These then become -- these then help train the small language model.

所以在這裡，首先，如果你退一步，我們對企業人工智慧、生成式人工智慧、大語言模型的看法也會發揮作用。但除此之外，我們正在研究一個小型語言模型。所以這不是一個或另一個。之所以採用小語言模型，我們相信 Infosys 內部有一些非常好的資料集。我們正在從行業外部獲取一些乾淨的數據集等等。然後這些就變成了——這些然後幫助訓練小語言模型。

It then becomes -- we are then building it for different indices. And it then becomes deployable in an industry for a specific client where they can build -- or we can help them build on this small language model other business applications. So the idea is -- it's a new one. We feel we have some level of leadership on that. And we have launched this to see where it ends up.

然後它就變成了——然後我們為不同的指數建立它。然後，它可以在行業中為特定客戶部署，他們可以在其中建置——或者我們可以幫助他們在這個小型語言模型上建立其他業務應用程式。所以我們的想法是──這是一個新的想法。我們認為我們在這方面具有一定程度的領導力。我們推出這個項目是為了看看它最終會走向何方。

Okay. So this will also work as an accelerator in deployment of AI applications. Is that fair?

好的。因此，這也將成為人工智慧應用部署的加速器。這樣公平嗎？

It will also be an accelerator. It will also be a foundation on which other business generative AI applications can be built by the client or with -- by us for the client.

它也將是一個加速器。它也將成為客戶或我們為客戶建立其他業務產生人工智慧應用程式的基礎。

Rishi Jhunjhunwala, IIFL Institutional Equities.

Rishi Jhunjhunwala，IIFL 機構股票。

Just one question. So you -- your growth in this quarter as well as last quarter has been fairly broad-based across verticals. There has been the commentary that you've given also suggests that discretionary is seeing some sort of pickup in some verticals. But the guidance that you've provided for the second half effectively means that there is a considerable slowdown in the overall growth momentum.

只有一個問題。因此，您在本季和上季的成長在各個垂直領域都相當廣泛。您發表的評論也表明，自由裁量權在某些垂直領域中正在出現某種回升。但你們為下半年提供的指導實際上意味著整體成長動能大幅放緩。

Now I understand there is some bit of seasonality that comes through. But given the nature of broad-based growth that you've delivered for two consecutive quarters at the midpoint of the guidance not having growth seems to be a little bit counterintuitive versus what you have commented on the demand environment. So I just wanted to understand how you're thinking about it.

現在我明白其中存在一些季節性。但考慮到您在指導中值連續兩個季度實現的廣泛增長的性質，與您對需求環境的評論相比，沒有增長似乎有點違反直覺。所以我只是想了解你怎麼想的。

Hi, Rishi, this is Jayesh here. So if you look at what we have consistently said in the past is our H1 is going to be stronger than H2. H2 will have seasonality, which is furloughs, lower working and calendar day in Q3 and lower working and calendar day in Q4.

嗨，Rishi，我是 Jayesh。因此，如果你看看我們過去一直說的，我們的 H1 將比 H2 更強。下半年將有季節性，即休假、第三季的工作日和日曆日減少以及第四季度的工作日和日曆日減少。

So all of that is baked in, in the guidance. Our guidance philosophy hasn't changed. We run multiple models running up to the guidance, which define the bottom, midpoint and the top end of the guidance. And we say it as we see it, right? So at this point in time, this is what we are seeing in the guidance.

所以所有這些都包含在指導中。我們的指導理念沒有改變。我們運行多個模型直至指導，這些模型定義了指導的底部、中點和頂端。我們說的是我們所看到的，對嗎？因此，目前，這就是我們在指南中看到的內容。

Got it. And just very quickly, given where your utilization levels are right now, is it fair to assume that going forward, the hiring trends will largely reflect how you end up growing on revenues as well since a lot of the moderation on utilization is probably behind us?

知道了。很快，考慮到您現在的利用率水平，可以公平地假設未來招聘趨勢將在很大程度上反映您最終的收入成長方式，因為利用率的大部分調整可能已經過去了？

That's right, Rishi, again. We've always maintained that 84%, 85% is our comfort level utilization. We are already about that. So we don't think at this point in time, there's any significant headroom left on that. So most of the volume growth would come from the net hiring going forward.

沒錯，Rishi，又是這樣。我們一直認為84%、85%是我們的舒適度利用率。我們已經在考慮這一點了。因此，我們認為目前這方面還沒有很大的空間。因此，大部分銷售成長將來自未來的淨招募。

Jamie Friedman, Susquehanna International Group.

傑米‧弗里德曼，薩斯奎哈納國際集團。

Congratulations on the continued improvement. But a number of the questions you're getting there about what your assumptions are about the seasonality of the year. I know you said in your previous -- [past years] that the year is typically super seasonal in the first half.

恭喜您的持續改進。但是您會遇到一些關於您對一年中季節性的假設的問題。我知道您在過去的幾年中說過，今年上半年通常是超級季節性的。

In terms of what you're contemplating for the second half, what -- if you could share maybe what your assumptions are on, say, the cost takeout narrative versus the discretionary narrative. Is that rate of change changing?

就你對下半年的考慮而言，如果你能分享一下你的假設，比如說，成本支出敘述與自由裁量敘述。這個變化率有變化嗎？

And maybe some color on the verticals because I see it's great to have the two consecutive quarters in banking, but the retail was a little bit more volatile than expected. So any comments on the typical super seasonality and why this year looks a little heavier?

也許垂直行業有一些色彩，因為我認為銀行業連續兩個季度的表現很好，但零售業的波動性比預期要大一些。那麼對於典型的超級季節性以及為什麼今年看起來有點重有什麼評論嗎？

This is Salil. The way we've seen it, there are two parts to it from what you mentioned. One, in building the outlook, we've taken a view of what we see today. So financial services discretionary, we saw positive. We didn't see -- we have not seen as of now discretionary in the other industries. We saw the continued weakness on retail and then we saw a little bit new weakness on that automotive in Europe.

這是薩利爾。從我們的角度來看，您提到的內容分為兩個部分。第一，在建構前景時，我們對今天所看到的情況進行了審視。因此，金融服務全權委託，我們看到了正面的一面。我們沒有看到——到目前為止，我們還沒有看到其他行業的自由裁量權。我們看到零售業持續疲軟，然後我們看到歐洲汽車業出現了一些新的疲軟。

So all that we took it together, then we created. So we've not assumed, for example, that some new discretionary will be positive or negative in this Q3, Q4. And the other part of seasonality, what Jayesh shared earlier, one is the furloughs in our Q3 then is the calendar days situation, both in Q3. And we have an additional little bit in Q4. So that is also adding to the way we have built this outlook for the full financial year.

所以我們把所有的東西放在一起，然後我們創造了。因此，我們並沒有假設一些新的可自由支配因素在第三季、第四季將是正面的或負面的。季節性的另一部分，Jayesh 之前分享的，一個是我們第三季的休假，然後是日曆天數情況，兩者都在第三季。第四季我們還有一點額外的內容。因此，這也增加了我們建構整個財年前景的方式。

Nitin Padmanabhan, Investec.

尼廷‧帕德馬納班 (Nitin Padmanabhan)，天達集團。

So you mentioned that the deal pipeline for smaller deals which is below $50 million has sort of improved in double digits. How has it been in terms of closures for the current quarters? When the pipeline has improved, how is the closures doing in the current quarter? Have you seen that improve as well? And that is the first question.

您提到，5000 萬美元以下的小型交易的交易管道已經以兩位數的速度改善。目前季度的關閉情況如何？當管道有所改善時，本季的關閉情況如何？您是否也看到了這種改善？這是第一個問題。

The second question is around this cost of software packages. That seems to have increased on a sequential basis. How much of that would have been third-party versus internal? Is there a significant pass-through revenue this quarter, was the question around. Some -- any color around that would be helpful.

第二個問題是圍繞軟體包的成本。這似乎是連續增加的。其中有多少是第三方的，而不是內部的？問題是本季是否有大量的轉嫁收入。有些－周圍的任何顏色都會有幫助。

Yeah. So Nitin, what was the first question?

是的。Nitin，第一個問題是什麼？

Are the closure rates --

關閉率是--

Closure rate. So if you look at our large deal closures, I don't think -- small deals or large deal closures, we have not really seen a significant change in the decision-making process per se. As Salil said earlier, both our large deals pipeline still remains strong and our smaller deal pipelines have increased double digit over the last quarter. But we haven't really seen a change in the decision-making behavior. They -- by nature, these deals remain lumpy, right? So you will see quarters where you'll do more, and you will see quarters where you'll do lesser.

關閉率。因此，如果你看看我們的大型交易關閉，我認為無論是小交易還是大型交易關閉，我們並沒有真正看到決策過程本身發生重大變化。正如薩利爾早些時候所說，我們的大型交易管道仍然保持強勁，而我們的小型交易管道在上個季度增長了兩位數。但我們並沒有真正看到決策行為的改變。從本質上講，這些交易仍然不穩定，對嗎？所以你會看到你會做得更多的季度，也會看到你會做得更少的季度。

In terms of closures, there's no increase in closure in the current quarter. When the pipeline has improved, the closures on less than $50 million had not really improved in the current quarter. Is that a fair way to understand?

在關閉數量方面，本季關閉數量沒有增加。當管道有所改善時，低於 5000 萬美元的關閉在本季並沒有真正改善。這是一個公平的理解方式嗎？

I'm seeing the closure in terms of the time taken to decision hasn't changed. So the decision-making process hasn't changed per se. There is no further delay or delayed closure is what I meant, Nitin.

我看到關閉的決定時間沒有改變。因此，決策過程本身並沒有改變。我的意思是，尼丁，沒有進一步的延遲或延遲關閉。

Yeah. What I was asking was in terms of the absolute closures in the current quarter, have they improved sequentially or year-on-year is what I was trying to understand in terms of the smaller deals.

是的。我問的是本季的絕對關閉情況，它們是否連續或同比有所改善，這是我試圖了解的較小交易的情況。

Yeah. So look, what we are talking about is Q3 pipeline, which has increased. So we'll have to see how the conversion of that increases. But if the pipeline increases and the win rates remain same, the closure will definitely increase. Right now, we haven't really given color on that, Nitin. But then what we are talking about is the pipeline, we see a significant increase at this point in time.

是的。所以看，我們談論的是第三季的管道，它有所增加。因此，我們必須看看其轉換率如何增加。但如果管道增加並且勝率保持不變，那麼關閉肯定會增加。現在，我們還沒有真正對此給出顏色，Nitin。但我們現在談論的是管道，我們在這個時間點看到了顯著的成長。

Got it.

知道了。

Coming to the second question on third party, Nitin, see, third party remains integral part of many of our large deals and especially the mega deals. When you take over a large project from a client where you're taking over people, technology, the whole solution, you will have third-party costs that you will incur, which could be hardware, software, licenses, et cetera, which will become cost to you and become part of the revenue for the client, right?

關於第三方的第二個問題，尼丁，你看，第三方仍然是我們許多大型交易，尤其是大型交易中不可或缺的一部分。當您從客戶那裡接管一個大型專案時，您將接管人員、技術和整個解決方案，您將產生第三方成本，這些成本可能是硬體、軟體、許可證等，這將成為您的成本並成為客戶收入的一部分，對嗎？

And this is both of that, that third party, we take it from the third-party vendors and whatever cost that we incur as well. So it's all of that. We don't really break up that cost further.

這就是第三方，我們從第三方供應商那裡獲取它，以及我們產生的任何成本。這就是全部。我們並沒有真正進一步分解該成本。

Abhishek Kumar, JM Financial.

Abhishek Kumar，JM 金融公司。

I wanted to double click on the nature of the --?

我想雙擊的性質——？

The audio is not coming clear. (Operator Instructions)

音頻不清楚。（操作員說明）

Yeah. Hi. I hope this is better.

是的。你好。我希望這會更好。

Yeah, sir. Thank you.

是的，先生。謝謝。

Yeah. So I just wanted to double click on the nature of smaller deals. You had mentioned in the prepared remarks that discretionary spend is restricted to certain subsegments of financial services. So in that context, are these smaller deals mostly in those subsectors or these deals are also nondiscretionary, essentially, smaller POs that the client is releasing against a large lump-sum contract? That's my first question.

是的。所以我只想雙擊較小交易的性質。您在準備好的發言中提到，可自由支配支出僅限於金融服務的某些子領域。那麼在這種情況下，這些較小的交易是否主要發生在這些子行業中，或者這些交易也是非自由裁量的，本質上是客戶針對大型一次性合約發布的較小的採購訂單？這是我的第一個問題。

Yeah. So Abhishek, these are deals across various verticals and various types of deals. We don't really give further comment on that. Considering the fact that it was a significant movement in the overall deal pipeline, we did call it out. But we are not really breaking it up into how much of that is discretionary, et cetera, et cetera.

是的。Abhishek 表示，這些交易涉及各個垂直領域和各種類型的交易。我們對此不做進一步評論。考慮到這是整個交易管道中的一個重大變化，我們確實指出了這一點。但我們並沒有真正將其分解為有多少是可自由裁量的，等等。

All right. So okay. Second question is on wage hike. Could you quantify the impact that we should bake in from wage hikes in 4Q and in 1Q of next year?

好的。那麼好吧。第二個問題是關於薪資上漲的問題。您能否量化一下第四季和明年第一季薪資上漲對我們的影響？

So again, Abhishek, we have not really broken that out. What we have said is we will do that in a phased manner as we have done in the earlier years as well. Part of the employees will get it on effective January 1, and the balance will get it effective April 1.

再說一次，阿布舍克，我們還沒有真正解決這個問題。我們已經說過，我們將像前幾年那樣分階段進行這項工作。部分員工將於1月1日起領取，其餘員工將於4月1日起領取。

Keith, BMO Capital.

基思，BMO 資本。

I wanted to ask two questions, if I could. The first is for the annual guidance, what is the embedded expectations for the inorganic contributions for the year?

如果可以的話，我想問兩個問題。第一個是年度指引，今年無機貢獻的內在預期是什麼？

So Keith, this is Jayesh here. In the last quarter, when we changed our guidance, we had baked in the entire impact of the acquisitions in that. So just to clarify, this guidance range does not have any incremental change from the acquisition. This quarter, we got a benefit of 80 basis points from acquisition, which is pretty much 2.5 months of the consolidation effect of the acquisition. So you can -- I mean it would be in the similar range for Q3 and Q4.

基思，我是賈耶許。在上個季度，當我們改變指引時，我們已經考慮了收購的全部影響。因此，需要澄清的是，該指導範圍不會因收購而發生任何增量變化。本季度，我們從收購中獲得了 80 個基點的收益，相當於收購整合效應的 2.5 個月。所以你可以——我的意思是第三季和第四季的範圍相似。

Okay. Perfect. And my second question is it is interesting what you said about discretionary spend coming back in the smaller deals contributing to TCV growth. I just wanted to get your perspective on why you think there was a change in this category.

好的。完美的。我的第二個問題是，您所說的關於可自由支配支出在較小的交易中回歸有助於 TCV 成長的說法很有趣。我只是想了解您對為什麼您認為此類別發生變化的看法。

And the reason I ask is, as you said, these deals -- all deals can be lumpy. And so I'm trying to understand what do you think the durability is of the pipeline increasing in the small category? Do you think it's sustainable at this point or durable as we look out over the next number of quarters? And that's it for me.

我問的原因是，正如你所說，這些交易——所有交易都可能是不穩定的。所以我想了解您認為小類別管道的耐用性如何？您認為在我們展望接下來的幾個季度時，它目前是可持續的還是持久的？對我來說就是這樣。

Keith, this is Salil. The -- so first, I think just to make sure I understood the question. So there's a discretionary view and there's the small deals or deals smaller than $50 million view. And they're, let's say, somewhat distinct. There is an overlap, but they're two separate type of activities we've referenced in our comments.

基思，這是薩利爾。首先，我想只是為了確保我理解這個問題。因此，存在酌情視圖，也存在小型交易或小於 5000 萬美元的交易視圖。可以說，它們有些不同。雖然存在重疊，但它們是我們在評論中提到的兩種不同類型的活動。

On the deals smaller than $50 million, as Jayesh shared, we were -- we saw good increase and thought so it's relevant in that point to share because that gives a different type of a look into the market from what we see today. We don't know if it's durable.

正如 Jayesh 所分享的那樣，對於小於 5000 萬美元的交易，我們看到了良好的增長並認為，因此在這一點上分享是相關的，因為這為我們今天看到的市場提供了不同類型的視角。我們不知道它是否耐用。

Now we'll get a sense over the next few quarters how it looks or the closing timeline of the deal and like, does it stay or does it disappear? But just now, it is more to show like that was one of the changes, which we felt would be something of interest to share like that.

現在我們將了解接下來幾季的情況或交易的結束時間表，以及它是保留還是消失？但現在，更多的是要表明這是其中一項變化，我們認為這樣分享會很有趣。

Okay. But no -- that is the category that I was interested in is the smaller deals. But no comments on whether you think it's durable or not, whether it stays in place. Okay.

好的。但不，我感興趣的類別是較小的交易。但不評論你認為它是否耐用，是否保持原位。好的。

But any -- was there any commonality in the type of deals in there? I know you said it was across the industry verticals. So I heard that. But any commonality in the type of deals within that smaller category?

但是那裡的交易類型有什麼共同點嗎？我知道你說過這是跨行業的。所以我聽到了。但這個較小類別的交易類型有什麼共通點嗎？

Nothing that we have -- sort of things that we would share more color on. There is some sort of looks we've had in terms of like the areas and so on, where the -- which skills or which technologies, but we're not sharing that at this stage.

我們沒有什麼可以分享更多色彩的東西。我們對領域等方面有一些看法，例如哪些技能或哪些技術，但我們現階段不會分享這些。

Prashant Kothari, Pictet Asset Management.

Prashant Kothari，百達資產管理公司。

My question is around like the new deal wins. This was a bit of a soft quarter, but that is okay. I'm more kind of concerned about the input on that, which is when I look at the sales and support employees, that's gone down by 9% YoY. Can you just explain what is happening? Is it more on sales or on support side and whether [this being] such a large reduction because I think that you still need to keep engagement with your customers high so that as and when the discretion demand picks up, then next we'll start getting projects also. So how do you kind of think about that versus, obviously, the short-term kind of margin management, which might have been the right time to do reduction on the employee side?

我的問題是新協議獲勝。這是一個有點疲軟的季度，但沒關係。我更關心這方面的投入，當我查看銷售和支援員工時，發現比去年同期下降了 9%。你能解釋一下發生了什麼事嗎？是在銷售方面還是在支援方面，以及是否有如此大的減少，因為我認為您仍然需要與客戶保持高度互動，以便當自由裁量權需求回升時，接下來我們將開始也獲得專案。那麼，與顯然的短期利潤管理相比，您如何看待這一點，這可能是在員工方面進行削減的合適時機？

So Prashant, this is Jayesh here. I think it's just a factor of some attrition, et cetera. We have a large pipeline of employees who are going to be joining us on the sales as well. So I don't think there is anything to do with margin program here. We will continue investing into sales and -- as required in the business.

Prashant，我是 Jayesh。我認為這只是一些磨損等因素。我們有大量的員工，他們也將加入我們的銷售團隊。所以我認為這與保證金計劃沒有任何關係。我們將根據業務需求繼續投資於銷售。

So this is more of a temporary blip, is it? Like the number of sales people will actually increase in the coming quarters.

所以這更多的是暫時的現象，是嗎？就像銷售人員的數量在未來幾季實際上會增加一樣。

Yeah. And our sales cost has remained -- in terms of the dollar value of the cost, it remain in the range of 4.5% over the many years. I think this is just a small blip.

是的。我們的銷售成本一直保持在——以美元成本計算，多年來一直保持在 4.5% 的範圍內。我認為這只是一個小現象。

Manik Taneja, Axis Capital.

馬尼克‧塔內賈 (Manik Taneja)，軸心資本。

Question with regards to segmental margin performance. If you could help us understand the factors that have driven the sharp decline in margins in verticals like energy utilities as well as other segment and the improvement that we've seen on the manufacturing side.

有關分部利潤表現的問題。如果您能幫助我們了解導致能源公用事業以及其他領域等垂直行業利潤率急劇下降的因素以及我們在製造方面看到的改善。

This is Jayesh here. There will be multiple factors that will play out across segments in terms of utilization, in terms of on-site mix, in terms of the kind of business mix, et cetera, the deals that will ramp up intra-quarter. So there could be -- there will be multiple factors that will play out. We don't see a significant change if we look at it on a trend basis for a few quarters. But on a short-term quarter basis, you will see some of these factors playing out in terms of margins.

我是賈耶什。在利用率、現場組合、業務組合類型等方面，以及季度內增加的交易等方面，多個因素將在各個細分市場中發揮作用。因此，可能會有多種因素發揮作用。如果我們從幾個季度的趨勢來看，我們不會看到重大變化。但在短期季度基礎上，你會看到其中一些因素在利潤率方面發揮作用。

And the last one was with regards to wage hikes where you suggested that they will be effective across to period starting January 1. Could we get to a sense -- could we get some sense on the quantum of these hikes, the likely impact in Q4 and how should -- how is that split up across the workforce between January and April?

最後一個是關於工資上漲，您建議工資上漲將在 1 月 1 日開始的時期內生效。我們能否了解這些加薪的幅度、第四季可能產生的影響以及應該如何在 1 月至 4 月期間在勞動力中如何分配？

Yeah. So we haven't really spelled out the quantum of the wage hike, Prashant, at this point in time. We -- all we have said is it's going to be in two phases. Obviously, the junior employees will get it in January, and the rest will get it in April. The majority of the employees should get it in January.

是的。因此，Prashant，目前我們還沒有真正闡明薪資上漲的幅度。我們——我們所說的只是它將分兩個階段進行。顯然，初級員工將在 1 月獲得，其餘員工將在 4 月獲得。大多數員工應該在一月得到它。

Sandeep Shah, Equirus Securities.

桑迪普·沙阿 (Sandeep Shah)，Equirus 證券公司。

Congrats on a good execution. Most of my questions have been answered. Just wanted to understand how to lead this double-digit increase in a smaller deal below $50 million. Is it first broad-based across verticals?And can it -- if it continues as a trend, can it be a precursor of a better demand in the calendar year 2025? Why I'm asking this is one of the reasons for Infosys' better performance in FY22 and FY23 being a lot many conversion of deals, which were below $50 million in terms of faster conversion to revenue.

祝賀執行良好。我的大部分問題都得到了解答。只是想了解如何在 5000 萬美元以下的較小交易中實現兩位數的增長。它是否首先在各個垂直領域具有廣泛基礎？如果這種趨勢持續下去，是否會成為 2025 年需求更好的先兆？我之所以這麼問，是 Infosys 在 2022 財年和 23 財年表現較好的原因之一，因為交易轉換率很高，就更快轉換為營收而言，交易轉換率低於 5,000 萬美元。

So Sandeep, the purpose of sharing this, as I said earlier, is we do share what we see and that is what -- this was one of the interesting -- one of the important things we thought is important for the investors to understand that we are seeing a change in the smaller deal pipelines, which directly, indirectly in some way represents the discretionary spend, et cetera. So that's point number one.

因此，桑迪普，正如我之前所說，分享這一點的目的是我們確實分享我們所看到的，這就是 - 這是有趣的 - 我們認為對投資者了解這一點很重要的重要事情之一我們看到較小的交易管道發生了變化，這在某種程度上直接或間接地代表了可自由支配支出等。這是第一點。

The point number two, of course, if we -- the win rate remains the same and we are able to convert that, that would reflect in terms of revenue in the near term. At this point in time, it's just one data point, very difficult to say whether it's going to become a trend, become sustainable, et cetera, et cetera. So I think we should, at this point in time, read it as one data point.

當然，第二點是，如果我們——勝率保持不變，並且我們能夠將其轉化，這將反映在近期的收入方面。目前，這只是一個數據點，很難說它是否會成為一種趨勢，變得可持續，等等。所以我認為我們現在應該將其作為一個數據點來解讀。

Okay. And is it broad-based across verticals and markets?

好的。它是否具有跨垂直行業和市場的廣泛基礎？

Yeah, it is.

是的，確實如此。

Girish Pai, BOB Capital Markets.

Girish Pai，BOB 資本市場。

My first question is regarding mega deals. Across the industry, even when I look at the peers, you've not seen any mega deals being signed. So are there similar number of mega deals in the pipeline compared to 2023? Or have the mega deal number kind of come down? That's my first question.

我的第一個問題是關於大型交易。縱觀整個行業，即使我觀察同行，也沒有看到任何大型交易簽署。那麼與 2023 年相比，正在醞釀的大型交易數量是否相似？還是巨額交易數量有所下降？這是我的第一個問題。

So on mega deals, we don't share specific data on what is in the pipeline and not. We only talk about the overall large deal approach.

因此，對於大型交易，我們不會分享有關正在進行或未進行的交易的具體數據。我們只討論整體的大交易方式。

Okay. My second and third question. Second question, TCV to revenue conversion, has that changed versus what it was in the previous quarter or six months back? That's question number two.

好的。我的第二個問題和第三個問題。第二個問題，TCV 到收入的轉換，與上一季或六個月前相比是否發生了變化？這是第二個問題。

Question number three is, you talked about value-based pricing being one of the key levers in Project Maximus. Can you just give us some examples as to how this is being practiced right now?

第三個問題是，您談到基於價值的定價是 Maximus 專案的關鍵槓桿之一。您能給我們舉一些例子來說明目前是如何實踐的嗎？

Yeah. So Girish, coming to your first question on conversion, we haven't really seen any significant change in terms of signing or in terms of conversion at this point in time. We continue to gain market share consistently when we looked at it on a quarter-on-quarter basis.

是的。吉里什，關於你關於轉換的第一個問題，我們目前在簽名或轉換方面還沒有真正看到任何重大變化。從季度環比來看，我們的市佔率持續成長。

Coming to Project Maximus and the value-based selling, I think there are multiple tracks within that right from the new age pricing that tracks on getting the change request wherever we are eligible for getting the right rates, et cetera, et cetera. There are multiple of those tracks within that. We haven't really shared data beyond this for obvious reasons. But as you could see, we have -- I mean the track has contributed significantly in terms of the realization and price realization.

談到 Maximus 項目和基於價值的銷售，我認為新時代定價中有多個軌道，可以追蹤我們有資格獲得正確價格的變更請求，等等。其中有多個這樣的軌道。出於顯而易見的原因，我們還沒有真正共享除此之外的數據。但正如你所看到的，我們——我的意思是，這條賽道在實現和價格實現方面做出了重大貢獻。

Ladies and gentlemen, we'll take that as the last question. I'll now hand the conference over to the management for closing comments.

女士們先生們，我們將此作為最後一個問題。我現在將把會議交給管理層進行總結評論。

Thank you, everyone. So first, I want to share in summary, we had a strong quarter on revenue growth, margins, cash collections, large deals. So we feel good about that. That resulted in an increase in our revenue growth guidance for the full year, which also gives us good confidence as we look into the future.

謝謝大家。首先，我想總結一下，我們在營收成長、利潤率、現金回籠和大宗交易方面都有強勁的季度表現。所以我們對此感覺良好。這導致我們全年營收成長指引上調，這也讓我們在展望未來時充滿信心。

Clearly, financial services showing continued strength in discretionary spend and (technical difficulty) segments remaining about the same with the small comment -- with a comment on automotive in Europe becoming a bit slower.

顯然，金融服務業在可自由支配支出和（技術難度）領域表現出持續強勁的勢頭，但評論較少，但對歐洲汽車的評論速度稍慢。

We have deep, deep capabilities in generative AI, and these are things where we are building platforms, agent solutions, small language models that we believe will be a huge impact with our clients. And we continue to see a strong focus on execution across our business, and that remains key for us as we go ahead. So we remain optimistic as to how the year will play out.

我們在生成人工智慧方面擁有深厚的能力，我們正在建立平台、代理解決方案和小語言模型，我們相信這些會對我們的客戶產生巨大的影響。我們繼續看到我們對整個業務的執行力的強烈關注，這仍然是我們前進的關鍵。因此，我們對今年的情況保持樂觀。

Thank you, everyone, for joining in, and we look forward to catching up in the next quarterly discussion.

感謝大家的參與，我們期待下一個季度的討論。

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

非常感謝各位管理層成員。女士們、先生們，我代表印孚瑟斯有限公司結束這次電話會議。感謝大家加入我們，現在您可以斷開線路了。謝謝。