Infosys Ltd (INFY) 2026 Q2 法說會逐字稿

Ladies and gentlemen, good day and welcome to Infosys Limited Q2 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 財年第二季業績電話會議。（操作員說明）請注意，本次會議正在錄音。

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

我將會議交給桑迪普·馬欣德魯先生。謝謝，接下來請馬欣德魯先生發言。

Hello, everyone, and welcome to Infosys earnings call for Q2 FY26. Joining us on this call is CEO and MD, Mr. Salil Parekh; CFO, Mr. Jayesh Sanghrajka; CDO, Mr. Satish HC along with 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 2026財年第二季財報電話會議。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；首席數據長 Satish HC 先生以及其他領導團隊成員。我們將首先對公司的業績做一些評論，隨後我們將開放提問環節。

Kindly note that anything we say which refers to our future outlook is a forward-looking statement that must be read in conjunction with the risks that the company faces. A full statement and explanation of the risks is available in our filings with the SEC, which can be found on www.sec.gov. I'd like to pass on the call to Salil.

請注意，我們所說的任何有關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。關於風險的完整聲明和解釋，請參閱我們向美國證券交易委員會提交的文件，這些文件可在www.sec.gov上找到。我想把電話轉給薩利爾。

Thanks, Sandeep. Good evening and good morning to all of you on the call. We had a strong performance in Q2 with increased market share gains. Our revenues for the quarter grew 2.2% sequentially and 2.9% year-on-year in constant currency terms.

謝謝你，桑迪普。各位晚上好/早安，歡迎參加電話會議。第二季我們業績表現強勁，市佔率成長。以固定匯率計算，本季我們的營收季增 2.2%，年增 2.9%。

Four of our large five industry verticals and three of our four geographies grew year-on-year in constant currency terms. Operating margins expanded by 20 basis points sequentially. We had an excellent outcome in cash generation, with free cash flow of $1.1 billion. Our large deals were at $3.1 billion, with 67% net new. In addition, we announced a mega deal worth $1.6 billion after the close of the quarter but before -- today before results announcement.

以固定匯率計算，我們五大產業垂直領域中的四個以及我們四大地理區域中的三個實現了同比增長。營業利益率較上季成長20個基點。我們在現金流方面取得了優異的成績，自由現金流達到 11 億美元。我們的大額交易額為 31 億美元，其中 67% 為新增淨額。此外，我們在本季結束後、但在今天公佈業績之前，宣布了一項價值 16 億美元的巨額交易。

We added 8,000 employees during the quarter. Our client interactions show strong focus on deploying AI across the enterprise for growth and on cost efficiency programs. In doing this, we continue to scale our team of forward-deployed engineers.

本季我們新增了8000名員工。我們與客戶的互動表明，他們非常重視在企業範圍內部署人工智慧以促進成長和提高成本效益。為此，我們不斷擴大前線部署工程師團隊的規模。

Our results and pipeline of deals reflect the trust our clients have in our ability to help them bring AI to their enterprises. For example, we are partnering with an apparel company with generative AI and AIOps technologies to help them modernize their core operations, simplify their IT, and unlock greater value from their data.

我們的業績和正在進行的交易反映了客戶對我們幫助他們將人工智慧引入企業的能力的信任。例如，我們正在與一家服裝公司合作，利用生成式人工智慧和 AIOps 技術幫助他們實現核心營運現代化、簡化 IT 並從數據中釋放更大的價值。

For a telecom client, we are infusing advanced intelligence across their operations to accelerate the pace of innovation and help them deliver compelling digital experiences for their customers. As a result of our investments, we've emerged as the leading enterprise AI services and solutions provider.

對於電信客戶，我們正在將先進的智慧技術融入他們的營運中，以加快創新步伐，並幫助他們為客戶提供引人入勝的數位體驗。透過我們的投資，我們已成為領先的企業人工智慧服務和解決方案提供者。

We would like to take this opportunity and give you an update on how our investments in AI have positioned us as a preferred services partner for large-scale enterprise AI transformation programs today. Satish, our Chief Delivery Officer will share this update later in the call with all of you.

我們想藉此機會向您介紹一下，我們在人工智慧領域的投資如何使我們成為當今大型企業人工智慧轉型專案的首選服務合作夥伴。我們的首席交付長Satish稍後將在電話會議上與大家分享這項最新進展。

We continue our strategic approach to acquisitions with a joint venture announcement of Versant in Australia. With a strong performance in Q2, we change our revenue growth guidance for the financial year. The new guidance is 2% to 3% growth in constant currency terms. Our operating margin guidance for the financial year remains the same at 20% to 22%. With that, let me hand it over to Jayesh.

我們繼續推行策略性收購方針，宣布與澳洲 Versant 公司成立合資企業。鑑於第二季的強勁表現，我們調整了本財年的營收成長預期。新的預期是以固定匯率計算成長2%至3%。我們對本財年的營業利潤率預期仍為 20% 至 22%。那麼，就讓我把麥克風交給傑耶什吧。

Thank you, Salil. Good morning, good evening, everyone, and thank you for joining the call today. I'm pleased to report that we had another quarter of robust all-round performance despite an uncertain environment. We continued our strong growth momentum for the second consecutive quarter, accompanied by higher margins led by focus on client relevance and rigor on execution. We are making necessary investments in technology, people, and in the sales engine to future-proof our business.

謝謝你，薩利爾。各位早安/晚上好，感謝大家今天參加電話會議。我很高興地報告，儘管環境充滿不確定性，但我們仍然取得了另一個季度強勁的全面業績。我們連續第二季保持了強勁的成長勢頭，同時由於注重客戶相關性和嚴格執行，利潤率也得到了提高。我們正在對技術、人才和銷售引擎進行必要的投資，以確保我們的業務能夠適應未來發展。

Let me cover key aspects of our results. Quarterly revenues crossed $5 billion in Q2 FY26 and $10 billion for the half year. Revenue grew 2.2% sequentially in Q2, including 20 basis points from acquisitions in constant currency terms.

讓我來介紹一下我們研究結果的關鍵面向。2026財年第二季營收突破50億美元，上半年營收突破100億美元。第二季營收季增 2.2%，其中以固定匯率計算，收購帶來的營收成長為 20 個基點。

Growth in Q2 was on the back of the 2.6% sequential growth in Q1. H1 revenues therefore grew at 3.3%. Volumes continued to remain soft, with bulk of the revenue growth driven by realization increase. Amongst large verticals, financial services and manufacturing grew about 5% year-on-year in constant currency, both in Q2 and H1. Europe also grew greater than 5% year-on-year in constant currency.

第二季的成長是在第一季環比成長 2.6% 的基礎上實現的。因此，上半年營收成長了3.3%。銷售持續疲軟，營收成長主要由價格上漲推動。在大型垂直產業中，金融服務業和製造業在第二季和上半年均較去年同期成長約 5%（以固定匯率計算）。以固定匯率計算，歐洲經濟年增率也超過5%。

H1 gross margin remained resilient at 30.8%, flat year-on-year after absorbing compensation headwinds, reflecting the progress of Project Maximus. Operating margin expanded by 30 bps sequentially to 21%. H1 margins were 20.9% versus 21.1% in H1 '25. We continue to invest in sales and marketing, which is reflected in 12.8% growth in S&M cost H1 over H1.

上半年毛利率保持韌性，為 30.8%，與去年同期持平，扣除薪酬方面的不利因素後，反映了 Maximus 項目的進展。營業利益率較上季成長 30 個基點至 21%。2025 年上半年利潤率為 20.9%，而上半年利潤率為 21.1%。我們持續增加對銷售和行銷的投入，這反映在上半年銷售和行銷成本比上半年成長了 12.8%。

Utilization excluding trainees remained stable at 85%, which is within our comfort range. Onsite mix reduced by 40 basis points for the quarter and 60 basis points for the half year. We continue to invest in talent and have hired over 12,000 freshers in the last six months. Total employee headcount was at 332,000, an increase of over 8,000 in Q2. Attrition remains low at 14.3%.

除受訓人員外，利用率保持穩定在 85%，這在我們可接受的範圍內。本季現場銷售組合下降了 40 個基點，上半年下降了 60 個基點。我們持續投資人才，在過去的六個月裡，我們招募了超過 12,000 名應屆畢業生。員工總數為 332,000 人，比第二季增加了 8,000 多人。人員流失率仍然很低，為 14.3%。

DSO is down two days to 71 days, and DSO including net and bill is down by 5 days to 87 on a year-on-year basis. Cash flow generation remains strong. Free cash flow stood at $1.1 billion, which is 131% of the net profit and is well above 100% for the sixth consecutive quarter, bolstered by tax refund.

DSO 年減 2 天至 71 天，包括淨額和帳單在內的 DSO 年減 5 天至 87 天。現金流生成能力依然強勁。自由現金流為 11 億美元，佔淨利潤的 131%，連續第六個季度遠超 100%，主要得益於退稅。

H1 free cash flow, conversion is at 120%. Large deal TCV for Q2 was at $3.2 billion, which is 67% net new. H1 deal wins stood at $6.9 billion, with net new at 60%-plus. This does not include the mega deal announcement this week with NHS.

H1自由現金流，轉換率為120%。第二季大型交易的總合約價值為 32 億美元，其中 67% 為淨新增交易額。上半年成交額達 69 億美元，淨新增成交額超過 60%。這還不包括本周宣布的與英國國家醫療服務體系 (NHS) 達成的巨額交易。

Q2 EPS in rupee terms grew by 13% year-on-year to ₹17.6. Operating margins for Q2 was at 21%, increase of 20 basis points sequentially. The major components of sequential margin change for the quarter were tailwinds of 60 basis points from currency movement, 30 basis points from Project Maximus emanating from increase from value-based selling and lean and automation, partly offset by increase in subcon and lower onsite utilization, offset by 70 basis points of impact from higher post-sale customer support on a sequential basis and other expenses. Consolidated cash and investments were at $6.2 billion at the end of the quarter. Yield on cash balance was at 6.98%, and ROE stood at 29.1%.

以盧比計價的第二季每股收益年增 13% 至 17.6 盧比。第二季營業利益率為 21%，季增 20 個基點。本季度環比利潤率變化的主要組成部分是：匯率波動帶來的 60 個基點的利好，以及「Maximus 專案」帶來的 30 個基點的利好（該專案源於基於價值的銷售、精益化和自動化），部分被分包商增加和現場利用率降低所抵消，又被售後客戶支持環比增加以及其他費用所抵消的 70 個基點所抵消。截至季末，合併現金及投資總額為62億美元。現金餘額收益率為 6.98%，淨資產收益率為 29.1%。

We have taken several strategic steps in the past few years to reduce our dependence on work visa, especially H-1Bs in the US. This includes reduction in onsite mix, increased focus on nearshore. Nearshoring increased local hiring, university partnerships, and certain creation of local hubs.

過去幾年，我們採取了多項策略措施，以減少對工作簽證，特別是美國 H-1B 簽證的依賴。這包括減少現場生產組合，更重視近岸生產。近岸外包增加了在地招募、大學合作，並促進了本地中心的建立。

We currently have several delivery centers across the US to serve clients and leverage local talent. These hubs focus on emerging technologies such as artificial intelligence, machine learning, cloud computing, big data, and user experience design.

我們目前在美國各地設有多個交付中心，以便為客戶提供服務並充分利用當地人才。這些中心專注於人工智慧、機器學習、雲端運算、大數據和使用者體驗設計等新興技術。

In line with our capital allocation policy, during the quarter we announced INR18,000 crore buyback through tender route at INR1,800 per share. Buyback is expected to be completed in Q3, subject to shareholder approval. The Board approved an INR 23 interim dividend, which is 9.5% higher than the FY25 interim dividend.

根據我們的資本配置政策，本季我們宣布透過要約收購方式以每股 1,800 印度盧比的價格回購 18,000 億印度盧比的股票。此股票回購預計將於第三季完成，但需獲得股東批准。董事會批准派發每股 23 印度盧比的中期股息，比 2025 財年的中期股息高出 9.5%。

We signed 23 large deals during the quarter: six in financial services; four each in manufacturing, communication, and retail; three in EURS, and one each in high-tech and others. Region-wise, we signed 14 deals in America, 7 in Europe, and 1 each in ROW and India.

本季我們簽署了 23 項大型交易：金融服務領域 6 項；製造業、通訊業和零售業各 4 項；歐元區 3 項；高科技和其他領域各 1 項。從區域來看，我們在美洲簽署了 14 項協議，在歐洲簽署了 7 項協議，在其他地區和印度各簽署了 1 項協議。

Coming to vertical. In financial services, clients are actively planning modernization and AI-driven initiatives with a clear focus on cost efficiency, enhance customer experience and strategic business transformation. We see strong momentum in mortgages, capital markets commercial banking and wealth management areas.

走向垂直方向。在金融服務領域，客戶正積極規劃現代化和人工智慧驅動的舉措，重點在於成本效益、提升客戶體驗和策略業務轉型。我們看到抵押貸款、資本市場、商業銀行和財富管理領域發展勢頭強勁。

While macro uncertainty and volatility is impacting spend, there is some acceleration in market sector with recent reduction in interest rates. Overall pipeline and signing remains strong, which is visible in six large deals signing this quarter.

儘管宏觀經濟的不確定性和波動性影響了消費支出，但隨著近期利率的下降，市場某些領域出現了加速成長的趨勢。整體而言，專案儲備和簽約情況依然強勁，本季已簽署六項大型交易，可見一斑。

Banks have spent significantly to build AI infrastructure. Many initiatives are progressing from proof of concepts to full-scale projects with notable traction in agentic AI. Manufacturing segment continues to face trade and macro uncertainties, which is creating pressure on discretionary spend, specifically in automotive sector.

銀行已投入巨資建設人工智慧基礎設施。許多項目正從概念驗證階段發展成為全面項目，並在智慧人工智慧領域取得了顯著進展。製造業持續面臨貿易和宏觀經濟的不確定性，這給可自由支配支出帶來了壓力，尤其是在汽車產業。

We continue to help our clients in digital initiatives and rationalizing the applications and infrastructure footprint. We are at the forefront of leveraging AI and automation to increase productivity and offset pricing and deflation.

我們將繼續幫助客戶推動數位轉型，並優化應用程式和基礎設施佈局。我們正處於利用人工智慧和自動化技術提高生產力、抵銷價格上漲和通貨緊縮影響的最前線。

In Aero, we have seen opportunities to help clients navigate headwinds by helping them resolve bottlenecks in the supply chain, use new technologies and products. Over 90% of large deal TCV for Q2 was net new, which should help drive growth going forward.

在航空領域，我們看到了幫助客戶克服逆境的機會，例如幫助他們解決供應鏈中的瓶頸，使用新技術和新產品。第二季大額交易總價值中超過 90% 為新增交易，有助於推動未來的成長。

Clients in EURS have strong focus on cost reduction, operational efficiency, and cash preservation, which helps opened door for vendor consolidation. In resources with large-scale gen AI deployment are limited, agentic AI adoption is growing in tech operations to reduce cost.

EURS 的客戶非常注重降低成本、提高營運效率和節約現金，這有助於供應商整合。在大規模人工智慧部署資源有限的情況下，智能體人工智慧在技術營運的應用日益增多，以降低成本。

With rapid construction of data centers, utility companies are looking for partners to meet the accelerating electricity demand, creating opportunities in areas like renewable integration, grid modernization, AI and optimization, et cetera. Year-on-year growth was impacted due to significantly higher third-party revenues in Q2.

隨著資料中心的快速建設，公用事業公司正在尋找合作夥伴以滿足不斷增長的電力需求，這在再生能源併網、電網現代化、人工智慧和優化等領域創造了機會。由於第二季第三方收入大幅成長，年增率受到影響。

Retail plans continue to remain cautious on account of ongoing tariff-related uncertainties. Across geos, there is an increased focus on AI, cloud, estimate, estate modernization, derisking, and cost takeout. There is a growing sense of urgency to improve the productivity of operating models to offset inflationary pressures. Steel pipeline remains strong, but decision cycles remains elongated. We continue to leverage our Topaz and AI Next platform capabilities, focusing our enhanced customer and employee experience through digital marketing and corrective analytics and real-time insights.

由於關稅相關的不確定性持續存在，零售業的計劃仍將保持謹慎。各個地區都越來越關注人工智慧、雲端運算、估算、資產現代化、降低風險和削減成本。人們越來越迫切地希望提高營運模式的效率，以抵銷通膨壓力。鋼鐵管線市場依然強勁，但決策週期依然較長。我們將持續利用 Topaz 和 AI Next 平台的功能，透過數位行銷、修正分析和即時洞察，專注於提升客戶和員工體驗。

Communications continued to face growth headwinds coupled with high CapEx pressures, discretionary spending remains subdued with investment prioritization in AI, automation, and consumer experience. GCCs are becoming key buying centers and opportunities are emerging for IT companies to support their transition, while lower interest rates offer cautious optimism, geopolitical tensions and tariff risk at one synergy.

通訊產業持續面臨成長逆風，加上高額資本支出壓力，可自由支配支出仍低迷，投資重點轉向人工智慧、自動化和消費者體驗。海灣合作委員會正在成為重要的採購中心，IT 公司有機會支持其轉型，而較低的利率則帶來了謹慎的樂觀情緒，同時也帶來了地緣政治緊張局勢和關稅風險。

In Hitech, there has been significant focus on cost reduction leading to budget cuts and program closures. However, there are opportunities emerging in areas like semiconductor with a strong focus on leveraging Gen AI.

在高科技領域，人們非常注重降低成本，導致預算削減和專案關閉。然而，在半導體等領域，隨著對人工智慧的重視，湧現了許多機會。

Our H1 performance reflects resilience of our business model and agility of our execution capabilities. As we enter H2, we expect seasonal factors to impact growth, lower working days, furloughs onset of new calendar year. Hence, we have revised our revenue guidance to 2% to 3%. This does not include any revenues from the joint venture with Telstra, which we expect to close -- expect to close later this year. Our margin guidance remains at 20% to 22%. With that, let me hand over to Satish to talk about our AI capabilities.

我們上半年的業績反映了我們商業模式的韌性和執行能力的敏捷性。進入下半年，我們預計季節性因素、工作日減少、新日曆年開始的員工休假將影響成長。因此，我們將營收預期調整為 2% 至 3%。這還不包括與 Telstra 的合資企業的任何收入，我們預計該合資企業將於今年稍後完成。我們的利潤率預期仍為 20% 至 22%。接下來，我將把麥克風交給 Satish，讓他來談談我們的人工智慧能力。

Thanks, Jayesh. Good day, ladies and gentlemen. I'm pleased to share, we have emerged as the industry-leading enterprise AI services and solutions provider. Eight industry analyst firms have ranked Infosys as a global leader in 20 separate AI rankings over the last 12 months. We are delivering more than 2,500 generative AI and AI projects and 200-plus agentic AI projects for our clients.

謝謝你，傑耶什。女士們、先生們，大家好。我很高興地宣布，我們已成為業界領先的企業人工智慧服務和解決方案提供者。在過去 12 個月中，8 家行業分析公司在 20 項不同的 AI 排名中將 Infosys 評為全球領導者。我們正在為客戶交付超過 2500 個生成式人工智慧和人工智慧專案以及 200 多個智慧體人工智慧專案。

Let me outline the key pillars of our strategic focus. The first one is making Infosys AI-first. We embarked on our AI-first journey in 2023. On the people front, we are committed to making our employees AI-amplified. About 90% of our employees are AI-aware, equipped to collaborate with and leverage AI tools responsibly in their daily work.

讓我概述一下我們策略重點的關鍵支柱。第一件事就是讓Infosys成為人工智慧優先的企業。我們於 2023 年開啟了人工智慧優先發展之路。在人才方面，我們致力於提升員工的人工智慧能力。我們約 90% 的員工都了解人工智慧，能夠負責任地在日常工作中與人工智慧工具合作並加以利用。

The next pillar is the AI builders. 10% of our top technology talent pool are engaged in highly innovative projects and solution building with AI. The top tier, the AI masters, and amongst them, the forward-deployed engineers are driving the AI momentum for our clients by solving the tough industry challenges.

下一個支柱是人工智慧建構者。我們頂尖技術人才庫中有 10% 的人從事極具創新性的人工智慧專案和解決方案建置工作。頂尖的人工智慧專家，以及其中的前沿部署工程師，正在透過解決棘手的行業挑戰，推動人工智慧為我們的客戶帶來發展動力。

On the process front, we are reimagining the way we work with AI. For example, AI core assistance accelerate our development life cycle. Our developers have produced more than 25 million lines of code using generative AI.

在流程方面，我們正在重新構想我們與人工智慧合作的方式。例如，人工智慧核心輔助功能可以加速我們的開發生命週期。我們的開發人員已經利用生成式人工智慧編寫了超過 2500 萬行程式碼。

We have deployed AI agents across our internal operations, a multi-agent invoice automation solution alone unlocked incremental cash flow, directly improving our free cash flow conversion. We have deployed AI to accelerate our compliance processes. In some of the use cases, we have seen over 20x gains for specific activities and an overall end-to-end process productivity in the range of 40% to 50%.

我們在內部營運中部署了 AI 代理，僅一個多代理發票自動化解決方案就釋放了增量現金流，直接提高了我們的自由現金流轉換率。我們已部署人工智慧來加速合規流程。在某些應用案例中，我們看到特定活動的效率提高了 20 倍以上，整體端到端流程的生產力提高了 40% 到 50%。

Now coming to our industry-leading AI offerings. We have built capabilities in AI, applied them across our own operations, and now we deliver these innovations to clients through Infosys Topaz, a holistic suite of generative and agentic AI powered services and solutions. We deliver value through two strategic frameworks, Services.AI and Client.AI.

接下來介紹我們領先業界的人工智慧產品。我們在人工智慧領域建立了能力，並將其應用於我們自身的營運中，現在我們透過 Infosys Topaz 將這些創新成果提供給客戶。 Infosys Topaz 是一套全面的生成式和代理式人工智慧驅動的服務和解決方案。我們透過兩個策略框架——服務人工智慧和客戶人工智慧——來創造價值。

In Services.AI, we built a foundation for better business services for our clients by accelerating IT capabilities and operations, both our own and our clients. Our integrated services stack, a composable set of AI services and agents contextualized for every client and industry integrates human and AI agents to reimagine IT services and operations with greater velocity, productivity, and quality.

在 Services.AI 中，我們透過加速自身和客戶的 IT 能力和運營，為我們的客戶打造了更好的業務服務基礎。我們整合的服務堆疊，是一套可組合的 AI 服務和代理，針對每個客戶和行業進行情境化設計，將人類和 AI 代理整合在一起，以更高的速度、生產力和品質重新構想 IT 服務和營運。

On Client.AI, we focus on business transformation to deliver sustained enterprise-wide impact for our clients like revenue growth, efficiency, and productivity improvements. We have 22 industry blueprints and more than 400 agents, tailored to specific verticals to accelerate value from AI-led transformation.

在 Client.AI，我們專注於業務轉型，為客戶帶來持續的企業級影響，例如營收成長、效率提升和生產力提升。我們擁有 22 個行業藍圖和 400 多個代理，針對特定垂直行業量身定制，以加速人工智慧驅動轉型帶來的價值。

We also use Power Vibing to rapidly build proofs of value and iterate business solution prototypes to client problems. In terms of delivering enterprise value to surmount pilot paralysis, the challenge of extracting value from enterprise AI investments and pilots continues to be the biggest priority for global enterprises. We have expertise in delivering that through five key levers.

我們也利用 Power Vibing 快速建立價值證明，並針對客戶問題迭代業務解決方案原型。就為企業創造價值以克服試點癱瘓而言，如何從企業人工智慧投資和試點計畫中提取價值仍然是全球企業面臨的最大優先事項。我們擁有透過五大關鍵槓桿實現這一目標的專業能力。

With Infosys forward deployed engineers, we have specialized engineering talent deeply embedded within client businesses, delivering enterprise-scale value from AI. For a global logistics leader, forward deployed engineers co-created a solution that uses real-time data streams and AI to accurately predict shipment life cycles across regions and operating companies. This platform delivers 400 million messages daily with sub-minute latency and operates uninterrupted 24/7, resulting in $1.5 million in immediate benefits, $8 million in annual savings, and a 12% reduction in customer service call volumes.

透過 Infosys 前線部署的工程師，我們擁有深入客戶業務的專業工程人才，能夠從人工智慧創造企業級價值。對於一家全球物流領導者而言，前線部署的工程師共同創建了一個解決方案，該方案利用即時資料流和人工智慧來準確預測跨地區和營運公司的貨物運輸生命週期。該平台每天以不到一分鐘的延遲發送 4 億條訊息，並且 24/7 全天候不間斷運行，從而立即帶來 150 萬美元的收益，每年節省 800 萬美元，並將客戶服務呼叫量減少 12%。

With our Infosys Topax data Workbench, we have an expansive portfolio of solutions for data preparation, engineering, and governance. For leading industrial manufacturers, we built a unified data fabric powered by 100-plus domain-driven multimodal data products centered on equipment operations, covering more than 10 petabytes of structured and unstructured data to power 30-plus AI companions across business functions, driving more than 90% boost in precision, performance, and productivity.

透過我們的 Infosys Topax 資料工作台，我們擁有廣泛的資料準備、工程和治理解決方案組合。我們為領先的工業製造商建立了一個統一的數據架構，該架構由 100 多個以設備運行為中心的領域驅動型多模態數據產品提供支持，涵蓋超過 10 PB 的結構化和非結構化數據，為 30 多個跨業務功能的 AI 助手提供支持，從而將精度、性能和生產力提高了 90% 以上。

With our Infosys SLM, we are able to deliver small language models which are key for context engineering of agentic AI solutions, which are adapted for enterprise-specific needs. We have built four small language models for banking, IT operations, cyber, and enterprises, broadly for rapid value delivery, we also offer these models as services to help businesses securely build their own custom AI models.

借助我們的 Infosys SLM，我們能夠提供小型語言模型，這對於智慧 AI 解決方案的上下文工程至關重要，這些解決方案可根據企業特定需求進行調整。我們為銀行、IT營運、網路安全和企業建立了四個小型語言模型，旨在快速交付價值；我們也提供這些模型作為服務，以幫助企業安全地建立自己的客製化AI模型。

A good example is how our SLM is used by clients to run their banks on Infosys FinEcon to launch new contextual banking experiences and innovations.

一個很好的例子是，我們的客戶如何使用我們的 SLM 在 Infosys FinEcon 上運行他們的銀行，以推出新的情境化銀行體驗和創新。

With our Infosys Responsible AI Office, we have now become an industry pioneer in setting up a responsible AI office. We are among the first companies to be certified on ISO 42001:2023 for management systems, implementing responsible AI projects. Our Responsible AI toolkit ensures that clients have the defense and technical guardrails to address AI-related risks.

憑藉我們的 Infosys 負責任人工智慧辦公室，我們已成為建立負責任人工智慧辦公室的行業先驅。我們是第一批獲得 ISO 42001:2023 管理系統認證的公司之一，並實施了負責任的 AI 專案。我們的「負責任的人工智慧工具包」確保客戶擁有應對人工智慧相關風險的防禦和技術保障措施。

With our Infosys Poly Delivery AI Model, the high dependence on AI key providers is a key concern that we address. Our hybrid or flexible Poly AI helps clients avoid vendor lock-in as they scale their AI transformation. Using this model, we helped a bank in Europe establish their AI innovation lab to create a pipeline of AI-first business initiatives. They have now deployed 13 AI and agentic AI solutions, and several more are in development. This has delivered substantial financial gains and earned our client the honor of being number one in the region as an AI-first bank.

憑藉我們的 Infosys Poly Delivery AI 模型，我們專注於解決對 AI 關鍵提供者的高度依賴這一關鍵問題。我們的混合型或靈活的 Poly AI 可協助客戶在擴展 AI 轉型規模時避免被供應商鎖定。利用這種模式，我們幫助歐洲一家銀行建立了人工智慧創新實驗室，以創建一系列以人工智慧為先導的業務計劃。他們目前已部署了 13 個 AI 和智慧 AI 解決方案，還有幾個正在開發中。這為我們的客戶帶來了可觀的經濟效益，並使他們榮獲該地區人工智慧優先銀行第一名的榮譽。

Now, building an AI ecosystem for our clients, we have established strategic alliances with Nvidia, Microsoft, AWS, Intel, Meta, Google Cloud, and others to enhance their capabilities. Infosys is among the first and largest enterprises to deploy GitHub Copilot at scale. We have over 22,000 developers onboard.

現在，為了給客戶建立人工智慧生態系統，我們與英偉達、微軟、AWS、英特爾、Meta、Google雲端等公司建立了策略聯盟，以增強他們的能力。Infosys 是最早大規模部署 GitHub Copilot 的企業之一，也是規模最大的企業之一。我們擁有超過 22,000 名開發人員。

In collaboration with Google Cloud, we have developed more than 200 enterprise great AI agents. These partnerships, combined with open source solutions enable Infosys to deliver flexible vendor-agnostic AI ecosystems.

我們與Google雲端合作，開發了 200 多個企業級人工智慧代理。這些合作關係，再加上開源解決方案，讓 Infosys 能夠提供靈活的、與供應商無關的 AI 生態系統。

Through our Infosys Innovation Network, we engage with AI start-ups across AI, cybersecurity, data management, and other emerging domains to accelerate client adoption of cutting-edge solutions. Our academic collaborations with institutions like Cambridge, Colombia, Cornell, Stanford, HAI and MIT fuel our advanced AI research and give our innovations practical enterprise application.

透過我們的 Infosys 創新網絡，我們與人工智慧、網路安全、資料管理和其他新興領域的 AI 新創公司合作，以加速客戶採用尖端解決方案。我們與劍橋大學、哥倫比亞大學、康乃爾大學、史丹佛大學、HAI 和麻省理工學院等機構的學術合作，推動了我們先進的人工智慧研究，並使我們的創新成果具有實際的企業應用價值。

We also contribute to shaping global AI standards like partnering with OWASP on LLM security. We are also advising policymakers, and we are also collaborating with regulators in shaping emerging standards.

我們也為制定全球人工智慧標準做出貢獻，例如與 OWASP 合作制定 LLM 安全標準。我們也為政策制定者提供建議，並與監管機構合作制定新興標準。

To summarize, our clients value our differentiated capabilities that we have built on the success of our own AI-first journey. They trust us to navigate them with a clear practical road map to transform their business and deliver sustained enterprise scale value.

總而言之，我們的客戶重視我們基於自身人工智慧優先發展歷程的成功而建立的差異化能力。他們信任我們，相信我們能夠為他們提供清晰實用的路線圖，幫助他們轉型業務，並實現持續的企業規模價值。

This proven capability has translated into robust growth and notable gains in market share over the past several quarters, underscoring the impact of our strategic approach. This includes amplifying people, implementing advanced AI solutions, co-creating AI projects from the ground up for success and fostering an effective ecosystem of partners. We are focused on empowering our clients to conquer the pilot paralysis and achieve enterprise scale advantage.

過去幾個季度，這種已被證明的能力轉化為強勁的成長和市場份額的顯著提升，凸顯了我們策略方針的影響。這包括增強人們的能力、實施先進的人工智慧解決方案、從零開始共同創建人工智慧專案以取得成功，以及培養有效的合作夥伴生態系統。我們致力於幫助客戶克服試點癱瘓，實現企業規模優勢。

We can now open up the call for questions.

現在我們可以開始接受提問了。

(Operator Instructions) Kumar Rakesh, BNP Paribas.

（操作員說明）Kumar Rakesh，法國巴黎銀行。

Hey, hi, good evening, and thank you for taking my question. Salil, my first question was a little of medium to long term. So there's a lot of companies who have announced their CapEx plans for setting up the AI data centers. And many of these companies are our ecosystem partners, we do go to go-to-market, along with them. We partner with them in many of the projects.

嘿，你好，晚上好，謝謝你回答我的問題。薩利爾，我的第一個問題有點涉及中長期。因此，許多公司都公佈了他們用於建立人工智慧資料中心的資本支出計畫。這些公司中有很多都是我們的生態系統合作夥伴，我們會和他們一起開拓市場。我們在很多專案中都與他們合作。

In all these conversations of these capacity expansion and potential monetization in the future, are we having any conversation with them how Infosys can partner with them in the future for implementation and inference work potentially in the future? Any of your conversation, which is happening with them that you can share.

在所有這些關於產能擴張和未來潛在獲利的討論中，我們是否與他們討論過Infosys未來如何與他們合作進行實施和推論工作？你可以分享你和他們之間發生的任何對話。

If I understood that, the question was there are partners of Infosys who are building large AI capability and are we partnering with them? So there, yes, we are partnering with them, but if there's something more. We are not -- I don't follow that part, meaning we are partnering with all of them. So you look at any of the large players who are building out AI capability today. And it's at different levels.

如果我理解正確的話，問題是：Infosys 的合作夥伴正在建立強大的 AI 能力，我們是否與他們合作？所以，是的，我們正在與他們合作，但如果還有更多的話。我們不是——我不明白那部分的意思，意思是說我們與他們所有人合作。所以，看看如今那些正在建立人工智慧能力的大型企業就知道了。而且它處於不同的層次。

We are looking from the chip to the infrastructure to the models to basically deployment. So there are different layers of that. And in each of those, we have, as Satish was just pointing out, several partnerships which are going pretty well. Is that what you're asking?

我們正在從晶片、基礎設施、模型到部署等各個方面進行研究。所以這其中包含著不同的層次。正如薩蒂什剛才指出的那樣，在這些合作中，我們有幾個合作關係進展得相當順利。你問的是這個嗎？

So my question was that at some stage, they will start looking at monetization, enterprise implementation of inferences on those large capacities. Will we be participating in any of those -- any of the conversations happening on the monetization side in the future and Infosys participation in that?

所以我的問題是，在某個階段，他們會開始考慮如何將這些龐大的容量轉化為商業價值，以及如何在企業中實現推理。未來我們會參與任何有關獲利模式的討論嗎？ Infosys 會參與其中嗎？

So on the enterprise side, we will participate. But the monetization, meaning --

因此，在企業方面，我們將參與其中。但貨幣化，指的是--

Modernization.

現代化。

Modernization? Yeah, modernization is a big part of our play. So what is happening there in fact is the enterprise modernization business, we'll get a huge benefit from AI. So the -- before the AI, the enterprise modernization, legacy modernization had a certain time duration and a certain ROI with many of the AI tools that is improving quite dramatically. So once those AI tools are in good shape and stable and so on, we see modernization as a big growth opportunity.

現代化？是的，現代化是我們策略的重要組成部分。所以，實際上那裡正在發生的是企業現代化，我們將從人工智慧中獲得巨大的好處。因此，在人工智慧出現之前，企業現代化、傳統系統現代化有一定的周期和投資報酬率，而許多人工智慧工具正在顯著改善這一狀況。因此，一旦這些人工智慧工具運作良好且穩定等等，我們就將現代化視為一個巨大的成長機會。

Got it. Just to be clear that I've got it right, once enterprises start using these capacities for their own modernization, there is a play for Infosys to participate with them and help them in that modernization.

知道了。為了確認我的理解是否正確，一旦企業開始利用這些能力進行自身現代化改造，Infosys 就可以參與其中，幫助他們現代化。

Absolutely. So there are some AI companies, which are very good with enterprise AI. Most people are focused on consumer AI. So if you look at an enterprise AI company, they are building solutions which are focused in sales or marketing for growth of revenue of the end client or cost reduction through process or customer service in those areas.

絕對地。所以有一些人工智慧公司，它們在企業級人工智慧方面非常出色。大多數人關注的是消費人工智慧。因此，如果你觀察一家企業人工智慧公司，你會發現他們正在建立專注於銷售或行銷的解決方案，以增加最終客戶的收入，或透過流程或客戶服務來降低成本。

And one of those areas is this modernization. There are some others. And to make it happen, Infosys is a partner that those company -- AI companies will use where we have the knowledge because of the knowledge we have in the landscape of the client, which is a large, complex landscape. So how to deploy AI into it and make it successful, those are some of the skills that we will bring to it.

其中一個領域就是現代化。還有一些其他的。為了實現這一目標，Infosys 成為了這些公司（人工智慧公司）的合作夥伴，因為我們擁有客戶領域的知識，而客戶領域是一個龐大而複雜的領域，所以我們會利用 Infosys 的知識。那麼，如何將人工智慧部署到其中並使其成功，這些都是我們將要運用到其中的一些技能。

Great. My second question was more of a near term. So over the last two quarters, we have seen the large DTC has picked up and you have been reporting above $3 billion of large DTCs. And you have also spoken about vendor consolidation being one of the trends, which is driving the deal signings. Looking at these large deals, which you have and how comfortable you are of their margin as they ramp up and start contributing into your revenue?

偉大的。我的第二個問題比較著重於近期情況。因此，在過去的兩個季度裡，我們看到大型 DTC 交易有所回升，你們也報告了超過 30 億美元的大型 DTC 交易額。您也曾提到供應商整合是推動交易簽署的趨勢之一。看看你手頭上的這些大額交易，以及隨著交易規模擴大並開始為你的收入做出貢獻，你對它們的利潤率有多大信心？

Large deals, we don't disclose the margins separately, as you know. But what we are clear on is that we have a fairly disciplined approach as we take them on. And there, in many ways, we -- what Satish was sharing with you, we have a Chief Delivery Officer, Dinesh. They are both involved actively at the very start of many -- of all of the large deals to make sure that before we go into it, we understand what the issues are as best as possible and maintain that margin profile at the start and through the program itself.

如您所知，對於大額交易，我們不會單獨揭露利潤率。但我們很清楚的是，我們在處理這些問題時採取了相當嚴謹的態度。在許多方面，我們——正如 Satish 向你分享的那樣，我們有一位首席交付官，Dinesh。他們兩人都積極參與許多大型交易的最初階段，以確保在進入交易之前，我們盡可能地了解存在的問題，並在交易開始和整個過程中保持利潤率。

So we are comfortable. We don't disclose the margins separately, but we don't see some unusual margin impact because of that also.

所以我們覺得很舒服。我們不單獨揭露利潤率，但我們也沒有因此看到任何異常的利潤率影響。

Great. Thanks a lot.

偉大的。多謝。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hi, good evening. Thank you. I wanted to ask on deal activity and kind of average sizes. Can you comment on what you're seeing in some of the smaller deal activity? Any changes there versus the prior quarter? And then just on the signing, so the TCV has been healthy now for two quarters. Can you comment on just how ACV levels in new work that you're booking may be trending?

您好，晚上好。謝謝。我想詢問一下交易活動情況以及平均規模。您能否談談您在一些小額交易活動中觀察到的情況？與上一季相比，有什麼變化嗎？然後，就簽約而言，TCV 已經連續兩季保持健康了。您能否談談您目前承接的新專案的平均合約價值 (ACV) 水準的趨勢？

So on the smaller deals, no real change similar to what we've been seeing so far. On the large deals, I mean, the vast majority of them is focused on cost reduction, vendor consolidation using AI for productivity, those lean automation, those sort of areas.

所以，就小額交易而言，並沒有發生什麼實質的變化，和我們目前看到的情況類似。就大型交易而言，我的意思是，絕大多數交易都集中在降低成本、利用人工智慧提高生產力的供應商整合、精實自動化等領域。

On ACV, again, no real comment. We don't see a change that this quarter's large deal had a different type of ACV than last quarter, essentially a similar type of structure. But again, we don't share the ACV number separately.

關於蘋果醋，我還是沒什麼好說的。我們沒有看到本季的大額交易的 ACV 類型與上季有所不同，本質上結構類似。但是，我們不會單獨公佈 ACV 數據。

Okay. And then my follow-up on the delivery and the operating model. I'm curious how you may see the delivery mix changing beyond fiscal '26 when you consider navigating the visa changes next year. Just understanding you have a majority of your employee base in the US that are not on visas.

好的。然後，我跟進了交付和營運模式的問題。我很想知道，考慮到明年簽證政策的變化，您認為 2026 財年以後的交付組合會發生怎樣的變化。我只是想了解一下，你們的大部分員工在美國都沒有簽證。

But as we look at the numbers, subcon mix ticked up here in the quarter, while your offshore mix also rose. I'm curious if you think those two trends will continue. And where do you think the potential ceilings of those are as it relates to offshore mix and subcon usage?

但從數據來看，本季分包比例上升，而離岸外包比例也有所上升。我很想知道你認為這兩個趨勢是否會持續下去。那麼，就離岸混合和分包使用而言，您認為這些方面的潛在上限在哪裡？

So on the subcon, I don't -- I mean it's not I don't think that's a long-term lever in terms of how we will change the mix. There will be ups and downs as we go through the next few phases of this. The approach we are taking is -- we built over the years, what we call localization in all of our geographies outside India and especially in the US, and that comprises of building local technology apps, so local recruiting.

所以關於分包，我不——我的意思是，我不認為這是我們改變組合方式的長期槓桿。接下來的幾個階段，我們會遇到一些起伏。我們採取的方法是——多年來，我們在印度以外的所有地區，尤其是在美國，都建立了我們所謂的本地化，這包括建立本地技術應用程序，以及本地招聘。

Nearshore centers, which are ones around, for example, Canada, Mexico, other places in South America and then offshore. Now it will be a combination of these that we are using or we will use further in the future to make sure that essentially our overall delivery approach remains consistent for the clients. We don't have a view on where the offshore ratio will end, but we do see from some early client discussions that there will be an increase over time in what they want to offshore.

近岸外包中心，例如加拿大、墨西哥、南美洲其他地方以及離岸外包中心。現在，我們將結合使用這些方法，或者將來繼續使用這些方法，以確保我們為客戶提供的整體交付方式基本上保持一致。我們無法預測離岸外包比例最終會達到什麼程度，但我們從一些早期的客戶討論中看到，隨著時間的推移，他們希望外包的業務量將會增加。

Okay, understood. Thank.

好的，明白了。感謝。

Jonathan Lee, Guggenheim Partners.

喬納森李，古根漢合夥公司。

Great. Good evening. Thanks for taking our questions. Can you help us unpack the step down in utilization despite the step-up of subcontractor usage? Where are the potential skill gaps or pyramid gaps that you're looking to fill by using your subcontractors?

偉大的。晚安.謝謝您回答我們的問題。您能否幫我們分析一下，儘管分包商的使用量增加，但整體利用率卻為何下降？您希望透過使用分包商來填補哪些潛在的技能缺口或人才層級缺口？

So if you look at subcon, couple of quarters back, it was in the range of 11%. It has come down now to 7.5%, 8%, whichever quarter you look at. So there has been a consistent effort to bring it down on a long-term basis. Having said that, on a quarter-to-quarter basis, there could be ups and downs depending on the demand that we have, the skills that we have, at which locations the skills are and you would depend to subcon or you would wind down subcon according. So that's how the subcons typically are there.

所以如果你看一下分包商的情況，幾個季度前，它的比例在 11% 左右。現在這個數字已經降到了7.5%或8%，無論你看哪個季度的數據。因此，一直以來都有持續不斷的努力從長遠上降低其影響。也就是說，按季度來看，可能會有起伏，這取決於我們的需求、我們擁有的技能、這些技能的分佈地點，你可能需要依賴分包商，或根據情況逐步減少分包商。所以分包商通常就是這樣運作的。

Typically, the subcons are used to bridge the gap -- the skill gaps across the projects that we deliver for the client. We don't expect at this point in time, the subcons to increase significantly from the current levels.

通常情況下，分包商的角色是彌合差距——彌合我們為客戶交付的各個專案中存在的技能差距。我們預計目前分包商的數量不會比現在的水準大幅增加。

Appreciate that color. And secondly, this may be the first time we've heard you mention forward deployed engineers. Can you unpack how they compare relative to the teams for deployed engineers that software companies are scaling potentially how those pools of talent are competing and whether there are higher costs associated with your four deployed engineers versus your traditional engineer?

欣賞這種顏色。其次，這可能是我們第一次聽到您提到前線部署工程師。你能分析一下，與軟體公司正在擴展的已部署工程師團隊相比，你的團隊有何不同？這些人才庫之間是如何競爭的？與傳統工程師相比，你的四名已部署工程師是否會帶來更高的成本？

So there, Satish should also add a little bit. Let me start off. We've been using the capability and the founder player engineers across AI landscape for some time. We want to make sure that that is something we share externally. We are not commenting on the cost or nature of those, but they are different groups within the company in the past as well.

所以，薩蒂什也應該補充一點。我先來。我們已經利用人工智慧領域的這項能力和創始工程師團隊一段時間了。我們希望確保這一點能夠對外分享。我們不會對這些費用或性質發表評論，但它們也是公司過去不同的團隊。

For example, we have other groups called Power Programmers and so on, which have different costs within our delivery structure. And so we will use the appropriate level of cost depending on which market those engineers are operating in to fulfill that work for our clients. Satish is going to --

例如，我們還有其他名為「高級程式設計師」等的團隊，這些團隊在我們的交付結構中有不同的收費標準。因此，我們將根據工程師所處的市場狀況，採用適當的成本水準來完成客戶的工作。薩蒂什即將--

Yeah. Thanks, Salil. So I guess the opportunity with AI is that we are developing a new breed of services stack or software stack for our clients, which was never done before. So this is reimagining of either how we run business or how we even deliver services.

是的。謝謝你，薩利爾。所以我覺得人工智慧帶來的機會在於，我們正在為客戶開發一種全新的服務棧或軟體棧，這是以前從未做過的。所以，這要不是對我們經營業務方式的重新構想，就是對我們提供服務方式的重新構想。

So given that this is a different paradigm. The onus is on co-creation with our clients, which is why I think there is a sharper pivot to the leverage of forward-deployed engineers to work very closely with our clients.

所以，鑑於這是一個不同的範式。關鍵在於與客戶共同創造，因此我認為應該更加重視利用前線部署的工程師與客戶緊密合作。

And as we move from POCs to enterprise scale adoption, we see that there will be a lot more need for forward-deployed engineers to work with our clients to drive this co-creation of the new breed of software stack.

隨著我們從概念驗證走向企業級應用，我們發現，未來將需要更多前線部署的工程師與客戶合作，共同推動新型軟體堆疊的創建。

Vibhor Singhal, Nuvama.

Vibhor Singhal，Nuvama。

Sir, just a question on the overall uncertainty that we are facing in the environment, especially in the light of the recent H1B visa hike. So just wanted to pick your brain as to -- first of all, I mean, in the near term, let's say, in the last couple of weeks, a few weeks, that event is paced, right, did we see a heightened level of uncertainty, which maybe might have led to some of the deals being pushed off and some of the concerns dropping up from the clients?

先生，我有一個關於我們目前所面臨的整體環境不確定性的問題，特別是考慮到最近 H1B 簽證價格上漲的情況。所以我想請教一下各位——首先，我的意思是，在短期內，比如說，在過去的幾周里，這件事進展緩慢，對吧？我們是否看到了不確定性的加劇，這或許導致一些交易被推遲，以及一些客戶的擔憂減少？

And from a longer-term point of view, I know we and many -- most of the industry experts have basically explained that there should not be a big deterrent in terms of our business model. But how do you see this change changing the business model? I mean, do we believe that there is a possibility of higher offshore risk can be done now with -- when companies will try to avoid the higher H1B visa fee and clients would also be avoidable to that? Could that be, let's say, an unintended benefit that we could actually trickle by because of this event that took place?

從長遠來看，我知道我們和許多業內專家都已明確表示，我們的商業模式不應該受到太大阻礙。但您認為這種變化將如何影響商業模式？我的意思是，我們是否認為，當公司試圖避免支付更高的 H1B 簽證費，而客戶也試圖避免支付這些費用時，提高離岸風險的可能性是存在的？這會不會是，比如說，由於這次事件的發生，我們意外地獲得了一些好處？

So on the short term, I'm not sure I followed everything. But basically, we've not seen any change, literally, if that was the question on the short term. On the medium, long term, the model will change as we were discussing earlier, which is essentially, we have been working on localization for quite some years in most of our markets outside India, so US also.

所以短期來看，我不確定我是否完全理解了。但就短期而言，我們基本上還沒有看到任何變化。從中長期來看，正如我們之前討論的那樣，這種模式將會改變。本質上，我們在印度以外的大多數市場（包括美國）已經進行了多年的在地化工作。

So there'll be more work in our technology hubs and centers there with local employees. There'll be more nearshore work. There'll be more offshore work. And that's the approach that we will put in place, essentially ensuring that the client delivery remains in a good place.

因此，我們在那裡的技術中心和研發中心將有更多的工作機會，也將僱用更多當地員工。近岸作業將會增加。未來將有更多海外工作機會。這就是我們將採取的方法，從根本上確保客戶交付保持良好狀態。

So that's what we see. We don't have -- if you're looking at like, let's say, some percentages and so on, we don't have that sort of a view, but that's the general approach in the model change that we see coming here.

這就是我們看到的。我們沒有——比如說，如果你想看一些百分比之類的，我們沒有那種觀點，但這是我們在這裡看到的模式改變的一般方法。

Got it. A bit far-fetched maybe, but let's say, if we -- if we try to do more of nearshoring and offshoring, do you think clients will be okay with this because let's be honest, I mean, I'm assuming that at this point of time, before, let's say, the announcement, we were operating at a specific on-site to offshore ratio, which we would have tried to optimize by ourselves.

知道了。或許有點牽強，但假設我們——如果我們嘗試更多地進行近岸外包和離岸外包，你認為客戶會接受嗎？因為說實話，我的意思是，我假設在目前這個階段，比如說在宣布之前，我們一直按照特定的現場與離岸比例運營，我們會努力自行優化這個比例。

So if there was a specific onsite presence and it would have been maybe requirement of the client, maybe requirement of regulator or own requirements. So would it be easy to get this through to move that business -- there will be some part, as you right you said that you will have local hires. But the part that we are planning to move to nearshore and offshore, how easy or difficult will it be for clients to accept that?

因此，如果確實需要現場人員，那可能是客戶的要求，也可能是監管機構的要求，或是公司本身的要求。那麼，要讓這項業務順利開展下去是否容易呢？正如你所說，其中一部分會僱用當地員工。但是，對於我們計劃轉移到近岸和離岸的部分，客戶接受起來會有多容易或多困難呢？

So there -- what we'll do is this is a broad approach. We'll work jointly with each client to define like specifically how it will work for the client. It's a little bit if you go back to the time when there was the COVID, everyone is working remotely for so much time. And we just figured it out. We were quite adept at it at that time.

所以，我們將採取一種廣泛的方法。我們將與每位客戶共同合作，具體確定方案將如何為客戶運作。如果你回顧一下新冠疫情時期，你會發現確實如此，當時每個人都在遠距辦公很長一段時間。我們剛剛想明白了。當時我們在這方面相當熟練。

So now there is a model that we have built. We are working with the clients. What we do feel is quite comfortable that we will not have any constraints in client delivery through different levers in the model. It's not that one lever, some client may have a different lever and some may have another type of a lever, but we feel comfortable in that.

現在我們已經建立了一個模型。我們正在與客戶合作。我們完全有信心，透過該模式中的不同手段，我們在客戶交付方面不會受到任何限制。並非只有一種槓桿，有些客戶可能使用不同的槓桿，有些客戶可能會使用另一種類型的槓桿，但我們對此感到放心。

Got it. And just last question from my side --

知道了。我還有最後一個問題。--

Vibhor, if I could just add, if you look at the pre-COVID, we were at close to 30% offshore, 30% of 70% offshore, right? And every year, the needle used to move by 20 to 30 bps. Post-COVID, it changed significantly by 3% to 4% or even more in a year's time, right? And that's what I think Salil is referring to when a constraint comes in, both we and client work together, and we've been able to reach a model that works. And I'm sure we will be able to do that this time as well.

Vibhor，如果我可以補充一點，如果你看看新冠疫情之前的情況，我們離岸業務佔比接近 30%，也就是 70% 的業務中有 30% 是離岸業務，對吧？每年，指針都會移動 20 到 30 個基點。新冠疫情後，一年內變化幅度顯著，達到 3% 到 4% 甚至更多，對吧？我認為薩利爾所指的就是這種情況：當我們遇到限制時，我們和客戶會一起努力，最終找到一個可行的模式。我相信這次我們也一定能做到。

Got it. And just last question on that part since you've come in. I know it might sound too optimistic. Could it actually lead to unintended benefit that we do more of near-shoring and offshoring and that would possibly a margin lever for us or for the industry?

知道了。既然您來了，關於這部分就最後一個問題了。我知道這聽起來可能過於樂觀。我們更多地進行近岸外包和離岸外包，會不會反而帶來意想不到的好處，從而可能成為我們或整個產業的利潤槓桿？

Difficult to say at this point in time. But I mean, mathematically, if you do more near-shoring and more offshoring, it should mean more margin. But it depends on to what extent you're able to do offshoring near shoring and to what extent we'll end up doing more local hiring. So I think it may balance at there.

目前很難說。但我的意思是，從數學角度來看，如果增加近岸外包和離岸外包，就應該意味著更高的利潤率。但這取決於你能在多大程度上進行離岸外包和近岸外包，以及我們最終會在多大程度上進行更多本地招聘。所以我認為它可能在那裡達到平衡。

Got it. Great, thanks for taking my questions, and wish you all the best. I'll come back in the queue if I have anything to ask.

知道了。太好了，謝謝你回答我的問題，祝你一切順利。如果我有什麼問題，我會再回來排隊。

Thanks, Vibhor.

謝謝你，維博爾。

James Friedman, Susquehanna International.

James Friedman，薩斯奎哈納國際公司。

Hi, good evening. Thank you for the opportunity. Jayesh, In your prepared remarks, you called out a 70 basis point impact from higher post-sale customer support and the streaming from the transcript. Is that a normal thing? Or is that something different? What's that about?

您好，晚上好。謝謝您給我這個機會。Jayesh，你在事先準備好的演講稿中提到，更高的售後客戶支援和串流媒體播放帶來了 70 個基點的影響。這是正常現象嗎？還是那是另一回事？那是什麼意思？

So James, if you recollect last quarter, we had a benefit on this. So on a quarter-on-quarter basis, it's an impact from a margin walk perspective. This quarter, it's at a normalized level. So last quarter is where we had a benefit.

詹姆斯，如果你還記得上個季度我們在這方面獲得了一筆收益。因此，從季度環比來看，這會對利潤率產生影響。本季已恢復正常水準。所以上個季度我們取得了收益。

Okay. Now I remember. I apologize. I got it. And then in terms of the -- yes, in terms of your offshore on-site what you're contemplating longer term, I was just wondering, how do you think about AI delivery impacting the regionalization of your headcount? AI delivery -- has AI impact where your people need to be?

好的。我想起來了。我道歉。我得到了它。那麼，關於——是的，關於你們的離岸現場服務，以及你們正在考慮的長期發展方向，我只是想知道，你們認為人工智慧交付會如何影響你們的人員區域化？人工智慧交付—人工智慧是否影響您的員工需要去的地方？

Hi. This is Salil. Just addressing that point. I think we already see projects where we have agents, which is with AI working alongside the people on the project. So that will also be part of this new delivery model, which will -- so there's one change which is based on the visa discussion we were having. And everything with or without the visa will be changed with the agents and how that will work over time.

你好。這是薩利爾。我只是針對這一點進行說明。我認為我們已經看到一些項目，其中有人工智慧代理與專案人員並肩工作。所以這也將成為這種新交付模式的一部分，其中一項改變是基於我們之前討論的簽證問題。無論有沒有簽證，所有事情都會隨著中介的介入而改變，具體運作方式也會隨著時間而改變。

So those are two different sort of trends, but they will both come together and sort of the ratios and so on will develop as we build out the business.

所以這是兩種不同的趨勢，但它們最終會融合在一起，隨著我們業務的拓展，各種比例等等也會隨之發展。

Thank you, Selena. I'll drop back in the queue.

謝謝你，賽琳娜。我重新排隊。

Sumeet Jain, CLSA India.

Sumeet Jain，CLSA印度公司。

Yeah, hi, good evening, gentlemen, and thanks for the opportunity. Firstly, I want to understand the impact of AI on your and IT services industry revenue growth profile. Do you think the deflationary impact is higher than the volume growth opportunity? And maybe if you can give us a sense on your renewed deals, how much is compression due to AI versus incremental scope expansion?

是的，大家好，晚上好，先生們，謝謝你們給我這個機會。首先，我想了解人工智慧對您和IT服務業的收入成長的影響。你認為通貨緊縮的影響大於銷售成長帶來的機會嗎？或許您還能介紹一下您續約的交易中，人工智慧帶來的壓縮效應與逐步擴大的範圍之間分別佔多大比例？

Hi, this is Salil. So there, we see two types of things from AI, one, growth opportunities, where we see clients are starting to look at leveraging AI, whether it's in their sales function, their marketing function, how they can drive growth from it. And the second, as you point out, is more productivity or efficiency for different processes and activities within the company -- within their company.

大家好，我是薩利爾。因此，我們看到人工智慧帶來了兩種類型的機會，一是成長機會，我們看到客戶開始考慮如何利用人工智慧，無論是在銷售職能還是行銷職能中，如何從中推動成長。正如你所指出的，第二點是提高公司內部不同流程和活動的生產力或效率。

Today, with the economic environment where it is there's a lot of interest and focus on cost reduction, and that's where we see a lot of the initial work coming in. But some of the things that we are seeing, for example, the discussion we had a little while ago on modernization. Those discussions are much more about growth because it's not something that the company a client is doing at all. It's a question of how they will do it, how it will be leveraged.

如今，在當前的經濟環境下，人們對降低成本非常感興趣，這也是我們看到許多初步工作湧現的原因。但我們看到的一些事情，例如，我們不久前討論的現代化問題。這些討論更多是關於成長的，因為這並不是客戶公司正在做的事情。問題在於他們將如何實施，如何利用它。

So at this stage, I don't have a view on which of these two factors will be larger or smaller, but we certainly see a lot of growth opportunities from what we can deliver with AI.

所以現階段，我無法判斷這兩個因素哪個更大或更小，但我們確實看到了人工智慧能夠帶來的許多成長機會。

So maybe, Salil, trodding it further do you think the IT service budgets of your clients are expanding due to AI?

薩利爾，進一步來說，你認為客戶的 IT 服務預算是否因為人工智慧而增加？

So there, what we see now is a lot of the companies are in a mode of a lot of cost control with the changes in the economic environment. So it's difficult to ascertain what they will use it for in different economic environments.

所以，我們現在看到的是，由於經濟環境的變化，很多公司都在採取嚴格的成本控制措施。因此，很難確定他們在不同的經濟環境下會將其用於什麼用途。

So today, if I look at it, whether it's AI or non-AI, meaning we do a lot of work on, let's say, consolidation. We do a lot of work on automation, non-AI automation. So there's a real interest from clients that, look, can you help us through these other techniques also reduce cost. And that's the predominant way that we are looking -- we are seeing some of the large deals come about.

所以今天，如果我看一下，無論是人工智慧還是非人工智慧，這意味著我們做了很多工作，比如說，整合。我們在自動化領域做了很多工作，包括非人工智慧自動化。因此，客戶確實很感興趣，他們想知道，你們能否透過這些其他技術來幫助我們降低成本。這就是我們主要關注的方向——我們看到一些大型交易正在達成。

My sense is as there are AI approaches, which are showing clients where they can impact the business on the growth side and where the economic environment supports it, we will see more and more of those opportunities.

我的感覺是，隨著人工智慧方法的出現，這些方法能夠向客戶展示它們可以在哪些方面對業務成長產生影響，以及經濟環境在哪些方面支持它們，我們將看到越來越多的此類機會。

Got it. That's helpful. And maybe my second question is around, of course, this year, macro is pretty weak because of tariff-related uncertainty. But if the macro improves next year due to tariff uncertainty going away, do you think the IT services industry growth would be higher next year compared to this year, ignoring how AI will play around?

知道了。那很有幫助。我的第二個問題可能是，當然，今年宏觀經濟相當疲軟，因為關稅相關的不確定性。但如果明年宏觀經濟因關稅不確定性的消除而改善，您認為在不考慮人工智慧將如何影響的情況下，明年IT服務業的成長會比今年更高嗎？

That's a very good question. If I could answer that -- it's difficult to say for our site, meaning we think basically that when the macro improves, the tech improves, but it's now -- we'll see how that plays out. That's typically been our experience on the past, but I don't have a view like for next year, how it will look.

這是一個很好的問題。如果我能回答這個問題——對於我們的網站來說很難說，也就是說，我們認為基本上是宏觀環境改善後，技術也會改善，但現在——我們拭目以待。過去我們通常都是這樣，但我無法預測明年的情況會是如何。

Got it, sir. Thanks and all the best.

明白了，先生。謝謝，祝一切順利。

Nitin Padmanabhan, Investec India.

Nitin Padmanabhan，Investec India。

Yeah, hi, good evening, thanks for the opportunity again. So a couple of questions. So one is, you spoke about volumes being sort of flattish where realizations being a bigger driver of growth, if you could help contextualize what's driving that? So that's the first one.

是的，你好，晚上好，再次感謝你給我這個機會。我有幾個問題。一是，您提到成交量基本上持平，而實現量是成長的更大驅動力，您能否幫忙解釋是什麼因素在推動這一成長？這是第一個。

The second is any color you can give on the Versant JV both in terms of when it could sort of accrue the kind of revenue or margins there? And finally, your thoughts on how do you see furloughs this time versus last year and in terms of smaller deals, do you see any pickup?

第二個問題是，您能否就 Versant 合資企業何時能夠獲得預期收入或利潤率給予一些看法？最後，您認為今年的臨時裁員情況與去年有何不同？就規模較小的裁員而言，您認為情況會有所改善嗎？

So Nitin, this is Jayesh. Let me take that. So if you look at -- we did say that volumes were softer and the large part of the growth came from the revenue or RPP expansion. Part of that was because we had a higher working day in calendar this quarter, which reflects in pricing in a way. The part of that is also project maximums where we have been trying to drive -- getting the effective pricing increases through various levers within that, and that is where it has helped in terms of in terms of revenue.

尼廷，這位是傑耶什。讓我來拿吧。所以如果你看一下——我們確實說過銷量有所下降，而成長的大部分來自收入或RPP的擴張。部分原因是本季我們的工作日較多，這在某種程度上反映在了價格上。其中一部分也是我們一直在努力推動的專案最高限度——透過各種手段實現有效的價格上漲，而這正是它在收入方面有所幫助的地方。

Your second question was on Project Versant. We haven't been able to close that yet because we are spending a few of the regulatory approvals. So as and when we get it -- get the approvals. We will announce the closure at this point in time, we do not know. We expect it to be closed in this year, but we do not know the exit time lines, and that's what it is not baked in the guidance at this point in time.

你的第二個問題是關於 Versant 計畫。我們還沒能完成這筆交易，因為我們還在等待一些監管部門的批准。所以，一旦我們拿到批准文件，就去辦理。目前我們還不知道何時會宣布關閉事宜。我們預計它將在今年內關閉，但我們不知道退出時間表，這也是目前指導方針中尚未明確規定的內容。

The last year's revenue was around AUD210 million. So that's all I can give you as a reference to put in an estimate once it is closed. You had one more question.

去年的收入約為2.1億澳元。以上就是我能提供的所有參考信息，供您在交易完成後進行估價。你還有一個問題。

Yes. Any color on margins for Versant and the other one was -- other questions were on furloughs versus last year and any pickup in small (technical difficulty)

是的。Versant 和另一家公司在頁邊距上是否有顏色標記——其他問題涉及與去年相比的休假情況以及小型企業的任何復甦情況。（技術難題）

Yeah. So furloughs at this point in time, we do not expect to be significantly different than the last year, and we do not disclose margins of the acquisitions.

是的。因此，我們預期目前員工休假狀況與去年不會有太大不同，我們也不會揭露收購的利潤率。

Right, perfect. And any pick up in small deals that you've seen?

對，完美。你有沒有看到小額交易有任何好轉？

These small deals have remained similar as compared to last year. The pipeline continues to remain strong. There's nothing unusual to call out there.

這些小額交易與去年相比基本保持不變。管道運作狀況依然良好。沒什麼特別需要指出的。

Perfect. Thank you so much and all the best.

完美的。非常感謝，祝一切順利。

Abhishek Kumar, JM Financial.

Abhishek Kumar，JM Financial。

Yeah, hi, good evening and thanks for taking my question. I have a question on your second half outlook. Now we understand the seasonal factors and probably that's what is driving decline at the midpoint of the implied guidance.

是的，你好，晚上好，謝謝你回答我的問題。我有一個關於你下半年展望的問題。現在我們了解了季節性因素，這可能是導致預期中位數出現下滑的原因。

But I just wanted to get a sense that this year dealing has been strong. Then you have closed $1.6 billion deal, which if my calculation is right, is the $100 million-plus ACV deals. So is it just your conservatism at this stage, given Q4 generally is weaker or there's anything else that is restricting you from raising our current of the guidance?

但我只是想了解一下，今年的交易情況是否強勁。這樣一來，你就完成了一筆價值 16 億美元的交易，如果我的計算沒錯的話，這筆交易的年度合約價值都超過了 1 億美元。所以，您目前上調業績指引只是出於保守考慮（考慮到第四季度通常較為疲軟），還是還有其他因素限制了您提高目前的業績指引？

So Abhishek, like we've always said, the way we look at guidance is to reduce the asymmetry of information between us and the investor community. At this point in time, based on the various models that we run that leads us to various levels of the guidance, and that's how we have arrived at the guidance. Like what we have been saying for the last couple of quarters, at the lower end of the guidance, we have baked in elevated level of uncertainty and at the upper end of the guidance, we have baked in a stable environment.

所以 Abhishek，就像我們一直說的那樣，我們看待指導意見的方式是減少我們與投資者群體之間的資訊不對稱。目前，根據我們運行的各種模型，我們可以得出不同程度的指導意見，這就是我們得出指導意見的方式。正如我們過去幾季一直強調的那樣，在業績指引的下限部分，我們已經考慮到了較高的不確定性；而在業績指引的上限部分，我們已經考慮到了穩定的環境。

Having said that, as you know, we have a seasonal -- we have a higher seasonality of -- software from a seasonality perspective, we have lower working days, lower calendar days, higher impact from furloughs, et cetera. So all of that impacts our H2 versus H1. And we also need to remember that we've delivered a stronger H1 versus many of our peers. So from that perspective, the H2 automatically gets impacted.

話雖如此，如您所知，我們的軟體具有季節性——從季節性角度來看，我們的軟體季節性更強，工作日更少，日曆天數更少，休假的影響更大等等。所以所有這些都會影響我們的 H2 與 H1 的比較。我們還需要記住，與許多同行相比，我們上半年的業績表現更出色。所以從這個角度來看，H2 自然會受到影響。

So maybe a quick follow-up on the mega deal you just announced. Is it expected to start ramping up this fiscal year? And what would be net new contribution, if you can call that out?

那麼，關於您剛剛宣布的那筆巨額交易，或許可以快速跟進。預計本財年開始逐步擴大規模嗎？如果可以的話，淨新增貢獻是多少？

So Abhishek, the deal that we have announced is that completely 100% net new, and it will start ramping up this year.

所以阿比謝克，我們宣布的這項交易是完全100%全新的，並且將在今年開始逐步擴大規模。

Okay. That's good to hear. Thank you so much and all the best.

好的。聽到這個消息真好。非常感謝，祝一切順利。

Thank you.

謝謝。

Sandeep Shah from Equirus Securities.

來自 Equirus Securities 的 Sandeep Shah。

Yeah, thanks for the opportunity. Most of the question being asked. Just wanted to understand in your guidance assumption for the second half, are you also expecting further lower path to the third-party item sales because in the first half, it has been 7.4% versus 8.2% for the whole year last year. And generally, Q3 sees a seasonal strength on the third-party items. So this time, you believe it could not show the trend and it could be further down from 7.4% in the 1H versus what you expect in 2H?

是的，謝謝你給我這個機會。大部分問題都被問到了。我想了解一下，在您對下半年的業績預期中，您是否也預期第三方商品銷售額會進一步下降，因為上半年的成長率為 7.4%，而去年全年為 8.2%。整體而言，第三季第三方商品會出現季節性成長。所以這一次，您認為它可能無法反映出先前的趨勢，下半年的降幅可能會比上半年的 7.4% 更低？

Yeah. So Sandeep, like we said at the beginning of the year, this year, we expect the third party to be lower than what we had last year, and we expect a similar trend to continue. So we do not expect unusual growth or unusual -- elevation in a third party in Q3.

是的。所以桑迪普，就像我們年初說的那樣，今年我們預計第三方費用會低於去年，而且我們預計類似的趨勢還會繼續下去。因此，我們預期第三季第三方不會出現異常成長或異常提升。

Okay. And second, just a follow-up. In terms of seasonal softness, which is reflective in your 2H implied guidance, what was the urgency to deploy 8,000 net addition in the employee side. Can you explain the high recruitment versus seasonal softness in the 2H?

好的。其次，還有一個後續問題。考慮到季節性疲軟，這反映在您下半年的業績預期中，那麼在員工方面新增 8,000 個淨職位的緊迫性體現在哪裡？你能解釋一下下半年招募人數激增與季節性疲軟之間的矛盾嗎？

So Abhishek, it's a factor of the demand and supply environment. We are already at 85% utilization. And we also onboarded 12,000 freshers. So that just talks about the visibility that we have in our business.

所以，阿比謝克，這是供需環境的因素。我們目前的利用率已經達到 85%。我們也招收了 12,000 名應屆畢業生。以上內容主要說明了我們在業務中的知名度。

Okay. Thanks and all the best.

好的。謝謝，祝一切順利。

That will be the last question for today. I now hand the conference over to the management for closing comments.

這是今天最後一個問題。現在我將會議交給管理階層，請他們作總結發言。

Thank you. Thanks, everyone, for joining in. Just wanted to summarize, we had a strong Q2. Large deals very good, one mega deal after the quarter, so even better. We spent a lot of time sharing with you our leadership in enterprise AI and forward deployed engineering capability and the growth of that.

謝謝。謝謝大家的參與。簡單總結一下，我們第二季業績強勁。大額交易非常不錯，季度末還有一筆超級大交易，那就更好了。我們花了很多時間與您分享我們在企業人工智慧和前沿部署工程能力方面的領先地位及其發展歷程。

Now we feel we have a really strong position in this area, and we continue to lead in many places here. We have an increase in our guidance for revenue growth, the new guidance being 2% to 3% for the full financial year.

現在我們感覺我們在這個領域擁有非常強大的地位，並且我們在許多方面繼續保持領先地位。我們提高了營收成長預期，新的預期是全年營收成長2%至3%。

With all of this, we look forward to a strong Q3 and Q4 and look forward to interacting with you at the end of next quarter. Thank you. Take care.

基於以上種種，我們期待第三季和第四季取得強勁的業績，並期待在下個季度末與您互動。謝謝。小心。

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

非常感謝各位管理層成員。女士們、先生們，我謹代表印孚瑟斯有限公司，宣布本次會議結束。感謝您的參與，您現在可以斷開線路了。謝謝。