Infosys Ltd (INFY) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Infosys Limited Q4 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 財年第四季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

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

現在我把會議交給桑迪普·馬欣德魯先生。謝謝，交給 Mahindroo 先生。

Hello, everyone, and welcome to Infosys earnings call for Q4 and FY25. Joining us on this earnings call is CEO Mr. Salil Parekh; CFO, Mr. Jayesh Sanghrajka and other members of the leadership team. We'll start the call with some remarks on the performance of the company subsequent to which the call will be opened up for questions.

大家好，歡迎參加 Infosys 第四季和 2025 財年財報電話會議。參加本次收益電話會議的有執行長 Salil Parekh 先生；財務長 Jayesh Sanghrajka 先生和其他領導團隊成員。我們將首先對公司的業績發表一些評論，然後開放問答環節。

Kindly note that anything we say which refers to our outlook for the future is a forward-looking statement that must be read in conjunction with the risk that the company faces. A full statement 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 (SEC) 提交的文件中包含了有關這些風險的完整聲明解釋，可在 www.sec.gov 上找到。

I'd now like to pass on the call to Salil.

現在我想把電話轉給薩利爾。

Thanks, Sandeep. Good evening and good morning to all of you. Thank you for joining us on this call.

謝謝，桑迪普。大家晚上好，早安。感謝您參加本次電話會議。

We had an excellent year and financial year 2025. Our revenues grew at 4.2% in constant currency terms, operating margin was 21.1%. We generated $4.1 billion in free cash flow, and we had $11.6 billion in large deals.

我們度過了出色的一年和2025財年。我們的營收以固定匯率計算成長了 4.2%，營業利益率為 21.1%。我們產生了 41 億美元的自由現金流，並達成了 116 億美元的大額交易。

In Q4, we had year-on-year growth of 4.8% and operating margin of 21%. We are seeing growing demand from clients to partner with them on AI, they're moving from a use case-based approach to an AI-led transformational approach with AI agents playing a critical role.

第四季度，我們的年成長率為 4.8%，營業利潤率為 21%。我們看到客戶對在人工智慧方面與他們合作的需求日益增長，他們正在從基於用例的方法轉向人工智慧主導的轉型方法，其中人工智慧代理發揮關鍵作用。

We're working on AI projects by bringing Infosys Topaz, a generative and agent AI-powered services and solutions for their benefit. Our AI work spans a wide spectrum of priority areas like process improvement, engineering, customer service, cybersecurity and employee productivity.

我們正在進行人工智慧項目，為他們帶來 Infosys Topaz，這是一種由生成和代理人工智慧驅動的服務和解決方案。我們的人工智慧工作涵蓋了廣泛的優先領域，例如流程改善、工程、客戶服務、網路安全和員工生產力。

We're helping a large US financial services company navigate the transformation to deliver hyperpersonalized conversation AI-powered customer experience with accuracy of over 80%. We're working with a Europe-based company to create master solution driving multiple AI-first transformation projects that is automating 70% of the process landscape.

我們正在幫助一家大型美國金融服務公司實現轉型，提供超個人化對話人工智慧客戶體驗，準確率超過 80%。我們正在與一家歐洲公司合作，創建主解決方案，推動多個 AI 優先轉型項目，以實現 70% 的流程自動化。

We continue with our strategic expansion with acquisitions, one in energy consulting space in the US, one in cybersecurity in Australia and with a new strategic partner joining our joint venture in Japan. All of these are areas of interest and strategic focus for the company.

我們繼續透過收購進行策略性擴張，一項是在美國收購能源諮詢領域，一項是 在澳洲收購網路安全領域，還有一項是在日本收購了我們合資企業的新策略合作夥伴。所有這些都是公司感興趣的領域和策略重點。

We have a set of capabilities that support our clients in their growth areas related to AI, cloud and digital and in their efficiency areas related to automation, cost reduction, lean and consolidation. Based on what we are seeing in the environment today and building on a large deal wins in the past quarters, our guidance for growth for financial year '26 is 0% to 3% in constant currency terms.

我們擁有一系列能力，可支援我們的客戶在與人工智慧、雲端和數位相關的成長領域以及與自動化、降低成本、精益和整合相關的效率領域。根據我們目前所看到的環境以及過去幾季所取得的大量交易成果，我們對 26 財年的成長預期為以固定匯率計算的 0% 至 3%。

The environment is uncertain, and we will execute our plans with agility while keeping a close watch on events as they unfold. Our margin guidance for financial year 2026 is 20% to 22%.

環境充滿不確定性，我們將靈活執行計劃，同時密切關注事態發展。我們對 2026 財年的利潤率預期為 20% 至 22%。

With that, let me pass it on to Jayesh for his views.

有了這個，請允許我將其傳達給 Jayesh 以徵求他的看法。

Thank you, Salil. Good morning, good evening, everyone, and thank you for joining the call today. We entered financial year '25 with significant uncertainties relating to interest rates, elections in large geos and geopolitical situations. Over the course of the year, reduction and uncertainties are strong market position, reflecting a robust deal wins and improvement in discretionary spend in financial services led to better growth than our initial projections.

謝謝你，薩利爾。大家早安，晚上好，感謝大家參加今天的電話會議。進入25財年，我們面臨著與利率、大地域選舉和地緣政治局勢相關的重大不確定性。在這一年中，減少和不確定性是強大的市場地位，反映了強勁的交易勝利和金融服務可自由支配支出的改善，從而帶來了比我們最初預測更好的成長。

A year ago, when I started my journey as the CFO of Infosys with a vision to increase our market share, strengthened collaboration with business, drive project maximus to expand operation margins -- operating margins and improved cash flow. I'm very glad that we have been able to achieve success in each of these parameters.

一年前，我開始擔任印孚瑟斯公司財務官，我的願景是增加我們的市場份額，加強與業務的合作，推動專案最大化以擴大營運利潤率——營業利潤率和改善現金流。我很高興我們能夠在每個參數上取得成功。

Let me start by talking about the key highlights for the quarter and the year. We closed the year with revenues at $19.3 billion, a growth of 4.2% in constant currency terms and 3.9% in reported terms. Acquisitions contributed 80 basis points to the growth in financial year '25. Financial Services, EURS and manufacturing grew above company average for the year.

首先，我來談談本季和本年度的主要亮點。我們本財年的營收為 193 億美元，以固定匯率計算成長 4.2%，以報告匯率計算成長 3.9%。收購為 25 財年的成長貢獻了 80 個基點。金融服務、EURS 和製造業的年增長率高於公司平均。

I'm particularly glad that operating margins for the financial year improved 50 basis points over FY24 to 21.1 after absorbing multiple headwinds. This has been a key focus area over the last year, and I will elaborate over this later.

我特別高興的是，在克服了多重不利因素之後，本財年的營業利潤率比 24 財年提高了 50 個基點，達到 21.1。這是過去一年來的一個重點關注領域，稍後我將詳細闡述。

Sequentially, revenue declined by 3.5% in constant currency terms due to reduction in third-party costs and seasonal weakness. Approximately two-thirds of the sequential revenue drop was due to reduction in third party with the decline being higher than our expectation. Balance, one-third drop was due to volume decline and lower calendar and working day driven by Q4 technology.

由於第三方成本減少和季節性疲軟，以固定匯率計算，營收季減 3.5%。連續收入下降的約三分之二是由於第三方減少，且降幅高於我們的預期。總體而言，三分之一的下降是由於交易量下降以及第四季度技術導致的日曆和工作日減少。

Revenue increased by 4.8% on a year-on-year basis in constant currency terms in Q4. Europe grew three times of the company rate at 15% in constant currency terms driven by our focused approach of client mining, ramp-up of large deals and acquisitions. Europe now accounts for 30% of our revenues. Financial Services and Manufacturing grew double digit year on year at 12.6% and 14%, respectively in constant currency terms.

以固定匯率計算，第四季營收年增 4.8%。在我們專注於客戶挖掘、大型交易和收購的推動下，歐洲的成長率以固定匯率計算達到 15%，是公司成長率的三倍。歐洲目前占我們收入的30%。以固定匯率計算，金融服務業和製造業分別較去年同期成長12.6％和14％，實現兩位數成長。

In rupee terms, revenue growth for FY25 was 6.1%. Revenue growth accompanied by operating margin expansion led to 8.3% growth in EPS terms on a normalized basis, adjusting for interest on tax refunds for FY24 and '25. We closed '24 large deals in Q4 with a TCV of $2.6 billion. 63% of this was net new. For the full year, we closed 96 deals with TCV of 11.6% and 56% net new.

以盧比計算，2025 財年的收入成長率為 6.1%。收入成長加上營業利潤率擴大，導致每股收益在標準化基礎上成長 8.3%，並根據 24 財年和 25 財年的退稅利息進行了調整。我們在第四季完成了 24 筆大額交易，TCV 達 26 億美元。其中 63% 是淨新增。全年我們完成了 96 筆交易，TCV 為 11.6%，淨新交易為 56%。

DSO reduced by five days to 69 sequentially. Further, the DSO including unbilled net of earner reduced by three days to 83. Free cash flow for FY25 was highest ever at $4.2 billion(sic - see press release, "$4.1 billion"), 129% of net profit. Adjusted deferred tax refund it stood at $3.5 billion, 112% of net profit. Headcount at the end of the year was 323,578, an increase of 6,000 year on year, attrition remained contained at 14.1%.

DSO 比上一季減少了 5 天，降至 69 天。此外，包括未開立淨收入在內的 DSO 減少了 3 天，降至 83 天。25 財年的自由現金流達到歷史最高水平，達到 42 億美元（原文如此 - 參見新聞稿「41 億美元」），佔淨利潤的 129%。調整後的遞延稅款退稅為35億美元，佔淨利的112%。年末員工總數為323,578人，較去年同期增加6,000人，員工流動率控制在14.1%。

Operating margin for Q4 was at 21%, a decline of 30 basis points sequentially, bringing the financial year margins at 21.1%, increase of 50 basis points from FY24 level. The major components of sequential margin change for the quarter are as follows: headwind of 140 basis points from compensation-related costs, 40 basis points impact from acquisition, mainly on account of amortization of intangibles, partly offset by a tailwind of 80 basis points from lower postpaid customer support, 30 basis points from Maximus, 20 basis points from currency movement and 20 basis points from lower third-party costs.

第四季營業利益率為 21%，較上一季下降 30 個基點，全年利潤率為 21.1%，比 24 財年水準上升 50 個基點。本季度利潤率環比變化的主要因素如下：薪酬相關成本帶來的 140 個基點的不利影響、收購帶來的 40 個基點的影響（主要由於無形資產攤銷），部分抵消了後付費基客戶支持降低帶來的 80 個基點的順風影響、Maximus 帶來的 30 個後付費基客戶支持降低帶來的 80 個基點的順風影響、Maximus 帶來的 30 個點、貨幣變動性

Higher travel and visa costs were offset by lower other costs leading to a decline of 30 basis points sequentially. Utilization, excluding trainees stands at 84.9%. On-site mix further reduced to 23.6%. We hired 15,000 freshers this year and expect to hire over 20,000 freshers in FY26.

較高的旅行和簽證費用被較低的其他成本所抵消，導致環比下降 30 個基點。除受訓人員外，利用率為 84.9%。現場混合進一步降低至23.6%。我們今年招募了 15,000 名新人，預計在 26 財年招募超過 20,000 名新人。

EPS increased by 1.8% in financial year '25, in rupee terms on reported basis and 8.3% adjusted for interest on tax refer. The increase in margins by 50 basis points over FY24 was achieved despite multiple headwinds from salary increases, higher variable pay, impact from large deal ramp-ups and acquisition-related amortization. These headwinds were more than offset through combined benefits from various tracks under project Maximus, especially value-based selling, lean and automation, improvement in critical portfolio improvement in utilization, et cetera.

25 財年的每股盈餘以盧比計算成長了 1.8%，按稅息調整後成長了 8.3%。儘管面臨加薪、浮動工資提高、大型交易增加以及收購相關攤銷等多重阻力，利潤率仍比 2024 財年增加了 50 個基點。這些不利因素被 Maximus 專案下各個軌道的綜合效益所抵消，特別是基於價​​值的銷售、精益和自動化、關鍵投資組合利用率的提高等等。

We have been able to institutionalize these initiatives and make a structural shift in our approach we expect project Maximus to further aid in margin improvements from current levels. Consolidated cash and cash equivalents stood at $5.56 billion at the end of the year. Yield on cash balance was seven.13% in Q4 and ROE stood at 29%.

我們已經能夠將這些舉措制度化，並在我們的方法上做出結構性轉變，我們預計 Maximus 計畫將進一步幫助提高利潤率。截至年底，合併現金及現金等價物為 55.6 億美元。第四季現金餘額收益率為 7.13%，ROE 為 29%。

Coming to cash flows. FY25 free cash flows are highest ever at $4.1 billion, increase of 42% year on year. Free cash flow as a percentage of net profit for the financial year was 129%. And we expect FY26 free cash flows to be above 100% of net profit. Excluding income tax refunds, our free cash flows for the year were at $3.5 billion, up 21% year on year. Free cash flow as a percentage of net profit were at 112%.

談到現金流。25財年自由現金流達到歷史最高水平，達到41億美元，年增42%。本財年自由現金流佔淨利的百分比為129%。我們預計 26 財年的自由現金流將超過淨利的 100%。不包括所得稅退稅，我們今年的自由現金流為 35 億美元，年增 21%。自由現金流佔淨利的百分比為112%。

We expect effective tax rate for financial year '26 to be in the range of 29% to 30%. The Board has proposed a final dividend of INR22 for financial year '25, including the interim dividend, the total payout for FY25 will be INR43, an increase of 13.2% once the final dividend is approved by the shareholders.

我們預計 26 財年的有效稅率將在 29% 至 30% 之間。董事會提議為 25 財年派發 22 印度盧比的末期股息，包括中期股息在內，25 財年的總派息將達到 43 印度盧比，一旦末期股息獲得股東批准，將增長 13.2%。

We closed 24 deals in Q4 with a TCV of $2.6 billion, 63% of this net new. Vertical-wise, we signed seven deal in financial services, five in manufacturing, three in communication, two each in high-tech and Life Sciences and one in retail.

我們在第四季完成了 24 筆交易，TCV 為 26 億美元，佔淨新增交易的 63%。從垂直領域來看，我們在金融服務領域簽署了七項協議，在製造業簽署了五項協議，在通訊領域簽署了三項協議，在高科技和生命科學領域各簽署了兩項協議，在零售領域簽署了一項協議。

Region-wise, we signed 12 large deals each in America and Europe. Coming to verticals. In Financial Services, budgets are flat to slightly higher in AI regulatory compliance and cost management. We anticipate steady growth in capital markets and Cards and Payments in large global banks in the US in large global banks and US regional banks.

從地區來看，我們在美國和歐洲各簽署了 12 筆大筆交易。進入垂直領域。在金融服務領域，人工智慧監理合規和成本管理的預算持平或略高。我們預計美國大型全球銀行和美國地區銀行的資本市場以及卡片和支付業務將穩定成長。

Mortgage sector sees -- we'll see an uptick in spend in interest rates reduce going forward. Our investment in AI-related propositions, regulatory compliances, risk mitigation and cost management is expected to create growth opportunities.

抵押貸款行業看到—我們將看到未來利率支出的上升和減少。我們對人工智慧相關提案、法規遵循、風險緩解和成本管理的投資預計將創造成長機會。

We have seen selected -- we have been selected as a AI partner for many of our clients. Manufacturing sector has grown double digits over the last few years for CY '25 budgets are lower for Auto and Industrial Manufacturing and flat for Aero. Recent in terms of tariffs, market uncertainties and trade buyers are likely to lead to a subdued spend and delayed decision-making.

我們已被許多客戶選為人工智慧合作夥伴。過去幾年，製造業實現了兩位數成長，但 2025 年汽車和工業製造業的預算較低，而航空製造業的預算持平。最近在關稅方面，市場不確定性和貿易買家可能會導致支出減少和決策延遲。

Weakness in Auto, especially in Europe continues. We are helping clients in Aerospace resolve bottleneck in the supply chain. Pipeline remains healthy with focus on cost takeouts, opportunities in infra transformation and consolidation and some traction in ERP modernization programs.

汽車產業，尤其是歐洲汽車產業的疲軟態勢仍在持續。我們正在幫助航空航太領域的客戶解決供應鏈中的瓶頸。管道保持健康，重點關注成本削減、基礎設施轉型和整合的機會以及 ERP 現代化計劃的一些牽引力。

Retail sector has been impacted by economic uncertainty resulting in lower consumer spending in core markets due to recent tariff announcements, client budgets are expected to be tightened and there is increased caution. Decision cycles are getting stretched for discretionary spend and larger deals.

由於最近的關稅公告，零售業受到經濟不確定性的影響，導致核心市場的消費者支出下降，客戶預算預計將收緊，而且謹慎情緒增強。對於可自由支配的支出和較大交易，決策週期正在變得越來越長。

Across geos, there is increased focus on AI cloud estate modernization, cost takeout and investing in cote capabilities. Energy utility resources and services sector continues to grow, and we see a strong pipeline of opportunities, both from existing and potential clients. Energy prices remain volatile.

在各個地區，人們越來越關注人工智慧雲端資產的現代化、成本削減和對雲端運算能力的投資。能源公用事業資源和服務業持續成長，我們看到了來自現有客戶和潛在客戶的強大機會。能源價格依然波動。

However, new markets in midstream and downstream energy are opening in the US region. There is an increased M&A and tax-related work with services clients, focusing on cloud migration and vendor consolidation.

然而，美國地區正在開拓中游和下游能源新市場。與服務客戶的併購和稅務相關工作增加，重點在於雲端遷移和供應商整合。

Utilization is prioritizing AI-driven enterprise transformation and services and is seen traction in software services and IPT. The acquisition that we announced today will strengthen our vertical expertise and open new buying centers in energy trading and risk management areas.

利用率優先考慮人工智慧驅動的企業轉型和服務，並在軟體服務和 IPT 領域表現出色。我們今天宣布的收購將加強我們的垂直專業知識，並在能源交易和風險管理領域開設新的採購中心。

Communications sector continues to remain soft, discretionary fund is under pressure with clients focusing on cutting costs, restructuring and consolidation deal. Our growth will be led by recent deal wins and opportunities in areas like cost reduction, AI and database solutions and cybersecurity. Lower interest rates could improve the profitability of telco OEMs, which in turn can help increase IT budget.

通訊產業持續保持疲軟，客戶專注於削減成本、重組和合併交易，因此可自由支配的基金面臨壓力。我們的成長將由近期在成本降低、人工智慧和資料庫解決方案以及網路安全等領域的交易勝利和機會所驅動。較低的利率可以提高電信 OEM 的獲利能力，進而有助於增加 IT 預算。

In High Tech, most clients remain cautious due to the macroeconomic headwind and tariff announcement with distribution spend still remaining under pressure. There is increased margin pressure on account of committed spend on data centers.

在高科技領域，由於宏觀經濟逆風和關稅公告，大多數客戶仍保持謹慎，分銷支出仍面臨壓力。由於資料中心的投入，利潤壓力增加。

Exiting FY25, global uncertainties relating to tariffs and impact of debt on client containments and spend are taking center stage, basis our assessment of the current macroeconomic environment and the visibility that we have today, we expect FY26 growth to be 0% to 3% in constant currency terms. This excludes the acquisition that we announced today.

在退出 FY25 之際，與關稅和債務對客戶遏制和支出的影響有關的全球不確定性成為焦點，根據我們對當前宏觀經濟環境的評估和我們今天的可見性，我們預計 FY26 增長率按固定匯率計算將達到 0% 至 3%。這不包括我們今天宣布的收購。

And this assumes a reduction in third-party revenues versus FY25 based on existing deals and the new deals in pipeline that we have today. Our operating margin guidance for the year is 20% to 22%. We will continue to keep a close watch and economic environment and its impact on our client budgets and VSS guidance as we progress during the year.

根據現有交易和我們今天正在進行的新交易，這假設第三方收入與 25 財年相比有所減少。我們對今年營業利益率的預期是20%至22%。我們將繼續密切關注經濟環境及其對客戶預算和 VSS 指導的影響。

With that, we can open the floor for questions.

這樣，我們就可以開始提問了。

(Operator Instructions) Ankur Rudra, JPMorgan.

（操作員指示）摩根大通的 Ankur Rudra。

On the fourth quarter, can you talk a bit about --

關於第四季度，您能談談--

Ankur, sorry to interrupt you. Your audio is not clear. Can I request you to come in a better reception area, please?

Ankur，很抱歉打擾您。您的音訊不清晰。我可以請您到更好的接待區嗎？

Okay. So question was in terms of the fourth quarter, can you talk a bit about linearity? Did the softness or the relative miss to guidance pay out only in March? Or was there something you saw over the course of the quarter?

好的。所以問題是就第四季而言，您能談談線性嗎？這種疲軟或相對未達到預期的業績是否只在 3 月才顯現出來？或者您在本季看到了什麼？

Ankur, as I said earlier, two-thirds of our decline was on account of third-party costs and the revenue related to that. Some of the deals that we had in the pipeline had slipped. So this decline was higher than what we anticipated. And the balance was the usual Q4 seasonality and the volume decline that we saw. So -- but two-thirds of our 3.5% decline was on the back of third-party cost and revenue.

安庫爾，正如我之前所說，我們收入下降的三分之二是由於第三方成本以及與此相關的收入。我們正在進行的一些交易已經推遲。因此，這一下降幅度高於我們的預期。而平衡則是我們看到的通常的第四季季節性和交易量下降。所以——但我們 3.5% 的下降中有三分之二是由於第三方成本和收入造成的。

I appreciate it totally. I was curious if that played out more in March or exactly over the course of the entire quarter.

我非常感激。我很好奇這種情況是否會在三月或整個季度內發生。

Yes. So generally, these deals happen towards the end of the quarter, and that's where it slipped from there.

是的。因此，一般來說，這些交易發生在季度末，從那時起交易量就開始下滑。

Okay. Understood. If I talk a bit about the seems to imply something like 0.8% to 1.9% as for the last year. Could you highlight that this will be a normal seasonality? Or is it going to be different given the high uncertainty you might be seeing right now?

好的。明白了。如果我稍微談論一下，似乎意味著去年的成長速度約為 0.8% 到 1.9%。您能否強調一下，這是一個正常的季節性現象？或者考慮到您現在可能看到的高度不確定性，情況會有所不同嗎？

I'm sorry, can you repeat the question? I wasn't very clear.

抱歉，您能重複這個問題嗎？我不太清楚。

The guidance, does it imply a normal seasonality for the year?

該指導是否意味著今年的季節性正常？

Yes. So as we said earlier, we do see a heightened uncertainty in the environment, and that's the reason we have given a three-point guidance. So depending on which end of the guidance you're looking at the seasonality will also change, uncertainty will also change. But outside of that, we are expecting normal seasonality.

是的。正如我們之前所說，我們確實看到環境的不確定性加劇，這就是我們給出三點指導的原因。因此，根據您所關注的指導的哪一端，季節性也會發生變化，不確定性也會發生變化。但除此之外，我們預計季節性將正常。

Okay. Understood. Just the last question. In terms of -- you spoke a lot about the AI-led transformation that clients are expecting from you. Are you infusing AI into existing projects that might lead to any revenue deflation which you have to overcome?

好的。明白了。只剩最後一個問題了。就…而言，您談了很多客戶對您的期望——由人工智慧主導的轉型。您是否正在將人工智慧融入現有專案中，這可能會導致您必須克服的收入縮水？

This is Salil. So first, AI is part of all the discussions on the new deals. We are using AI in many of our existing programs. But here, we are seeing benefits which relate to how we can now use AI with clients in different areas.

這是薩利爾。首先，人工智慧是所有新交易討論的一部分。我們在許多現有程式中都使用了人工智慧。但在這裡，我們看到了與如何將人工智慧應用於不同領域的客戶有關的好處。

So as a composite, what we saw last year, 4%, 4.2% growth we feel pretty confident that we will see benefits from it even as we see some productivity improvement. So we don't see anything in terms of the revenue on that.

因此，作為一個綜合數據，我們看到去年的成長率為 4%、4.2%，我們非常有信心，我們將從中獲益，同時我們也看到了生產力的提高。因此，我們看不到這方面任何收入。

Kumar Rakesh, BNP Paribas.

法國巴黎銀行的庫馬爾·拉凱什（Kumar Rakesh）。

My first question was you spoke about that the third-party slip towards the end of the quarter. So how has the volume trend during the quarter? And does that imply that as they come back in the next quarter in the guidance you are expecting the third-party contribution to be higher in FY26?

我的第一個問題是，您談到了本季末第三方業務的下滑。那麼本季的銷售趨勢如何？這是否意味著，當他們在下個季度的指導中回歸時，您預計 26 財年的第三方貢獻將會更高？

If you look at what I said through the quarter, which we had a softer start at the beginning of the quarter from a volume perspective, but we did see some recovery there in terms of volumes. But on the third-party we are expecting for FY26, third party to be lower than FY25, considering the deals that we have signed and the deals that we have in the pipeline. So that is baked in.

如果你看一下我在本季所說的情況，從銷量角度來看，我們在本季初的開局比較疲軟，但就銷量而言，我們確實看到了一些復甦。但考慮到我們已經簽署的交易和正在籌備的交易，我們預計 26 財年的第三方收入將低於 25 財年。所以這是理所當然的。

And volume trend during the quarter?

本季的銷售趨勢如何？

Yes. The volume trend during the quarter, we had a softer start January, generally, the soft month and then the volumes start backing up. And we saw a similar trend this quarter as well.

是的。從本季的交易量趨勢來看，一月份的開局較為疲軟，一般來說，這是一個疲軟的月份，隨後交易量開始回升。本季我們也看到了類似的趨勢。

Okay. My second question was from a longer-term perspective over the last two, three years, we have seen all the fraud which was created in many of the deals with very low ROIs being signed. They were reassessed by the clients. And many of them were ramped down, and we saw the impact of that in terms of revenue growth.

好的。我的第二個問題是，從過去兩三年的長期角度來看，我們看到許多簽署的投資報酬率很低的交易中都存在著詐欺行為。客戶對他們進行了重新評估。其中許多都已減少，我們看到了這對收入成長的影響。

Do you see there is still some scope left if times start reassessing the projects again if the macroeconomic uncertainty continues for a little longer, there is more of reassessment of the projects, which may again start happening the way we have seen over the last year or two?

如果宏觀經濟的不確定性持續一段時間，那麼當再次開始重新評估這些項目時，您是否認為還存在一些發展空間，對這些項目進行更多的重新評估，而這種情況可能會像我們在過去一兩年裡看到的那樣再次發生？

What -- First, the changes that we have seen in the economic environment impact has happened very recently and over a short span -- having said that, the discussions we've had, specifically on some of the deals we have signed in the recent quarters. We have not seen a change in that, like the trajectory that we were anticipating at this stage. However, we'll keep a look out on that as we develop it.

首先，我們看到的經濟環境影響的變化是最近才發生的，而且是在很短的時間內發生的——話雖如此，我們已經進行了討論，特別是關於最近幾個季度我們簽署的一些協議。我們尚未看到這方面的變化，就像我們現階段預期的軌跡一樣。不過，我們會在開發過程中密切注意。

Just a clarification. So my question was more around that ROI is now that we are offering in terms of the lease which we are doing for the client. Now has it on a portfolio level, has it improved so that we are no longer in a risk if such a reassessment happens? Or do you still see that there are some of the projects, which is at risk, which could be reassessed?

只是澄清一下。所以我的問題更多的是關於我們現在為客戶提供的租賃方面的投資回報率。現在，在投資組合層面上，情況是否有所改善，以至於如果進行這樣的重新評估，我們將不再面臨風險？或者您仍然認為有些項目有風險，可以重新評估？

What we saw in the past was more of Sorry -- Gopal, what we saw in the past was more of the discretionary spend where the clients had put a stop or there were ramp downs there. if the environment deteriorates significantly from where we are, yes, the clients will relook at some of that. At this point in time, we are not looking -- we are not seeing any of that happening significantly for us.

我們過去看到的更多的是抱歉——戈帕爾，我們過去看到的更多的是客戶停止或減少的可自由支配的支出。如果環境比我們現在的狀況嚴重惡化，那麼客戶就會重新考慮其中的一些問題。目前，我們還沒有看到——我們沒有看到任何對我們有意義的事情發生。

Abhishek Pathak, Motilal Oswal.

阿布舍克·帕塔克，莫蒂拉爾·奧斯瓦爾。

So my first question was, could you please just expand a bit on the underlying assumptions and the top end of our guidance? Do we assume an acceleration in deal wins for this to be achieved? Or do you think a better-than-expected ramp-ups could probably take us to 2%, 3%? That's one. And the second question was, which I think is probably partly answered.

所以我的第一個問題是，您能否稍微解釋一下基本假設和我們指導的最高點？我們是否可以假設交易勝利會加速實現這一目標？或者您認為優於預期的成長可能會使我們達到 2% 或 3%？那是一個。第二個問題是，我認為可能已經得到部分解答。

But considering a few of your peers have called out some deferrals or at least some uncertainty in decision-making. How does the next immediate quarter look in terms of, let's say, deferrals or ramp-downs? And do you see any significant risk in the extreme short term?

但考慮到您的一些同事已經呼籲推遲或至少在決策中存在一些不確定性。就延期或削減而言，下一季的情況如何？您是否認為短期內有任何重大風險？

And lastly, do the current events push down the recovery in short cycle deals a bit more? And do you feel short cycle deals are, again, something that will struggle to take off?

最後，當前的事件是否會進一步抑制短週期交易的復甦？您是否認為短週期交易仍難以起步？

Yes. So leading up to guidance, we always run multiple models that leads us to the top end, bottom end or the middle end of the guidance. We -- that's the same process that we have followed even at this point in time.

是的。因此，在製定指導意見之前，我們總是會執行多個模型，以得出指導意見的頂端、底端或中間端。我們——即使在此時此刻，我們也一直遵循著同樣的流程。

The reason that we gave a three-point guidance was because there is an uncertainty. So at the lower end of the guidance, we have baked in some further deterioration in the environment. And at the top end of the guidance, we have baked in steady to marginally improving environment. So that's how the guidance has been spanned out from the environment perspective.

我們給出三點指導的原因是因為存在不確定性。因此，在指導值的下限，我們已經考慮到了環境的進一步惡化。在指導的最高端，我們已經融入了穩定到略有改善的環境。這就是從環境角度製定的指導方針。

Having said that, on the ramp downs, we have not really seen any major ramp downs at this point in time or major closures of the deals. We do see clients being cautious that decision making is delayed in pockets. But as I said, what we see today has been baked in in the lower end of the guidance from the uncertainty perspective.

話雖如此，在削減方面，我們目前還沒有真正看到任何重大的削減或交易的大規模結束。我們確實看到客戶對某些領域的決策延遲持謹慎態度。但正如我所說，從不確定性的角度來看，我們今天所看到的情況已經包含在指導的低端。

Got it. I think just the last thing on short cycle deals, if you could just clarify that.

知道了。我認為最後一件事是關於短週期交易，如果你能澄清一下的話。

Abhishek, do you have any follow-up questions?

Abhishek，您還有其他問題嗎？

Yes, sorry. No, just the last bit on the retake impact for Q1 and how do we just model that in time?

是的，抱歉。不，只是關於重考對第一季的影響的最後一點，我們如何及時模擬這一點？

Yes. So Abhishek, most of our employees got the wage hikes in January and the middle level to senior level employees will get a wage hike effective first of April. The impact of that has been baked in, in the guidance range that we have given.

是的。所以 Abhishek，我們的大多數員工在一月都獲得了加薪，中高階員工將從四月一日起獲得加薪。其影響已體現在我們給予的指導範圍內。

As you could see, for the financial year '25, we have improved our margins by 50 basis points. We are now 21.1%, despite all the headwinds, whether it was wage hike, whether it was higher variable pay, the large deal ramp-ups, acquisition-related costs and our endeavor going forward is to improve from where we are in the current environment.

如您所見，25 財年我們的利潤率提高了 50 個基點。儘管面臨各種阻力，無論是薪資上漲、浮動薪資提高、大宗交易增加、收購相關成本，我們現在的市佔率仍為 21.1%，而我們未來的努力都是在當前環境下不斷改進。

Gaurav Rateria, Morgan Stanley.

Gaurav Rateria，摩根士丹利。

My first question is on small --

我的第一個問題是關於小--

Gaurav, Can I request you to speak a little louder, please?

Gaurav，請問您可以說大聲一點嗎？

My first question is on small deal environment. Have you seen any change compared to a few months back? And is it fair to believe that the midpoint of guide assumes a stability in the environment on the small deal front?

我的第一個問題是關於小額交易環境。與幾個月前相比，您看到有什麼變化嗎？是否可以認為該指南的中點假設小額交易方面的環境是穩定的？

So Gaurav, as I said, there are various models that lead to multiple ends of the guidance. At the lower end, I repeat, we have assumed a deteriorating environment. And at the upper end, we have assumed a steady to marginally improving environment. So in the middle is anywhere between the two.

所以 Gaurav，正如我所說，有各種各樣的模型可以導致指導的多個目的。我再說一遍，在低端，我們假設環境正在惡化。在高端，我們假設環境將保持穩定並略有改善。所以中間就是兩者之間的任何地方。

Okay. Got it. Second question is on margins for FY26. Normally, what we have always been hearing is that when growth improves, it creates an operating leverage and provides a cushion to improve margins. But if I take the midpoint of your guide it is slowing compared to FY25.

好的。知道了。第二個問題是關於 26 財年的利潤率。通常，我們一直聽到的是，當成長改善時，它會產生經營槓桿並為提高利潤率提供緩衝。但如果我採用您的指南的中間點，那麼與 FY25 相比，它正在放緩。

So is it fair to believe that creates some operating deleverage and create some pressure on margin? So what would be the levers to offset that and still be stay within the band within FY25 range?

那麼，我們是否可以相信這會導致一些經營去槓桿並對利潤率造成一些壓力？那麼，有什麼手段可以抵銷這項影響，同時又能維持在 FY25 範圍內呢？

So if you look at the last year also, we had a large comp impact coming into the year because we had the previous comp was rolled out in November. So full year impact of that came into this year, and then we had additional comp that we rolled out in January.

因此，如果你看去年，你會發現，我們對今年的業績產生了很大的影響，因為我們之前的業績是在 11 月推出的。因此，這對全年產生了影響，然後我們在一月份推出了額外的補償。

So there was a comp impact. There was an impact of the large deals that we signed in the previous year. 20 bps of impact from the acquisition that we did and so on. And despite all of those headwinds, we have been able to improve margins by 50 basis points by paying -- rewarding our employees better through a higher variable pay through the year.

因此，這會產生一定的影響。我們去年簽署的大型交易產生了影響。我們的收購產生了 20 個基點的影響等等。儘管面臨所有這些不利因素，我們仍然能夠透過支付更高的全年浮動工資來更好地獎勵員工，從而將利潤率提高 50 個基點。

So we are confident at this point in time that there are opportunities where we can double down and improve margins. So at this point in time, we endeavor to improve margins from where we are for FY26.

因此，我們目前有信心，有機會加倍努力並提高利潤率。因此，目前，我們努力提高 26 財年的利潤率。

Jonathan Lee, Guggenheim.

喬納森李，古根漢。

First question, can you clarify what the inorganic contribution is that's contemplating your outlook for fiscal '26?

第一個問題，您能否澄清一下，考慮到 26 財年的前景，無機貢獻是多少？

So Jonathan, the guidance does not include the acquisition that we announced today. We haven't closed them yet. The Board has approved the acquisition. We still have to go through the closing formalities, that will take a few weeks to maybe a month or so.

因此，喬納森，該指引並不包括我們今天宣布的收購。我們還沒有關閉它們。董事會已批准此次收購。我們還需完成結案手續，這將需要幾週到一個月左右的時間。

So depending on the closure, we will figure out in the next cycle on the guidance. But at this point in time, to clarify, the guidance does not include the acquisition that we announced today.

因此，根據結束情況，我們將在下一個週期中確定指導方針。但目前需要澄清的是，該指引並不包括我們今天宣布的收購。

Thanks for that clarification. Second, how would you characterize the pricing environment through the quarter? And how does that compare to what you've seen since the beginning of this fiscal year?

感謝您的澄清。其次，您如何描述本季的定價環境？這與本財年開始以來的情況相比如何？

We continue seeing stable pricing even through the quarter generally at the overall business levels. everything that has changed in the environment has been very recent. So we've not really seen any significant impact coming from them on the pricing environment.

我們甚至在整個季度中都看到整體業務水平的穩定定價。環境中發生的所有變化都是最近發生的。因此，我們實際上並未看到它們對定價環境產生任何重大影響。

Having said that, one of the key pillar on our cost optimization or the margin improvement program is the value-based selling. That's not only pricing that is everything around pricing, including getting the chain requests for the scope creep rotating our employees, long-tenured employees across projects so that we get better pricing on them, having a differentiated pricing models for different services. So all of that has helped in the last year and that endeavor continues in this year as well.

話雖如此，我們的成本優化或利潤率提高計劃的關鍵支柱之一是基於價值的銷售。這不僅僅是定價，而是圍繞定價的一切，包括獲取範圍蔓延的鍊式請求，輪換我們的員工，在專案之間輪換長期員工，以便我們為他們提供更好的定價，並為不同的服務提供差異化的定價模型。所以，所有這些在去年都起到了幫助作用，而今年這種努力也將繼續下去。

Keith, BMO Capital Markets.

基思（Keith），BMO 資本市場。

I wanted to return to on the delivery side? Or -- and really, I wanted to go back to the first question, which I wasn't sure I understood your answer. But how is AI changing the nature of pricing discussions and/or structure as of late? And how do you think that's going to unfold in FY 2026? In other words, does it does the deflationary nature of AI?

我想回到送貨那邊嗎？或者——實際上，我想回到第一個問題，我不確定我是否理解了你的答案。但人工智慧最近是如何改變定價討論和/或結構的性質的呢？您認為 2026 財年的情況會如何發展？換句話說，它是否具有人工智慧的通貨緊縮性質？

Is that impacting our performance-based contracts or any structure that you're putting in the contract? And is it leading to any different price discussions?

這會影響我們基於績效的合約或您在合約中加入的任何結構嗎？這是否會導致不同的價格討論？

And if you could also call out, is there an area whether it's BPO or deployment or ADM, that's being -- that you see using AI more in the delivery? Or is it all the different areas? Is there any one area specifically within your portfolio or solution portfolio that you think will be impacted more by delivery?

如果您還能問一下，是否存在某個領域，無論是 BPO 還是部署或 ADM，您認為在交付過程中會更多地使用 AI？還是所有區域都不同？您認為您的產品組合或解決方案組合中是否有某個領域會受到交付的更大影響？

So on AI and pricing, what we are seeing is -- there are areas where we have discussions with clients, and this was building up through the last year through the quarters, and we anticipate seeing that going ahead as well.

因此，在人工智慧和定價方面，我們看到的是——我們在某些​​領域與客戶進行了討論，並且這種討論在去年各個季度都在不斷積累，我們預計這種情況也會繼續發展。

Where, for example, if there are large customer service programs, we see that there could be benefits to the clients of 20% to 40%. If there are different areas where generative AI can be applied. Those discussions are very much at the forefront on clients' minds.

例如，如果有大型客戶服務計劃，我們發現客戶可能會獲得 20% 到 40% 的收益。如果生成式人工智慧可以應用於不同的領域。這些討論是客戶最關心的問題。

Sometimes, the client view are maybe larger than what we are seeing in realization. And so we have a choice to make there. Many times, they're aligned and AI is one component of automation of lean then AI and then consolidation, all of which gives some benefits in a cumulative way, to the client. So we see that ongoing.

有時，客戶端視圖可能比我們在實際中看到的要大。因此我們必須做出選擇。很多時候，它們是一致的，人工智慧是精實自動化的一個組成部分，然後是人工智慧，然後是整合，所有這些都以累積的方式為客戶帶來一些好處。因此，我們看到這種情況正在發生。

And with that, we also see AI gives us some new opportunities. And there are new projects we are doing, for example, in credit risk or AI platform for a telco. These give us new areas for revenue as well.

同時，我們也看到人工智慧為我們帶來了一些新的機會。我們正在進行一些新項目，例如電信公司的信用風險或人工智慧平台。這些也為我們提供了新的收入領域。

So as a cumulative, while all this was still going on last year, we saw a 4% increase in -- 4.2% increase in revenue. And that's the way we see it at a composite level. On that we superimpose the changes in the economic environment, which is where we see some differences, as Jayesh was sharing earlier in the range of the guidance if that makes sense.

因此，從累積來看，當去年這一切仍在發生時，我們看到收入增加了 4%——4.2%。這就是我們從綜合層面看待這個問題的方式。在此基礎上，我們疊加了經濟環境的變化，這就是我們看到的一些差異，正如 Jayesh 之前在指導範圍內分享的那樣，如果這有意義的話。

Okay. But just when -- and for my follow-up, when you mentioned there are some situations where AI is generating 20% to 40% efficiency gains. And I think that's similar to what IBM and Accenture have said, on a like-for-like pricing in that situation where you can deliver such meaningful efficiency gains to the client, how is that -- how are those efficiency gains shared with with the customer?

好的。但就在那時——對於我的後續問題，當您提到在某些情況下人工智慧可以帶來 20% 到 40% 的效率提升時。我認為這與 IBM 和埃森哲所說的類似，在同等定價的情況​​下，您可以為客戶提供如此有意義的效率提升，那麼如何與客戶分享這些效率提升呢？

In other words, is your -- your revenues go down by 20%, 40%? Or how is that shared in terms of just on a like-for-like basis for a given contract? And that's it for me.

換句話說，您的收入是否下降了 20% 或 40%？或者，對於給定的合同，如何按照同類基礎進行共享？對我來說就是這樣。

So there, where we've seen that range has been more, for example, on customer service. We don't have a large voice business we typically bid on like a combination of technology and operations. And part of it could be that. So typically, these are not our existing book of business, that customer service is not something we have a large book of business in.

因此，我們看到範圍已經擴大，例如在客戶服務方面。我們沒有大型的語音業務，我們通常將其作為技術和營運的結合來競標。部分原因可能就是這樣。因此，通常情況下，這些不是我們現有的業務範圍，客戶服務也不是我們業務範圍很廣的領域。

In terms of sharing, there are different ways. These are shared depending on the client situation, like there are situations where there's a consolidation activity with the client where there is a share in some part where customer service is not within our portfolio, and there's consolidation which gives us some benefits. So it's not like one number, which gets shared then with clients. But it is shared, yes.

在分享方面，有不同的方式。這些都是根據客戶情況共享的，例如，在某些情況下，與客戶進行合併活動，其中某些部分的客戶服務不在我們的產品組合之內，而合併會為我們帶來一些好處。因此，它不像一個與客戶共享的數字。但它是共享的，是的。

Surendra Goyal, Citi.

花旗銀行的 Surendra Goyal。

Salil, Jay, just one question. You have been calling out improvement in discretionary spending through the course of FY25. What did you see in the month of March and April so far? And apologies if you have already answered this question before.

Salil，Jay，我只有一個問題。您一直在呼籲在 2025 財年期間改善可自由支配的支出。到目前為止，您在三月和四月看到了什麼？如果您之前已經回答過這個問題，我們深表歉意。

So Suren, the March month has been usual. I don't think we have seen a significant change either way in the environment in terms of volumes. We did have positive volumes in March.

所以蘇倫，三月一切如常。我認為，就數量而言，我們尚未看到環境發生重大變化。我們三月的銷量確實不錯。

Abhishek Kumar, JM Financial.

Abhishek Kumar，JM Financial。

I have a question on cost of third-party items. First is, when we say, some of the booking of the third-party item got spilled over. Does that mean that it will come back in Q1 and that will help Q1 revenue? And a related question is, is the visibility getting into Q1, similar to what we have seen maybe Q1 of last year, better, worse, any color on that?

我對第三方物品的成本有疑問。首先，我們說，部分第三方項目的預訂已經溢出。這是否意味著它將在第一季恢復並有助於第一季的收入？一個相關的問題是，第一季的可見性是否與我們去年第一季看到的類似，更好，更差，有什麼跡象嗎？

Sorry, Abhishek, if you could repeat the first question on the third party, I didn't get that well.

抱歉，Abhishek，如果你能重複關於第三方的第一個問題，我不太清楚。

Yes. So I mean we said that some of the weakness in Q4 was because some third-party item got spilled over. So is that just a deferral and it will come back in Q1? Or that is something that we have lost?

是的。所以我的意思是，我們說第四季度的部分疲軟是由於一些第三方項目溢出。那麼這只是一次延期，它會在第一季恢復嗎？還是那是我們已經失去的東西？

Yes. So Abhishek, at this point in time, the third-party costs that, as I said earlier, two-thirds of our decline was because of the third party -- lower third-party costs and revenue, some of those deals slipped. It is uncertain at this point in time if and when these deals come back.

是的。因此，阿布舍克，目前，第三方成本，正如我之前所說，我們三分之二的下降是由於第三方——第三方成本和收入較低，其中一些交易下滑。目前還不確定這些交易是否以及何時會恢復。

So at this point in time, they are slipped. You should read that in conjunction of the fact that I also said FY26 third-party cost and revenue are going to be lower than FY25 third-party cost and revenue.

因此，此時他們已經落後了。您應該結合我所說的事實來理解這一點：2026 財年的第三方成本和收入將低於 2025 財年的第三方成本和收入。

Okay. And maybe in that context, visibility overall for Q1, given we are in the midst of the uncertain macro, how are we looking at Q1 compared to previous years?

好的。也許在這種背景下，考慮到我們正處於不確定的宏觀環境之中，第一季的整體可見度如何，與前幾年相比，我們如何看待第一季？

Yes. So I think both the years have had unique factors that led to an uncertainty. I don't know if you can put in a quantifiable terms, whether it is similar or not -- we started the year last time there were uncertainties around interest rates, geopolitical tensions how the world was going through elections. So there were uncertainties around that.

是的。所以我認為這兩年都有導致不確定性的獨特因素。我不知道你是否可以用一個量化的術語來表達，無論是否相似——去年年初，利率、地緣政治緊張局勢以及世界選舉的進程都存在不確定性。因此這方面存在不確定性。

And today, we have uncertainties around tariffs. We don't know to the extent -- the rates to the extent to which countries get impacted, how those countries will retaliate the timing of that and the downstream impact of that.

如今，關稅問題仍存在不確定性。我們不知道受影響的程度——受影響的程度、受影響的國家的程度、這些國家將如何報復、報復的時間以及其下游影響。

So I think, all of that is uncertain as we speak, Abhishek, but the guidance that we have provided at this point in time is what we see today. Our philosophy on guidance has been to reduce asymmetry of information between us and our investors, and we are guiding what we see today.

所以我認為，阿布舍克，正如我們所說，所有這些都是不確定的，但我們此時提供的指導就是我們今天所看到的。我們的指導理念是減少我們與投資者之間的資訊不對稱，並且我們正在指導我們今天所看到的情況。

So one quick question on margin. Two-thirds of 3.5% decline coming from third-party, but the margin uplift because of that has been very limited, right around 30 basis points. So I was just trying to reconcile why the margin uplift is so low?

關於保證金，我有一個簡短的問題。3.5% 的降幅中有三分之二來自第三方，但由此帶來的利潤率提升非常有限，約 30 個基點。所以我只是想解釋為什麼利潤率提升這麼低？

Abhishek, the margin uplift on that is around 20 basis points. If you look at the reduction in third-party cost is $100 million, obviously, we make some margins on those deals as well. So you will only get the benefit to the extent of the delta margin of the company versus those third-party deals, and that is where the margins impacted.

Abhishek，利潤率上漲了大約 20 個基點。如果你看看第三方成本減少 1 億美元，顯然我們在這些交易中也獲得了一些利潤。因此，您獲得的利益僅限於公司相對於第三方交易的差額利潤，而這正是利潤受到影響的地方。

Sandeep Shah, Equirus Securities.

Sandeep Shah，Equirus Securities。

Sir, just wanted to understand in this uncertain macro environment, if discretionary spend is difficult to predict whether -- but at the same time, clients may not postpone their AI-related investment.

先生，我只是想了解在這種不確定的宏觀環境下，可自由支配的支出是否難以預測——但同時，客戶可能不會推遲與人工智慧相關的投資。

So is it fair to assume client may start in terms of going -- doubling down on the outsourcing cost takeout deals? Whether same is coming into your discussion? And is it fair to assume that the deal pipeline could improve on the cost takeout and the mega deals could be a part of the deal wins entering FY26 as well?

那麼，是否可以公平地假設客戶可能會開始加倍外包成本承擔交易？您的討論中是否有相同的內容？是否可以公平地假設，交易管道可以改善成本削減，而大型交易也可以成為進入 26 財年交易勝利的一部分？

So the first, the changes in the economic environment are recent and also in a short period. So not everything is understood about that. Having said that, learning from the past, we typically see that this an environment will provide more cost takeout opportunities. Consolidation, automation, lead. We have also pivoted our sales activities into focusing and building more proactive pitches to clients on that area.

首先，經濟環境的變化是近期發生的，而且是在短期內發生的。因此，我們對此還不是全部理解。話雖如此，從過去的經驗來看，我們通常會發現這種環境將提供更多的成本降低機會。整合、自動化、領先。我們也將銷售活動重點轉向為該領域的客戶提供更主動的宣傳。

We will now see how that executes and what's the dynamic of the economic environment. But in general, our portfolio has got that ability, which is also on AI cloud and also on cost takeout. So now we're emphasizing much more on the cost takeout.

我們現在將看看其執行情況以及經濟環境的動態。但總的來說，我們的投資組合具備這種能力，既涉及人工智慧雲，也涉及成本降低。所以現在我們更加強調成本削減。

Okay. And Jayesh or Salil, whoever can answer this, whether it's fair to assume the seasonality of 1H better than 2H may continue even in FY26? What are your guidance assumptions for the same?

好的。Jayesh 或 Salil，無論誰能回答這個問題，是否可以公平地假設 1H 的季節性優於 2H，甚至在 26 財年仍會持續下去？您對此有何指導假設？

So I mean, typically, our 2H is softer because you have furloughs, you have lower working in calendar days, et cetera, et cetera. So that -- that part of the seasonality will remain. As we see today, I don't see -- I don't expect that seasonality to change. But beyond that, in an uncertain environment like this, it's very difficult to predict how the quarters will look like.

所以我的意思是，通常情況下，我們的下半年會比較寬鬆，因為你有休假，日曆天數的工作時間較少，等等。因此，季節性的這一部分將會保留下來。正如我們今天所看到的，我沒有看到——我預計季節性不會改變。但除此之外，在這種不確定的環境下，很難預測本季的情況會如何。

As I said earlier, at the bottom and the higher end of the guidance, we have guidance, we have factored in various scenarios and depending on how that will play out, we'll see how the quarters progress. But Overall, we don't see a significant change in seasonality beyond the uncertainty.

正如我之前所說，在指導的底部和高端，我們有指導，我們已經考慮了各種情況，並且根據情況如何發展，我們將看到季度的進展。但總體而言，除了不確定性之外，我們並沒有看到季節性有顯著變化。

Okay. And just last bookkeeping question. In terms of your margin work, you have said the M&A-related cost being 40 bps as a headwind to the margin. Is it one-off and may not reoccur in the first quarter of the coming financial year? And if I assume both acquisition being closed at the end of 1Q and maybe consolidated for nine months, is it fair to assume it will add 40, 50 bps to the revenue growth?

好的。這是最後一個簿記問題。就您的保證金工作而言，您曾說過，併購相關成本為 40 個基點，對保證金構成了阻力。這是一次性事件嗎？在下一財年的第一季可能不會再次發生嗎？如果我假設這兩項收購都將在第一季末完成，並且可能在九個月內完成整合，那麼是否可以合理地假設它將為收入成長帶來 40 到 50 個基點的增幅？

So that's right. The 40 bps of charge that we took on -- related to the acquisition is one-off in a way. If you recall, we had said earlier this year that the Automobile sector, especially in the German or European markets has been seeing software.

沒錯。我們承擔的與收購相關的 40 個基點的費用在某種程度上是一次性的。如果你還記得的話，我們今年早些時候曾說過，汽車行業，尤其是德國或歐洲市場的汽車軟體已經出現。

And that is why we have reassessed our customer intangibles -- the value of customer intangibles and we had to take a charge on that. So from that perspective, it's a one-off. Coming to the second question, what was the second question?

這就是為什麼我們重新評估了客戶無形資產——客戶無形資產的價值，並且我們必須對此負責。所以從這個角度來看，這是一次性的。說到第二個問題，第二個問題是什麼？

The M&A.

併購。

Yes, the acquisition the impact of the acquisitions, the if we close in the Q1, the impact would -- I mean the benefit that we would get would be 40 to 50 basis points for the full year, which is not baked in the guidance.

是的，收購的影響，如果我們在第一季完成收購，其影響將是——我的意思是，我們將獲得的收益將是全年 40 到 50 個基點，這並沒有包含在指導中。

Vibhor Singhal, Nuvama Institutional Equities.

Vibhor Singhal，Nuvama 機構股票。

Just two quick questions from my side. One is traditionally, especially over the last few years, we have seen an editing for us in terms of growth and the second half gets marred by the industry season being 2.3 and our own season being 2.4. This year, do you see -- I mean I know this is part of the question

我只想問兩個簡單問題。一個是傳統上，特別是在過去幾年中，我們已經看到了成長方面的編輯，下半年受到行業季節 2.3 和我們自己的季節 2.4 的影響。今年，你看到了嗎——我的意思是我知道這是問題的一部分

But in this year, I think a lot of our peers fallen down on something in the past quarter, which also led to one of their peers going through a very weak quarter, Q1, yesterday itself. Do you see that impacting the entry growth rate of products this year, which would probably lead to at least slightly lower or, let's say, a skewed trajectory of the on that we have seen over the past two years?

但今年，我認為我們的許多同行在過去的一個季度都出現了一些問題，這也導致他們的一個同行在昨天的第一季經歷了一個非常疲軟的季度。您是否認為這會影響今年產品的進入成長率，這可能會導致我們在過去兩年中看到的至少略微下降或扭曲的軌跡？

Vibhor, sorry, again, your voice wasn't very clear. It was getting muffled in between. Can you summarize the question again, please?

Vibhor，抱歉，你的聲音再次不太清晰。中間的聲音變得低沉起來。能再總結一下這個問題嗎？

The line for the participant dropped. We move to the next participant. Nitin Padmanabhan, Investec India.

參與者的線路斷了。我們轉到下一位參與者。Nitin Padmanabhan，Investec India。

The JV that we signed with Mitsubishi, how is that different from the one that TCS has signed in the early part of the last decade. If you could just give some context there?

我們與三菱簽署的合資協議與 TCS 在上個十年初期簽署的合資協議有何不同？您能否提供一些背景資訊？

So Nitin, this is not a JV that we have signed. We have inducted Mitsubishi in the existing JV, and we have diluted our share by 2%. So it's an existing JV where we have just inducted a partner, a strategic partner in the JV. It's endeavor to build a long-term relationship with a large giant in Japan.

所以 Nitin，這不是我們簽署的合資協議。我們已將三菱納入現有的合資企業，並將我們的股份稀釋了 2%。因此，這是一家現有的合資企業，我們剛剛引入了一位合作夥伴，即合資企業的策略合作夥伴。致力於與日本大型企業建立長期合作關係。

Got it. Got it. And then just one last question is, see, as we entered the last year, which is as we entered fiscal '25, we had a large order book of large deals, which we had to execute, which helped us in the first half of last year. As we enter this year, how would you contrast that in terms of the order backlog, relative to last year, right? I'm asking this considering that our organic growth this year is possibly around 3.4%.

知道了。知道了。然後最後一個問題是，當我們進入去年，也就是我們進入 25 財年時，我們有大量大額交易訂單，我們必須執行這些訂單，這對我們在去年上半年有所幫助。進入今年，與去年相比，訂單積壓情況有何不同？我問這個問題是考慮到我們今年的有機成長率可能在 3.4% 左右。

And in that context, our guidance at the top end is almost similar. So just wanted some context in terms of how it was then and how it is now?

從這個角度來看，我們對高端的指導幾乎是相似的。所以只是想了解當時和現在的情況？

So Nitin, you're right. If you look at just the purely the quantum of the deals that took were being ramped up in Q4 of the previous year, and compare that to quantum of deals that are getting ramped up, you will see a stark difference or you'll see some difference.

所以 Nitin，你是對的。如果您只看去年第四季度增加的交易量，並將其與正在增加的交易量進行比較，您會看到明顯的差異，或者您會看到一些差異。

But we should also remember that many of those deals were in larger deals and a longer duration deals versus what we have today. Which -- so there's a delta between the tenure of the deals and mega deals are generally a much longer tenure deal.

但我們也應該記住，與今天的交易相比，其中許多交易規模更大，持續時間更長。因此，交易期限與大型交易之間存在差異，大型交易的期限通常要長得多。

You will see some of the filings with respect to the mega deals that we have done with SEBI also, Stock exchange also earlier. So we should see that in that context.

您會看到我們之前向印度證券交易委員會 (SEBI) 和證券交易所提交的一些有關大型交易的文件。所以我們應該從這個角度來看這個問題。

So it's not that these deals have any anniversary impact at the moment? Or if there's a continued ramp that you're anticipating there?

那麼這些交易目前還不會對週年紀念產生任何影響嗎？還是您預期會持續的成長？

So if you look at most of the deals that we had talked about earlier, which was signed in FY24, they had ramped up in the Q4 of FY24, and then we saw the benefit of them in FY25.

因此，如果你看一下我們之前談到的大多數交易，這些交易都是在 24 財年簽署的，它們在 24 財年第四季度有所增加，然後我們在 25 財年看到了它們的好處。

Vibhor Singhal, Nuvama.

維博·辛格哈爾，努瓦瑪。

I hope I'm audible this time. Sorry, I got dropped in between. So my question was basically on the growth trajectory that we're expecting. For the last two years of our growth has been pretty much first half heavy and seasonality of industry and ROCEs have been coming in Q3 and Q4. This time, a lot of our peers have called out weakness in Q1, especially because of the uncertain macro.

我希望這次我能被聽到。抱歉，我被打斷了。所以我的問題基本上是關於我們預期的成長軌跡。在過去兩年中，我們的成長主要集中在上半年，產業季節性和 ​​ROCE 出現在第三季和第四季。這一次，我們的許多同業都指出第一季經濟表現疲軟，尤其是因為宏觀經濟的不確定性。

So do you believe that could impact the growth trajectory that we see through the year, it could be more skewed towards Q2 and Q3 or maybe the second half, and the first half might not be as good as we have seen it over the past couple of years. Just some light on that will be really great.

那麼您是否認為這可能會影響我們全年看到的成長軌跡，可能會更偏向第二季和第三季度，或者可能是下半年，而上半年可能不如過去幾年那麼好。只要對此稍加說明，就會非常棒。

So Vibhor, I said earlier, from a seasonality perspective, I don't see -- I mean the regular seasonality perspective, I don't see a change in seasonality.

所以 Vibhor，我之前說過，從季節性的角度來看，我沒有看到——我的意思是從常規季節性的角度來看，我沒有看到季節性的變化。

The working days calendar days impact would be similar to earlier years, the furloughs will remain. The uncertainty is the only unknown factor, and we'll have to see how that pans out in Q1, Q2 to see and the implication of that to see whether Q1 -- Q2 is going to be better or versus earlier year.

工作日日曆天數的影響與前幾年類似，休假仍將保留。不確定性是唯一未知的因素，我們必須觀察第一季和第二季的情況，以及其影響，才能知道第一季和第二季是否會比去年同期更好。

So in short, the uncertainty remains. That's the reason why we have given a three-point guidance. At the bottom end of guidance, we have seen -- we have expected higher uncertainty at the top end of the guidance. If we end up there, then you will see a regular seasonality in H1 and H2, at the top end of the guidance. But yes, the bottom end of our guidance, it's going to be unpredictable.

簡而言之，不確定性仍然存在。這就是我們給出三點指導的原因。在指導的底端，我們已經看到——我們預期指導的頂端會有更高的不確定性。如果我們最終達到這個水平，那麼您將會看到 H1 和 H2 的常規季節性，處於指導的最高端。但是，是的，我們的指導底線是不可預測的。

Right. Right. Got it. So okay, let me just ask maybe just a follow-up on that. Are you expecting any, let's say, unexpected -- I mean, extra weakness in Q1 because of the uncertain macro at this point of time?

正確的。正確的。知道了。好的，我只是想問一下關於這個問題的後續問題。您是否預計會出現任何意外情況——我的意思是，由於目前宏觀經濟的不確定性，第一季會出現額外的疲軟？

We don't give quarterly guidance unfortunately. So we are going to stick to our overall guidance, and that is what we see today.

遺憾的是，我們不提供季度指引。因此，我們將堅持我們的整體指導方針，這就是我們今天所看到的。

I was just trying my luck. Lastly, on the margin front, where do we stand on the project Maximus benefit? Do you believe there's still some fruits to be plucked from that? Or are we mostly done with that project?

我只是想試試運氣。最後，在利潤方面，我們對 Maximus 計畫的收益如何？您是否相信其中仍有一些值得採摘的成果？或者說我們基本上已經完成那個專案了？

So if you look at this year, despite multiple headwinds, we have been able to improve margins of 50 basis points, right? We did absorb the comp that we did in the previous year, further impact of that came in FY25. We gave higher variable pay to our employees. We have had ramp-ups of many of the mega deals, which obviously are lower margins in the beginning of the year. We had an impact from acquisition or intangibles of the acquisition.

所以如果你看看今年，儘管面臨多重阻力，我們仍然能夠將利潤率提高 50 個基點，對嗎？我們確實吸收了上一年的業績，其進一步的影響體現在 2025 財年。我們為員工提供了更高的浮動工資。我們已完成許多大型交易，這些交易在年初的利潤率顯然較低。我們受到了收購或收購的無形資產的影響。

So I think we have absorbed all of that and delivered 50 basis points of margin. There are multiple tracks which are still underway under the project, value-based selling is still delivering value. Lean automation is still creating value. So I think there are opportunities that makes us believe that there is still opportunity to improve margins from where we are, and that's the end of year.

所以我認為我們已經吸收了所有這些並提供了 50 個基點的利潤率。該項目下仍有多個軌道在進行中，基於價值的銷售仍在創造價值。精益自動化仍在創造價值。因此，我認為有機會讓我們相信，仍然有機會提高目前的利潤率，那就是在年底。

Manik Taneja, Axis Capital.

Manik Taneja，Axis Capital。

You made a remark regarding the fact that we should probably be expecting some decline in the cost of pass-through revenues in FY26. We basically see a very steady increase from this line item increasing from about 2% of revenues to about close to 8% of revenues in FY25.

您提到，我們可能應該預期 26 財年的轉嫁收入成本會有所下降。我們基本上看到該項目穩步增長，從佔收入的約 2% 增長到 25 財年的約 8%。

Is there anything on the ground which is changing because of this envisage? Or lower -- this number essentially being a drag on revenue growth? And how should we be thinking about this number playing out over the next three, four years?

由於這項設想，地面上有什麼正在改變嗎？或者更低——這個數字本質上拖累了收入成長？我們該如何看待這個數字在未來三至四年內的變化？

Sorry, Manik, this is -- the third-party costs are typically the costs which are embedded in a large transformation deals -- a multiyear large transformation deals. And we know what the deals that we have signed in the year, and we know what are the deals in pipeline.

抱歉，馬尼克，這是——第三方成本通常是大型轉型交易中包含的成本——一項多年的大型轉型交易。我們知道今年簽署了哪些協議，也知道正在籌備中的協議有哪些。

When we analyze that those two components is when we estimate what the cost is going to be. And at this point in time, looking at what we have signed and what we have in the pipeline, we expect FY26 third-party costs to be lower than FY25.

當我們分析這兩個組成部分時，我們就能估算出成本是多少。目前，根據我們已經簽署的協議和正在籌備中的協議，我們預計 26 財年的第三方成本將低於 25 財年。

Do we start this going back to possibly where it used to be FY21?

我們是否要開始將其恢復到 21 財年的水準？

Yes. I mean, eventually, we will have to see where we end up. Once the large many of the mega days that we have signed in the past, those starts -- those transformation finishes, we will have significant reductions as well.

是的。我的意思是，最終，我們必須看看我們的結局如何。一旦我們過去簽署的許多大型協議開始生效，這些轉型就將結束，我們也將大幅削減開支。

Ashwin Mehta, AMBIT Capital.

AMBIT Capital 的 Ashwin Mehta。

Jayesh, one clarification, in our cost of sales line, we have almost INR145 crore negative number for consultancy and professional charges. Haven't seen a negative number ever there. So what is driving this?

Jayesh，需要澄清的是，在我們的銷售成本中，諮詢和專業費用幾乎為負 14.5 億印度盧比。從未在那裡見過負數。那麼，是什麼原因導致這現象的發生呢？

So Ashwin, this is an insurance claim that we got with respect to the cyber event that we had last year. So this is a benefit of $20 million that we got. I didn't call it out in the margin walk because there were other negatives against that like utilization, et cetera. So those offset each other.

所以，阿什溫，這是我們針對去年發生的網路事件收到的保險索賠。因此，我們獲得了 2000 萬美元的收益。我沒有在保證金調整中指出這一點，因為還有其他不利因素，例如利用率等等。所以它們互相抵消。

And I had a follow-up in terms of the provision of support as well the reversal seems to be pretty high. So is that also related to this as well?

我對提供支持方面也進行了跟進，逆轉似乎相當高。那麼這也與此有關嗎？

No. The post-sale customer support is typically -- there is a seasonality there. So typically, if you look at last few year's time, you will see a reduction in Q4 generally on that because many of the projects typically come to an end with the financial year end. So that's one reason. The second reason is, of course, there's a lot of things which we are driving under Project Maximus.

不。售後客戶支援通常具有季節性。因此，通常情況下，如果你回顧過去幾年的情況，你會看到第四季度的支出普遍減少，因為許多項目通常會在財政年度結束時結束。這是一個原因。第二個原因當然是我們在 Maximus 專案下正在推動很多事情。

Whether it is in terms of effort optimization, whether it is in terms of change request a tighter control of many of those projects all of that reflects into lesser warranty in terms of SLAs, lesser warranty, lesser cost in future on many of those projects. So all of that reflects in PSC as far as --

無論是在工作量優化方面，還是在變更請求方面，對許多項目進行更嚴格的控制，所有這些都反映在 SLA 方面的保固減少、保固減少、未來許多項目的成本減少。因此，所有這些都反映在 PSC 中--

Girish Pai, BOB Capital Markets.

Girish Pai，BOB 資本市場。

Sir, are there any silver linings to the current macroeconomic situation around tariffs. Are you having any conversations with clients around the supply chain solutions or anything like that?

先生，當前圍繞關稅的宏觀經濟情勢是否存在一線希望？您是否與客戶討論過供應鏈解決方案或類似問題？

So there, what we see is we have a portfolio which has got both things for growth like AI, cloud, digital, but also very good solutions for cost and cost efficiency, automation, productivity from AI Lean. We are making sure that those are getting already in the short time period from the changes in the economic outlook. We are making sure those are getting communicated, discussed with clients.

因此，我們看到的是，我們擁有一個既有人工智慧、雲端、數位等成長點，又有來自人工智慧精實的成本和成本效率、自動化、生產力等非常好的解決方案的投資組合。我們正在確保這些措施能夠在短時間內從經濟前景的變化中實施。我們正在確保與客戶進行溝通和討論。

And my guess is, we don't know like the impact yet, but we are going to make sure that if clients are looking for cost and efficiency will be there. On supply chain, we are working to make sure that we provide because we have a consulting business, which can give some insights.

我的猜測是，我們還不知道其影響，但我們會確保如果客戶尋求成本和效率，就會有影響。在供應鏈方面，我們正在努力確保提供服務，因為我們有諮詢業務，可以提供一些見解。

We also have supply chain tech solutions if clients are routing their supply chains or if they want to optimize it, how we can support them in it. So we are positioning for it. We don't know right now like what is the potential impact benefit, but we are definitely positioning for the cost and these activities.

如果客戶正在規劃他們的供應鏈或想要優化供應鏈，我們也可以提供供應鏈技術解決方案，以幫助他們提供支援。因此我們正在為此進行定位。我們現在不知道潛在的影響效益是什麼，但我們肯定會針對成本和這些活動進行定位。

Okay. My second and last question has to do with AI and budgets around AI. Do you have a -- clients have a separate budget for GenAI or AI? Or is it coming from savings that you're doing on normal projects?

好的。我的第二個也是最後一個問題與人工智慧和人工智慧相關的預算有關。您是否擁有—客戶為 GenAI 或 AI 制定了單獨的預算？或者它是來自於您在正常專案上節省下來的資金？

Yes. I think -- I mean if I look back at the last year, the overall tech budgets are there. Now there are some cases where a client is doing large transformation, we are able to fund that transformation from, let's say, a large opportunity on consolidation or cost efficiency. In some cases, because at the start, I was a little bit more distributed, not so much central.

是的。我認為——我的意思是，如果我回顧去年，整體技術預算就在那裡。現在有些客戶正在進行大規模轉型，我們能夠從整合或成本效率等方面為此轉型提供資金。在某些情況下，因為在開始時，我的分散性更強一些，而不是那麼集中。

There were also some distributed within the company, different divisions and budgets and so on. My guess is it will become more and more one budget for the company from which there will be spend on our services for AI and so on. We will see how that plays out. That's what we anticipate.

還有一些分佈在公司內部、不同部門和預算等等。我的猜測是，它將逐漸成為公司的預算，用於我們的人工智慧服務等方面的支出。我們將拭目以待事情將如何發展。這正是我們所期望的。

Ladies and gentlemen, I now hand the conference over to the management for closing comments.

女士們、先生們，現在我將會議交給管理階層進行總結發言。

Thanks. Thank you, everyone, and thank you for detailed set of questions. We can imagine with the changes we are all looking for insights. Conclusion from my side. First, we are delighted with the strong financial year '25 growth, margin, very good cash, large deals, net new.

謝謝。謝謝大家，也謝謝大家詳細的提問。我們可以想像，我們都在透過這些變化尋求洞察力。我的結論。首先，我們對 25 財年的強勁成長、利潤率、非常好的現金、大宗交易和淨新增業務感到高興。

What we see -- what we have built over the years is a balanced portfolio within the company with AI, cloud, digital, for growth, cost, automation, consolidation, lean for efficiency.

我們看到的是——多年來我們已經在公司內部建立了一個平衡的投資組合，其中包括人工智慧、雲端運算、數位化、成長、成本、自動化、整合、精益效率。

And we find that this environment gives us a good ability to work on both and maybe do one more than the other, depending on how the environment will unfold, we will support our clients in that ability. We've also taken care to build guidance with how Jayesh described with different ends and assuming different scenarios.

我們發現，這種環境使我們有能力同時處理這兩項工作，並且可能做得更多，這取決於環境如何發展，我們將在這種能力上支持我們的客戶。我們也注意根據 Jayesh 如何描述不同的結局和假設不同的場景來建立指導。

We feel we are well positioned on the margin side with a lot of the work that's been done in our margin program. So overall, we remain quite confident to support our clients on what they want to drive and to deliver and execute on our business. Thank you, everyone, and look forward to catching up in the quarter. Thank you.

我們認為，透過在保證金計劃中所做的大量工作，我們在保證金方面處於有利地位。因此，總體而言，我們仍然非常有信心支持我們的客戶實現他們想要推動的目標，並交付和執行我們的業務。謝謝大家，期待本季的進展。謝謝。

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

非常感謝各位管理層成員。女士們、先生們，我代表 Infosys Limited 結束本次電話會議。感謝大家的參與，現在您可以斷開線路了。謝謝。