Infosys Ltd (INFY) 2025 Q2 法說會逐字稿

Very good evening everyone. And thank you for joining Infosys' second quarter Financial results. My name is Rishi and on behalf of Infosys, I'd like to welcome all of you. This (inaudible) brings back fond memories for many at Infosys.

大家晚上好。感謝您關注印孚瑟斯第二季財務表現。我叫 Rishi，我謹代表 Infosys 對大家表示歡迎。這（聽不清楚）為印孚瑟斯的許多人帶來了美好的回憶。

In October of 2001, Mr. Ratan Tata visited in forces to inaugurate this very hall, which is named after the Tata Group Founder, Mr. Jamshedji Tata.

2001年10月，拉坦·塔塔先生親臨為這座以塔塔集團創始人賈姆謝德吉·塔塔先生命名的大廳揭幕。

Mr. Ratan Tata spent almost an entire day on our campus and planted a tree to commemorate this occasion. Over the years, the tree has flourished, a happy reminder of the occasion and all the values that he stood for and today it stands as a mark of his legacy at Infosys. Let me share some of those memories with you. Could we have the video, please?

拉坦·塔塔先生在我們的校園裡待了幾乎一整天，並種了一棵樹來紀念這一時刻。多年來，這棵樹一直枝繁葉茂，令人愉快地提醒人們這個場合和他所代表的所有價值觀，今天它成為了他在印孚瑟斯留下的遺產的標誌。讓我與您分享一些回憶。請問可以給我們看影片嗎？

(video playing)

（影片播放）

I now request all of you to join us for a minute's silence in memory of Mr. Ratan Tata, A Titan of Indian Industry and a leader who exemplify the spirit of India through his life and work. I request you to put your mobile phones on silent and I request your eyes.

現在，我請大家和我們一起默哀一分鐘，紀念拉坦·塔塔先生，他是印度工業的巨人，也是一位在生活和工作中體現印度精神的領導人。我請求你把手機調成靜音，我請求你的眼睛。

Thank you. I would now like to invite our Chief Executive Officer Mr. Salil Parekh for his opening remarks. Over to you, Salil.

謝謝。現在我想邀請我們的執行長 Salil Parekh 先生致開幕詞。交給你了，薩利爾。

Thanks Rishi. Mr. Ratan Tata has left an indelible mark on our country and really for each of us to be able to dream large and to stay grounded, he will be missed by all of us. Let me now share with you an update on our results. 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.

謝謝里希。拉坦·塔塔先生為我們的國家留下了不可磨滅的印記，我們所有人都會懷念他，因為我們每個人都能夠懷抱遠大夢想並腳踏實地。現在讓我與您分享我們的最新結果。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.

以固定匯率計算，我們的營收季增 3.1%，年增 3.3%。金融服務業季增 2%，製造業成長兩位數，能源公用事業和服務業季增 5.8%。我們看到所有地區的季度環比增長。

Our operating margin for Q2 was 21.1%. The financial services segment in the US continues to see discretionary spend increase in capital markets in mortgages, cards and payments. We've seen slowness in the automotive sector in Europe. Apart from these verticals, demand trends remain stable with clients continuing to prioritize cost takeouts over discretionary initiatives.

我們第二季的營業利益率為 21.1%。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。

We are deepening our work in generative AI. We are deploying enterprise generative AI platforms, building our own small language model and developing multi agent solutions for our clients. With our strong performance in Q2 and our current outlook, we have revised our revenue growth guidance for financial year '25 the new guidance is 3.75% to 4.5% growth in constant currency for the full year. Operating margin guidance remains the same at 20% to 22%.

我們正在深化生成人工智慧方面的工作。我們正在部署企業生成式人工智慧平台，建立我們自己的小語言模型並為客戶開發多代理解決方案。鑑於我們第二季的強勁表現和當前的前景，我們修訂了 25 財年的營收成長指引，新指引為全年以固定匯率計算成長 3.75% 至 4.5%。營業利益率指引維持在 20% 至 22% 不變。

With that. Let's open up for questions.

就這樣。讓我們開放提問。

Thank you, Salil. We will now open the floor for questions. As always, we request one question from each media house to accommodate everyone over the next hour. Joining Salil is, Mr. Jayesh Sanghrajka, Chief Financial Officer, Infosys.

謝謝你，薩利爾。我們現在開始提問。像往常一樣，我們要求每個媒體機構提出一個問題，以便在接下來的一小時內滿足所有人的要求。加入 Salil 的是 Infosys 財務長 Jayesh Sanghrajka 先生。

Ritu Singh, CNBC TV18.

裡圖辛格，CNBC TV18。

Hi. First on the guidance revision, if you could break down for us, how significantly altered is the demand environment now versus what you saw a couple of quarters ago and how much of this revision upwards is organic versus the contribution that you're seeing because of the in tech acquisition? One, if you could begin by telling us that.

你好。首先關於指導修訂，如果您能為我們分解一下，與您幾個季度前看到的相比，現在的需求環境發生了多大的變化，以及與您所看到的貢獻相比，這次向上修訂有多少是有機的科技領域的收購？第一，請您先告訴我們這一點。

Also, there have been seven revisions in the revenue guidance in the last eight quarters. Could you tell us what you have in terms of visibility now, in terms of the turnaround that you speaking about, financial services is something that you've highlighted, but some of the other areas of concern that you've been speaking about retail, Hi-Tech, et cetera. What are you seeing there? What are you hearing from clients on discretionary spends?

此外，過去八個季度對收入指引進行了七次修訂。您能否告訴我們您現在的知名度，就您所說的轉變而言，金融服務是您所強調的，但您一直在談論零售業的其他一些令人擔憂的領域，高科技等。你在那裡看到什麼？您從客戶那裡聽到了關於可自由支配支出的哪些訊息？

And if I may also a word, your head count has increased for the first time, perhaps in seven quarters. You told us last time you're looking to hire about 15,000 to 20,000 freshers this year. Are you on track to do that?

我還要說一句，你們的人數首次增加，也許是七個季度以來。上次您告訴我們今年您打算招募約 15,000 至 20,000 名應屆生。你準備好這麼做了嗎？

And if I may sorry, add another question on guidance while we're talking about this, you've maintained the guidance for margins at 20% to 22% but you've deferred the wage hikes to the third quarter. How much will be the impact from that? And there was no real expansion despite this Project Maximus that you've undertaken, just give us a sense of why, despite what we saw with the rupee, why that didn't happen and how much of a hit do you anticipate in the coming quarter because of the wage hikes? Thank you.

抱歉，當我們討論這個問題時，請添加另一個有關指導的問題，你們將利潤率指導維持在 20% 至 22%，但將工資上漲推遲到第三季度。其影響有多大？儘管你們已經開展了馬克西姆斯項目，但並沒有真正的擴張，請讓我們了解為什麼，儘管我們看到了盧比的情況，為什麼這種情況沒有發生，以及你們預計未來會受到多大的打擊季度因為工資上漲？謝謝。

So, let me start off with some of the ones that you asked and then Jayesh will add a little bit on the margins and also on the revenue growth guidance. So first on the revenue growth guidance, the way we look at this is based on what we've done in the quarter, then we look at our pipeline and look at what we anticipate and based on those factors as we sit today, looking out for this financial year, that's Q3 and Q4, we look to increase the revenue growth guidance.

因此，讓我從您問的一些問題開始，然後 Jayesh 將添加一些關於利潤率和收入成長指引的內容。因此，首先關於收入成長指導，我們看待這個問題的方式是基於我們在本季度所做的事情，然後我們看看我們的管道，看看我們的預期，並基於我們今天坐的這些因素，展望未來對於本財年，即第三季和第四季度，我們希望提高收入成長指引。

Now, part of it is the second question you asked on the industries. So we see financial services, discretionary spend is looking stable strong, especially as we highlighted in capital markets, cards and payments. We also shared that in automotive, we see slowness in Europe, in the other verticals, the view the discussions with clients are similar. So we don't see any change. There's no new discretionary and especially the point, the verticals you mentioned retail or Hi-Tech, what we do see is more focus on the cost takeout elements there itself.

現在，其中一部分是您提出的關於行業的第二個問題。因此，我們看到金融服務、可自由支配支出看起來穩定強勁，特別是當我們在資本市場、銀行卡和支付領域強調這一點時。我們也表示，在汽車領域，我們看到歐洲的發展緩慢，在其他垂直領域，與客戶的討論也有類似的觀點。所以我們沒有看到任何變化。沒有新的自由裁量權，尤其是你提到的零售或高科技垂直行業，我們確實看到更多關注那裡的成本支出元素本身。

In terms of the margin piece. Let me first hand over to Jayesh and then they mean some of the comments on the revenue itself.

就保證金而言。讓我先向 Jayesh 提出一些關於收入本身的評論。

Yeah. So just to add to the guidance piece that Salil was talking about and to your question on Intech, if you recollect last time when we announced the guidance, we have clarified that Intech is now completely included in the last guidance. So there's no additional impact or additional benefit this quarter on account of Intech, it was already baked in the last quarter's guidance.

是的。因此，為了補充 Salil 所談論的指南以及您關於 Intech 的問題，如果您還記得上次我們宣布該指南時，我們已經澄清，Intech 現在已完全包含在上一個指南中。因此，Intech 本季沒有帶來額外的影響或額外的好處，它已經在上個季度的指導中體現出來了。

Having said that there are multiple factors that we look at when we give guidance, a strong H1 performance, the pipelines in terms of, large deals less than $50 million deals that we have -- less than $50 million deals have also increased double digits this quarter. So that is also contributed to increase in our guidance.

Having said that there are multiple factors that we look at when we give guidance, a strong H1 performance, the pipelines in terms of, large deals less than $50 million deals that we have -- less than $50 million deals have also increased double digits this四分之一.因此，這也有助於增加我們的指導。

Coming to your margin question, if you look at our margin, this quarter margin has remained steady at 21.1% similar to last quarter. And if you look at the puts and takes, we got 80 basis points of benefit from Project Maximus, 10 basis points from currency that was offset by 30 basis points on account of acquisition because of the amortization of intangibles and the 60 basis points is on account of the salary and the variable increase that we provided as well as the other costs.

談到你的利潤率問題，如果你看看我們的利潤率，本季的利潤率穩定在 21.1%，與上季相似。如果你看一下看跌期權和看跌期權，我們從Maximus項目中獲得了80個基點的收益，從貨幣中獲得了10個基點，由於無形資產攤銷而在收購中抵消了30個基點，而60個基點是在考慮了我們提供的工資和可變增長以及其他成本。

So Project Maximus has been contributing, it's offsetting the comp increase in the variable additions that we are doing.

因此，Maximus 專案一直在做出貢獻，它抵消了我們正在做的變數添加中的補償增加。

So that's, based in our guidance, we have guided for 20% to 22% for the full year at this point in time, we are confident of our guidance, with the wage hike that we are planning in Q4, the wage hike is going to be in the phase manner, some part of that will be effective January and the balance will be effective April.

因此，根據我們的指導意見，我們目前的指導意見是全年增長 20% 至 22%，我們對我們的指導意見充滿信心，隨著我們計劃在第四季度加薪，工資上漲將會持續下去。如果採取分階段的方式，其中一部分將於一月生效，其餘部分將於四月生效。

Thank you.

謝謝。

Yeah, so sorry. We are on track to on board the 15,000-plus fresher that we talked about last time. We have onboarded many of them in the first half. But we are on track to on board 15,000 to 20,000 at a group level in FY25.

是的，非常抱歉。我們即將迎來上次談到的 15,000 多名新生。上半年我們已經引進了其中的許多人。但我們預計 2025 財年集團層級的員工人數將達到 15,000 至 20,000 人。

Haripriya Sureban, NDTV Profit.

Haripriya Sureban，NDTV 利潤。

Hi guys. Salil if you could give us a sense on the budgets opening up, right? The US fed decision and the elections also coming to a close now, more stability is expected at least in the US markets. So how do you see that in a conversation with the clients? Do you see more budgets opening up? Does this mean that Q3 and Q4 will be significantly better?

嗨，大家好。薩利爾，您能否讓我們了解開放的預算，對嗎？聯準會的決定和選舉現在也即將結束，預計至少美國市場會更加穩定。那麼您在與客戶的對話中如何看待這一點？您是否看到更多預算開放？這是否意味著第三季和第四季會明顯更好？

Also give us some sense on the growth you're seeing in the emerging markets because we see that it's up and coming opportunity for other players as well. So how is it panning out for you? And on the margins just to double tap on that, you have been on the lower end of your guidance consistently now, so do you think with the markets getting better, demand coming back, that should also translate into better margins and you probably reach the higher end.

也讓我們對新興市場的成長有一些了解，因為我們看到這對其他參與者來說也是即將到來的機會。那麼你的情況如何呢？在利潤率上，只是為了雙擊這一點，你現在一直處於指導的下限，所以你認為隨著市場變得更好，需求回升，這也應該轉化為更好的利潤率，你可能會達到更高端。

And on the fresh hiring, you have mentioned your goals there but with the new AI roles coming up and so much of work with generative AI, do you think you'll do more specialized hiring? And will the salaries be better there even on the fresher level and the lateral hiring?

關於新的招聘，你提到了你的目標，但隨著新的人工智慧角色的出現以及生成式人工智慧的大量工作，你認為你會進行更專業的招聘嗎？即使是新員工和橫向招聘，那裡的薪水會更好嗎？

Let me start off, I think first on the budgets and then a little bit on the emerging markets and then Jayesh will add on the margins and we'll come back on what's going on with generative AI. On the budgets, what we see today is, in financial services, we're starting to see the discretionary spend improving. We shared that last quarter, we see that continuing as we saw this Q2 rollout.

讓我開始吧，我認為首先是預算，然後是新興市場，然後 Jayesh 將增加利潤，我們將回到生成式人工智慧的進展。在預算方面，我們今天看到的是，在金融服務領域，我們開始看到可自由支配支出有所改善。我們在上個季度分享了這一點，我們看到這種情況在第二季推出時仍在繼續。

In the other industries in automotive, we still see the slowing in Europe, which we referenced before. And then for the other industries, whether you look at retail or Hi-Tech or Telco, we still see the discretionary spend part of the budget is constrained and there's still much more emphasis on the cost and efficiency discussions.

在汽車的其他行業中，我們仍然看到歐洲的經濟放緩，我們之前提到過。對於其他行業，無論是零售業、高科技業還是電信業，我們仍然看到預算中的可自由支配支出部分受到限制，並且仍然更加重視成本和效率的討論。

On the emerging markets in that sense, our presence is much more in Western Europe, in US, Australia. Though for us, some of the newer growth markets, we do see good traction in Japan, good traction in Middle East. But relative in terms of size, they are still quite small but a good outlook in those markets.

從這個意義上說，就新興市場而言，我們的業務更集中在西歐、美國、澳洲。不過對我們來說，在一些新的成長市場中，我們確實看到日本和中東的良好吸引力。但相對規模而言，它們仍然很小，但這些市場的前景良好。

You want to go on the margin, I will come on GenAI.

你想走邊緣，我就來 GenAI。

Yeah. So on the margins, if you look at where we are for the H1 we have delivered 21.1% for H1, both the quarters as well as the same numbers, that pretty much is slightly above the midpoint of our guidance, our guidance is 21% -- 20% to 22% right.

是的。因此，就利潤而言，如果你看看我們上半年的業績，我們上半年的盈利率為21.1%，兩個季度以及相同的數字，這幾乎略高於我們指導的中點，我們的指導是21% ——20%到22%是對的。

If you look at contributions from Maximus, as I was saying earlier, I think we've got a lot of benefit, every quarter we've been calling out the contribution from Project Maximus. If you look at the tracks that are delivered well, the value based selling has been consistently delivering, the lean and automation has been delivering, our utilization is pretty much at all time high levels, subcontractor has reduced.

如果你看看 Maximus 的貢獻，正如我之前所說，我認為我們獲得了很多好處，每個季度我們都在呼籲 Maximus 專案的貢獻。如果你看看交付良好的軌道，基於價值的銷售一直在交付，精益和自動化一直在交付，我們的利用率幾乎一直處於高水平，分包商已經減少。

So there are multiple tracks which are running well. What the program has delivered at this point in time is we have arrested the margin decline and we have offset all the all the cost headwinds in terms of comp, in terms of additional variable pay, et cetera. So despite that, we have been able to maintain our margin. Our aspiration continues to remain to increase our margins in the midterm.

所以有多個軌道運行良好。該計劃目前所帶來的是，我們已經遏制了利潤率下降，並且我們已經抵消了補償、額外可變薪酬等方面的所有成本阻力。因此，儘管如此，我們仍然能夠維持我們的利潤率。我們仍然希望在中期提高利潤率。

Thank you. The next --

謝謝。下一個--

On the recruitment part with the generative AI -- on generative AI, we have a huge amount of focus in three specific areas, we are building enterprise wide generative AI platforms, we're building a small language model that will be rolled out across industries and we've launched already what I call multi agent solutions. So this is beyond being an assistant, it's really an agent which does a lot more of the solutioning within clients. So we see a huge amount of opportunity, a very deep approach that will be built for generative AI and so that recruiting will continue with those skill sets.

在生成人工智慧的招募部分——在生成人工智慧方面，我們非常關註三個特定領域，我們正在建立企業範圍的生成人工智慧平台，我們正在建立一個小型語言模型，該模型將在各個行業中推廣我們已經推出了我所說的多代理解決方案。因此，這不僅僅是一個助理，它實際上是一個代理，為客戶提供更多的解決方案。因此，我們看到了巨大的機會，一種為生成人工智慧而構建的非常深入的方法，因此招聘將繼續使用這些技能。

So there the distinction will be much more focused on as people mature and get deeper in their career. We have, for example, within the company program called power programmers, which is focused on different sets of skills. So as those skills become deeper, we will look at those options.

因此，隨著人們的成熟和職業生涯的深入，這種差異將更加受到關注。例如，我們在公司內部有一個名為「高級程式設計師」的計劃，該計劃專注於不同的技能組合。因此，隨著這些技能變得越來越深入，我們將研究這些選項。

Chandra Srikanth, Moneycontrol.

錢德拉‧斯里坎斯（Chandra Srikanth），《金錢控制》。

Salil on the face of it, your numbers are below what the street was expecting because they were very optimistic of a 3.9% to 4% quarterly growth margins. I think the expectation was around 21.3% and even the guidance was, between 4% to 5%. And I think the TCV number that brokerages were expecting were, closer to the $3 billion mark. So can you take us through if they were one of factors or some deals did not sort of come through this quarter?

Salil 從表面上看，你的數字低於華爾街的預期，因為他們對 3.9% 至 4% 的季度成長率非常樂觀。我認為預期在 21.3% 左右，甚至指導也在 4% 到 5% 之間。我認為券商預期的 TCV 數字接近 30 億美元大關。那麼，您能否向我們介紹它們是否是因素之一或某些交易在本季度未能完成？

Secondly, why don't you just move to a quarterly revenue guidance instead of revising the annual guidance every quarter? Because as Ritu said this is the seventh guidance revision in the last eight quarters. Is that something that you will consider?

其次，為什麼不直接採用季度收入指導，而不是每季修改年度指導？因為正如 Ritu 所說，這是過去八個季度中的第七次指導修訂。這是你會考慮的事情嗎？

And thirdly can you take us through the contribution from pass through revenues, third party software sales this quarter because I think that was a significant component last time around. Jayesh, despite differing wage hikes to Q3, you mentioned that the acquisition costs kind of got baked into the margins. So what other tailwinds will you have in Q3 to maintain it at 21.1% or 21.2%? Have all the freshers been onboarded, those who have been hired in 2020 to 2023.

第三，您能否向我們介紹本季的直通收入和第三方軟體銷售的貢獻，因為我認為這是上次的一個重要組成部分。Jayesh，儘管第三季的薪資漲幅有所不同，但您提到收購成本有點被納入了利潤率。那麼，第三季還有哪些有利因素可以維持在 21.1% 或 21.2%？2020 年至 2023 年受聘的所有應屆生都已入職嗎？

And finally, Salil, tell us about your small language model. How many parameters is this going to have? When will it go live? And for which industry are you building this first? And are you building this on top of open source platforms or are you leveraging your partnership with OpenAI? Thanks.

最後，Salil，請告訴我們您的小語言模型。這將有多少個參數？什麼時候上線？您首先為哪個行業建立這個？你們是在開源平台上建立這個專案還是利用與 OpenAI 的合作關係？謝謝。

So quite a few questions. Let me see if I can remember them one by one, even better. On the way we've seen our growth -- our focus is really on what we are driving in the business. We see a lot of traction that we started to see in financial services, which has given us a good growth last quarter and this quarter. And we've called out last quarter and also now that outside of that, we don't see other industries yet starting to have a change in the discretionary span. That's the outlook of where we built out our growth guidance. We are actually very positive and delighted that we've gone from 3% to 4% to 3.75% to 4.5%. So it's a huge upward movement in the growth guidance.

所以有很多問題。讓我看看我是否能一一記住，甚至更好。在我們看到的成長方式上，我們的重點實際上是我們在業務中推動的事情。我們在金融服務領域看到了很大的吸引力，這使我們在上個季度和本季實現了良好的成長。我們在上個季度已經提出了要求，現在除此之外，我們還沒有看到其他行業開始在可自由裁量範圍上發生變化。這就是我們制定成長指引的前景。事實上，我們非常積極和高興，我們已經從 3% 上升到 4%，再上升到 3.75% 到 4.5%。因此，這是成長指引的巨大上升。

Our view is, we want to share as we see each quarter, what we see the outlook for the year. We are not looking at whether that's a change or not, that sometimes happens, sometimes doesn't happen. But this way, we give a clear color for a full year. As best as we know when we close the quarter and look at the parameters. So those are really the factors that have gone into what we've done.

我們的觀點是，我們希望分享我們對每個季度的看法以及我們對今年前景的看法。我們不關心這是否是改變，有時會發生，有時不會發生。但這樣一來，我們就為一整年賦予了清晰的色彩。據我們所知，當我們關閉季度並查看參數時。所以這些確實是我們所做的事情的因素。

Let me talk a little bit about the small language model and then maybe Jayesh, you can pick up. So there -- it's an incredible approach that we've taken, we are building this on various open source components. We have a narrow set of data which is from industry and also Infosys proprietary data set that will comprise the small language model.

讓我談談小語言模型，然後也許 Jayesh，你可以接聽。因此，我們採取了一種令人難以置信的方法，我們正在各種開源元件上建立它。我們擁有來自業界的一小部分數據，以及將構成小語言模型的 Infosys 專有數據集。

We are working on different industry applications for the small language model. And we believe it will be a huge way for clients to leverage what they can do in terms -- on top of that building some business logic on top of this small language model. So we think it's an incredible differentiated approach and we are seeing some good discussions on that basis with clients.

我們正在致力於小語言模型的不同產業應用。我們相信，這將是客戶充分利用他們所能做的事情的一個巨大方式 - 除此之外，在這個小語言模型之上構建一些業務邏輯。因此，我們認為這是一種令人難以置信的差異化方法，我們看到與客戶在此基礎上進行了一些很好的討論。

So that we are not sharing yet. The work has started. The idea was to make sure we share the way we are going about working in generative AI, it's at a very deep level across those three areas.

所以我們還沒分享。工作已經開始了。我們的想法是確保我們分享我們在生成人工智慧方面的工作方式，它在這三個領域都處於非常深入的水平。

Yeah. So if you look at margins, as I said earlier, we have delivered 21.1% which is slightly above the midpoint of our guidance, which is 20% to 22%. As we get into the edge two, we will have headwinds coming from compensation increase, our last comp increase was in November. So we've decided the next one to start from January in a phased manner in two steps.

是的。因此，如果你看一下利潤率，正如我之前所說，我們的利潤率為 21.1%，略高於我們指導的中點，即 20% 至 22%。當我們進入第二邊緣時，我們將面臨來自薪資增加的阻力，我們上次增加薪資是在 11 月。所以我們決定下一個從一月開始分兩步驟進行。

So part of that will be effective January and the balance will be effective April. We will have headwinds in terms of softness, which is regular, which is seasonal in Q2 -- in H2 for us, follows the low working and calendar days, etcetera.

因此，其中一部分將於一月生效，其餘部分將於四月生效。我們將在第二季的疲軟方面遇到阻力，這是正常的，這是季節性的——對我們來說，下半年，工作和日曆天數較低，等等。

So that those will be the headwinds, the tailwinds will continue from Project Maximus which has been delivering well over the last few quarters. And at this point in time, we are confident of our margin guidance of 20% to 22% with an aspiration to increase in the midterm.

因此，這些將成為逆風，而Maximus 項目將繼續帶來順風，該項目在過去幾個季度中表現良好。目前，我們對 20% 至 22% 的利潤率指導充滿信心，並希望在中期增加。

Yeah, so as I said earlier, we are on track to on board the 15,000 to 20,000 freshers at group level in FY25. We are not breaking it up between what was the past in this. But we are onboarding all the 15,000 to 20,000 freshers.

是的，正如我之前所說，我們預計在 2025 財年招收 15,000 至 20,000 名團體新生。我們不會將過去的事分開。但我們正在招收所有 15,000 至 20,000 名新生。

Thanks Chandra.

謝謝錢德拉。

Yeah. So look, it's first of all, it's the third party cost which is integral part of all the large deals or many of the large deals set that we embark on, where we have taken over the turnkey projects for the clients. And third party costs are integral part of that project and it comes as part of the mega large deals that we sign. So there's nothing specific that it will come as and when we sign those kind of deals. But it also increases our propensity with the clients and stickiness with the clients.

是的。因此，首先，這是第三方成本，它是我們進行的所有大型交易或許多大型交易中不可或缺的一部分，在這些交易中，我們為客戶接管了交鑰匙專案。第三方成本是該專案不可或缺的一部分，也是我們簽署的大型交易的一部分。因此，當我們簽署此類協議時，並沒有什麼具體的內容。但這也增加了我們對客戶的傾向和對客戶的黏性。

Beena Parmar, The Economic Times.

比納‧帕爾瑪，《經濟時報》。

Firstly, the North American geography has seen further degrowth. Could you list out, what are the core reasons? And what kind of impact do you see because of the rate cuts that we've seen by Global Central Banks?

首先，北美地區的經濟進一步衰退。您能否列舉一下，核心原因是什麼？您認為全球央行降息會產生什麼樣的影響？

Also, the status of onboarding -- just to follow up, could you tell us as to if all the onboarding has been done from the previous years, 2022 and 2023? And how many freshers have been added so far, maybe in this fiscal year? And what kind of fresher onboarding that you will look at going forward, while you said it is 15,000 to 20,000, but what is remaining? And what is the impact of the wage hike? Can you quantify it? How much is the wage hike as well if you can just tell us that?

另外，關於入職的情況—作為跟進，您能否告訴我們前幾年（2022 年和 2023 年）的所有入職是否都已經完成？到目前為止，本財年可能增加了多少新生？未來您會考慮什麼樣的新入職人員，雖然您說是 15,000 到 20,000 人，但剩下的是什麼？那麼薪資上漲的影響是什麼呢？你能量化一下嗎？如果您能告訴我們的話，薪水上漲了多少？

So on the wage hike, we don't quantify the impact nor have we quantified what will be, as I said, it will be in the phase manners starting from Q4. On fresher onboarding, we will onboard 15,000 to 20,000 freshers during the year.

因此，關於薪資上漲，我們沒有量化影響，也沒有量化影響，正如我所說，它將從第四季度開始分階段進行。在新生入職方面，我們將在一年內入職 15,000 至 20,000 名新生。

You have been hired so far in these two quarters.

到目前為止，您已在這兩個季度受聘。

We haven't given that breakup, but you can see the net numbers for us have been declining for the last few quarters in the first quarter where we had a net increase. So that's anecdote you can drive, but we will on board all the pressure that we have committed in the past.

我們還沒有給出這種分手，但你可以看到我們的淨數字在第一季的最後幾季一直在下降，而我們的淨數字是淨增長的。所以這是你可以駕駛的軼事，但我們將承受我們過去所施加的所有壓力。

So North America.

那麼北美。

North America. Yeah, so there first quarter on quarter, we've seen growth in North America, there again, financial services was a big part of it. On a year-on-year basis, we saw a negative growth. We see, as you mentioned, the rate cut in the US plus the lower inflation would indicate signs of some more spend, certainly in financial services we've seen that and we will wait to see in the other industries when that starts to happen.

北美。是的，第一季一個季度以來，我們看到北美地區的成長，金融服務再次成為其中的重要組成部分。與去年同期相比，我們看到了負成長。正如您所提到的，我們看到，美國降息加上較低的通膨將表明有更多支出的跡象，當然在金融服務領域我們已經看到了這一點，我們將等待在其他行業看到這種情況何時開始發生。

Follow up on the mega deals lineup as well. What is the pipeline and where is the current growth coming from in terms of the deal closures?

也要跟進大型交易陣容。管道是什麼？

So the pipeline is still quite robust on large deals. The type of large deals are still much more on cost and efficiency and not so much on digital transformation. So that's sort of the lay of the land in terms of the deal outlook. And we are seeing a lot of discussion in cost and efficiency still across all industries.

因此，大宗交易的管道仍然相當強勁。大型交易的類型仍然更專注於成本和效率，而不是數位轉型。就交易前景而言，這就是現狀。我們看到所有行業仍然對成本和效率進行了大量討論。

Jas Bardia, Mint.

賈斯·巴迪亞，薄荷。

Good evening. So your peers have given mixed signals on the future outlook. Now, I want to ask whether the current prevailing macroeconomic conditions can dampen any sort of a prospect of a demand recovery, especially that has been added by the US fed rate cut.

晚安.因此，你們的同行對未來前景發出了不同的訊號。現在，我想問當前的宏觀經濟狀況是否會抑制需求復甦的前景，尤其是聯準會降息所增加的前景。

Second, I want to understand is cloud a part of discretionary spending. And I ask this because over the last 15 to 18 months, Infosys and a lot of its peers have said that cost takeout deals are the priority. Now, do clients consider cloud as an expensive prospect? And hence they are considering it in the discretionary bucket.

其次，我想了解雲端運算是否屬於可自由支配支出的一部分。我這麼問是因為在過去 15 到 18 個月裡，印孚瑟斯及其許多同行都表示，成本削減交易是首要任務。現在，客戶是否認為雲端運算是一個昂貴的前景？因此，他們正在酌情考慮它。

Last part, sir, are you seeing any kind of a slowdown in the cloud spend over the last six to nine months? And just if I could squeeze in one more question, what percentage of your total revenue could be described as cloud revenue? That's about it.

最後一部分，先生，您是否發現過去六到九個月雲端支出有任何放緩？如果我能再問一個問題，您的總收入中有多少百分比可以被描述為雲端收入？就是這樣。

So I think the, the startup was much more on the macro the first question, I'll go through one by one. On the macro, typically, we have seen at least in the past cycles when interest rate cuts start to begin and inflation is more in control, typically in our end markets Western Europe and US and also Australia. The interest in spending on large technology programs typically increases.

所以我認為，新創公司更關注宏觀問題，第一個問題，我將一一討論。在宏觀方面，通常情況下，我們至少在過去的周期中看到降息開始，通膨得到更好的控制，特別是在我們的終端市場西歐、美國以及澳洲。人們對大型技術項目的支出興趣通常會增加。

But today, as we've seen -- as we've shared, we've seen this change in last quarter and this quarter in the financial services on discretionary and last quarter, we had an extraordinary growth in financial services, this quarter, very strong growth in financial services. Now, we don't know when the others when they'll come, but that's typically the way this -- the macro affects the tech industry.

但今天，正如我們所看到的，正如我們所分享的，我們在上個季度和本季度看到了全權委託金融服務的這種變化，上個季度，我們在金融服務方面取得了非凡的增長，本季度，金融服務業成長非常強勁。現在，我們不知道其他人甚麼時候會來，但這就是宏觀影響科技業的典型方式。

On cloud, I think we have a very strong cloud business. You of course know that we have the Cobalt set of capabilities where we work with each of the large public cloud players. And we build out various tools, templates, industry blueprints, which can work with the cloud provider with the client to roll out whatever approach our clients are taking.

在雲端方面，我認為我們擁有非常強大的雲端業務。您當然知道我們擁有 Cobalt 功能集，我們可以與每個大型公有雲供應商合作。我們建立了各種工具、範本、行業藍圖，它們可以與雲端供應商和客戶合作，推出我們的客戶正在採取的任何方法。

Then we have a private cloud business which is also part of Cobalt. And then of course, we do a lot of work with the SaaS providers where that's part of our cloud activity. We don't break out the cloud number, but it's in good shape within the company.

然後我們有一個私有雲業務，它也是Cobalt的一部分。當然，我們與 SaaS 供應商做了很多工作，這是我們雲端活動的一部分。我們沒有透露雲端的具體數字，但它在公司內部狀況良好。

Thank you.

謝謝。

Cloud, so it depends, sometimes it could be cost takeout depending on how the cloud TCO looks from a client perspective. And what is the usage? For example, when you're doing some work, which is more related to the edge, not just the core, then there are different cost considerations.

雲，所以這取決於，有時它可能會降低成本，這取決於從客戶角度來看雲 TCO 的情況。以及用途是什麼？例如，當你在做一些工作時，它更多地與邊緣相關，而不僅僅是核心，那麼就有不同的成本考慮。

If you're doing more standard, let's say migrating a set of applications from on-premise to cloud, depending on your time horizon, you could get some benefit, but sometimes you don't because a lot of times other services are also mixed in. For example, you could also do cybersecurity with that and which is separate in some instances. So it's not like all cloud is cost or all cloud is not cost. It depends on which way it's done.

如果您正在做更標準的事情，比如說將一組應用程式從本地遷移到雲，根據您的時間範圍，您可能會獲得一些好處，但有時您不會，因為很多時候其他服務也混合在一起在。例如，您也可以使用它來進行網路安全，並且在某些情況下這是獨立的。因此，並不是所有的雲端都是成本的，也不是所有的雲端都不是成本的。這取決於以哪種方式完成。

Veena Mani, Times of India.

維娜‧瑪尼，《印度時報》。

Good evening gentlemen. So Q3 is usually the quarter of furloughs around December that's when clients -- what does it look this time? Is it -- do you think it's going to be as usual or based on your interactions with client, would it be a lot more because discretionary spend is still on the lower side?

先生們晚上好。因此，第三季度通常是 12 月左右的休假季度，此時客戶 - 這次看起來怎麼樣？您認為會像往常一樣還是根據您與客戶的互動，會因為可自由支配支出仍然較低而增加很多嗎？

Also I'm trying to understand Q4, you mentioned that wage hikes will be rolled out. Now, if you could give us the quantum say, for instance, HCL mentioned that 7% to 8% would be the average wage hike and for top performance, it will be around 14%. Can Infosys, give us some sort of guidance on what the wage hike pattern would be and what the factors considered would be in terms of tenure or other things, what all things would be considered?

我也想了解第四季度，您提到將推出薪資上漲。現在，如果你能給我們一個量化的說法，例如，HCL 提到平均薪資上漲 7% 到 8%，而對於最佳績效，則約為 14%。Infosys 能否就工資上漲模式以及在任期或其他方面考慮的因素以及所有因素都會考慮哪些方面為我們提供某種指導？

And if you could tell us a little bit about the generative AI revenues specifically and any -- and the cases that went live in the second quarter, some examples of how are the work around generative AI has been done for your clients. And you mentioned that the revenue growth has been broad based. But any, I mean, are there any micro factors that maybe one or two factors that really contributed to where the revenue is heading?

如果您能具體告訴我們一些有關生成式人工智慧收入的信息，以及第二季度上線的案例，以及如何為您的客戶完成圍繞生成式人工智慧的工作的一些示例。您提到收入成長基礎廣泛。但我的意思是，是否有任何微觀因素，可能是一兩個因素真正影響了收入的走向？

Let me start off. I think most maybe I can address. I think the first point was --

讓我開始吧。我想我也許可以解決大部分問題。我認為第一點是--

Furloughs.

休假。

On the Q3 situation -- furloughs situation. So first, we don't comment on the specific furlough outlook we have whatever we have it's in our guidance 3.75% to 4.5% having said that it is the start of the quarter. So it's difficult to anticipate what it will look like. But we do have typically in previous years, a range of outcomes that we look at. We've considered that same sort of approach in building the guidance and it's within that guidance.

關於第三季的情況——休假情況。因此，首先，我們不會對具體的休假前景發表評論，無論我們的指導中的休假前景是 3.75% 至 4.5%，還是說這是本季度的開始。所以很難預測它會是什麼樣子。但在前幾年，我們確實看到了一系列我們關注的結果。我們在製定指南時考慮了同樣的方法，並且它也在該指南的範圍內。

Then on the generative AI example, there are a host of examples, maybe to share something we built for one client, a multi agent solution where agents work on a specific business process that they have and do the process almost completely on its own parts of the process.

然後在生成人工智慧的例子中，有很多例子，也許是為了分享我們為一個客戶構建的東西，一個多代理解決方案，其中代理在他們擁有的特定業務流程上工作，並且幾乎完全依靠自己的部分來完成該流程。

So it changes the way that they can do the process, it changes the way they can scale up what they can do as opposed to doing part of the process. We have another example with Telco where we've rolled out one of the items I mentioned the enterprise generative AI platform, that platform can now -- so 70,000 of their employees are leveraging that platform to build out, their own use cases or benefits for what they want to use generative AI for, whether it's in knowledge area, customer service area or the coding area.

因此，它改變了他們完成流程的方式，改變了他們擴大工作規模的方式，而不是只完成流程的一部分。我們還有電信公司的另一個例子，我們推出了我提到的企業生成人工智慧平台之一，該平台現在可以 - 因此，他們的 70,000 名員工正在利用該平台來構建他們自己的用例或利益他們想要使用生成式人工智慧做什麼，無論是在知識領域、客戶服務領域或編碼領域。

So we are doing a host of projects, not POCs, actual projects, projects that are getting completed where clients are seeing some benefits from that.

因此，我們正在做大量項目，而不是概念驗證、實際項目、正在完成的項目，客戶可以從中看到一些好處。

Question on wage hikes.

關於工資上漲的問題。

On the salary increase. We don't comment on the specifics.

關於加薪。我們不對具體細節發表評論。

Revenue growth factors. It was the last, I think.

收入成長因素。我想這是最後一次了。

Specific factors for the growth. I think more of what we discussed before, it's really more focused with what the traction we saw on financial services and then each of the others we've seen quarter on quarter growth except for retail, if you look our Q2 performance.

成長的具體因素。我認為更多的是我們之前討論的內容，如果你看看我們第二季度的表現，它實際上更關注我們在金融服務方面看到的牽引力，然後我們看到除零售之外的其他每個季度的成長。

Padmini Dhruvaraj, Financial Express.

Padmini Dhruvaraj，《金融快報》。

Hi. So your large deal TCV has shrunk to 2.4% from 4.1% last quarter. So is this lumpiness because of the fact as you mentioned that other sectors barring BFSI that it's still yet to rebound. And so this demand for BFSI is it because your clients want to adopt to AI? And what percentage of your top line came from index revenue contribution?

你好。因此，您的大宗交易 TCV 已從上季的 4.1% 降至 2.4%。正如您所提到的，除 BFSI 之外的其他行業尚未反彈，因此出現這種波動也是如此。那麼對 BFSI 的需求是因為您的客戶想要採用人工智慧嗎？您的收入中有多少百分比來自指數收入貢獻？

And your peers, especially in the midmarket space have said there's a burst in $1 million to $10 million deals. So while your client edition in that space has declined, so are you losing market share there? So are you collaborating with any GCCs here for digital modernization? How many have you partnered with, if yes?

而您的同行，尤其是中端市場領域的同行，則表示 100 萬至 1000 萬美元的交易激增。因此，雖然您在該領域的客戶端版本有所下降，但您是否正在失去那裡的市場份額？那麼，您是否正在與任何海灣合作委員會合作實現數位現代化？如果有的話，您與多少家合作過？

Okay. So quite a few questions. The first one where we want to look at what we see with the growth --

好的。所以有很多問題。第一個我們想看看我們看到的成長情況--

Large deals growth.

大額交易增長。

The large deal is growth, right? So there typically a large deals are much more lumpy. So if you look at over sort of several quarters, some quarters a few more, some quarters a few less. Our focus really is making sure that if you look at all of H1, those are converted and are already into delivery mode. And we are seeing that coming through with the large use, a lot more focused on cost and efficiency.

最重要的是成長，對嗎？因此，大額交易通常會更加不穩定。因此，如果你觀察幾個季度，有些季度多一些，有些季度少一些。我們的重點實際上是確保如果您查看所有 H1，您會發現它們都已轉換並已進入交付模式。我們看到，隨著大量使用，人們更加關注成本和效率。

On the smaller deals or smaller size programs in fact, as Jayesh shared earlier, we have seen more deals below $50 million value, which is outside of our large deals, which are not in the large deals. We've seen a huge increase -- double digit increase in that pipeline. So we see a lot more traction of that sort of work that we already see and the point you made on financial services, we do see the discretionary spend there but in the other industries not yet.

事實上，在較小的交易或規模較小的項目上，正如Jayesh 之前分享的那樣，我們看到了更多價值低於5000 萬美元的交易，這些交易不屬於我們的大型交易，也不屬於大型交易。我們看到了巨大的成長——管道中兩位數的成長。因此，我們看到我們已經看到的這類工作有更多的吸引力，以及您在金融服務方面提出的觀點，我們確實看到了那裡的可自由支配支出，但在其他行業還沒有。

And your collaboration with GCCs here.

還有你們與海灣合作委員會的合作。

On the GCCs -- so we are working very closely with the GCCs all around. We are working with clients when they are setting up their GCCs, we're working with them when they do a build, operate, transfer and we participate in it with the build, operate and when they transfer.

關於海灣合作委員會，我們正在與各地的海灣合作委員會密切合作。當客戶建立海灣合作委員會時，我們與他們合作；當他們進行建設、運營、轉讓時，我們與他們合作；當他們進行建設、運營和轉讓時，我們也參與其中。

We are working with them with GCCs in India to help scale them, to help with recruiting. And we are also working in some instances with clients when they are exiting from GCCs when we have programs where we take them and they become part of us. So a very strong connect with GCCs across India.

我們正在與印度的海灣合作委員會合作，幫助擴大規模並幫助招募。在某些情況下，當客戶退出海灣合作委員會時，我們也會與他們合作，當我們有專案時，我們會幫助他們，讓他們成為我們的一部分。因此，與印度各地的海灣合作委員會有著非常密切的聯繫。

So intake contributed 80 bps to this quarter's revenue.

因此，攝取量為本季收入貢獻了 80 個基點。

Uma Kannan, New Indian Express.

烏瑪‧坎南，《新印度快報》。

Good evening. In general, I just want to ask you like how your acquired companies have performed in Q2 and today you have announced an acquisition of Blitz, right? So how this will help you in your overall revenue growth?

晚安.總的來說，我只是想問一下你們所收購的公司在第二季的表現如何，今天你們宣布收購 Blitz，對嗎？那麼這將如何幫助您實現整體收入成長呢？

So we don't specifically give out the performance of each of the acquired entities, but overall our acquisitions have contributed well, both organically as well as in terms of synergy over the years.

因此，我們不會具體給出每個被收購實體的業績，但總的來說，我們的收購無論是在有機方面還是在多年來的協同效應方面都做出了很好的貢獻。

So Salil, you did speak about BFSI, but I just want to understand why there is degrowth in retail. Is there any specific reason in terms of revenue, retail contribution is? Yeah.

Salil，您確實談到了 BFSI，但我只是想了解零售業為何會出現衰退。就收入而言，零售貢獻有什麼具體原因嗎？是的。

No, I think, we've talked about retail in the last few quarters that industry is going through some change. So nothing has changed except to say that it's not actually come back with the discretionary spend. So it's not like we're pointing out something has changed in the behavior there. As opposed to BFSI where there's better discretionary or automotive in Europe where it's a little bit softer.

不，我認為，我們在過去幾個季度討論過零售業，該行業正在經歷一些變化。所以什麼都沒有改變，只是說它實際上並沒有隨著可自由支配的支出而回來。所以我們並不是想要指出那裡的行為已經發生了一些變化。與 BFSI 相比，歐洲有更好的自由裁量權，而歐洲的汽車業則稍微軟一些。

I just want to ask you one question on GenAI. You did speak about GenAI but I just want to understand how the pipeline looks like. And are you seeing any particular sector growth in say, for example, whether it is BFSI, retail, like which particular sector you're seeing growth in terms of deals?

我只是想問你一個關於 GenAI 的問題。您確實談到了 GenAI，但我只是想了解管道的樣子。您是否看到任何特定行業的成長，例如，無論是 BFSI、零售業，還是您看到哪個特定行業的交易成長？

So generative AI first, it's not in any specific industry or sector, it's across every industry. And part of generative AI work is, it's already becoming embedded in everything we do. So any large program or transformation or cost efficiency, productivity, a part of it is generative AI.

因此，生成式人工智慧首先，它不屬於任何特定的產業或部門，而是遍及每個產業。生成式人工智慧工作的一部分是，它已經嵌入到我們所做的一切中。因此，任何大型計劃或轉型或成本效率、生產力，其中一部分都是生成式人工智慧。

Then we have different ways of looking at it because say you look at, a tech and ops deal in customer service, there'll be a large part of generative AI or if you look at something where we are building out new capabilities, there will be some productivity benefits through generative AI. But it's not the full deal. It's part of almost every deal that we're doing.

然後我們有不同的看待它的方式，因為比如說你看，客戶服務中的技術和運營交易，將會有很大一部分生成人工智能，或者如果你看我們正在構建新功能的東西，將會有透過產生人工智慧可以提高生產力。但這還不是全部。這是我們正在進行的幾乎每筆交易的一部分。

Sanjana, Hindu BusinessLine.

Sanjana，印度教業務線。

Good evening, gentlemen. Salil, last quarter, you'd mentioned that, while these GenAI projects are not POCs, they're not large revenue projects either. So when do you think this change will come? And also from what I can see, much of your revenues are divided between North America and Europe, there's been a flat growth, like between your revenue shares between the rest of the world and India.

晚上好，先生們。Salil，上個季度，您提到，雖然這些 GenAI 專案不是 POC，但它們也不是大型收入專案。那麼您認為這種改變什麼時候會發生？而且就我所知，你們的大部分收入都分佈在北美和歐洲，成長平穩，就像你們在世界其他地區和印度之間的收入份額之間的成長一樣。

So, like with emerging markets like LATAM and like Africa, is that something that you're looking at and is nearshoring a strategy that you're employing and beyond the margin guidance in the medium term, what is your aspirational margin? Yeah, that's all. Thank you.

那麼，就像拉丁美洲和非洲等新興市場一樣，您正在考慮這種情況，並且正在採用近岸外包策略，並且超出中期的利潤率指導，您的理想利潤率是多少？是的，僅此而已。謝謝。

So, on the generative AI, we don't break out the revenue as we had shared before. What we do see is the work we are doing is quite deep now. We are building enterprise generative AI platforms, we're building a small language model, we're working on multi agent frameworks. So these are things which are quite deep within the generative AI landscape and where clients are really appreciating the sort of, let's say, thought leadership, industry leadership that we have on generative AI.

因此，在生成人工智慧方面，我們沒有像之前分享的那樣公佈收入。我們確實看到我們現在正在做的工作相當深入。我們正在建立企業生成式人工智慧平台，我們正在建立小型語言模型，我們正在開發多代理框架。因此，這些都是生成式人工智慧領域非常深入的事情，客戶非常欣賞我們在生成式人工智慧方面的思想領導力、產業領導力。

In terms of the geographies, we have of course a strong focus within North America, within Europe, within Australia. We have -- we don't have a business outside of our pinnacle business in Africa. So it's a small part of our business. In Latin America, similarly a small part of our business.

就地理而言，我們當然專注於北美、歐洲和澳洲。我們在非洲的巔峰業務之外沒有其他業務。所以這只是我們業務的一小部分。在拉丁美洲，同樣只占我們業務的一小部分。

On nearshoring, we see a lot of traction that we are seeing across different nearshore markets. In Europe there are certain markets, for North America, there are certain markets and even in Asia, we have some markets in which we are building nearshore capability so that's certainly moving along well.

在近岸方面，我們在不同的近岸市場上看到了許多吸引力。在歐洲有某些市場，在北美也有某些市場，甚至在亞洲，我們也有一些市場正在建立近岸能力，因此進展順利。

On the margin aspiration. We absolutely have an internal aspiration to drive margin high and higher with all of the approach we're taking, but we have not shared that externally.

在邊緣的願望。我們絕對有一個內部願望，透過我們正在採取的所有方法來提高利潤率，但我們還沒有對外分享這一點。

Sonal Chowdhary, Deccan Herald

索納爾喬杜里，《德干先驅報》

Good evening, gentleman. While you've pretty much highlighted everything, There's a few questions that I'd like to ask. Firstly, on the hiring, as everyone has already asked, the 2022 latter's that went out and the hiring, which you promised that will be run from October. I just want to know if this two year 2022, 2023 the latter's which went out in those years and the hiring that happened now. So, was there a lapse or anything on that front?

晚上好，先生。雖然您已經強調了所有內容，但我想問幾個問題。首先，關於招聘，正如每個人都已經問過的那樣，2022 年的招聘已經結束，您承諾將從 10 月開始進行招聘。我只想知道2022年、2023年這兩年是不是當年的招募和現在的招募。那麼，這方面是否有失誤或其他問題？

Was that a what, sorry?

抱歉，那是什麼？

Laps.

圈數。

Laps?

圈數？

Yeah.

是的。

No, I think first we are going to hire everyone that has got a letter and an offer from Infosys. We have a phased approach to this hiring and that is in process right now.

不，我認為首先我們要雇用所有收到 Infosys 的信函和錄用通知的人。我們對招募採取了分階段的方法，目前正在進行中。

Okay. Also your operating margins, they're flat. They were expected to be at around 21.3%. So is there anything or any color that you'd like to add to that? Is that something that you were also expecting?

好的。你的營業利潤率也持平。預計該比例約為 21.3%。那麼您有什麼想要添加的內容或顏色嗎？這也是你所期待的嗎？

So, as I said earlier, our margin guidance is 20% to 22% and we are slightly above the midpoint of the margin guidance, right. If you look at the puts and takes, we had 80 basis points coming from Project Maximus, 10 basis points coming from currency and 30 basis points of tailwinds from the acquisition that we did mainly on account of amortization.

因此，正如我之前所說，我們的利潤率指引值為 20% 至 22%，略高於利潤率指引值的中點，對吧。如果你看看看跌期權和賣出期權，我們有 80 個基點來自 Project Maximus，10 個基點來自貨幣，還有 30 個基點來自我們主要出於攤銷而進行的收購。

And the balance 60 basis points was invested in terms of salary hikes, in terms of additional variable pay and other costs. So net-net it offset each other and we have reported 21.1% at margin. We don't really call out what we were expecting and where we are -- I think we have delivered on what we were planning for.

其餘 60 個基點則投資於加薪、額外浮動工資和其他成本。因此，淨額與淨額相互抵消，我們報告的利潤率為 21.1%。我們並沒有真正說出我們的期望和我們所處的位置——我認為我們已經實現了我們的計劃。

And expecting this to go -- I mean, increase, going ahead, right?

並期待這一切繼續下去——我的意思是，增加，繼續，對吧？

In the medium term. Yes.

從中期來看。是的。

Okay. Also GCCs, you've spoken about it already. The popular mandate did put out that, it's like accomplished while you've clearly highlighted that is not you collaborating rather. So how many GCC have you collaborated with till now?

好的。還有海灣合作委員會，您已經談到過這一點。普遍的授權確實指出了這一點，當你明確強調這不是你的合作時，這就像完成了。那麼到目前為止，您與多少個 GCC 合作過？

So first, the GCC are doing a fantastic job. We are quite fortunate that we are working with many of the client organizations and their GCCs in India. There's a large number of GCCs here. We don't share specifically which GCCs we collaborated with, but to give you a sense in financial services, in Telco, in life sciences, we are working with a large number of those GCCs in India and helping them and supporting them.

首先，海灣合作委員會做得非常出色。我們非常幸運，能夠與印度的許多客戶組織及其海灣合作委員會合作。這裡有大量的海灣合作委員會。我們不會具體透露我們與哪些海灣合作委員會合作，但為了讓您了解金融服務、電信、生命科學領域，我們正在與印度的許多海灣合作委員會合作，並幫助和支持他們。

But we do not give specific the number of GCCs we're working with here. It's part of our overall client relationship. We have teams that work very closely because there are different needs sometimes for what the GCCs are looking for and sometimes it's a holistic need across the client, between the GCC in India and between the global organization.

但我們沒有給出與我們合作的海灣合作委員會的具體數量。這是我們整體客戶關係的一部分。我們擁有密切合作的團隊，因為有時 GCC 所尋求的需求不同，有時則是整個客戶、印度 GCC 之間和全球組織之間的整體需求。

Thank you. With that, we come to the end of this press conference. We thank our friends from media for being here today. Thank you Salil and thank you Jayesh.

謝謝。至此，本次記者會就結束了。感謝今天來到這裡的媒體朋友。謝謝薩利爾，也謝謝賈耶什。

Before we conclude, please note that the archived webcast of this press conference will be available on the Infosys website and on our YouTube channel later today. We request all of you to join us for high tea outside. Thank you once again and have a lovely evening.

在我們結束之前，請注意，今天晚些時候，印孚瑟斯網站和我們的 YouTube 頻道將提供本次新聞發布會的存檔網路廣播。我們邀請大家一起來外面喝下午茶。再次感謝您，祝您有個愉快的夜晚。