Infosys Ltd (INFY) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Infosys Limited Q3 FY25 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Infosys Limited 2025 財年第三季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

And I'll hand the conference over to Mr. Sandeep Mahindroo. Thank you. And over to Mr. Mahindroo.

我將把會議移交給桑迪普·馬辛德魯先生。謝謝。接下來是 Mahindroo 先生。

Hello, everyone, and welcome to Infosys earnings call for Q3 FY25. Let me turn the call by wishing everyone a very Happy New Year.

大家好，歡迎參加 Infosys 25 財年第三季財報電話會議。我首先祝大家新年快樂。

Joining us on this call, 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 for questions.

參加本次電話會議的還有執行長兼董事總經理 Salil Parekh 先生；財務長 Jayesh Sanghrajka 先生；以及領導團隊的其他成員。我們將首先對公司的業績發表一些評論，然後開始回答問題。

Please note that anything we say that refers to our outlook for the future is a forward-looking statement which must be read in conjunction with the risk that the company faces. A complete 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未來展望的內容都是前瞻性聲明，必須結合公司面臨的風險來解讀。我們向美國證券交易委員會提交的文件提供了這些風險的完整聲明和解釋，可在www.sec.gov 上找到。

I now like to pass on the call to Salil.

現在我想把這通電話轉交給薩利爾。

Thanks Sandeep. Good morning and good evening to all of you. Wish you a Happy New Year. Thank you all for joining us on this call.

謝謝 Sandeep。大家早安，晚上好。祝你新年快樂。感謝大家參加本次電話會議。

Our revenue grew 1.7% quarter-on-quarter and 6.1% year-on-year in constant currency terms in Q3. All verticals and most geographies grew year-on-year. We saw double digit growth in Europe and India and in our manufacturing business.

以固定匯率計算，我們的第三季營收季增 1.7%，年增 6.1%。所有垂直行業和大多數地區都實現了同比增長。我們在歐洲、印度和製造業務方面都實現了兩位數的成長。

Large deals were at $2.5 billion operating margin at 21.3%. Free cash flow for the quarter was at an all-time high of $1.26 billion head count grew by over 5,000 sequentially to now over 323,000 employees worldwide. Financial services in the US continues to grow strongly in this quarter.

大額交易的營業利潤率為 25 億美元，為 21.3%。本季自由現金流達到歷史最高水平，為 12.6 億美元，全球員工總數較上季增加 5,000 多人，目前已超過 323,000 名。本季度美國金融服務持續強勁成長。

And over the past few quarters, we have seen a revival in European financial services during Q3. We are seeing an improvement in retail and consumer product industry in the US with discretionary pressures easing.

在過去幾季中，我們看到歐洲金融服務業在第三季出現復甦。我們看到美國零售和消費品產業正在好轉，自由裁量壓力有所緩解。

Automotive sector in Europe continues to remain slow. Demand trends remain stable in other industries with clients continuing to prioritize cost takeout over discretionary initiatives.

歐洲汽車產業持續保持低迷。其他行業的需求趨勢保持穩定，客戶繼續優先考慮降低成本，而不是採取自由裁量措施。

Clients are turning to us as the partner of choice when it comes to enterprise AI to transform their business for growth and to manage operations more efficiently. With Infosys, Topaz are generative AI powered services and solutions. We are deepening our enterprise AI capabilities.

當客戶談到企業人工智慧來轉變業務、實現成長並更有效地管理營運時，他們選擇我們作為首選合作夥伴。Topaz 與 Infosys 合作，提供產生式 AI 驅動的服務和解決方案。我們正在深化企業 AI 能力。

We have built four small language models for banking for IT operations for cyber and for enterprises broadly, these small language models have 2.5 billion parameters. These models are built using some of our proprietary data sets.

我們為銀行、IT營運、網路和企業廣泛建立了四個小型語言模型，這些小型語言模型有25億個參數。這些模型是使用我們的一些專有資料集建立的。

We are developing over 100 new generative AI agents for deployment within our clients. We are working closely with the generative AI partner ecosystem to develop joint solutions for our clients. Several of them on the platforms of the partners.

我們正在開發 100 多個新的生成式 AI 代理，以供客戶部署。我們正在與生成式人工智慧合作夥伴生態系統密切合作，為我們的客戶開發聯合解決方案。其中有幾個是在合作夥伴的平台上。

Here are some examples of the work we're doing for our clients in the generative AI area. We developed a generative AI powered research agent that generated comprehensive solutions within seconds for requests made for the product support teams of a large technology company.

以下是我們在生成式人工智慧領域為客戶所做工作的一些範例。我們開發了一個生成式人工智慧研究代理，可以在幾秒鐘內為大型科技公司的產品支援團隊提出的請求產生全面的解決方案。

We have created three audit agents to intelligently automate multiple tasks for a professional services company. Based overall on our strong performance in this quarter, and our view for the rest of this financial year, we are revising our revenue growth guidance to growth of 4.5% to 5% in constant currency. Our operating margin guidance remains unchanged at 20% to 22%.

我們創建了三個審計代理，以便為專業服務公司智慧地自動執行多項任務。總體而言，基於本季的強勁表現以及本財年剩餘時間的展望，我們將營收成長預期修改為以固定匯率計算的成長 4.5％ 至 5％。我們的營業利潤率預期維持不變，為 20% 至 22%。

With that, let me request Jayesh to share his views.

因此，請允許我請 Jayesh 分享他的觀點。

Thank you, Salil. Good morning. Good evening, everyone. And thank you for joining the call today. As well, wish you all a very Happy new Year.

謝謝你，薩利爾。早安.大家晚上好。感謝您今天的電話會議。也祝大家新年快樂。

We had another strong quarter of all around growth across verticals. This was backed by relentless execution resulting in improvements in multiple operating parameters leading to expansion in margin and cash conversion.

我們又度過了一個各個垂直領域全面成長的強勁季度。這是透過不懈的執行來實現的，從而改善了多個營運參數，從而擴大了利潤率和現金轉換率。

Here are some of the key highlights. We had a strong all around growth across verticals of 6.1% year-on-year in constant currency terms. Among geographies, North America returned to positive growth trajectory after four quarters growing at 4.8%, Europe grew at 12.2%. Y-o-Y in constant currency terms twice the company level.

以下是一些主要亮點。以固定匯率計算，我們的各個垂直領域都實現了強勁成長，年成長 6.1%。分地區來看，北美地區經過四季的成長後重回正成長軌道，成長率為4.8%，歐洲地區成長率為12.2%。以固定匯率計算，年增兩倍。

Financial services are third consecutive quarter of volume growth reflecting continued positivity we are seeing in the sector. Our 50 million clients increased by seven. Large Deal TCV for the quarter was at $2.5 billion, 63% of this being net new, which is an increase of 57% in net new Deal TCV. Our large deal pipeline has become stronger in Q3.

金融服務業連續第三個季度實現交易量成長，反映出該產業持續呈現積極態勢。我們的5000萬客戶增加了7位。本季大型交易 TCV 為 25 億美元，其中 63% 為淨新交易，淨新交易 TCV 成長 57%。我們的大型交易管道在第三季變得更加強大。

Coming to margins. Q3 margins are at 21.3%. 20 bps higher sequentially after absorbing the impact of low and higher third party costs, margins were up 80 basis points year-on-year. We saw double digit Y-o-Y increase in EPS of 11.4% to INR16.43.

談到邊緣。第三季利潤率為 21.3%。在吸收了較低和較高的第三方成本的影響後，利潤率比上一季高出 20 個基點，比去年同期高出 80 個基點。我們看到每股收益年增 11.4% 至 16.43 印度盧比，以兩位數成長。

A razor sharp focus on cash flow resulted in very strong free cash flow of $1.2 billion for the for the quarter and $3.2 billion for nine months. This is an increase of 90% on Y-o-Y basis and 57% on nine month basis.

對現金流的高度關注帶來了非常強勁的自由現金流，本季達到 12 億美元，前九個月達到 32 億美元。與去年同期相比，這一數字成長了 90%，與前九個月相比，這一數字成長了 57%。

DSO was at 74 days. However, DSO including unbilled net of unearth was down by six days at 86. Our net unbilled revenues declined by $323 million sequentially to the lowest level in the last 12 quarters. Net head count edition continues for second consecutive quarter. We added 5,591 employees this quarter.

DSO 為 74 天。然而，包括未開立淨開採量在內的 DSO 下降了 6 天，至 86 天。我們的淨未開票收入環比下降 3.23 億美元，降至過去 12 個季度以來的最低水準。淨人數版連續第二季持續更新。本季我們新增了 5,591 名員工。

Let me now talk about some of this in greater detail. We had a strong revenue growth of 1.7% sequentially and 6.1% on Y-o-Y basis in constant currency terms in a seasonally weak quarter. For the nine months, revenue grew by 3.9% both in constant currency and reported terms with double digit growth in manufacturing.

現在讓我更詳細地談論其中的一些內容。在季節性疲軟的一個季度中，我們實現了強勁的營收成長，以固定匯率計算，季增 1.7%，年增 6.1%。前九個月，營收按固定匯率和報告匯率計算均成長了 3.9%，其中製造業實現了兩位數成長。

Operating margins expanded to 21.3% which is an increase of 20% sequentially and 80 bps year-on-year. The major components of sequential margin walk for the quarter are Tailwind of 40 basis points from currency movement, 30 basis points from project maximum. 20 basis points from lower costs relating to provisions for post-sale customer support and expected credit loss provisions offset by higher third party costs.

營業利益率擴大至 21.3%，比上一季增加 20%，比去年同期增加 80 個基點。本季連續保證金變動的主要因素是貨幣變動帶來的 40 個基點的順風效應和專案最高值帶來的 30 個基點的順風效應。與售後客戶支援準備金和預期信用損失準備金相關的成本降低20個基點，但被第三方成本的提高所抵消。

Headwinds of 70 basis points from low and lower working days offset by higher leave utilization and others. Utilization excluding trainees was strong at 86%, despite the low volume growth environment. We are very pleased with the continued success of project Maximus which has resulted in benefits across various tracks. One such area is realization which has increased by 3.6% over nine months, resulting from strong performance emanating from value based selling tracks.

工作日較少和較低帶來的 70 個基點的阻力被較高的休假利用率和其他因素所抵消。儘管產量成長環境較低，但不包括受訓人員在內的利用率仍高達 86%。我們對 Maximus 專案的持續成功感到非常高興，該專案為各個領域帶來了效益。其中一個領域是實現率，由於基於價值的銷售軌道表現強勁，實現率在九個月內成長了 3.6%。

This has helped expand YTD margins by 30 basis points despite additional headwinds from FY24 comp increase higher variable payout impact due to amortization of intangibles from recent acquisitions and large deal (inaudible)

儘管 2024 財年公司面臨額外阻力，但近期收購和大宗交易中無形資產的攤銷導致浮動派息影響增加，這仍幫助年初至今的利潤率擴大了 30 個基點（聽不清楚）

Head counts at the end of the quarter stood at 323,000 growing sequentially by approximately 5,600. This is the second consecutive quarter of headcount in attrition, attrition remains low at 13.7%.

本季末員工總數為 323,000 人，比上一季增加約 5,600 人。這是連續第二季員工流失，流失率仍維持在 13.7% 的低點。

Coming to cash flows. Our nine month free cash flows have surpassed full year free cash flows for the last financial year. For the quarter, our free cash flows were at $1.26 billion, up 51% over last quarter and up 90% over the same period last year.

談到現金流。我們前九個月的自由現金流已經超過了上個財年的全年自由現金流。本季度，我們的自由現金流為 12.6 億美元，較上一季成長 51%，較去年同期成長 90%。

FCF as a percentage of net profit for nine months was 136%. Excluding income tax refunds, our free cash flow for the quarter was at $996 million, up 27% over last quarter and up 50% over Q3, '24.

前九個月自由現金流佔淨利的百分比為136%。不包括所得稅退稅，本季我們的自由現金流為 9.96 億美元，較上一季成長 27%，較 2024 年第三季成長 50%。

Our free cash flow excluding tax refund as a personal net profit for the quarter is at 123% and for the nine months is 109% which is the highest conversion in over two decades. yield on cash balance was 6.91% in Q3.

我們本季不包括退稅的個人淨利潤的自由現金流為 123%，前九個月的自由現金流為 109%，這是二十多年來的最高轉換率。第三季現金餘額收益率為6.91%。

ETR was at 29.5% for both Q3 and nine months. We closed 17 large deals with the TCV of $2.5 billion, 63% of this were net new. vertical wise, we signed five deals in financial services; four in communication; three in manufacturing; two each in retail and URS; and one in high tech.

第三季和前九個月的 ETR 均為 29.5%。我們完成了 17 筆大型交易，TCV 為 25 億美元，其中 63% 為淨新交易。垂直方面，我們簽署了五項金融服務協議；四是溝通；製造業有 3 個；零售和 URS 各兩個；一個是高科技領域的。

Region wise, we signed 11 large deals in America and six in Europe. This also includes a BOT deal with a client to set up a GCC in India. For nine months, large deal win stood at 72 deals with TCV of $9 billion and 55% of this is net new.

從地區來看，我們在美國簽署了 11 份大合同，在歐洲簽署了 6 份。這也包括與客戶達成的在印度設立 GCC 的 BOT 協議。九個月來，大額交易達成數量達到 72 筆，TCV 為 90 億美元，其中 55% 為淨新交易。

Coming to verticals. Financial services in the US continues to see discretionary spend increase in capital markets, mortgages, cards and payments, which led to another quarter of volume growth. We have also seen a revival in Europe leading to Q3 backed by some large deal.

進入垂直領域。美國金融服務在資本市場、抵押貸款、信用卡和支付方面的可自由支配支出持續增加，導致交易量又一個季度增長。我們也看到歐洲在一些大型交易的支持下出現復甦，從而推動第三季的復甦。

Our expansion beyond the US, specifically into Nordic, Middle East and Southeast Asia is also contributing positively to our growth. Clients have started to view IT investments more favorably post-election related uncertainty and interest rate cuts in recent months. While the focus remains on cost optimization spending towards new growth areas like AI cloud adoption, cybersecurity data and analytics is observed.

我們的擴張走出了美國，特別是北歐、中東和東南亞，也為我們的成長做出了積極的貢獻。近幾個月來，由於選舉相關的不確定性和降息，客戶開始對 IT 投資持更樂觀的態度。雖然重點仍然放在成本優化上，但支出卻轉向了人工智慧雲端採用、網路安全數據和分析等新的成長領域。

Manufacturing continues to see weakness in the automotive in Europe. However, there is a continued momentum in areas such as engineering IoT supply chain, cloud, and digital transformation. The benefits of vendor consolidation are being more apparent contributing to the growth of existing accounts and the establishment of new relationships. The pipeline is healthy with a mix of large and small deals and a focus on cost and portfolio rationalization.

歐洲汽車製造業持續疲軟。然而，工程物聯網供應鏈、雲端和數位轉型等領域仍保持著持續的發展動能。供應商整合的好處越來越明顯，有助於現有帳戶的成長和新關係的建立。該管道狀況良好，有大大小小的交易，並且注重成本和投資組合合理化。

We are seeing some signs of recovery in discretionary spend in the retail and CPG verticals in the US. There is a pickup in deal activity backed by improved consumer sentiment and strong holiday season sales. Companies are looking at investing in brand and technology initiatives, as for HANA migration deadline is driving budget and location to make enterprise workload compliant.

我們看到美國零售和快速消費品垂直行業的可自由支配支出出現了一些復甦跡象。受消費者信心回暖假期銷售強勁推動，交易活動有所回升。該公司正在考慮投資品牌和技術計劃，因為 HANA 遷移截止日期正在推動預算和位置以使企業工作負載合規。

We are leveraging Infosys to showcase enhanced business value in predictive analytics and real time insights and strategies (inaudible).

我們正在利用 Infosys 展示預測分析和即時洞察與策略方面的增強商業價值（聽不清楚）。

Communication sector continues to face volatile macro environment leading to growth challenges and rising [OpEx] pressure. Discretionary spending continues to be soft and current year growth is driven mainly by recent large events focused on efficiency and consolidation.

通訊產業持續面臨動盪的宏觀環境，導致成長面臨挑戰，且[營運支出]壓力不斷上升。可自由支配的支出持續疲軟，今年的成長主要受到近期以效率和整合為重點的大型事件的推動。

In URS sector, macro headwinds and supply demand, imbalances continue to influence spending patterns. Growth in demand for electricity to cater to data centers is expected to bring in more investment in energy. Resources clients are more watchful about the changing geopolitical dynamics impacting the supply chain.

在 URS 領域，宏觀逆風和供需不平衡持續影響支出模式。為滿足資料中心的需求，電力需求的成長預計將帶來更多的能源投資。資源客戶更關注影響供應鏈的地緣政治動態變化。

Discretionary spend remains muted, our investment in industry, clouds and energy transition solutions have helped us in multiple deals. High tech continues to remain soft. Some clients are reducing the run cost and causing discretionary investment.

可自由支配的支出仍然很少，我們在工業、雲端和能源轉型解決方案方面的投資幫助我們達成了多項交易。高科技持續保持疲軟態勢。一些客戶正在降低營運成本並進行自由投資。

We are seeing opportunities in cost takeout deals including legacy product management and managed services based business operations. Programs are driven by cloud computing and new tech like AI and [ML] Driven by our performance and outlook for the rest of the year. We are revising our revenue guidance to 4.5% to 5% in constant currency terms. Our operating margin guidance remains at 20% to 22%.

我們在成本承擔交易中看到了機遇，包括傳統產品管理和基於託管服務的業務運作。這些項目由雲端運算和人工智慧、機器學習等新技術驅動，並由我們今年剩餘時間的表現和展望所推動。我們將收入預期按固定匯率計算修改為 4.5％至 5％。我們的營業利潤率預期仍為 20% 至 22%。

So that, maybe, we can open the floor for questions.

這樣，我們或許就可以開放提問環節了。

(Operator Instructions) Ankur Rudra, JP Morgan.

(操作員指示) Ankur Rudra，摩根大通。

Thank you. And I spent, -- Can you comment a bit about if there were any onetime items in your revenues or margins this time? I do notice that your third party costs moved up quite a bit perhaps ahead of revenue growth and also volume growth was quite soft.

謝謝。我花了——您能否評論一下這次您的收入或利潤中是否有任何一次性項目？我確實注意到，你們的第三方成本可能在收入成長之前大幅上升，而且銷售成長也相當疲軟。

So if you can talk a bit about how you think about volume growth into fiscal '26 I know you mentioned you think that that will be better than last year and if there's any impact of AI impact in the volume of work. Thanks.

因此，如果您可以談談您對 26 財年工作量成長的看法，我知道您提到過，您認為今年的工作量將比去年更好，以及人工智慧是否會對工作量產生影響。謝謝。

Thanks Ankur. So you know, you're right. Our third party costs were higher this quarter. There is a bit of seasonality in every Q3. But yeah, it's even considering that it was higher than that, and that has impacted both cost as well as revenue that has helped both costs, I mean, both on the revenue as well.

謝謝 Ankur。所以你知道，你是對的。本季我們的第三方成本較高。每個第三季都會有一點季節性。但是，是的，甚至考慮到它比這個數字還要高，這既影響了成本，也影響了收入，同時也有助於降低成本，我的意思是，也有助於增加收入。

In terms of volume for FY26. It's a little bit early, and we, -- as you know, we do get the visibility with clients in terms of budgets in February, and March and then it aligns with our cycle, -- our annual cycle. So we would be able to give a clearer picture in April, as we announce the guidance for the full year. There were no other one off either on revenue or cost in this quarter.

就 FY26 的數量而言。現在還為時過早，正如你所知，我們確實在二月和三月與客戶就預算問題進行了溝通，然後這與我們的周期，即我們的年度週期相一致。因此，當我們在四月公佈全年業績指引時，我們將能夠給出更清晰的預測。本季營收和成本均無其他重大變動。

Appreciate the colleges. If you could talk a bit about the guide. Now the guide increase is positive, but if you look at the implied number for Q4 implies a negative number. Is this primarily due to seasonality or also partly from the third party sales led business which might shrink which you make into the guide this time?

欣賞大學。如果您可以談談該指南的話。現在指導增幅是正數，但如果你看一下第四季的隱含數字，你會發現是一個負數。這主要是由於季節性因素，還是部分是由於第三方銷售主導的業務可能會萎縮，因此您這次將其納入指南？

Ankur, there are two parts as you rightly said, one is of course, the third party seasonality which is big in Q4 guidance because Q3 was significantly higher; and Q4 also has lower working days and calendar days. So that's a headwind, that we face in Q4. So both of that is big in the guidance.

Ankur，正如您所說，有兩個部分，一個當然是第三方季節性，這在第四季度指引中很重要，因為第三季度的業績明顯更高；且第四季的工作日和日曆日也較少。所以這是我們在第四季面臨的阻力。因此，這兩項在指導中都很重要。

Appreciate it. This last question. You mentioned a lot about, small language modeling agentic AI, can you talk a bit about how on a structured basis, this might impact the volumes of your work, the needs of productivity passed back. And if this will be net additive or diluted to the amount of work Infosys can do for its clients.

非常感謝。這是最後一個問題。您多次提到小型語言建模代理 AI，能否從結構化的角度談談這會如何影響您的工作量以及生產力的需求。這是否會對 Infosys 為其客戶所做的工作量產生淨增量或稀釋效果？

Hi, Ankur, this is Salil. On the agents there, what we are seeing is good traction with clients where we've already deployed. A couple of examples I mentioned, where there are several live or production examples, not just proof and concept. What we are seeing is the agents are helping clients to achieve benefit by the time reduction, cost reduction or greater impact in their customer base and growth.

你好，Ankur，我是 Salil。在那裡的代理商上，我們看到我們已經部署的客戶表現出良好的吸引力。我提到了幾個例子，其中有幾個實際或生產的例子，而不僅僅是證明和概念。我們看到的是代理商正在透過減少時間、降低成本或擴大客戶群和成長來幫助客戶獲得利益。

And they are being done in a broad based way within the client. So the way we are seeing it today, areas which can be addressed by agents, we are building about 100 new agents which expands the opportunity that we have to do this sort of work. So at this stage, it looks to us like this will give us over time, more growth.

並且這些工作正在客戶端以廣泛的方式進行。所以從我們今天看到的情況來看，在代理可以解決的領域，我們正在培養大約 100 名新代理，這擴大了我們進行此類工作的機會。因此在現階段，我們認為隨著時間的推移，這將為我們帶來更多的成長。

On small language models there. The usage of that small language model is to create some activity, sometimes software development, sometimes customer service, sometimes the knowledge objects within the client and make a positive impact in that. And those all have some elements of for them to get additional market share and for them to be more efficient.

關於那裡的小語言模型。這個小語言模型的用途是創建一些活動，有時是軟體開發，有時是客戶服務，有時是客戶內的知識對象，並對其產生積極影響。所有這些都有助於他們獲得額外的市場份額並提高效率。

So the more they are deployed again, for us, we see possibility of driving growth through that as they get deployed. So one of the examples of a small language model, we are working with a client where they want to build their own small language model, based on one of the four that we build the enterprise one and that then translates into their industry and for them to drive it more within the company.

因此，對我們來說，它們部署得越多，我們就能看到透過部署來推動成長的可能性。小型語言模型的一個例子是，我們正在與一位客戶合作，他們希望基於我們建立的企業模型之一來建立自己的小型語言模型，然後將其轉化為他們的行業，並讓他們在公司內部進一步推動它。

So for us, it's like having the model as a service. So for us, it's an expansion of work in the more of those that clients are looking at. So at this stage, we're seeing a broader set of opportunities while overall scale is small, but it's looking like there will be more opportunities in this area.

所以對我們來說，這就像是將模型作為一種服務。因此對我們來說，這是一種工作擴展，可以滿足客戶更多的需求。因此，在現階段，我們看到了更廣泛的機會，雖然整體規模較小，但看起來這個領域會有更多的機會。

Thank you. And would you classify this nature of work? Salil, under cost oriented efficiency, oriented work or is this more discretionary oriented work?

謝謝。您能對這類工作性質進行分類嗎？Salil，在成本導向效率下，導向工作還是更自由裁量導向的工作？

So today, AI is something where many clients are doing different, different programs. So it's not like the traditional tech which, had that sort of a view and where, -- when industries were getting back, the discretionary was increasing and otherwise it was more cost.

如今，人工智慧已成為許多客戶正在做不同、不同程式的東西。因此，它不像傳統技術那樣有這樣的觀點：當產業復甦時，可自由支配的費用就會增加，否則成本就會更高。

Today, we see the spend is broad based, the end outcome sometimes could be the cost of their own growth, but it's not like that easily put into one of those buckets today, at least, as it becomes more mainstream, we'll be able to see how they use it today. There's a broader usage of AI within companies that is going on.

今天，我們看到支出範圍很廣，最終結果有時可能是他們自身成長的成本，但今天它並不像今天這樣容易被歸類在其中一個類別，至少，隨著它變得更加主流，我們將能夠看到他們今天如何使用它。人工智慧在公司內部的應用正在變得越來越廣泛。

Okay, I appreciate it. Thank you.

好的，我很感激。謝謝。

Yogesh Aggarwal, HSBC Securities.

Yogesh Aggarwal，匯豐證券。

Hi. Just have one question the third party items, the past two revenues. Jayesh, you talked about seasonality, which is for the fourth quarter. But in general, if you step back, will this line item continue to grow with the top-line or is there a limit like one can expect like around 9%, 10% it will settle down? Or this is a new reality that for every new deal you work, the pass through revenue will grow in-line with the overall revenues?

你好。只想問一下第三方項目，過去的兩項收入。Jayesh，您談到了季節性，這是針對第四季度的。但總體來說，如果你退一步考慮，這個專案是否會繼續隨著營收成長，還是有一個限制，例如可以預期在 9% 左右，10% 左右會穩定下來？或者這是一個新的現實，即對於您進行的每項新交易，轉嫁收入都會與整體收入同步成長？

So Yogesh, at this point in time, we don't expect this to change significantly, but it's also a factor of the large deals or the mega deals that come in at times, right? So it's dependent on some of the large deals come in where you take over the tech, the process people, technology from the client.

所以 Yogesh，目前為止，我們預計這種情況不會發生重大變化，但這也是有時會出現的大型交易或超級交易的一個因素，對嗎？所以這取決於一些大型交易，你可以從客戶那裡接管技術、流程人員和技術。

And as a result, you do incur those costs on the P&L because you are providing an end to end solution to the client. So it's going to be a factor of that. But based on current visibility, we are not seeing any significant increase from here in the next few quarters.

因此，您確實會在損益表中產生這些成本，因為您為客戶提供了端到端的解決方案。所以這將是其中一個因素。但根據目前的狀況，我們不會看到未來幾季出現任何顯著的成長。

Got it. Thanks.

知道了。謝謝。

Bryan Bergin, TD Cowen.

布萊恩·伯金（Bryan Bergin），TD Cowen 公司。

Hi. Thank you for taking the question. I wanted to start on pricing. So I think you mentioned a 3.6%, nine month realization tailwind and very solid. I'm just curious how you think that progresses from here as you pursue this value based pricing strategy and what is a reasonable level of potential pricing impact you'd expect going forward? And then just more broadly, can you comment on the competitive pricing situations in the market?

你好。感謝您回答這個問題。我想從定價開始。所以我認為你提到了 3.6%、九個月的實現順風並且非常穩固。我只是好奇，當您追求這種基於價值的定價策略時，您認為接下來會如何發展，以及您預計未來潛在定價影響的合理水平是多少？那麼更廣泛地說，您能評論一下市場上的競爭性定價嗎？

So Bryan, as we had talked earlier, this is one of the pillars under our margin improvement program and there were multiple tracks pinning that and those tracks are yielding results. It's difficult to predict from here where -- whether this will be this kind of growth year-on-year will be sustained or not.

所以布萊恩，正如我們之前所說的，這是我們利潤提高計劃的支柱之一，並且有多個軌道支撐這一點，而這些軌道正在產生成果。目前還很難預測這種年成長是否能夠持續。

But our endeavor is to keep improving and keep getting the best from where we are so. Very difficult to give a guidance there. Having said that, coming to your second question, the pricing environment per se across at least what we are seeing in the industry is stable at this point.

但我們的努力是不斷進步，並在現有基礎上持續取得最佳成果。在那裡提供指導非常困難。話雖如此，回到您的第二個問題，至少就我們目前看到的行業定價環境本身而言，是穩定的。

Okay. And then on utilization, remains modestly above your normalized range around 86% [trainees]. Can you comment? Is it, is this a new normal? Will this move lower as hiring continues? Where do you see that progressing?

好的。就利用率而言，仍略高於正常範圍，約為 86%（受訓人員）。你能評論一下嗎？這是新常態嗎？隨著招募的持續，這一走勢是否會降低？您認為這項進展如何？

Yeah, so we have generally 83%, 85% of utilization is the range that we are more comfortable with 86% is a little bit above our comfort level, but we don't expect it to change, change significantly, either way. So 83%, 85% is where we would like to be.

是的，所以我們通常有 83% 到 85% 的利用率，這是我們比較舒適的範圍，而 86% 略高於我們的舒適水平，但無論如何，我們預計它不會發生重大變化。所以我們希望達到 83% 至 85% 的水平。

Rishi Jhunjhunwala, India Infoline.

Rishi Jhunjhunwala，印度資訊專線。

Yeah, thanks for the opportunity. I'm --, I had dropped for a minute. So in case I'm repeating the question, just wanted to understand, the growth in top five clients, right? So it has declined pretty sharply in this quarter down more than 6% Q-o-Q in dollar terms. And even on a year-on-year basis, there hasn't been much growth. So just trying to understand what exactly is happening there?

是的，感謝有這個機會。我--，我昏倒了一會兒。所以，如果我重複這個問題，只是想了解前五名客戶的成長情況，對嗎？因此，本季美元匯率季減幅度相當大，下降幅度超過 6%。即使與去年同期相比，也沒有太大的成長。那麼只是想了解那裡到底發生了什麼事？

So Rishi, the sequential change in the top five clients is pretty much furloughs, largely because you do see furloughs impacting many of the large clients. And of course, there's also reported numbers. So there could be a bit of currency impact as well depending on which geography, the top five clients are also.

因此，Rishi，前五大客戶的連續變化基本上是休假，主要是因為你確實看到休假影響了許多大客戶。當然，也有報告的數字。因此，也可能會有一點貨幣影響，這取決於前五名客戶所在的地區。

The year-on-year will be client specific. Some there would be some deals which would have ramped up, ramped down as there could be multiple reasons. I don't think there is anything sectoral here in a way to decipher from here in my mind.

同比數據將針對客戶具體情況。由於多種原因，有些交易可能會增加，有些交易可能會減少。我認為這裡沒有任何可以以某種方式從我腦海中解讀的部門性事物。

Okay. And just secondly, clearly last year, we had a pretty big year in terms of overall deal wins almost $17.6 billion. This year, currently, we are analyzing it around [12]. I just wanted to understand, in terms of proportion of revenues that comes through, -- comes by a pass through, has that changed in the amount of deals that we have won in totality this year versus last year.

好的。其次，顯然去年是我們業績豐收的一年，總交易額達到了近 176 億美元。今年，我們正在分析[12]。我只是想了解，就轉嫁所獲得的收入比例而言，今年我們贏得的交易總額與去年相比是否發生了變化。

Not really, Rishi. If you look at last year, we had some of the mega deals in the deal signing, which we had called out for as well. I think we had around six mega deals in the last year, -- eight mega deals in the last year. So that has helped the $17 billion.

不是真的，Rishi。如果你回顧去年，你會發現我們在簽署協議時達成了一些大型交易，這也是我們呼籲的。我認為去年我們達成了大約六項大型交易，或是八項大型交易。因此這已經幫助了170億美元。

But as you know, those deals are volatile, some quarters you do have mega deals and some others, there will always be spike in the mega deals. The large deals we've been outside of the mega deals, the large deals, we have been consistently in the range of $2.5 billion to $3 billion.

但如你所知，這些交易是不穩定的，有些季度確實會有大型交易，而其他一些季度，大型交易總是會出現激增。我們進行的大型交易（除了超級交易之外）的金額一直在 25 億美元至 30 億美元之間。

If you look at this quarter, $2.5 billion has 63% net new, which means that the net new sequentially has grown by 50% quarter-on-quarter. That having any significant impact this year, on the third party? We don't expect any significant impact from the deal that we signed this year on the third party.

如果你看本季度，25 億美元中有 63% 是淨新增，這意味著淨新增季增了 50%。這對今年對第三方有任何重大影響嗎？我們預計今年簽署的協議不會對第三方產生任何重大影響。

Okay. Thank you so much.

好的。太感謝了。

Jonathan Lee, Guggenheim Partners.

古根漢合夥人公司的喬納森李 (Jonathan Lee)。

Great, Happy New Year. Thanks for taking our questions. Last quarter, you called out improvement in your smaller deal pipeline, but it doesn't sound like that continued into this quarter. What do you think is driving that difference? Particularly given some of the improvement you called out in discretionary demand.

太好了，新年快樂。感謝您回答我們的問題。上個季度，您指出小額交易管道有所改善，但這種狀況似乎並沒有持續到本季。您認為造成這種差異的原因是什麼？特別是考慮到您所提到的可自由支配需求的一些改善。

Jonathan, as we said, our overall deal pipeline has grown because this quarter, our large deal pipeline has also become stronger and the pipeline outside of the large deals have remained stable. So that is reflected in the overall deal pipeline has grown.

喬納森，正如我們所說，我們的整體交易管道有所成長，因為本季我們的大型交易管道也變得更加強大，而大型交易以外的管道則保持穩定。這反映在整體交易管道的成長。

There is also a reflection of everything that’s talked about in terms of the positivity in certain sectors that we are seeing, especially the financial services in the US, and Europe, the positivity in retail, in the US and the cost takeout opportunities in some of the other segments that continue.

我們也看到了某些行業的積極跡象，尤其是美國和歐洲的金融服務業、美國零售業的積極跡象，以及其他一些領域持續存在的降低成本的機會。

Appreciate that color. On the European BFI front. Can you help us unpack some of the strength you called out there? What is it that you're seeing in your conversations there and how durable is that strength?

欣賞那種顏色。在歐洲 BFI 方面。您能幫助我們解析一下您所說的力量嗎？您在談話中看到了什麼？

Yeah. So it's across the deals that we have signed it, it's more about, the -- I mean, we are not seeing a sectoral change in a way, but we are seeing a large number of deals that we have signed, benefiting us in terms of the positivity in the coming quarters. It's across clouds and consolidation of some of the vendors that we have seen that should help us in coming quarters.

是的。因此，從我們簽署的這些協議來看，更重要的是——我的意思是，我們並沒有看到某種行業變化，但我們看到我們簽署的大量協議，對我們未來幾季的積極影響有利。我們看到，跨雲端和一些供應商的整合將在未來幾季為我們提供幫助。

Appreciate it. Thanks for that level of detail.

非常感謝。感謝您提供如此詳細的資訊。

Surendra Goyal, Citigroup.

花旗集團的 Surendra Goyal。

Yeah, hi, good evening. One of the industry players called out AI driven productivity pass back to a large client of theirs. Have you seen any such instances in any of your large clients?

是的，你好，晚上好。一位業內人士呼籲將人工智慧推動的生產力回饋給他們的大客戶。您在任何大客戶那裡看過這樣的情況嗎？

So on the AI driven productivity point in general, what we see is whenever there is a productivity benefit, there's always sharing with clients. So in the AI driven or the other like outside of AI driven, we are not seeing a difference in the way it's being treated many of these like the examples I gave on agents or some of the examples we've done in the past where we've looked at the foundation models doing software development or customer service. Typically some benefits will go with the client and typically we'll get to keep some benefits.

因此，就人工智慧驅動的生產力而言，我們看到的是，只要有生產力效益，就會與客戶分享。因此，在人工智慧驅動或其他類似人工智慧驅動的領域中，我們沒有看到處理方式的差異，其中許多就像我在代理商身上給出的例子，或者我們過去做過的一些例子，我們研究了進行軟體開發或客戶服務的基礎模型。通常，有些好處會歸客戶所有，而通常我們會保留一些好處。

Okay. Maybe I'll ask the question more specifically, the top five client performance has that been impacted by any such productivity passthrough?

好的。也許我應該更具體地問這個問題，排名前五的客戶的表現是否受到了此類生產力傳遞的影響？

No, Suren. It's more of, -- as I said earlier, it's more of (inaudible) this quarter. Some part of that is currency. Because some of the clients are in the different geographies and non US geographies. And if you look at year-on-year, I don't think there's any sectoral (inaudible) we are seeing that.

不，蘇倫。正如我之前所說，這更多的是（聽不清楚）本季的情況。其中一部分是貨幣。因為有些客戶位於不同的地區和美國以外的地區。如果你看一下同比數據，我認為我們沒有看到任何部門（聽不清楚）出現這種情況。

Sure. Thanks a lot.

當然。多謝。

Vibhor Singhal, Nuvama Institutional Equities.

Vibhor Singhal，Nuvama Institutional Equities。

Yeah, hi. Thanks for taking my question. Mike, I have a couple of questions. So the first question is on the expected growth rate for Q4, which as for the guidance comes in the negative territory, now you need a little bit to the point that it's only from the seasonality.

是的，你好。感謝您回答我的問題。麥克，我有幾個問題。因此，第一個問題是關於第四季度的預期成長率，就預期而言，成長率處於負值區域，現在你需要一點點，以至於它只來自季節性。

So should we assume that this is the reality (inaudible) for the overall business that we have at this point of time, in general Q4 is going to be sharply lower than what the Q3 does, despite the fact that Q3 itself would be lower because of the (inaudible) and the decision that we see that. And then I have a follow up question.

因此，我們是否應該假設這是我們目前整體業務的現實情況（聽不清楚），一般來說，第四季度的業績將大幅低於第三季度，儘管第三季度本身的業績會因為（聽不清楚）和我們看到的決定而下降。然後我有一個後續問題。

So if you look at, Q3 was benefited by some of the third party revenue, right? So to that extent, there is an additional seasonality versus what we generally see in Q3 and Q4 as a seasonality.

所以如果你看一下，第三季受益於部分第三方收入，對嗎？因此從這個程度上來說，與我們通常在第三季和第四季看到的季節性相比，存在額外的季節性。

Historically, if you look at our first half is always been stronger than the second half and within second half, depending on how the calendar days and working days play out, you would see, one quarter better than the other quarter.

從歷史上看，如果你看一下我們的上半年總是比下半年強勁，而在下半年，根據日曆日和工作日的走勢，你會看到一個季度比另一個季度好。

This year, we have lower working and calendar days both in Q3 and Q4. And that is I have Q3 and Q4 are impacted, plus Q3 has larger follow Q4, we will have some follow. So you will see overall, some fellow flashback offset by a working day and calendar day impact and a reversal of the benefit that we got in terms of the third party revenue.

今年第三季和第四季的工作天數和日曆天數均較少。也就是說，我的第三季和第四季都會受到影響，而且第三季的後續影響更大，第四季也會受到一定程度的影響。因此，總體而言，您會看到，一些閃回被工作日和日曆日的影響所抵消，以及我們在第三方收入方面獲得的收益的逆轉。

Got it. But the third party revenue will also have the seasonality of maybe picking out in Q3, and then maybe tempering down the following quarters is that also pay to believe.

知道了。但第三方收入也會出現季節性，可能在第三季出現成長，然後在接下來的幾季逐漸下降，這也是值得相信的。

Yeah, that is how generally is right in Q3, you do see many of these deals, having a larger volumes.

是的，第三季的情況總體上是這樣的，你確實會看到很多這樣的交易，而且交易量較大。

Got it. Just one last question is on the retail vertical. I'm -- if I missed out in the opening part. I mean, what is the outlook in that vertical overall that we see? I mean, we've alluded to the things we spend picking up here. I think a couple of the competitors also have had the basically the vertical watering out how is this vertical playing out for us and our outlook for this incoming quarters?

知道了。最後一個問題是關於零售垂直領域的。我——如果我錯過了開頭的部分。我的意思是，我們看到的垂直整體前景是什麼樣的？我的意思是，我們已經提到了我們在這裡花費的時間和精力。我認為一些競爭對手也已經基本上在垂直領域展開了競爭，這種垂直領域對於我們和我們對未來幾季的前景有何影響？

So what we have said is, we are seeing positivity in retail and CPG in the US, that is reflecting from the fact that the sales in the holiday season is better, the consumer sentiment is getting positive. So all of that is starting to reflect in the deal pipeline and the clients behavior in terms of decision making.

因此，我們所說的是，我們看到美國零售業和快速消費品行業的積極態勢，這反映出假日季銷售情況更好，消費者情緒變得積極。所以所有這些都開始反映在交易管道和客戶的決策行為中。

So we are seeing that positivity, in the next one or two quarters, we should start reflecting in terms of volume.

因此，我們看到了這種積極跡象，在接下來的一兩個季度裡，我們應該開始在數量方面有所體現。

And the green pipeline is vertical (inaudible).

綠色管道是垂直的（聽不清楚）。

The steel pipeline overall has remained strong. If you look at again this quarter, also we had -- we did sign a couple of retail deals as well.

鋼管整體仍保持強勢。如果您再次查看本季度，我們也會——我們也簽署了一些零售協議。

Got it. Thank you so much for taking my question, and I wish you all the best.

知道了。非常感謝您回答我的問題，並祝您一切順利。

Ashwin Mehta, Ambit Capital.

Ambit Capital 的 Ashwin Mehta。

Yeah, hi. Thanks for the opportunity. I just want to check in terms of the impact of the wage hikes. Will it be a full impact next quarter or will it be staggered? And what is the margin impact that you see of wage hikes?

是的，你好。謝謝你的機會。我只是想檢查一下薪資上漲的影響。這會在下個季度產生全面影響嗎？您認為薪資上漲對利潤率的影響有多大？

So as we said earlier, our wage is going to happen. Wage rollout is -- comp rollout is going to happen in two phases. First page starting January 1, and the second phase will start from April 1. The India wage increases would be, on an average 6% to 8%. Of course, the high performance would get much higher et cetera. And overseas would be low single digit. We haven't really called out the margin impact on account of that. Most of the employees will get comp increase in Q4.

所以正如我們之前所說的，我們的薪水會發生。薪資推出－補償推出將分兩個階段進行。第一期於1月1日開始，第二期於4月1日開始。印度工資平均漲幅將達6%至8%。當然，高性能會變得更高等等。而海外則低於個位數。我們還沒有真正指出這一點對利潤率造成的影響。大多數員工將在第四季度獲得薪資增加。

Okay, thanks. And just one follow up to an earlier question, you indicated that the top five client decline was largely furloughed. So ideally, this should recover in the next quarter itself, right?

好的，謝謝。我們再來回答之前的問題，您指出，前五大客戶流失主要是因為休假。所以理想情況下，這應該在下個季度就恢復，對嗎？

Yeah, I mean, likely, yes. Ashwin, we don't give the projections by the package of clients, but fellow should reverse for sure.

是的，我的意思是，很有可能。阿什溫，我們沒有給出客戶套餐的預測，但肯定會反轉。

Okay. So the decline is beyond is much higher than because you had almost a 1% drag because of these top five clients. And in terms of our guidance, there's a decent enough decline built in. So essentially the decline is much more than -- more and more is the understanding.

好的。因此，降幅遠高於因為這五大客戶導致的近 1% 的拖累。就我們的指導而言，已經存在足夠大的下降幅度。因此，從本質上講，下降的幅度遠遠不止這些——人們的理解也越來越多。

So it's going to be, as I said earlier, it's going to be furloughs it will be currency plus, it can also be factors like third party, if one of those clients had third party last quarter versus this quarter, that could be those, -- I'm not seeing any sectoral behavior in those brackets, which is where the client is behaving differently.

所以，正如我之前所說的，這將是休假，將是貨幣加成，也可能是第三方等因素，如果其中一個客戶上個季度與本季度有第三方，那可能是那些，--我沒有看到這些括號內的任何部門行為，這就是客戶行為不同的地方。

Okay. Thank you. Thanks for the clarification.

好的。謝謝。感謝您的澄清。

Jamie Friedman, Susquehanna Financial Group .

Jamie Friedman，Susquehanna Financial Group。

Hi. Good evening. Nice presentation. So how are you characterizing linearity, -- the linearity narrative now because I see you're taking up the head count which seems quite constructive. I was wondering the automation impact contemplation relative to linearity.

你好。晚安.精彩的演講。那麼您現在如何描述線性——線性敘述，因為我看到您正在進行人數統計，這似乎很有建設性。我想知道相對於線性而言的自動化影響思考。

So on linearity, we see currently there's benefits coming, as you stated from automation, there's also benefits that Jayesh was sharing earlier from pricing. But broadly speaking, I mean, the scale we are operating at today, we still see benefits when with the employee head count increase.

因此就線性而言，我們目前看到它帶來的好處，正如您從自動化中所說的那樣，它還帶來 Jayesh 先前從定價中分享的好處。但從廣義上講，我的意思是，以我們今天的營運規模，隨著員工人數的增加，我們仍然會看到好處。

For us, that's a good signal on a net basis, because it's showing that we are expanding the work that we're doing overall. In the medium long term, there are different sort of views that could develop. But right now, we are positive with the employee growth, and we do see the pluses and the minuses with some of those elements you referenced internally.

對我們來說，這是一個淨值好訊號，因為它表明我們正在擴大我們整體上所做的工作。從中長期來看，可能會出現不同類型的觀點。但目前，我們對員工成長持正面態度，我們確實看到了您在內部提到的一些因素的優點和缺點。

Thank you. And a separate question with regard to the net new number which was quite robust. Does the net new reflect either the similar like vertical operating group or service lines as the current base of business or is there something that is like net-net new going on in the new bookings?

謝謝。還有一個關於淨新增數量的單獨問題，這個數字相當強勁。淨新增量是否反映了與垂直營運集團或服務線類似的當前業務基礎，或者新訂單中是否存在淨新增量？

So we are also positive on the net new, it demonstrates an expansion of what we're doing typically with existing or new clients. We don't sort of detail out the specific service line, but it's sort of at a macro level sufficient to say that we see very good traction areas like cloud. We see good traction in a small way on what we were discussing earlier on generative AI.

因此，我們對新網路也持正面態度，這表明我們通常針對現有客戶或新客戶所做的事情有所擴展。我們沒有詳細說明具體的服務線，但從宏觀層面來看，足以說明我們看到了雲端運算等非常好的牽引領域。我們先前討論的生成式人工智慧在某種程度上取得了良好的進展。

We are seeing good traction areas like SAP S/4 HANA. We are seeing good traction as Jay shared earlier on broadly cost takeout. So these are not, let's say all net-net new generative AI is, but it's a mix of these things without sort of getting into the specifics on the 63%.

我們看到了像 SAP S/4 HANA 這樣的良好發展領域。正如傑伊早些時候分享的關於廣泛成本削減的情況一樣，我們看到了良好的進展。因此，我們不能說這些都是全新的生成式人工智慧，而是這些東西的混合，而無需深入探討那 63% 的具體內容。

Perfect. Thank you. I'll drop back in the queue.

完美的。謝謝。我將重新回到隊列中。

Sandeep Shah, Equity Securities.

Sandeep Shah，股權證券。

Yeah, thanks for the opportunity. Salil, just the first question. When we entered FY25 we had a lot of support of the large deals which have ramped up in the first nine months of FY25. With those largely into the rampant stage and might fall into study state.

是的，感謝有這個機會。Salil，只是第一個問題。當我們進入 25 財年時，我們得到了大量大型交易的支持，這些交易在 25 財年的前九個月有所增加。其中大部分已進入猖獗階段並可能陷入學習狀態。

Do you believe FY26, we may have to worry or do you believe FY26, as some of the industry peers are calling out better than FY25. So do you believe that for the industry, FY26 could be better than FY25.

您是否相信 FY26，我們可能必須擔心，或者您是否相信 FY26，因為一些行業同行預測其將比 FY25 表現更好。那麼您是否認為對於該行業而言，2026 財年可能會比 2025 財年更好？

So they -- I think, we don't have a comment externally on the next financial year. What we are very clear is, with this better view on financial services, the first was US now financial services, Europe, the better view on retail and consumer products US. We are starting to see some positivity on the discretionary, we have with a net new of 60% looking good with where that brings us into the next cycle.

所以他們—我認為，我們對下一財政年度沒有任何外部評論。我們非常清楚的是，對金融服務的看法更好，首先是美國，現在是金融服務，歐洲，對美國零售和消費品的看法更好。我們開始看到可自由支配支出方面的一些積極跡象，我們擁有 60% 的淨新增量，這看起來不錯，這將帶我們進入下一個週期。

And overall going in with an increased guidance, we feel confidence going into Q4. We also see the deal pipeline for large deals looking more robust than it was at this time last quarter. So overall, we see our execution of what we are driving the traction that the clients are giving us is incredible. That's what we have to say because we sort of stop in terms of specific guidance on March 31. But generally speaking, what we're seeing underlying seems to be positive.

總體而言，隨著指導價的提高，我們對進入第四季充滿信心。我們也發現，大型交易的交易管道比上個季度此時更加強勁。因此總體而言，我們看到了我們所執行的、推動客戶給予我們的牽引力的舉措是令人難以置信的。這就是我們必須說的，因為我們在 3 月 31 日就停止提供具體指引了。但總體而言，我們看到的潛在跡像似乎是正面的。

Okay. Just other questions, any color in terms of deal pipeline below $50 million which has grown 10% Q-on-Q in the 2Q, any update on the same. Second, in terms of margin, Jayesh, do you believe the likely reversal in the third party could be enough to offset the wage hike impact in the third quarter?

好的。還有其他問題，對於第二季度環比增長 10% 的 5,000 萬美元以下交易管道，有任何最新消息嗎？其次，就利潤率而言，Jayesh，您是否認為第三方的可能逆轉足以抵消第三季度工資上漲的影響？

And also in terms of the recruitment which we have done in this quarter? Can you throw color, is it more pressure driven or is it more lateral driven?

那麼就我們本季的招募情況而言？你能投射顏色嗎？

-- What was your first question? The deal pipeline remains stable as compared to last quarter, as Salil said the large deal pipeline has grown. So our overall pipeline has become stronger. So that's point number one.

——您的第一個問題是什麼？與上一季相比，交易管道保持穩定，Salil 表示大型交易管道有所成長。因此我們的整體管道變得更加強大。這是第一點。

Point number two, we will have headwinds in terms of compensation, we will have tailwinds coming from if the third party cost is coming down and some bit of currency depending on how the currency plays out. But at this point in time where we are, there could be some benefits from that. So that's broadly the puts and takes. We don't really quantify each of them as we get into this quarter. So I wouldn't get that.

第二點，我們在補償方面會遇到阻力，但如果第三方成本下降，我們就會遇到順風，而且根據貨幣的走勢，還會有一些金錢收益。但就我們目前的情況來看，這樣做還是有一些好處的。這就是大致的得失。進入本季時，我們並沒有真正量化每一個。所以我不會明白這一點。

And the last question on recruitment?

最後一個問題是關於招募的嗎？

So I think, recruitment is a combination of both freshers and laterals. Again, we've not broken up this number, but for the year we are, -- we have hired, -- we will hire 15,000 plus freshers in-line with our original commentary. And for the next year we are expecting 20,000 plus.

所以我認為，招募是新人與橫向招募的結合。再說一次，我們沒有詳細透露這個數字，但就今年而言，我們已經招募了，我們將按照我們最初的評論招募 15,000 多名新人。預計明年該數字將超過 20,000。

Okay. Thanks and all the best.

好的。謝謝並祝一切順利。

Sumeet Jain, CLSA India.

Sumeet Jain，里昂證券印度分公司。

Yeah, hi. Thanks for the opportunity. If I recall correctly last quarter, you mentioned that sub $20 million deals had a very strong pipeline. So can you just comment, did you actually see the positive impact of that in 3Q? And how does that deal pipeline look like at this stage?

是的，你好。謝謝你的機會。如果我沒記錯的話，上個季度您提到 2000 萬美元以下的交易管道非常暢通。那麼您能否評論一下，您是否真的在第三季看到了它的正面影響？目前這個階段的交易流程是怎麼樣的？

Sumeet, what we said was the sub $50 million deals, which was, -- which had grown 20%. We haven't really called it out how much of that is converted, how much of that is not. And in any case, whatever we convert in this quarter, we start showing up results in Q4 onwards.

Sumeet，我們說的是 5,000 萬美元以下的交易，成長了 20%。我們還沒有真正說出其中有多少被轉化了，有多少沒有轉化。無論如何，無論我們在本季轉換什麼，我們都會從第四季開始顯示結果。

So more likely than also. So that is how it runs out. The idea of giving that data point last quarter was we saw a significant change there, which we thought it was important that, to share it with investors. But we're not breaking that up further as to how much of that got converted or not.

因此也更有可能。這就是它的用完方式。上個季度提供該數據點的想法是，我們看到了那裡的重大變化，我們認為與投資者分享這一點很重要。但我們不會進一步細分其中有多少已轉換或未轉換。

At this point in time, we still continue to see that the stable large deal pipeline has become stronger.

目前，我們仍然看到穩定的大額交易管道變得更加強大。

All right, got it. That's helpful. And secondly, in terms of -- actually, I forgot my second question. Maybe I will come back to with the -- in the queue.

好的，明白了。這很有幫助。其次，就——實際上，我忘記了我的第二個問題。也許我會回到隊列中。

Keith Bachman, BMO Capital.

BMO Capital 的 Keith Bachman。

Hi, thank you very much. My question is on cost to serve your clients. And what I mean by that is, how is AI changing your cost to serve today? And I'm not talking about AI deals, I'm talking about the broader or questioning the broader portfolio. And how do you envision that changing say a year from now.

你好，非常感謝。我的問題是關於為您的客戶提供服務的成本。我的意思是，人工智慧如何改變您今天的服務成本？我並不是說人工智慧交易，而是在談論更廣泛的或質疑更廣泛的投資組合。您認為一年後會發生怎樣的變化？

Today, in terms of AI and our cost to serve. What we are seeing some of these elements we've discussed in the past at the level of what our activity is, we see applying, for example, some of the small language models and large language models within the company for areas like software development.

今天，就人工智慧和我們的服務成本而言。我們在過去的活動層面上討論過這些元素，我們看到它們被應用於公司內部的一些小型語言模型和大型語言模型，例如軟體開發等領域。

And we've seen some benefits accrue from that. Now, the place where this becomes the most relevant is when we have clients where there is a large common sort of foundation of approach, a common foundation of data infrastructure. Or for example, where we have our own business of Finacle, where we've started to apply these.

我們已經看到了由此產生的一些好處。現在，當我們的客戶擁有大量共同的方法基礎、共同的資料基礎設施基礎時，這一點就變得最為重要。或者例如，我們有自己的 Finacle 業務，我們已經開始應用這些。

We are now rolling this out where we see common elements across our own internal business and those are benefits that will support us. And it will be one of the levers that will help us over time on our margin activity and it's part of our program,

我們現在正在推行這項計劃，我們在自己的內部業務中看到了一些共同點，這些好處將對我們有所幫助。這將是幫助我們隨著時間的推移提高利潤率的槓桿之一，也是我們計劃的一部分，

We don't have an external quantification, but that's something that is one of the elements of the approach we are driving through internally. And as time goes on, we get you need some large common element, common data set to make impacts on that area, on the area of customer service and other areas where Gen-AI can be applied within Infosys.

我們沒有外部量化，但這是我們內部推動的方法的要素之一。隨著時間的推移，我們發現需要一些大型的通用元素、通用資料集來對該領域、客戶服務領域以及 Infosys 內可以應用 Gen-AI 的其他領域產生影響。

Okay. Well, let me ask my follow up related to that you call out SAP as being a strong area for you. And I think it's candidly strong for a number of different vendors or suppliers. Presumably, Gen-AI will help with deployments over time because there's a notion of software development as the SAP/ECC customers migrate to the Cloud.

好的。好吧，讓我問一下與您所說 SAP 是您強項相關的後續問題。我認為，對於許多不同的供應商或供貨商來說，它都非常強勁。據推測，Gen-AI 將隨著時間的推移幫助部署，因為隨著 SAP/ECC 客戶遷移到雲端，出現了軟體開發的概念。

And so as that develops into a more robust capabilities or emphasis, how does that change your pricing to the customers? Say a year from now for deployment of SAP work? Because if you're getting a benefit, presumably as you, the customers will want to share in that benefit. So how do you think it, is it a source of deflation for you or how do you think that unfolds particularly from the software development side?

那麼，隨著它發展成為更強大的能力或重點，這會如何改變您對客戶的定價？說從現在起一年後部署 SAP 工作？因為如果你獲得了好處，那麼想必顧客也會想分享這個好處。那麼您如何看待它？

So I think, if I understood what you were asking, this is on SAP software development when we are doing it for our clients. In that instance of today, the demand as we were sharing earlier on S/4 HANA or even on rise, which is the cloud migration pieces is strong in the SAP area.

所以我想，如果我了解你在問什麼，這就是我們為客戶進行 SAP 軟體開發時的情況。在今天的例子中，我們先前分享的對 S/4 HANA 的需求甚至在上升，即雲端遷移部分在 SAP 領域很強勁。

Now, that work is more implementation or migration. So it's not typically software development having said that some elements of the agents that we discussed before, especially in the finance process, which is where we are seeing the biggest impact today in like invoicing and other finance activities, we will see some impact and benefit.

現在，這項工作更多的是實施或遷移。因此，這通常不是軟體開發，但是我們之前討論過的代理商的一些元素，特別是在財務流程中，這是我們今天在發票和其他財務活動中看到的最大影響，我們將看到一些影響和好處。

However, stepping back all of that, let's say benefit will eventually, at least from past experience is almost always shared with the client in some way. So I don't see that approach of sharing will change and which to us means we will get some benefit, and the client will get some benefit.

然而，退一步來說，我們可以說最終的利益，至少從過去的經驗來看，幾乎總是以某種方式與客戶分享。因此，我認為共享的方式不會改變，對我們來說，這意味著我們會得到一些好處，客戶也會得到一些好處。

Okay, I will see the floor. Thank you.

好的，我將聽取發言。謝謝。

Sumeet Jain, CLSA India.

Sumeet Jain，里昂證券印度分公司。

Yeah, hi. Thanks for the opportunity again. My second question is actually around the retail vertical growth sustainability. I think last entire year we mentioned that because of high interest rates and inflationary environment in the US, this vertical had a pretty subdued growth.

是的，你好。再次感謝你給我這個機會。我的第二個問題實際上是關於零售垂直成長的可持續性。我想去年我們提到過，由於美國的高利率和通膨環境，這個垂直產業的成長相當緩慢。

So we saw pretty strong sequential growth here. How do you see the sustainability of growth in FY25 and post the US election outcome? Do you see any client sentiments changing particularly in this vertical?

因此，我們看到了相當強勁的連續成長。您如何看待 25 財年及美國大選結果公佈後的成長永續性？您是否發現客戶情緒發生了變化，特別是在這個垂直領域？

So the Q3 growth in retail was also held by some of the third party deals that we talked about earlier. But as I said, Salil said as well, the retail in the US and CPG in the US. We are seeing a revival in terms of the growth on the back of the strong holiday season sales as well as the consumer sentiment changing.

因此，零售業第三季的成長也受到了我們之前談到的一些第三方交易的影響。但正如我所說，薩利爾也說過，美國的零售業和美國的快速消費品。在假期銷售強勁以及消費者情緒變化的推動下，我們看到了成長的復甦。

At this point in time, we are seeing, revival in interest from clients in terms of spending which should ideally reflect into growth in the next few quarters.

目前，我們看到客戶對支出的興趣正在復蘇，理想情況下，這將反映在未來幾季的成長中。

And secondly, in terms of the Gen-AI rollout, are you seeing any specific verticals where the impact is slightly higher in terms of volume gains or increase in pricing.

其次，就 Gen-AI 的推出而言，您是否看到任何特定垂直行業在銷售成長或價格上漲方面的影響略高一些。

So Generative-AI today is in discussion across almost every industry most clients. So some of the examples that we were discussing earlier is like in a technology company, we are doing a lot of work in the Telco area and of course in financial service where we discussed overall segment and the retail point, we discussed.

因此，如今幾乎每個行業的大多數客戶都在討論生成式人工智慧。因此，我們之前討論過的一些例子是，在一家科技公司，我們在電信領域做了很多工作，當然在金融服務方面，我們討論了整體細分市場和零售點。

But Generative-AI discussions are more broad based every almost not. But let's say a lot of clients are quite actively looking at doing something. Most clients have some internal and then without some external activity going on there.

但生成式人工智慧的討論幾乎從未如此廣泛。但假設很多客戶都在積極地考慮做某件事。大多數客戶都有一些內部活動，但沒有一些外部活動。

Got it. That's helpful. Salil and lastly just want to understand the 3.6% Y-o-Y increase in pricing you mentioned in the first nine months, what has been the primary factor behind that very strong increase in pricing?

知道了。這很有幫助。Salil，最後，我想了解您提到的前九個月價格年增 3.6%，價格強勁上漲的主要因素是什麼？

So this is the program that we've been running on margin expansion and there is one dedicated pillar which is value based selling and there are multiple tracks beneath that. I think many of those tracks have started yielding results, whether they change request, whether it is, differential pricing.

這是我們一直在執行的關於利潤擴大的計劃，其中有一個專門的支柱，即基於價值的銷售，其下有多個軌道。我認為其中許多途徑已經開始產生成果，無論是改變請求，還是差別定價。

All of that has yielded results in multiple ways. Of course, even the lean automation is also reflected in pricing eventually, right? Because we're able to deliver the same output with lesser people, it will reflect in pricing. So all of that would show up in pricing.

所有這些都已以多種方式產生了成果。當然，精益自動化最終也會反映在定價上，對嗎？因為我們能夠用更少的人力來實現同樣的產出，所以這將反映在定價上。所以所有這些都會在定價中體現出來。

All right, that's helpful. So that's all I had. Thanks for the opportunity again and all the best.

好的，這很有幫助。這就是我所擁有的一切。再次感謝你給我這個機會並祝一切順利。

Abhinav Ganeshan, SBI Pension Funds.

Abhinav Ganeshan，印度國家銀行退休基金經理人。

Hello. Thank you for the opportunity and congratulations on a great set of numbers. I just wanted some more clarity, on this third party software packages which are present to around 9.5% of revenue for the current quarter.

你好。感謝您提供的機會，並祝賀您取得如此出色的成績。我只是想更清楚地了解第三方軟體包，它們佔本季收入的約 9.5%。

I think you in your comments, you alluded to retail vertical, taking up some of that. If you can give some more color. Is there anymore, -- are there any more verticals you would like to call out and also geographies?

我認為您在評論中提到了零售垂直領域，並涉及其中的一些內容。如果你可以提供更多顏色。還有其他嗎？

So Abhinav, we don't really split this by geography and verticals. That was one specific question that asked, and I was responding to that question, but we can't really break this by geography or vertical.

所以 Abhinav，我們實際上並沒有按地域和垂直行業來劃分它。這是一個具體的問題，我正在回答這個問題，但我們無法真正按地理或垂直來劃分這個問題。

Okay. Just -- follow up on this, but I just wanted to understand if you can give a broader color. Now, if you looked at it, in the recent last two years, if you look at it, our cost takeout deals have gone up compared to the discretion, now discretion are returning.

好的。只是——跟進這一點，但我只是想了解您是否可以給出更廣泛的解釋。現在，如果你看一下，在最近的兩年裡，如果你看一下，我們的成本收購交易與自由裁量權相比有所上升，現在自由裁量權正在回歸。

So this number has trended up from around 6% to 9.5%. So once discretionary comes back, do you feel that this will kind of stabilize and maybe then trend down later? If you can comment on that?

所以這個數字從大約 6% 上升到了 9.5%。那麼，一旦自由裁量權回歸，您是否認為這種情況會趨於穩定，然後可能呈現下降趨勢？您能對此發表評論嗎？

As I said earlier in the call as well, this is going to be dependent on many of the large deals that we sign and what is, what are the contours of those large deal? If the deal is a deal where we are taking over people process technology and providing an end to end solution to the client, it will come with some of these third party costs like hardware, software, etcetera.

正如我早些時候在電話會議中所說的那樣，這將取決於我們簽署的許多大交易，以及這些大交易的輪廓是什麼？如果這筆交易是我們接手人力流程技術並為客戶提供端到端解決方案的交易，那麼它將產生一些第三方成本，如硬體、軟體等。

And that will automatically show up on our books, of course, but then we are providing an integrated solution to our clients, which is much more secure in the long term. So that is how it is going to depend on, in the future, what part of the deal or the larger deals come through as a kind of a program that we are taking over everything from (inaudible).

當然，這會自動顯示在我們的帳簿上，但我們會為客戶提供整合解決方案，從長遠來看，這更加安全。所以這將取決於未來交易的哪一部分或更大的交易會以某種計劃的形式實現，我們將接管一切（聽不清楚）。

Got it. So I appreciate the same. One last question from my side. If I look at the utilization, it's around 86%. So what would be your comfort zone going forward at least for the next quarter and the next year? And how would we get there? If you can give some color.

知道了。對此我深表讚賞。我的最後一個問題。如果我看一下利用率，它大約是 86%。那麼至少在下一季和明年，您的舒適區是什麼？那我們要怎麼到達那裡呢？如果你能給一些顏色。

(technical difficulty) -- Yeah, just wanted to get a clarity on utilization is touching 86%. So can you just give some more color on how this will go? This will -- how this will pan out going forward?

(技術難題)——是的，只是想弄清楚利用率是否達到 86%。那麼你能否進一步詳細說明事情將如何進行？這將－未來將會如何發展？

(technical difficulty) So I just wanted to understand some color on utilization if you can give that. That's it. Thanks.

（技術難題）因此，如果您能提供一些關於利用率的詳細資訊的話，我只是想了解一下。就是這樣。謝謝。

(Operator Instructions)

（操作員指令）

Hello, I hope I'm audible. Yeah, I just wanted one last question. Now, your utilization has reached around 86%. So I just wanted to understand what a comfort zone for the coming quarter in the coming year would be and how will we get there. So you can give some color? Thanks.

您好，希望您能聽到我的聲音。是的，我只想問最後一個問題。現在，您的利用率已經達到86%左右。所以我只是想了解明年下一季的舒適區是什麼樣的，以及我們將如何到達那裡。那你能給一些顏色嗎？謝謝。

Yeah, so as I said earlier as well, our utilization comfort level is 83% to 85%. This quarter we have tied about that. But what would be more comfortable in a growth environment would be 83% to 85%.

是的，正如我之前所說的，我們的利用率舒適度是 83% 到 85%。本季我們已經就此進行了探討。但在成長環境中更舒適的比率是 83% 至 85%。

I appreciate the color. That's all from my side. Thank you and all the best.

我很欣賞這個顏色。我的發言就這些。謝謝您，祝您一切順利。

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

非常感謝。女士們、先生們，我們將把這當作最後一個問題。我現在將會議移交給管理層，以便發表結束語。

Thank you. This is Salil. So first, thank you everyone for joining in. Just wanted to share a couple of observations, very strong growth in this quarter, especially financial services, US, financial services, Europe. Now starts to see traction and discretionary retail consumer products US, all of those good signs for us.

謝謝。這是薩利爾。首先感謝大家的加入。只是想分享一些觀察結果，本季的成長非常強勁，尤其是金融服務、美國、金融服務、歐洲。現在開始看到美國可自由支配的零售消費品的吸引力，所有這些對我們來說都是好兆頭。

Extremely strong cash generation, good large deals with very good net new. Continue deep sort of capability building and traction generative AI with our clients and with that an increase in our growth guidance in three quarters.

極強的現金產生能力，良好的大額交易和非常好的淨利。繼續與我們的客戶進行深度能力建設和牽引生成人工智慧，並在三個季度內提高我們的成長預期。

So we continue to see as the environment starts to be more supportive in AFS retail, the execution that we are driving within Infosys resonating with our clients. And we continue to see that traction with the increase in the guidance for the third consecutive quarter.

因此，我們繼續看到，隨著環境開始對 AFS 零售業更加有利，我們在 Infosys 內部推動的執行力與我們的客戶產生了共鳴。我們連續第三個季度看到這種成長勢頭。

Thank you, everyone and catch up with you at the next quarterly call.

謝謝大家，下次季度電話會議再見。

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

非常感謝。謝謝管理層的成員。女士們、先生們，我謹代表印孚瑟斯有限公司結束本次會議。感謝您加入我們，您現在可以斷開線路了。謝謝。