Infosys Ltd (INFY) 2026 Q1 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Infosys Limited Q1 FY26 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 2026 財年第一季財報電話會議。（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 you, Mr. Mahindroo.

現在我把會議交給桑迪普·馬欣德魯先生。謝謝您，接下來交給您了，馬欣德魯先生。

Hello, everyone, and welcome to Infosys earnings call for the first quarter of FY26. Joining us on this call is CEO and MD, Mr. Salil Parekh; CFO, Mr. Jayesh Sanghrajka, and other members of the leadership team. We'll start the call with some remarks on the performance of the company, subsequent to which we'll open up the call for questions.

大家好，歡迎參加 Infosys 26 財年第一季財報電話會議。參加本次電話會議的有執行長兼董事總經理 Salil Parekh 先生、財務長 Jayesh Sanghrajka 先生以及其他領導團隊成員。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 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理解。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. We had a strong start to our financial year. Our revenues grew 2.6% sequentially and 3.8% year on year in constant currency terms.

謝謝，桑迪普。大家晚上好，早安。感謝您加入我們。我們的財政年度開局良好。以固定匯率計算，我們的營收季增 2.6%，年增 3.8%。

Growth was broad-based with our large five industry groups and our large geographies growing year on year in constant currency. Our large deals were at $3.8 billion. Our operating margin was 20.8%. And our free cash flow was at $884 million.

我們的五大產業集團和各大地區均實現了廣泛成長，以固定匯率計算，這些地區的業務均實現了同比增長。我們的大額交易總額達 38 億美元。我們的營業利益率為20.8%。我們的自由現金流為 8.84 億美元。

The main drivers of our growth were our leadership in enterprise AI and our continued success in clients selecting us for consolidation. We are seeing good demand for AI agents. We built 300 agents across business operations and IT areas. Our horizontal and vertical agents are helping our clients drive faster decisions, improve customer experience, and improve operational efficiency.

我們成長的主要動力是我們在企業人工智慧領域的領導地位以及客戶選擇我們進行整合的持續成功。我們看到對人工智慧代理的需求很高。我們在業務營運和 IT 領域建立了 300 名代理商。我們的橫向和縱向代理正在幫助我們的客戶做出更快的決策、改善客戶體驗並提高營運效率。

Let me share with you some examples of where we're doing project work on enterprise AI for our clients. An oil and gas major is using Infosys AI agents to enhance production quality in their refinery, orchestrate dynamic pricing in their retail stores, and automate their contract management system for efficient trading. A leading global manufacturing company is using Infosys AI agents across their supply chain to unlock productivity and cost benefits and using Infosys AI agents to efficiently resolve issues related to malfunctioning equipment. A logistic company is using Infosys AI agents to transform customer care, operations and logistics and finance and accounting to become more efficient.

讓我與你們分享一些我們為客戶進行企業 AI 專案工作的例子。一家石油和天然氣巨頭正在使用 Infosys AI 代理來提高其煉油廠的生產品質、協調其零售店的動態定價以及自動化其合約管理系統以實現高效交易。一家全球領先的製造公司正在其整個供應鏈中使用 Infosys AI 代理來釋放生產力和成本效益，並使用 Infosys AI 代理程式有效解決與故障設備相關的問題。一家物流公司正在使用 Infosys AI 代理來轉變客戶服務、營運和物流以及財務和會計，以提高效率。

For a leading North American retailer, we are transforming in-store shopping into a frictionless data-driven experience, boosting customer satisfaction, loyalty, and operational efficiency. This is being done by integrating physical AI through intelligent automation and edge-based computer vision. A global financial services company is using Infosys Enterprise AI solution with a fine-tuned large language model. This system translates code and automates documentation. The solution increased developer productivity by 25% and automated 50% of business requirement creation and support of the modernization plan.

對於北美領先的零售商，我們正在將店內購物轉變為無摩擦的數據驅動體驗，提高客戶滿意度、忠誠度和營運效率。這是透過智慧自動化和基於邊緣的電腦視覺整合實體人工智慧來實現的。一家全球金融服務公司正在使用具有精細調整的大型語言模型的 Infosys Enterprise AI 解決方案。此系統可翻譯程式碼並自動產生文件。該解決方案使開發人員的工作效率提高了 25%，並實現了 50% 的業務需求創建和現代化計劃支援的自動化。

Building on 19 leadership ratings we received in financial year 2025, we are now positioned additionally as leaders in Gartner's first generative AI consulting and implemented services quadrant. We are the only large India-based technology services company to be positioned as a leader.

基於我們在 2025 財政年度獲得的 19 項領導力評級，我們現在又被定位為 Gartner 首個生成式 AI 諮詢和實施服務象限的領導者。我們是唯一一家被定位為領導者的印度大型技術服務公司。

Based on our performance in Q1 and our current outlook, our guidance for growth for financial year 2026 is revised from the earlier guidance of 0% to 3%. Now it's 1% to 3% growth in constant currency terms. Our margin guidance remains unchanged at 20% to 22%.

根據我們第一季的表現和目前的展望，我們對 2026 財年的成長預期從先前的 0% 修訂為 3%。現在以固定匯率計算成長率為 1% 至 3%。我們的利潤率預期保持不變，為 20% 至 22%。

With that, I'd like to invite Jayesh to share his comments.

因此，我想邀請 Jayesh 分享他的評論。

Thank you, Salil. Good morning, good evening, everyone, and thank you for joining the call today. We have been able to successfully navigate a quarter of global uncertainty, which is reflected in our holistic business performance. We delivered market-leading sequential growth, robust large deal wins with strong net new, resilient operating margins, high single-digit EPS growth, and another quarter of free cash flow to net profit of over 100%.

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。我們已經成功度過了全球四分之一的不確定性，這反映在我們的整體業務表現上。我們實現了市場領先的連續成長、強勁的大宗交易勝利、強勁的淨新利潤、有彈性的營業利潤率、高個位數的每股收益增長，以及另一個季度自由現金流與淨利潤之比超過 100%。

Let me cover the key aspects of the results. Growth was strong and broad-based. Revenue up 2.6% sequentially, including 0.4% from acquisitions and 3.8% on a year on year in constant currency terms. Sequential revenue growth was achieved despite a significant reduction in third-party costs by 60 basis points to 7.3% of revenue. Sequential growth was once again driven by increase in realization, thanks to progress in the Project Maximus. Volume growth, while muted, was positive. Manufacturing grew in double digits. And FX and EURS grew about 5% year on year in constant currency terms.

讓我來介紹一下結果的關鍵面向。成長強勁且基礎廣泛。營收季增 2.6%，其中收購帶來 0.4% 的成長，以固定匯率計算年增 3.8%。儘管第三方成本大幅下降 60 個基點至收入的 7.3%，但收入仍實現了連續成長。由於馬克西姆斯計畫的進展，實現量的成長再次推動了連續成長。銷量成長雖然不大，但卻是正面的。製造業實現兩位數成長。以固定匯率計算，外匯和歐元年增約 5%。

(inaudible) geographies, North America grew ahead of the company at 2.9% sequentially in PC. On a year-on-year basis, Europe grew 12.3%, which is over 3 times the company average. Operating margins were at 20.8%, down 20 basis points QoQ and 30 basis points year on year. Sequential margin resilience was despite absorbing balanced comp hike, higher variable pay, and investment in sales and marketing.

（聽不清楚）各地區來看，北美個人電腦業務較上季成長2.9%，成長速度領先於公司。歐洲業務年增12.3%，是公司平均的三倍多。營業利益率為 20.8%，較上一季下降 20 個基點，較去年同期下降 30 個基點。儘管吸收了均衡薪酬上漲、浮動薪酬增加以及銷售和行銷投資，利潤率仍保持連續彈性。

Utilization, including trainees, went up 30 basis points QoQ at 85.2% and including trainees up 80 basis points to 82.7%. EPS in rupee terms grew by 8.6% and in dollar terms, grew by 5.8% YoY. Our relentless focus on cash continues and is reflected in free cash flows of $884 million, which is 109% of net profit. This is the fifth consecutive quarter of free cash flow being over 100% of net profit. We expect FY26 free cash flows to be above 100% of net profit.

包括受訓人員在內的使用率較上月上升 30 個基點，達到 85.2%；包括受訓人員在內的使用率則上升 80 個基點，達到 82.7%。以盧比計算的每股盈餘年增 8.6%，以美元計算的每股盈餘年增 5.8%。我們持續不懈地關注現金，這體現在 8.84 億美元的自由現金流上，佔淨利潤的 109%。這是自由現金流連續第五個季度超過淨利的100%。我們預計 26 財年的自由現金流將超過淨利的 100%。

Consolidated cash and cash equivalents stood at $5.27 billion at the end of the quarter after paying our final dividend for FY25. Yield on cash balance was 7.2% in Q1. ROE improved by 140 basis points to 30.4% due to dividend payouts. Large deal wins were robust, comprising of 28 deals with a TCV of $3.8 billion, including 55% net new. This includes multiple vendor consolidation deals with a combined TCV of over $1 billion, including a mega deal with one of the largest global bank. This reflects our deep-rooted client relationships and differentiated delivery capabilities.

在支付 25 財年的末期股息後，本季末的合併現金和現金等價物為 52.7 億美元。第一季現金餘額收益率為 7.2%。由於股息支付，ROE 提高了 140 個基點，達到 30.4%。大型交易勝利勢頭強勁，共達成 28 筆交易，總交易價值 (TCV) 達 38 億美元，其中 55% 為淨新交易。其中包括多項供應商整合交易，總 TCV 超過 10 億美元，其中包括與全球最大的銀行之一達成的巨額交易。這體現了我們根深蒂固的客戶關係和差異化的交付能力。

Vertical-wise, we signed nine deals in Communications, six in EURS, five in Manufacturing, four in Financial Services, two each in Hi-Tech and Retail, reason why we signed 20 deals in America, six in Europe, and two in ROW. Headcount at the end of the quarter was 323,788. Attrition increased marginally to 14.4.

從垂直角度來看，我們在通訊領域簽署了 9 筆交易，在歐洲簽署了 6 筆交易，在製造業簽署了 5 筆交易，在金融服務領域簽署了 4 筆交易，在高科技和零售領域各簽署了 2 筆交易，因此我們在美國簽署了 20 筆交易，在歐洲簽署了 6 筆交易，在其他地區簽署了 2 筆交易。本季末員工總數為323,788人。人員流失率略有增加，達 14.4。

Operating margin for Q1 was at 20.8%, a decline of 20 basis points sequentially. The major components of sequential margin change for the quarter are as follows: headwinds of 100 basis points from compensation increase, higher variable pay partly offset by other salary-related items; 30 basis points from currency movement; and 20 basis points from sales investments, partly offset by tailwinds of 70 basis points from increase in realization due to Maximus and seasonality; 40 basis points on account of lower amortization cost on intangibles; and 20 basis points from lower third-party costs, leading to 20 basis point drop in operating margin sequentially.

第一季營業利益率為 20.8%，季減 20 個基點。本季利潤率較上季變動的主要因素如下：薪資成長帶來 100 個基點；銷售投資帶來 20 個基點，但被 Maximus 和季節性因素帶來的實現增加 70 個基點的盈餘順風部分抵銷會成本低； 20 個基點。

ETR for the quarter was at 28.9%. The effective ETR rate for the financial year '26 to be in the range of 29% to 30%. While Q1 was steady, business environment remains uncertain due to lack of resolution on tariffs and geopolitical situation. Clients continue to be cautious in their discretionary spending, decisions reflecting in the delays in deal-making. Near-term visibility remains good, and we expect stronger H1 compared to H2 on account of normal seasonality, as highlighted earlier.

本季的 ETR 為 28.9%。26財年的有效ETR稅率在29%至30%之間。儘管第一季表現穩定，但由於關稅和地緣政治局勢尚未解決，商業環境仍然不確定。客戶在可自由支配的支出方面繼續保持謹慎，這一決定反映在交易的延遲上。短期可見性仍然良好，我們預計由於正常的季節性，H1 的表現將強於 H2，正如先前強調的那樣。

Coming to verticals. Financial Services saw good momentum this quarter in US with capital markets, commercial banking, and wealth management seeing a lot of transformation opportunities. Agentic AI is playing pivotal role with focus on areas like KYC, onboarding, and portfolio management.

進入垂直領域。本季美國金融服務業發展動能良好，資本市場、商業銀行和財富管理迎來大量轉型機會。Agentic AI 發揮關鍵作用，重點關注 KYC、入職和投資組合管理等領域。

We are now the preferred AI partner for 10 of the top 20 clients in FS, with many initiatives getting from POC to production, especially in agentic AI.

我們現在是金融服務領域前 20 名客戶中的 10 名的首選 AI 合作夥伴，許多計劃都從 POC 走向生產，尤其是在代理 AI 領域。

We are partnering with GCCs, both in setup and growth-led deals, while pipeline is strong with new opportunities in vendor consolidation, cost optimization and simplification, clients are cautious about decision-making due to a volatile environment. Manufacturing segment continues to face challenges in automotive, industrial and Europe with decision-making delays and soft discretionary expense.

我們正在與 GCC 合作，包括建立和成長主導的交易，雖然通路強勁，在供應商整合、成本優化和簡化方面有新的機遇，但由於環境動盪，客戶對決策持謹慎態度。製造業在汽車、工業和歐洲繼續面臨決策延遲和軟性可自由支配費用的挑戰。

While clients are reevaluating the supply chains due to tariff uncertainty, we are helping them leverage technology across end-to-end life cycle from design to manufacturing to sales. Pipeline remains healthy with focus on cost takeout and opportunities. We won a large deal in this vertical in Q1 to help a client set up a GCC. In auto, we are helping clients in rationalizing their footprints. And in industrial, we are helping them in cost optimization.

當客戶因關稅不確定性而重新評估供應鏈時，我們正在幫助他們利用技術貫穿從設計到製造再到銷售的端到端生命週期。管道保持健康，並專注於成本削減和機會。我們在第一季贏得了該垂直領域的一筆大交易，幫助客戶建立了 GCC。在汽車領域，我們正在幫助客戶合理化他們的足跡。在工業領域，我們正在幫助他們優化成本。

EURS vertical outlook remains mixed due to economic uncertainties. Pipeline for both large and mega deals remain strong. Our investment in industry cloud energy transition and AI-driven operational efficiency are driving growth and differentiating us in large deals.

由於經濟不確定性，歐元區垂直前景仍喜憂參半。大型和超大型交易的管道依然強勁。我們對產業雲端能源轉型和人工智慧驅動的營運效率的投資正在推動成長，並使我們在大型交易中脫穎而出。

In energy, high-cost pressures due to oil price volatility are prompting clients to consolidate vendors for savings. In utilities, advancement in renewable energy, smart grid technology, and sustainability regulations are reshaping the market. In services, clients remain cautious about spending across CapEx and OpEx. In retail, uncertainty around tariffs has led to muted spending in large geographies, supply chain impact, and procurement disruptions. Budgets remain tight and decision cycles elongated.

在能源領域，油價波動導致的高成本壓力促使客戶整合供應商以節省成本。在公用事業領域，再生能源、智慧電網技術和永續性法規的進步正在重塑市場。在服務領域，客戶對於資本支出和營運支出仍持謹慎態度。在零售業，關稅的不確定性導致大片地區支出減少、供應鏈受到影響、採購中斷。預算仍然緊張，決策週期延長。

There is a slowdown in amongst clients on discretionary spend though our pipeline is strong. We are seeing strong commitment from clients to engage us as trusted partners for AI first, outsourcing, and transformation deals in both IT and BPM services.

儘管我們的管道很強大，但客戶的可自由支配支出卻有所放緩。我們看到客戶強烈承諾將我們作為值得信賴的合作夥伴，在 IT 和 BPM 服務領域提供 AI 優先、外包和轉型交易。

Enhanced interest in AI is resulting in budget reallocation with discretionary spend expected to be self-funded through AI-led productivity benefits. Deals in the sector continue to leverage Topaz and [AI mix] platform capabilities. Communications is facing growth challenges and increased OpEx measures amidst volatile macroeconomic and political landscape. Clients are focusing on cost takeouts and vendor consolidation. There is strong focus on AI and customization to monetize 5G use cases.

人們對人工智慧的興趣日益濃厚，導致預算重新分配，預計可自由支配的支出將透過人工智慧帶來的生產力效益實現自籌資金。該領域的交易繼續利用 Topaz 和 [AI mix] 平台功能。在動盪的宏觀經濟和政治情勢下，通訊產業面臨成長挑戰和營運支出增加的挑戰。客戶關注的是成本削減和供應商整合。人們非常重視人工智慧和客製化，以實現 5G 用例的貨幣化。

So ROI concerns are delaying newer investments. OEMs are aiming to profitable growth and are exploring all levers, including tighter and reduced IT budgets and leveraging AI and automation. Growth for us is led by ramp-ups of previously won large deals. Plans in high-tech remains cautious due to macro headwinds and geopolitical tensions, leading to cost pressures and budget cuts. Discretionary programs are paused because of significant investments in Gen AI, GPU, and AI.

因此，對投資報酬率的擔憂正在推遲新的投資。OEM 的目標是實現獲利成長，並正在探索所有手段，包括收緊和減少 IT 預算以及利用人工智慧和自動化。我們的成長是由之前贏得的大型交易的成長所驅動的。由於宏觀逆風和地緣政治緊張局勢，高科技領域的計劃仍然謹慎，導致成本壓力和預算削減。由於對 Gen AI、GPU 和 AI 的大量投資，可自由支配的項目被暫停。

Driven by our Q1 performance and our current assessment of the rest of the year, we have revised our FY26 guidance, revenue guidance to 1% to 3% in constant currency terms. This continues to assume a reduction in third-party revenues versus FY25 based on existing deals, annuities in the pipeline. Our operating margin guidance for the year is 20% to 22%. We will continue to keep a close watch in economic environment and its impact on client budgets and reassess our guidance as we progress during the year.

根據我們第一季的業績以及今年剩餘時間的當前評估，我們已將 26 財年的指引、收入指引按固定匯率計算修訂為 1% 至 3%。根據現有交易和正在籌劃的年金，這繼續假設第三方收入與 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的影響，並在今年內重新評估我們的指導。

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。

So I mean, clearly, good to see a refreshing revenue print here. Key question is on your organic growth momentum. On a year-over-year basis for the quarter, it's quite strong, probably 3.35%, 3.4%. Overall growth was about 5% last quarter.

所以我的意思是，顯然，很高興看到這裡令人耳目一新的收入數據。關鍵問題在於您的有機成長動能。與去年同期相比，本季的增幅相當強勁，大概為 3.35%、3.4%。上個季度整體成長率約為5%。

So the question is, why are you still guiding for like 2% at the midpoint? What is it that you are seeing that makes you feel that the year-over-year growth trajectory on constant currency will weaken, given the solid signings you've had? Or asked another way, why you dropped the upper end of the guide here? Thank you.

那麼問題是，為什麼您仍然指導中間值達到 2% 左右？考慮到您已經簽署的可靠協議，是什麼讓您覺得以固定匯率計算的年成長軌跡將會減弱？或是換一種問法，為什麼你把導軌的上端放在這裡？謝謝。

Ankur, this is Jayesh here. As we had said at the beginning of the year, at the lower end of the guidance, we had baked in heightened uncertainty. At the higher end of the guidance, we had baked in steady to improving environment. While Q1 was strong, if you look at -- the environment underlying hasn't really changed. Q2, we are not really seeing signs of significant environment changes.

Ankur，我是 Jayesh。正如我們在今年年初所說的那樣，在指引的低端，我們已經考慮到了高度的不確定性。在指導的高端，我們已經融入了穩定改善的環境。儘管第一季表現強勁，但如果你看一下——其基本環境並沒有真正改變。Q2，我們並沒有真正看到重大環境變化的跡象。

Tariff situation still remains escalated. The geopolitical situation hasn't really changed. And this is the part of the year, Q1 and Q2 put together, is the strongest part of the -- our year seasonally, right? So looking into all of that, our current guidance at the bottom end expects continuing uncertainty or elevated level of uncertainty, and the upper end bakes in a steady environment at this point in time. This is based on what we see today.

關稅情勢仍持續升級。地緣政治局勢並未真正改變。這是今年的一部分，第一季和第二季加起來，是我們一年中季節性表現最強勁的部分，對嗎？因此，綜合考慮所有這些因素，我們目前的指導意見是，底端預計不確定性將持續存在，或者不確定性水平將上升，而高端則目前處於穩定的環境中。這是基於我們今天所看到的情況。

Okay. Appreciate it. Maybe a couple of questions on AI. Are there any kind of margin or pricing trade-offs you see when you engage with clients on -- in renewals or maybe even out of turn where the expectation is some of the benefits of AI is baked into their contracts? Are you also proactively taking this to clients? That's part number one.

好的。非常感謝。也許是關於人工智慧的幾個問題。當您與客戶進行續約或甚至在合約中預期人工智慧的一些好處能夠融入其中時，您是否看到任何形式的利潤或價格權衡？您是否也主動將此告知客戶？這是第一部分。

Part number two is, there seems to be a lot of significant increase in vendor consolidation, and I think it's AI is part of any of those contracts as well. Do you think that is potentially increasing the replaceability of vendors such as yourselves because of more uses Generative AI? Thank you.

第二部分是，供應商整合似乎有了顯著的成長，我認為人工智慧也是這些合約的一部分。您是否認為，由於生成式人工智慧的更多使用，這可能會增加像您這樣的供應商的可替代性？謝謝。

Hi, Ankur. This is Salil. I think on the first part, what we see with enterprise AI now is there are areas where there's good productivity benefits and especially as we're deploying agents or setting up whole enterprise AI platforms for clients using foundation models. And then there are some areas where we are seeing new opportunities for revenue.

你好，Ankur。這是薩利爾。我認為就第一部分而言，我們現在看到的企業 AI 在某些領域具有良好的生產力效益，特別是當我們使用基礎模型為客戶部署代理或設定整個企業 AI 平台時。在一些領域，我們看到了新的創收機會。

So on the first part, typically, there are productivity gains, and those are shared between clients and ourselves. In many cases, those are situations where either the clients are seeking it themselves or we are bringing it to clients in a view to make things more efficient. And in doing so, we typically get an ability because I think our enterprise AI work is quite solid to do other things, both in enterprise AI, but in other areas with the clients. So that's how we are seeing that piece of the work going on.

因此，在第一部分中，通常會提高生產力，這些生產力由客戶和我們共享。在許多情況下，要么是客戶自己尋求它，要么是我們把它帶給客戶，以使事情變得更有效率。透過這樣做，我們通常會獲得一種能力，因為我認為我們的企業 AI 工作非常紮實，可以做其他事情，不僅在企業 AI 領域，而且在與客戶合作的其他領域。這就是我們所看到的這項工作的進展。

The other question, Salil, was on, do you think there's any kind of increase in replaceability of vendors because we hear a lot more of under-consolidation now? And is that helped by AI in any way?

薩利爾，另一個問題是，您是否認為由於我們現在聽到越來越多的關於整合不足的消息，供應商的可替代性有所提高？人工智慧對此有什麼幫助嗎？

So there, what we are seeing is, at least in the ones that we have benefited from, of which Jayesh mentioned, a good number of them in the Q1 large deals. And just looking at those as a sample set, we see that clients have looked at where they have seen companies are not bringing them good AI solutions in the recent past, solid delivery or where they're looking at some of the smaller companies coming out.

因此，我們看到的是，至少在我們從中受益的交易中，正如 Jayesh 所提到的，其中許多都是第一季的大宗交易。僅將這些作為樣本集，我們就會看到客戶關注的是哪些公司近期沒有為他們帶來良好的人工智慧解決方案、可靠的交付，或者他們正在關註一些新興的小公司。

So those are the areas where, because of our strength of delivery, we feel quite positive that we, on net, are benefiting from it. I don't think it's making it easier or more difficult. But that track record, whether you brought that AI innovation to the client, whether you've delivered in a way that has worked for them over the past, and whether you have scale to do a lot of different things because clients are looking at multiservice capability, that is helping with the large clients for us.

因此，由於我們的交付實力，我們非常有信心，從總體上來說，我們正在從中受益。我認為這不會讓事情變得更容易或更困難。但是，無論你是否為客戶帶來了人工智慧創新，無論你過去是否以對他們有效的方式交付產品，以及你是否具有規模來做很多不同的事情（因為客戶正在尋找多服務能力），這些都有助於我們服務於大客戶。

Thank you. Appreciate it.

謝謝。非常感謝。

Kumar Rakesh, BNP Paribas.

法國巴黎銀行的庫馬爾·拉凱什（Kumar Rakesh）。

Before I get to the question, just a clarification on the guidance part, which you spoke about, Jayesh, just now. So your revision of guidance, especially the top end of the organic growth, it's just a reflection of change in the macroeconomic environment assumptions and not necessarily how you look at the deals ramping up or the impact of third party or any of the operational related issues, right?

在回答問題之前，我先澄清一下您剛才談到的指導部分，Jayesh。因此，您對指引的修改，特別是對有機成長的最高點的修改，只是反映了宏觀經濟環境假設的變化，而不一定是您如何看待交易的增加或第三方的影響或任何與營運相關的問題，對嗎？

Yeah. I mean, see, at the beginning of the year, we had already called out the third party and the lower third party of that. So that factor does not change. As we had also called out the top end of the guidance, we expect steady to marginally improving environment. Now we have not seen the environment improving in Q1. One month -- almost one month of Q2 is gone.

是的。我的意思是，你看，在年初，我們就已經召集了第三方和較低的第三方。所以這個因素不會改變。由於我們也已經提到了指導的最高點，我們預計環境將穩定或略有改善。現在我們還沒有看到第一季環境有所改善。一個月——第二季已經過了將近一個月。

The challenges with respect to tariffs, the challenges with respect to geopolitical environment continued. Clients still remain on a wait and watch with respect to discretionary spend or whether it comes through deal signing, the cycles remain elongated. So I think from all of that perspective, what we are seeing now is the upper end of the guidance, we are expecting the steady environment, and that is what is baked in the guidance.

關稅方面的挑戰、地緣政治環境的挑戰仍在持續。客戶對於可自由支配的支出或是否透過簽署協議而實現仍在觀望，週期仍然延長。因此，我認為從所有角度來看，我們現在看到的是指導的上限，我們預期穩定的環境，這就是指導中所包含的內容。

Having said that, just to clarify, if you look at Q1 and YoY on Q1, the third-party cost on a YoY basis was flattish, right? So when you compare a YoY growth and then extrapolate that for the full year, there would be a headwind from that perspective when you look at a full-year basis growth on the third-party part.

話雖如此，只是為了澄清一下，如果你看一下第一季和第一季的同比數據，你會發現第三方成本的同比數據是持平的，對嗎？因此，當您比較同比增長，然後推斷全年增長時，從這個角度來看，當您查看第三方部分的全年基礎增長時，就會遇到阻力。

Got it. Thanks. And just the first question around the revenue piece. So in this quarter, you spoke about that there has been pricing and productivity benefit of about 70 bps in the first quarter. Can you just give some details around that? Where are we getting that?

知道了。謝謝。第一個問題是關於收入的。因此，在本季度，您談到第一季的定價和生產力效益約為 70 個基點。您能否提供一些有關該問題的細節？我們從哪裡得到它？

And through the year, you spoke about that the third party will come down on a full-year basis further. But from first quarter level, will it further come down from these levels?

您曾說過，全年來看，第三方的支出將進一步下降。但從第一季的水平來看，它還會進一步下降嗎？

So if you look at the pricing, we've spoken about it earlier in terms of the Project Maximus, the value-based selling within Project Maximus. There are multiple tracks within Project Maximus. And I think they have helped. The 70 basis points is a combination of both the benefit on back of Project Maximus as well as some part of seasonality, right, because in this quarter, you have higher working calendar days, given some part of [further] flashback also happens. So you do get that benefit also.

因此，如果你看一下定價，我們之前已經就 Project Maximus 討論過這個問題，即 Project Maximus 中基於價值的銷售。Project Maximus 內有多條軌道。我認為他們已經提供了幫助。70 個基點是 Maximus 專案帶來的好處和部分季節性因素的結合，對，因為在這個季度，你的工作日曆天數更多，因為還會發生部分 [進一步] 閃回。所以你也確實獲得了這種好處。

So partly, it is on account of seasonality. Partly, it is on account of the Project Maximus that has helped. But when you look at a full-year basis, last year, we did talk about [3.5%-odd] in terms of pricing benefit that we got. Of course, there was a lot of -- there were also low-hanging fruits that we captured. But in my mind, the Project Maximus is continuing contribution on this side.

所以部分原因是季節性。部分原因是馬克西姆斯計劃 (Project Maximus) 提供了幫助。但當你看全年的情況時，去年我們確實談到了我們所獲得的定價收益 [3.5% 左右]。當然，我們也收穫了很多──一些唾手可得的果實。但在我看來，Maximus 計畫正在繼續為此做出貢獻。

On the third party, I don't think we are giving quarterly color on this. All we have said is looking at the deals we have signed and the deals in the pipeline, we expect '26 third party to be better than -- or to be lower than '25 third party.

對於第三方，我認為我們不會對此給出季度性的評論。我們所說的只是看看我們已經簽署的交易和正在談判的交易，我們預計 26 家第三方公司的表現會比 25 家第三方公司更好，或者更低。

Thanks for that. My second question was on your performance for the last four or five quarters. Europe has been constantly outperforming your overall growth. So A, what is driving that? And B, how sustainable do you think this outperformance could be or just a strong growth could be?

謝謝。我的第二個問題是關於您過去四、五個季度的表現。歐洲的成長表現一直優於你們的整體成長表現。那麼，是什麼原因導致的呢？B，您認為這種優異表現的可持續性如何，或者只是強勁的成長？

So I think the growth in Europe in last multiple quarters and years is on back of a few things, right? We are one of the first companies a few years back to call out Europe, Europe as an opportunity. We have made, on back of that hypothesis, investments in Europe. And that has helped us win some of the very, very large and mega deals in Europe. So that has definitely helped from the growth in Europe perspective.

所以我認為歐洲過去幾個季度和幾年的成長是基於一些因素的，對嗎？我們是幾年前第一批將歐洲視為機會的公司之一。基於這個假設，我們在歐洲進行了投資。這幫助我們贏得了歐洲一些非常大的交易。因此，從歐洲的成長角度來看，這肯定有幫助。

There are consolidation deals that we have won as well in Europe. So that has helped. And over a period of time, Europe is also opening up from outsourcing perspective. So that is also helping in growth perspective.

我們在歐洲也贏得了一些合併交易。這確實有幫助。而隨著時間的推移，歐洲也從外包的角度開始開放。因此從成長角度來看這也有幫助。

And going forward, sustainability of this strong growth in Europe, do you remain confident on that?

展望未來，您是否對歐洲強勁成長的可持續性保持信心？

I think there are enough -- there are opportunities in Europe. Now whether it will continue growing beyond the company growth or not, I don't think we are giving a guide on that. But where we are standing today, we are seeing opportunity in Europe. And many of the large deals is sitting in Europe as well as the pipeline containing a good amount of large deals in Europe.

我認為歐洲有足夠的機會。現在，無論它是否會繼續超越公司成長，我認為我們不會對此給予指導。但就我們今天所處的位置而言，我們看到了歐洲的機會。許多大型交易都在歐洲進行，而且歐洲仍有大量大型交易正在籌備中。

Great. Thanks a lot.

偉大的。多謝。

Abhishek Kumar, JM Financial.

Abhishek Kumar，JM Financial。

I have a question on rental consolidation. This has been going on for last at least a couple of years now. Do you think there has been a shift in the vendors we are competing with? Maybe earlier, it was the longer tail of small vendors, which these enterprises had added post-COVID. And you think now it has shifted to more larger, like, peers, and therefore, the fight to hold on to your turf and add more becomes a bit more challenging and kind of puts pressure on our margins?

我對租賃合併有疑問。這種情況已經持續了至少兩年了。您認為我們的競爭對手發生了變化嗎？也許早些時候，這是小供應商的長尾效應，這些企業是在疫情之後才增加的。您是否認為，現在競爭對手已經擴大，例如同行，因此，保住自己的地盤並擴大市場份額的鬥爭變得更具挑戰性，並給我們的利潤率帶來壓力？

So on that -- hi. This is Salil. I think first on vendor consolidation, what we are seeing is there's a range of options that clients have. And in that sense, it's something that's been ongoing for some time even beyond the last two or three years. But now, what we are seeing is Infosys is benefiting from this from a perspective of the type of work we are bringing to clients and especially what we've done in the last couple of years in enterprise AI and the consistent delivery that we've shown across all of our other offerings over that time frame. That, in the past, we've talked about, we also have today automation and lean.

那麼——嗨。這是薩利爾。我認為首先在供應商整合方面，我們看到客戶擁有一系列的選擇。從這個意義上來說，這件事已經持續了一段時間，甚至超過過去兩、三年了。但現在，我們看到，從我們為客戶帶來的工作類型的角度來看，印孚瑟斯公司正在從中受益，特別是我們過去幾年在企業人工智慧領域所做的工作，以及我們在這段時間內在所有其他產品中展示的一致交付。過去我們討論過這一點，今天我們也有自動化和精益。

All of those elements come together, and that's where we see clients selecting us. And these are with respect to some large other companies and some midsized, small other companies as well.

所有這些因素結合在一起，這就是客戶選擇我們的原因。這些也適用於一些大型公司以及一些中型和小型公司。

In terms of pricing, we see that there is that sort of usual approach, which is focused on productivity. So it's not any different when there's a consolidation or where there is something new. But over time, there's an expectation of productivity improvement, and we are in that discussion quite mindful of what are the benefits we can provide through automation, lean and all the enterprise AI work we're doing.

在定價方面，我們發現存在一種通常的方法，即註重生產力。因此，當出現合併或新事物時，情況並沒有什麼不同。但隨著時間的推移，人們期望生產力得到提高，我們在討論中非常清楚，透過自動化、精實和我們正在做的所有企業人工智慧工作，我們可以提供哪些好處。

My second question is on your seasonality. You're probably the only company who's saying that H2 will be weaker than H1. Most of the others are hopeful of a rebound in second half. So is it just seasonality that is driving this kind of a view? Or do you think some of the large deals, which are helping us in sectors like communication, they kind of get into steady state and therefore, the visibility, given the large deals last year were weaker than the year before, the visibility from deals ramping up in the second half is lower?

我的第二個問題是關於季節性的。你們可能是唯一一家表示 H2 將弱於 H1 的公司。其他大多數人都對下半年的反彈抱有希望。那麼僅僅是季節性因素導致了這種觀點嗎？或者您認為，一些在通訊等領域對我們有幫助的大型交易已經進入穩定狀態，因此，考慮到去年的大型交易比前一年弱，下半年交易增加的可見性較低？

So Abhishek, it is also a factor of what you deliver in H1, right? So if your H1 is relatively in line with what you are expecting, then the usual seasonality will come in. If you have seen a higher pressure on H1, then your hope on H2 is better. So I think you're going to see that all of those commentary in line of the performance of H1 and H2. I think our Q1 has been strong.

那麼 Abhishek，這也是你在上半年交付成果的因素，對嗎？因此，如果您的 H1 與您的預期相對一致，那麼通常的季節性就會出現。如果您已經看到 H1 上的壓力更大，那麼您對 H2 的希望就會更大。因此我認為你會看到所有這些評論都與 H1 和 H2 的表現一致。我認為我們的第一季表現強勁。

If you look at compared to all the results in the market, I think we have delivered strong performance. And that makes us believe that we would have a usual seasonality in the model.

如果與市場上的所有結果相比，我認為我們已經取得了強勁的業績。這讓我們相信模型中存在通常的季節性。

Thank you, and all the best.

謝謝，祝一切順利。

Bryan, TD Cowen.

布萊恩，TD考恩。

I wanted to ask on geographies. So Europe obviously, very strong, while North America was up slightly. Can you comment on North America? Do you have visibility to an improvement in growth there?

我想問一下地理問題。顯然，歐洲表現非常強勁，而北美則略有上漲。能評論一下北美嗎？您是否看到那裡的成長有所改善？

Bryan, I think North America remains an important part of our business. It's the largest geography for us. At this point in time, we are seeing opportunity in buckets, especially in the financial services in North America, et cetera. But there are pockets of geographies of manufacturing, retail, et cetera, which all remain challenging.

布萊恩，我認為北美仍然是我們業務的重要組成部分。對我們來說，這是最大的地理區域。目前，我們看到了許多機遇，特別是在北美的金融服務等領域。但製造業、零售業等一些地區仍面臨挑戰。

At the same time, when you look at the large deal wins that we signed this quarter, 20 of them came from North America, six in Europe, and two in ROW. So we do see opportunities, both in terms of large deals, cost takeout as well as consolidation in North America.

同時，當您查看我們本季簽署的大筆交易時，您會發現其中 20 筆來自北美，6 筆來自歐洲，2 筆來自其他地區。因此，我們確實看到了機會，包括大型交易、成本削減以及北美整合的機會。

Okay. And then as it relates to the smaller deals, in the past, you've commented on small deal activity. Can you just give some comments on how that progressed during the quarter?

好的。至於較小的交易，過去您曾對小型交易活動發表評論。您能否就本季的進展發表一些評論？

So we do not comment on a small deal on a regular basis. There was one quarter where we saw a heightened activity in the small lead. That is why we did call that out because we thought it was relevant information from an investor perspective. At this point in time, our overall pipeline continues to remain strong. Within that, the large deal pipeline is also strong.

因此我們不會定期對小交易發表評論。有一段時期，我們看到小領先者的活躍度有所提升。這就是我們提出這一點的原因，因為我們認為從投資者的角度來看這是相關資訊。目前，我們的整體產品線持續保持強勁。其中，大型交易管道也十分強勁。

We have delivered $3.8 billion, which is 44% increase on a sequential basis, 55% net new. So I think all of those are positive aspects of the deals and pipeline.

我們已交付 38 億美元，季增 44%，淨增加 55%。所以我認為所有這些都是交易和管道的積極方面。

Okay, understood. Thank you.

好的，明白了。謝謝。

Jonathan Lee, Guggenheim Partners.

喬納森李，古根漢合夥人。

Just a clarification on what you had called out earlier in terms of what's contemplated in the range of outcomes. Is it fair to assume that the midpoint of your outlook contemplates a slight deterioration in demand environment?

我只是想澄清一下您之前提到的一系列結果的考慮。是否可以公平地假設，您展望的中點考慮到了需求環境的略微惡化？

So Jonathan, as I said earlier, we built multiple models that lead us to multiple ends of the guidance, right? It's not necessary to converge. These models are not built to converge on a midpoint of the guidance. That's an outcome of it.

所以喬納森，正如我之前所說的，我們建立了多個模型，可以引導我們達到指導的多個目的，對嗎？沒有必要收斂。這些模型並不是為了收斂到指導的中點而建立的。這就是它的結果。

At the lower end of the guidance, we have baked in higher uncertainty from where we are today. At the upper end of the guidance, we have baked in a stable environment. And there will be multiple models that will lead us to various midpoints of the guidance in between. And that's how the guidance band has arrived as always. The midpoint just becomes an outcome of the two ends of the guidance.

在指導的低端，我們已經考慮到了目前情況的更高不確定性。在指導的上限，我們已經進入了一個穩定的環境。並且會有多個模型引導我們找到兩者之間的各種指導中點。就這樣，引導帶一如既往地到來了。中點恰好成為引導兩端的一個結果。

Thank you for that color. And just as a follow-up, can you help decompose what you saw in terms of client demand as you progressed from April through June and whether any of those trends have continued into July?

謝謝你的那個顏色。作為後續問題，您能否協助分析從 4 月到 6 月期間客戶需求的情況，以及這些趨勢是否延續到了 7 月？

Hi. This is Salil. I think on client demand, what we see is huge interest in AI and especially what we are providing as agents and what we are able to do with large enterprise AI platforms, what we're doing with small language models. Those are places where there's discussions and then actual project work everywhere, part of larger programs. Then we saw more and more interest in the consolidation that we have already discussed. We've seen good attention on cost and efficiency.

你好。這是薩利爾。我認為就客戶需求而言，我們看到的是他們對人工智慧的巨大興趣，特別是我們作為代理商所提供的服務，以及我們能夠利用大型企業人工智慧平台所做的事情，以及我們利用小型語言模型所做的事情。這些地方是進行討論並進行實際專案工作的地方，是大型專案的一部分。然後，我們看到人們對我們已經討論過的合併的興趣越來越大。我們看到人們對成本和效率的關注。

We've seen strong interest, for example, in the foundations of enterprise AI, on cloud and data and analytics type of areas, especially some of the newer areas on the new SaaS data model and data platforms. Then we've seen very good traction on enterprise application areas where there's movement to new generations of SaaS platforms on enterprise scale.

例如，我們看到人們對企業人工智慧基礎、雲端運算、數據和分析領域，特別是新 SaaS 數據模型和數據平台上的一些較新領域的濃厚興趣。然後，我們看到企業應用領域出現了非常好的進展，企業規模的新一代 SaaS 平台正在興起。

So those are the things where we're seeing some interest. And then we see -- because of the economic environment, especially if you look at logistics or consumer products or some aspects of manufacturing, auto and so on, we see some constraints that have come in in this current environment. So it's been a mix of those sorts of things.

這些就是我們看到的一些有趣事物。然後我們看到——由於經濟環境，特別是如果你看看物流或消費品或製造業、汽車等的某些方面，我們看到當前環境中出現了一些限制。所以它是這些事物的混合體。

Thanks for the color, Salil.

謝謝你的顏色，Salil。

Surendra Goyal, Citi.

花旗銀行的 Surendra Goyal。

Salil, Jayesh, just one question, and sorry to kind of focus on the same point. So the slight lowering of the upper end of the organic guidance, is it due to taking a more conservative view of the environment or something that you actually saw on the business ramp down, slower ramp-ups, discretionary declining faster, not picking up, something on the business? Or is just taking a more cautious conservative view of the environment? Thank you.

Salil、Jayesh，我只想問一個問題，很抱歉我又重複了一次。那麼，有機指導上限略有下調，是因為對環境採取了更保守的看法，還是因為您在業務下滑、增長放緩、可自由支配支出下降更快、沒有回升時實際看到的一些情況，還是業務上的一些問題？或只是對環境採取更謹慎保守的看法？謝謝。

No, Surendra, I think it goes back to the commentary I gave in Q1 -- the beginning of Q1. We did say that the upper end of the guidance does take in a slightly improving environment, right? Having had a benefit of one quarter gone and a stronger visibility of Q2, we don't see the environment changing significantly. And that's also visible from all other results. So all of that factor is baked in in the upper end of our guidance today.

不，蘇倫德拉，我認為這可以追溯到我在第一季（第一季開始時）給出的評論。我們確實說過，指導的上限確實需要略微改善的環境，對嗎？由於已經過去了一個季度的收益，並且第二季度的前景更加明朗，我們認為環境不會發生重大變化。從所有其他結果中也可以看出這一點。因此，所有這些因素都已納入我們今天的指導上限。

Today, what we have baked in at the upper end of the guidance is a steady environment, right? And as I said earlier, the H1 is stronger for us than H2. So once the stronger part of the period has gone as an uncertain environment, our ability to change the guidance in a positive manner at the upper end gets that much more restraint, right?

今天，我們在指導上限中所包含的是一個穩定的環境，對嗎？正如我之前所說，對我們來說，H1 比 H2 更強大。因此，一旦時期內較強的部分因不確定的環境而過去，我們以積極的方式改變高端指導的能力就會受到更多的限制，對嗎？

Yeah, yeah. No, no. So I understand that, but it's a lowering that I'm talking of. Did you -- like how did you kind of arrive at that conclusion? What did you see which tells you that the environment is not improving? I'm just trying to understand the data points behind that.

是啊是啊。不，不。所以我理解這一點，但我說的是降低。您是如何得出這個結論的？您看到了什麼，顯示環境沒有改善？我只是想了解背後的數據點。

Yeah. So same thing, right? The client behavior in terms of decision-making, the discretionary spend that's happening on the accounts, various accounts. So all of those are anecdote data points that we get when we do a ground-up model in terms of where we stand.

是的。所以同樣的事情，對吧？客戶在決策方面的行為，以及帳戶和各種帳戶上的可自由支配的支出。因此，所有這些都是我們在根據自己的立場建立自上而下的模型時獲得的軼事數據點。

Understood. Thank you.

明白了。謝謝。

Rishi Jhunjhunwala, IIFL.

Rishi Jhunjhunwala，IIFL。

Two questions here. Firstly, if you look at the overall wage hike impact that has played out over the past two quarters, almost 240 basis points. It seems like it is relatively higher than where the industry has been. And of course, the growth has been fairly muted for us and for the industry as well. So I just wanted to understand the thought process behind that kind of wage hike. And is it fair to assume that with that, we would not see anything -- any other action in FY26?

這裡有兩個問題。首先，如果你看一下過去兩季的整體薪資上漲影響，你會發現幾乎有 240 個基點。它似乎比行業現狀相對要高。當然，對於我們和整個產業來說，成長都相當緩慢。所以我只是想了解這種薪資上漲背後的想法過程。是否可以公平地假設，這樣一來，我們在 26 財年就不會看到任何其他行動了？

So Rishi, the wage hike has been phased out, as you know, and it is to mention in two phases. Large part of our organization up to middle level of the employees got a wage hike in January, and the rest of the employees got the wage hike effective April 1. What I called out 100 basis points in this quarter is a combination of wage hikes as well as the higher variable pay that we paid to our employees. So that's a combination of both of those factors.

所以 Rishi，如你所知，工資上漲已經逐步取消，並且分兩個階段進行。我們公司的大部分員工，包括中階員工，在一月都獲得了加薪，其餘員工的加薪從 4 月 1 日起生效。我在本季所說的 100 個基點是薪資上漲以及我們向員工支付的更高浮動工資的結合。所以這是這兩個因素的結合。

We haven't really split that out, but that is the overall wage hike. The wage hike, as we said at the beginning of the year, are relatively similar to the wage hikes that we have done in the earlier years in terms of percentages, et cetera.

我們還沒有真正將其分開，但這是整體工資上漲。正如我們年初所說的那樣，這次的工資上漲在百分比等方面與前幾年的工資上漲比較相似。

And coming to the second part of your question. I think too early. We just have begun the year. We have had the wage hike effective this quarter. We haven't really decided when about the next wage hike at this point in time. We take multiple factors when we consider the wage hikes, including market scenario, inflation, geopolitical factors, et cetera, et cetera. We will take a call at the appropriate time.

現在來談談你問題的第二部分。我認為還太早。我們剛開始新的一年。我們的工資上漲已於本季生效。目前我們還沒有真正決定下一次加薪的時間。當我們考慮薪資上漲時，我們會考慮多種因素，包括市場情景、通貨膨脹、地緣政治因素等等。我們會在適當的時候接電話。

Fair enough. And the second question is, some of these vendor consolidation and GCC kind of deals that we have won. Just wanted to understand, are these any different in nature when it comes to the kind of upfront investments that are required either on the P&L side or on the balance sheet side versus, say, some of the large deals we have done a few years ago?

很公平。第二個問題是，我們贏得了一些供應商整合和 GCC 類型的交易。只是想了解一下，與我們幾年前進行的一些大型交易相比，這些交易在損益表或資產負債表方面所需的前期投資類型在本質上有什麼不同嗎？

See, if you look at the commentary that I gave in terms of cash flows, we are still continuing to believe that we will generate 100% plus conversion of our free cash flow to net profit, right? We've already had five very strong quarters of cash generation, and we're still expecting to that continue for the rest of the year. So obviously, these are not impacting our balance sheet or cash flow from that perspective. We expect these to be the regular deals with the regular [contracts] of the lease. So these are not significantly different from that perspective.

你看，如果你看一下我在現金流方面給出的評論，我們仍然相信我們將產生 100% 以上的自由現金流轉化為淨利潤，對嗎？我們已經經歷了五個非常強勁的現金創造季度，我們仍然預計這種勢頭將在今年剩餘時間內持續下去。因此，從這個角度來看，顯然這些都不會影響我們的資產負債表或現金流。我們預計這些將是與租賃的常規合約相關的常規交易。因此從這個角度來看，這些並沒有太大的差異。

Understood. All right. Thank you so much.

明白了。好的。太感謝了。

Sandeep Shah, Equirus Securities.

Sandeep Shah，Equirus Securities。

Congratulations on a very solid quarter. Salil, wanted to understand the commentary about vendor consolidation deals has been bullish, not by just you or others. And it seems that INFY is winning higher share versus some of the peers. So considering that, and this may continue going forward, one can assume that PCV can continue to remain healthier in the coming quarter as well because vendor consolidation deals are larger in size?

恭喜本季業績非常穩健。Salil，想了解供應商整合交易的評論一直是樂觀的，而不僅僅是你或其他人的評論。看起來，INFY 比一些同行贏得了更高的市場份額。因此考慮到這一點，而這種情況可能會持續下去，我們可以假設 PCV 在下一季也能繼續保持健康，因為供應商整合交易的規模更大？

Hi. This is Salil. I think typically, we don't give a comment on the large deals value in the future quarters. As Jayesh was sharing earlier, the pipeline for large deals is in a good place. We see that we are benefiting from, as you were describing, on consolidation and then some of the other areas on AI, enterprise AI. So we don't have like a view on what that value will be for the next three quarters by quarter.

你好。這是薩利爾。我認為通常我們不會對未來幾季的大額交易價值發表評論。正如 Jayesh 之前所分享的，大型交易的管道狀況良好。正如您所描述的，我們看到我們從整合以及人工智慧、企業人工智慧等其他領域受益。因此，我們無法預測未來三個季度的具體價值是多少。

But overall, we feel good in where the pipeline is. We see mega deals in that pipeline. But that's where sort of we would leave it.

但總體而言，我們對管道的現狀感到滿意。我們看到該頻道中存在大型交易。但這就是我們要保留的內容。

Okay. Fair enough. And just in terms of the -- what will change for clients to start spending on discretionary apart from improving macro? Any discussion with the clients implies or gives you any hope for green shoots possible on the discretionary side may not be near term, but maybe by the far end of FY26?

好的。很公平。就這一點而言——除了改善宏觀經濟之外，客戶開始進行可自由支配的支出還會發生哪些變化？與客戶的任何討論是否暗示或給您帶來任何希望，即自由裁量權方面的復甦可能不是短期內的，但也許是在 2026 財年末？

So there, again, we have not, in that sense, have a view on where or when that would happen. What we do see is clients are quite comfortable in working with us on enterprise AI programs, on cloud, on data analytics, on enterprise applications, and this -- what we've discussed a little bit in more depth on the consolidation programs. There's still quite a lot of attention on cost and efficiency. So we will see how and when the clients change their thinking on some of the other points you mentioned.

所以，從這個意義上來說，我們還沒有關於這將在何時何地發生的觀點。我們確實看到，客戶非常樂意與我們在企業人工智慧計畫、雲端運算、數據分析、企業應用程式等方面進行合作——我們在整合計畫方面進行了更深入的討論。人們仍然非常關注成本和效率。因此，我們將觀察客戶如何以及何時改變對您提到的其他一些觀點的想法。

Okay. Okay. And the last question is, I think in the press, you also mentioned that the aspiration to improve EBIT margin in this year over last year continues to remain. With the 1Q being lower than 21.1%, which was the margin in FY25, is it fair to assume we can still aspire to improve margin Q-on-Q in the rest of the three quarters that will take us to better margin on a YoY in FY26? So what would be the levers apart from likely decline in the third-party equipment for service delivery?

好的。好的。最後一個問題是，我想在媒體上您也提到過，希望今年的息稅前利潤率比去年有所提高。由於第一季的利潤率低於 21.1%（即 25 財年的利潤率），是否可以公平地假設我們仍然可以在剩餘三個季度中提高利潤率的環比增長，從而使 26 財年的利潤率同比增長？那麼，除了第三方服務交付設備可能下降之外，還有哪些因素會造成影響呢？

So Sandeep, it's only one-fourth of the year which has gone behind. This is a part of the quarter or part of the year where we also have rolled out a compensation increase, right? So that's a large headwind that we have absorbed in the quarter as we got into the year.

所以 Sandeep，今年只過了四分之一。這是我們在本季或今年的一部分時間推出的薪資增加，對嗎？因此，這是我們在進入今年以來的本季所承受的巨大阻力。

As we go further down, there are multiple tailwinds in terms of Project Maximus, value-based selling, et cetera. So that will help for sure the third party as it comes -- as it reduces, will help on margins. At the same time, there will be headwinds from the mega deals or the deals that will ramp up in terms of transition activities that will incur where we don't get revenue, but we incur costs, et cetera. So these are factors that one will have to balance as we go through the year. At this point in time, as I said earlier, in the press also, our aspiration remains to improve margin from where we are.

隨著我們進一步深入，我們發現在 Project Maximus、基於價值的銷售等方面存在著多重順風。因此，這肯定會對第三方有所幫助 - 隨著它的減少，將有助於提高利潤率。同時，大型交易或交易在轉型活動方面也會帶來阻力，這些交易不僅不會為我們帶來收入，還會為我們帶來成本等等。因此，這些都是我們在一年中必須平衡的因素。此時，正如我之前在媒體上所說的那樣，我們的願望仍然是提高目前的利潤率。

Okay. Thanks, and all the best.

好的。謝謝，祝一切順利。

Vibhor Singhal, Nuvama.

維博·辛格哈爾，努瓦瑪。

Congrats again for a solid growth in this quarter. So sir, my question was on basically, again, the outlook that you provided that we haven't seen much things improving, and that is why the guidance stands where it is. Now in your conversation with the clients, I mean what is the reduction that we have that, look, the tariff was probably one of the most important reasons that we had the guidance when we gave at the end of Q4? July 9 deadline has come and passed, now we are looking at the August 1 deadline. We have a trade deal with Japan.

再次恭喜本季穩健成長。先生，我的問題基本上是關於您提供的觀點，即我們尚未看到太多改善，這就是為什麼指導意見仍停留在原地。現在，在您與客戶的對話中，我的意思是，我們的減幅是多少，您看，關稅可能是我們在第四季末給出指導的最重要原因之一？7 月 9 日的截止日期已經過去，現在我們正在考慮 8 月 1 日的截止日期。我們與日本有貿易協定。

Do you think that over the next few months or quarters, maybe if these trade deals get finalized, the client starting -- the client spending could come back quickly, and basically, they might look at restarting the [decision] spend also? Or do you think it is more structural in nature? It will also be weighed down upon how the US economy growth picks up, how basically clients are looking to spend on all the other factors?

您是否認為，在接下來的幾個月或幾個季度裡，如果這些貿易協議最終敲定，客戶開始——客戶支出可能會迅速恢復，基本上，他們也可能會考慮重新開始[決策]支出？或者您認為它的本質更具結構性？它也將受到美國經濟成長如何回升、客戶基本上如何在其他因素上支出等因素的影響？

Is it a mix of all? Or do you think an improvement in the tariff scenario could restart the spend that have been put on hold?

是全部混合了嗎？或者您認為關稅方案的改善可以重新啟動已被擱置的支出？

So this is Salil. I think those are sort of important questions. What we see is, there is an interest with clients across industries to essentially leverage massively the new enterprise AI technology, a lot of that for productivity, a lot of that for new ways of doing business, which will spur their own growth and spur and expand revenue for us. The foundation of that is much more attention to be on the cloud, much more attention to have a strong sort of data infrastructure, and then much more attention to have even enterprise apps onto the cloud environments.

這就是薩利爾。我認為這些都是重要的問題。我們看到，各行各業的客戶都對大規模利用新的企業人工智慧技術感興趣，其中很大一部分用於提高生產力，很大一部分用於新的經營方式，這將刺激他們自身的成長，並刺激和擴大我們的收入。其基礎是更加關注雲端運算，更加關注強大的資料基礎設施，然後更加關注將企業應用程式納入雲端環境。

So all that, like interest is there. And then there is also the view of various sort of GDP growth and economic activity go. And so our view is to make sure that we play -- today, there's an interest in cost and efficiency. We see some benefits of consolidation. We play that as an activity because we have strength there in addition to enterprise AI and the other areas. And we try to make sure that we are well positioned for that.

所以，所有這一切，就像興趣一樣，都是存在的。此外，還有各種 GDP 成長和經濟活動走向的觀點。因此，我們的觀點是確保我們發揮作用——今天，人們對成本和效率感興趣。我們看到了合併的一些好處。我們將其作為一項活動，因為除了企業人工智慧和其他領域之外，我們在這方面也有實力。我們盡力確保我們已做好充分準備。

The other points in terms of timelines, we look at it for this year based on what we see. And at the end of next quarter and so on, every quarter as we see things which are different or the same. So we then update what we are looking at in terms of the overall activity.

關於時間表的其他要點，我們根據今年看到的情況進行審視。到下個季度末等等，每個季度我們都會看到不同或相同的事情。因此，我們會根據整體活動更新我們所關注的內容。

Got it. Got it. Now since -- just one last one bit from my side, since you touched upon the interest in AI. Is the current AI cycle very similar in nature to the digital option cycle that we saw in 2015? Do you think clients are -- the interest of the client, the level of interest of clients is pretty much the same?

知道了。知道了。現在——既然你提到了對人工智慧的興趣，我再說最後一點。目前的人工智慧週期在本質上與我們在 2015 年看到的數位選擇權週期非常相似嗎？您認為客戶－客戶的興趣、客戶的興趣程度幾乎相同嗎？

The trajectory that the industry took at that point of time in the sense that initially, we had our -- the industry's IMS and other revenues cannibalized by the cloud adoption, and then gradually, it picked up momentum. Do you think the AI cycle could also play out in a similar manner? Any thoughts on that would be really helpful.

當時產業的發展軌跡是這樣的：最初，產業的 IMS 和其他收入受到雲端運算採用的蠶食，然後逐漸獲得了發展動能。您是否認為人工智慧週期也會以類似的方式發揮作用？對此的任何想法都會非常有幫助。

So there, I mean, my view is, every sort of big technology shift has a way of enterprise clients making decisions in different ways. So whether it's that cycle or the one before that, with everything on the internet or the one before that, each tech cycle has had a way of playing out. So one of the factors we see, because large enterprises have already a landscape of different technologies. So for anything to make a big impact, it needs -- of course, the technology is distinctive, which we think enterprise AI is. And it has to then work with the ecosystem and then make an impact there.

所以，我的觀點是，每一種重大的技術變革都會讓企業客戶以不同的方式來做決策。因此，無論是這個週期還是之前的週期，無論是互聯網上的一切還是之前的周期，每個技術週期都有其發揮作用的方式。我們看到的因素之一是，大型企業已經擁有不同的技術格局。因此，任何事物要想產生重大影響，都需要──當然，科技是獨特的，我們認為企業人工智慧就是這樣的。然後它必須與生態系統協同工作並對其產生影響。

So I don't have a view on like, will that be looking like the one in the past or how similar or different it is. But what we do have a view on is we see a tremendous interest in enterprise AI from clients. We see foundational capabilities that they need, which we are good at, cloud data, et cetera, which we think will help. And we are also pretty good in enterprise AI. So we are more prepared as that plays out.

所以我不知道它會不會像過去那樣，或者它有多相似或不同。但我們確實看到客戶對企業人工智慧有著濃厚的興趣。我們看到了他們需要的基礎能力，而我們擅長雲端數據等等，我們認為這些都會有所幫助。我們在企業人工智慧方面也做得相當不錯。因此，當事情發展到一定程度時，我們會做好更充分的準備。

Now like the timeline of that and the scale, at the end, the enterprise tech, let's say, landscape is much larger today than it was in that 10 year ago period. So there's a lot more things, which need a change. So generally speaking, that gives me a good sort of feeling about the future. But to try to put that as it's similar or different is more difficult for me.

現在，就像這個時間線和規模一樣，最終，企業技術領域比十年前要大得多。所以還有很多事情需要改變。總的來說，這讓我對未來有一種良好的感覺。但對我來說，嘗試將其視為相似或不同則比較困難。

Got it. Got it. Thank you so much for that comprehensive answer, and I wish you all the best.

知道了。知道了。非常感謝您全面的回答，並祝您一切順利。

Apurva Prasad, Franklin Templeton.

阿普爾瓦·普拉薩德，富蘭克林鄧普頓。

Yeah. Salil, is the outlook that you have for the rest of the year more a function of spend velocity related client uncertainty? Or is it more of the subsidiary AI-related productivity pass back?

是的。Salil，您對今年剩餘時間的展望是否更多地取決於與支出速度相關的客戶不確定性？或者更多的是與人工智慧相關的輔助生產力回饋？

Can you repeat that, please? What was it? Velocity, something?

你能再說一次嗎？那是什麼？速度，什麼的？

Yeah, yeah. So Salil, I'm asking if the implied outlook for the remaining part of the year, is this more a function of macro and client tech overall spend related uncertainty that you're referring to? Or is it more of the structural AI-related productivity pass back? You did share some numbers of 5% to 15% related benefits that are being passed in -- through AI programs.

是啊是啊。所以 Salil，我想問的是，今年剩餘時間的隱含前景是否更多地取決於您所指的宏觀和客戶技術整體支出相關的不確定性？或者它更多的是結構性人工智慧相關的生產力回饋？您確實分享了一些透過人工智慧程式傳遞的 5% 到 15% 相關收益的數字。

Hi. This is Jayesh here. This is more about the macro uncertainty that we are seeing, right? As I talked earlier, we haven't really seen the environment improving from where we were at the beginning of the year. The tariff-related uncertainties still continue. The geopolitical uncertainty is still there. The client behavior hasn't changed.

你好。我是 Jayesh。這更多的是我們所看到的宏觀不確定性，對嗎？正如我之前所說，我們並沒有真正看到環境與年初相比有所改善。與關稅相關的不確定性仍然存在。地緣政治的不確定性仍然存在。客戶行為沒有改變。

Many of the clients are still in a wait and watch mode when it comes to discretionary spending, et cetera. So we haven't really seen the environment changing in the most strong part of the period, seasonally strong part of our business.

許多客戶在可自由支配的開支等方面仍處於觀望狀態。因此，我們並沒有真正看到本期間最強勁的時期、我們業務的季節性強勁部分的環境發生變化。

All right. And if I still want to understand the AI-related productivity that the impact that you're facing already. Is there any geo or vertical specific trend that you see here, perhaps more maybe on North America and Hi-Tech? Is there any such trend across geographies and verticals?

好的。如果我仍然想了解與人工智慧相關的生產力，那就是你已經面臨的影響。您是否在這裡看到了任何地理或垂直特定趨勢，也許更多是在北美和高科技領域？跨地域和跨垂直領域是否有這樣的趨勢？

On the AI, we see good adoption in many places. So there's not like one thing which will stand out. But one of the sort of comments we shared earlier was in Financial Services. If you look at our largest clients, half of them now, we have become the AI strategic partner. It's a key, I would say, positional advantage that I think Infosys has there.

在人工智慧方面，我們看到很多地方都得到了良好的應用。因此，沒有什麼事情會引人注目。但我們之前分享過的一種評論是關於金融服務的。如果你看看我們最大的客戶，現在有一半都已成為我們的人工智慧策略合作夥伴。我想說，這是 Infosys 在那裡擁有的一個關鍵的定位優勢。

All right.

好的。

Ashwin Mehta, AMBIT Capital.

AMBIT Capital 的 Ashwin Mehta。

Two questions. One, Jayesh, in terms of the depreciation and amortization going down to almost 50 bps, what has been the driver of that? And the second is in terms of SG&A bump up that we have seen, which is almost 90 bps this quarter. So is it more sales aggression that is driving it? Or are there any, say, one-off events which possibly led to a material bump up?

兩個問題。首先，Jayesh，就折舊和攤提下降到近 50 個基點而言，其驅動因素是什麼？第二個方面是我們看到的銷售、一般和行政費用 (SG&A) 上漲，本季上漲了近 90 個基點。那麼，是更多的銷售動機推動了這個趨勢嗎？或者是否存在可能導致材料上漲的一次性事件？

On the depreciation and amortization, if you recollect last quarter, we had a one-off on account of amortization of intangibles with respect to one of our acquisitions, that is impacted by 40 basis points. So that is what the -- not the reversal of it, but the lack of it this quarter on a quarter on quarter (inaudible) shows up by 40 basis points delta, pretty much. And the balance has some part of the currency impact as well.

關於折舊和攤銷，如果您還記得上個季度，我們對其中一項收購的無形資產進行了一次性攤銷，這受到了 40 個基點的影響。所以，這並不是逆轉，而是本季季減（聽不清楚）的表現，下降幅度大致為 40 個基點。而且餘額也受到一定程度的貨幣影響。

On the SG&A, it's multiple factors. Of course, comp increase that we did in Q1 has an impact. The variable pay that we did has an impact. The hiring for the S&M mainly to improve our growth trajectory, which is what I called out as 20 basis point sales investment in the margin work. So that has an impact.

關於銷售、一般及行政費用，有多種因素。當然，我們在第一季實現的薪酬成長是有影響的。我們實行的浮動工資是有影響的。招募 S&M 主要是為了改善我們的成長軌跡，這就是我所說的利潤工作中的 20 個基點銷售投資。所以這會產生影響。

The investment that we have done in terms of brand building, and we had some events this quarter. So that also impacted. So I think all of that is reflected in SG&A.

我們在品牌建立方面進行了投資，本季我們也舉辦了一些活動。所以這也產生了影響。所以我認為所有這些都反映在銷售、一般和行政費用中。

Okay, thanks, and all the best for the next quarter.

好的，謝謝，祝下個季度一切順利。

Abhishek Pathak, Motilal Oswal.

阿布舍克·帕塔克，莫蒂拉爾·奧斯瓦爾。

Congrats on a good quarter. A couple of questions. Just firstly, on the inorganic contribution. So the 40 bps impact that you're referring to, is this entirely from the acquisitions consolidated in this quarter? Because if I were to assume some residual impact from in-tech, the full year inorganic number comes out to be slightly higher. So just that clarification will be helpful.

恭喜本季取得良好業績。有幾個問題。首先，關於無機貢獻。那麼，您所指的 40 個基點的影響是否完全來自於本季合併的收購？因為如果我假設科技創新會產生一些殘餘影響，那麼全年的無機數字就會略高一些。因此，澄清這一點將會很有幫助。

And the second question is, there was a commentary around how discretionary spends are being kind of bank rolled entirely by the savings made by AI. So just wondering, is this going to be sort of a structural trend where there is going to be a cannibalization going forward regardless of how the demand improves? Will the clients expect us to just keep self-funding the discretionary initiatives based on these gains? Or is there sort of a more structural demand recovery built in, let's say, post the next 12 to 18 months, where the clients do need a serious amount of investment in their data and their tech stack to basically modernize? So those are two questions. Thank you.

第二個問題是，有一則評論是關於如何透過人工智慧節省資金來完全控制可自由支配的支出。所以我只是想知道，這是否會成為一種結構性趨勢，無論需求如何改善，未來都會出現蠶食現象？客戶是否會期望我們只根據這些收益繼續自行籌資來執行自由裁量計畫？或者是否存在更具結構性的需求復甦，比如說，在未來 12 到 18 個月之後，客戶確實需要對其數據和技術堆疊進行大量投資以實現現代化？這是兩個問題。謝謝。

So Abhishek, the 40 basis points that I talked about is sequential. So 2.6% includes 40 basis points of -- on account of acquisitions. These are the acquisitions that we made in this quarter, the MRE and The Missing Link in Australia. So that has contributed around 40 basis points out of the 2.6%.

因此，Abhishek，我談到的 40 個基點是連續的。因此，2.6% 包括 40 個基點——用於收購。這些是我們在本季度進行的收購，即澳洲的 MRE 和 The Missing Link。因此，這為 2.6% 的成長率貢獻了約 40 個基點。

Yeah, I think those are -- right. I think I was just referring to your comment on the press conference that you said, even the full-year impact will be 40 bps and hence, the confusion.

是的，我認為那些是正確的。我想我剛才指的是您在新聞發布會上發表的評論，您說即使是全年的影響也將達到 40 個基點，因此造成了混亂。

Yeah. So in-tech was pretty much 10 out of the 9 -- I mean, 12 months in the last year. So if you look at full-year basis, it's not significantly. So that's the reason I said it's similar impact on a full-year basis. If you add two months of two months, 2.5 months of in-tech and whatever, 12 -- 11 months of MRE and Missing Link.

是的。因此，在去年的 9 個月（也就是 12 個月）中，科技業幾乎佔了 10%。因此，如果從全年來看，變化並不大。這就是我說其全年影響相似的原因。如果你加上兩個月的兩個月，2.5個月的技術訓練和其他的，那就是12-11個月的MRE和Missing Link。

Yeah. Yeah, got it. Thanks.

是的。是的，明白了。謝謝。

Bachman, BMO.

巴赫曼，BMO。

This is Keith Bachman from Bank of Montreal. My first question is, your head count was relatively flat quarter on quarter, including software professionals. How do you think about head count trends through the year?

我是蒙特利爾銀行的 Keith Bachman。我的第一個問題是，包括軟體專業人員在內的員工人數與上一季相比基本持平。您如何看待全年的員工人數趨勢？

So Keith, we were able to increase our utilization this quarter by 30 basis points. So that helped. Part of our growth, as I mentioned earlier, came on back of the pricing increase, including the seasonality in the business. So that has helped as well. But as we go forward, whatever volume growth will come in, considering that we are operating at a peak head count, that would need additional head count either through subcontractors or our own employees in terms of efforts.

因此，Keith，我們本季能夠將利用率提高 30 個基點。這很有幫助。正如我之前提到的，我們的成長部分得益於價格上漲，包括業務的季節性。這也有幫助。但隨著我們的發展，無論產量如何成長，考慮到我們正處於員工人數的高峰期，就需要透過分包商或我們自己的員工來增加員工數量。

Okay. Perfect. And then my second question is -- and the reason I said headcount, I just didn't know if you'd be able to break the cycle a little bit on growing head count faster than effort because AI might help you, but it sounds like in the next couple of quarters, the answer is no.

好的。完美的。然後我的第二個問題是——我之所以說是員工人數，是因為我不知道你是否能夠打破員工人數增長速度快於努力增長的循環，因為人工智慧可能會對你有所幫助，但聽起來在接下來的幾個季度裡，答案是否定的。

The second question is related to your delivery model. How do you think about your delivery model changing over the next year or so in terms of having, A, FTE base versus B, more success base or more fixed price contracts? Do you think your delivery model may change, enabled by or may be caused by the advent of more AI capabilities?

第二個問題與您的交付模式有關。您如何看待未來一年左右您的交付模式會發生改變，是 A、FTE 基礎還是 B、更多成功基礎或更多固定價格合約？您是否認為您的交付模式可能會發生變化，或者可能因更多 AI 功能的出現而改變？

So Keith, if you look at the delivery model, I don't think delivery model will change in a short period of a couple of quarters. Over a longer period of time on the back of AI, et cetera, we may expect some part of newer pricing models emerging. It could be outcome-based pricing model. It could be pad-based or studio-based pricing model, et cetera.

所以 Keith，如果你看一下交付模式，我不認為交付模式會在短短幾季內發生變化。在較長時期內，在人工智慧等技術的支援下，我們可能會看到一些新的定價模式出現。它可能是基於結果的定價模型。它可以是基於墊子或基於工作室的定價模型等等。

So the various new pricing models that are emerging as we speak, I don't think over the next year or so, the entire model is going to change. The change will happen gradually, in my mind.

因此，對於我們所說的正在出現的各種新的定價模式，我認為在未來一年左右的時間裡，整個模式不會改變。在我看來，改變將會逐漸發生。

Okay. Many thanks. Best of luck.

好的。非常感謝。祝你好運。

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

女士們、先生們，我們將把這當作最後一個問題。現在我將會議移交給管理階層進行總結發言。

Thank you. Thank you, everyone, for joining us. It's been a fantastic quarter for us, strong growth, large deals, a very good focus on enterprise AI consolidation, but also good on cloud and data work. We see this as a differentiated performance with what we have done, which is much more positioning Infosys in that leadership area. And we look forward to a good rest of financial year '26 and connecting with you through the quarter and at the end of this quarter as well.

謝謝。謝謝大家的參與。對我們來說，這是一個非常棒的季度，強勁的成長、大宗交易、對企業人工智慧整合的高度關注，而且在雲端運算和數據工作方面也表現出色。我們認為這與我們已經做的有區別，這更有助於印孚瑟斯在該領域的領先地位。我們期待 26 財年剩餘時間一切順利，並在本季度以及本季末與您保持聯繫。

Thanks, everyone. Take care. Bye.

謝謝大家。小心。再見。

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

非常感謝各位管理層成員。女士們、先生們，我代表印孚瑟斯公司結束本次會議。感謝您的加入，現在您可以斷開您的線路了。謝謝。