Infosys Ltd (INFY) 2026 Q3 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Infosys Limited Q3 FY26 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

女士、先生們，大家好，歡迎參加 Infosys Limited 2026 財年第三季業績電話會議。（操作員說明）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.

現在我將會議交給桑迪普·馬欣德魯先生。謝謝，接下來就交給您了，馬欣德魯先生。

Hello, everyone, and welcome to Infosys earnings call for Q3 FY26. Let me start by wishing all of you a very happy new year. Joining us on this call is CEO and MD, Mr. Salil Parekh; CFO, Mr. Jayesh Sanghrajka, along with other members of the leadership team.

大家好，歡迎參加Infosys 2026財年第三季財報電話會議。首先，祝大家新年快樂。參加本次電話會議的有執行長兼董事總經理薩利爾·帕雷克先生、財務長傑耶什·桑格拉傑卡先生以及其他領導團隊成員。

We'll start the call with some remarks on the performance of the company, subsequent to which the call will be opened up for questions. Please note that anything we say that refers to our future outlook is a forward-looking statement that must be read in conjunction with the risk that the company faces. A complete statement and explanation of these risks is available with our filings with the SEC, which can be found on www.sec.gov.

我們將先對公司的業績做一些說明，之後將開放提問環節。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。有關這些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。

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 everyone on the call. Thank you for joining us. Warm wishes to you for the new year. We had a strong performance in Q3.

謝謝你，桑迪普。各位晚上好，各位早安。感謝您的參與。祝您新年快樂！我們在第三季取得了強勁的業績。

Our revenues grew 0.6% sequentially and 1.7% year on year in constant currency terms. Our large deals were at $4.8 billion with 57% net new. This was across 26 deals. Our adjusted operating margin was 21.2%. We generated free cash flow of $915 million.

以固定匯率計算，我們的營收季增0.6%，年增1.7%。我們的大額交易額為 48 億美元，其中 57% 為新增淨額交易。這涉及26筆交易。我們調整後的營業利益率為 21.2%。我們產生了9.15億美元的自由現金流。

One of the most significant large deals we won was with the National Health Service in the UK. This $1.6 billion deal expands our work in the healthcare sector. We will help NHS leverage AI to streamline operations and improve patient care for UK citizens. We have deepened our Topaz AI capability with an agent services suite called Topaz Fabric.

我們贏得的最重要的大宗交易之一是與英國國家醫療服務體系 (NHS) 達成的。這項價值 16 億美元的交易擴大了我們在醫療保健領域的業務。我們將協助英國國家醫療服務體系（NHS）利用人工智慧技術簡化營運流程，改善英國公民的病患照護。我們透過名為 Topaz Fabric 的代理服務套件，深化了 Topaz AI 的功能。

This suite helps our clients manage and implement AI agents across the enterprise. We are expanding our strategic partnerships with AI companies. We recently announced a partnership with Cognition. Here, we will combine Cognition's Devin software agent with Infosys' knowledge of the client landscape and industry expertise. We are already working with them across clients.

該套件可協助我們的客戶在整個企業範圍內管理和部署人工智慧代理。我們正在擴大與人工智慧公司的策略合作夥伴關係。我們最近宣布與 Cognition 建立合作關係。在這裡，我們將把 Cognition 的 Devin 軟體代理與 Infosys 對客戶環境和行業專業知識的了解相結合。我們已經在與他們的多個客戶合作。

Industry analysts recognize Infosys for its leadership in AI. In financial year 2026, we were recognized as a leader across 12 ratings. We had strong momentum in AI adoption across our client base. Today, we work with 90% of our 200 largest clients to unlock value with AI. We are currently working on 4,600AI projects.

產業分析師認可Infosys在人工智慧領域的領先地位。在 2026 財年，我們在 12 項評級中被公認為領導者。我們在客戶群中推廣人工智慧應用方面取得了強勁勢頭。如今，我們與 200 家最大客戶中的 90% 合作，利用人工智慧釋放價值。我們目前正在進行 4,600 個人工智慧專案。

Our teams have generated over 28 million lines of code using AI. We built over 500 agents. We are scaling our forward deployed engineer team. Our clients are turning to us as trusted partners to drive value realization from AI investments. Some of the areas they focus on are fragmented data, legacy application landscape and business workflows that are not conducive for AI.

我們的團隊利用人工智慧產生了超過 2800 萬行程式碼。我們組建了超過500個代理團隊。我們正在擴大前線部署工程師團隊的規模。我們的客戶正將我們視為值得信賴的合作夥伴，以推動人工智慧投資的價值實現。他們關注的一些領域包括資料碎片化、傳統應用程式環境以及不利於人工智慧的業務工作流程。

We bring together a deep understanding of clients technology landscape, strong data engineering, and process reimagination capabilities to help them capture value at scale from AI. We aspire to make AI work for clients delivering business outcomes for cost, revenue growth, and innovation.

我們結合對客戶技術格局的深刻理解、強大的資料工程能力和流程重塑能力，幫助他們大規模地從人工智慧中獲取價值。我們致力於讓人工智慧為客戶帶來業務成果，包括降低成本、增加收入和促進創新。

We are witnessing six AI-led value pools emerging that could unlock a large incremental opportunity for us. We also see productivity-led benefits that compress some legacy areas. The six value pools of opportunity in AI services we see are: AI engineering services, data for AI, agents for operations, AI software development and legacy modernization, AI and physical devices, and AI for services. We believe we are uniquely positioned to capture market share across these value pools and emerge as the leading AI value creator for global enterprises. We will share a comprehensive view on our approach at an Investor Day later this quarter.

我們正在見證六個由人工智慧驅動的價值池的出現，它們可能會為我們帶來巨大的增量機會。我們也看到，提高生產力帶來的益處可以壓縮一些遺留領域。我們看到的 AI 服務中的六大價值機會池是：AI 工程服務、AI 數據、營運代理、AI 軟體開發和傳統現代化、AI 和實體設備以及 AI 服務。我們相信，我們擁有獨特的優勢，能夠在這些價值池中佔據市場份額，並成為全球企業領先的人工智慧價值創造者。我們將在本季稍後的投資者日上分享我們策略的全面觀點。

In Financial Services, we see good traction in large deals and discretionary projects. In Financial Services and in Energy, Utilities, Resources, and Services verticals, we expect acceleration in financial year 2027 over financial year 2026. This is based on good deal wins and AI partner status with 15 of our largest 25 clients in each of these verticals.

在金融服務領域，我們看到大型交易和自主專案進展順利。在金融服務和能源、公用事業、資源和服務垂直領域，我們預計 2027 財年的成長速度將比 2026 財年更快。這是基於我們在每個垂直領域與 25 家最大客戶中的 15 家達成的良好交易和 AI 合作夥伴關係。

With a strong performance in this quarter, we have revised our revenue guidance for the financial year. The new revenue growth guidance for this financial year is 3% to 3.5% growth in constant currency. Our operating margin guidance for the financial year remains the same at 20% to 22%.

由於本季業績表現強勁，我們已修訂了本財年的營收預期。本財年新的營收成長預期為以固定匯率計算成長 3% 至 3.5%。我們對本財年的營業利潤率預期仍為 20% 至 22%。

With that, let me hand it over to Jayesh for his update.

接下來，我將把麥克風交給傑伊什，讓他帶來最新報道。

Thank you, Salil. Good morning, good evening, everyone, and thank you for joining the call today. First of all, a very happy New Year to all of you. Coming to the quarter. Our Q3 performance demonstrates continued momentum we saw in the last two quarters, underscoring resilience of our business model, relevance of our offerings, and our disciplined execution.

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。首先，祝大家新年快樂。即將進入季度末。第三季業績展現了我們在過去兩季中看到的持續成長勢頭，凸顯了我們商業模式的韌性、我們產品的相關性以及我們嚴謹的執行力。

We had another quarter of growth despite seasonal weakness and reduction in third-party costs. The results for Q3 FY26 includes a charge associated with change in labor codes in India, which had an impact on operating profit, net profit, EPS, free cash flow for the quarter. Reference to the adjusted numbers exclude the impact on the same.

儘管受到季節性因素和第三方成本下降的影響，我們仍然實現了另一個季度的成長。2026 財年第三季業績包含與印度勞動法規變更相關的費用，該費用對該季度的營業利潤、淨利潤、每股收益和自由現金流產生了影響。調整後的數據不包括對相同目標的影響。

Revenue for Q3 was $5.1 billion, up 0.6% sequentially and 1.7% year-on-year basis in constant currency terms. Operating margins, include the impact of change in labor codes, stands at 18.4% adjusting for the same, it is at 21.2%.

第三季營收為 51 億美元，以固定匯率計算，季增 0.6%，年增 1.7%。營業利益率（包括勞動法規變更的影響）為 18.4%，調整後為 21.2%。

The highlights of the quarter are as follows: we achieved strong revenue growth despite seasonality and lower third-party costs. Third-party as a percentage of revenue reduced by 0.3% sequentially and approximately 2.4% on a year-on-year basis. With three strong quarters of performance, our revenue growth in nine months stood at 2.8%, which is at the higher end of our earlier guided range. This is despite the lower third party, which has reduced by approximately 1% compared to the same period last year and now stands at 7.3%.

本季亮點如下：儘管受到季節性因素影響，且第三方成本較低，但我們仍實現了強勁的營收成長。第三方收入佔總收入的比例環比下降 0.3%，年減約 2.4%。憑藉三個強勁的季度業績，我們九個月的營收成長率為 2.8%，處於我們先前預期範圍的高端。儘管第三方支出有所下降，與去年同期相比下降了約 1%，目前為 7.3%。

Momentum in Financial Services continues with 3.9% year on year in constant currency terms. Among deals, Europe continued to lead the growth by 7.2% year on year in constant currency terms. Volumes continue to remain soft for the quarter and the year. On a nine-month basis, RPP increase reflecting continued momentum of value-based selling and productivity increases that we have achieved.

金融服務業持續成長，以固定匯率計算年增 3.9%。在所有交易中，歐洲繼續引領成長，以固定匯率計算年增 7.2%。本季和全年銷量依然疲軟。從九個月的時間來看，RPP 的成長反映了我們持續推動以價值為基礎的銷售和提高生產力的勢頭。

Adjusted operating margins increased by 20 basis points sequentially to 21.2%. We continue our investments in sales and marketing, which has increased by double digits this year to date and impacting margins by approximately 50 basis points.

調整後的營業利益率較上季成長 20 個基點，達到 21.2%。我們持續增加對銷售和行銷的投入，今年迄今為止，這方面的投入已實現兩位數成長，對利潤率產生了約 50 個基點的影響。

Utilization, excluding trainees, was down by 1% sequentially at 84.1%, and including trainees, was down by 2.2% to 80% as we continue to create capacity for future growth opportunities. Our adjusted margin for nine months are at 21% at midpoint of guidance after absorbing accelerated investment in sales and marketing as well as lower utilization. On-site mix further reduced by 10 basis points Q3 and by 70 basis points in nine months FY26.

不包括受訓人員在內，利用率環比下降 1% 至 84.1%；包括受訓人員在內，利用率環比下降 2.2% 至 80%，我們將繼續為未來的成長機會創造能力。在計入銷售和行銷方面的加速投資以及較低的利用率後，我們前九個月的調整後利潤率為 21%（處於預期中位數）。第三季現場配比進一步下降 10 個基點，2026 財年前九個月下降 70 個基點。

Investment in talent continues. Net head count increased by 5,000 to 337,000 employees. LTM attrition declined by 2% sequentially and 1.4% on a year-on-year basis, reflecting both market conditions and our focus on employee retention and upscale.

對人才的投資仍在持續。淨員工人數增加5000人，達337,000人。過去 12 個月的員工流動率季減 2%，年減 1.4%，這反映了市場狀況以及我們對員工留任和升級的重視。

Large deal TCV was robust at $4.8 billion in Q3 with 57% net new. Total large deal TCV for nine months stood at $11.7 billion exceeded the total large deal TCV of full year FY25. Net new deal TCV for nine months was up by 40% as compared to the same period last year. Large deal pipeline continues to be healthy. Our research focus aided by the deployment of AI agents on our order to receivable cycle has resulted in a decline of 5 days in DSO, including net and will to 82-day sequentially.

第三季大型交易總價值 (TCV) 表現強勁，達到 48 億美元，其中淨新增交易額佔 57%。前九個月的大宗交易總合約價值 (TCV) 為 117 億美元，超過了 2025 財年全年的大宗交易總合約價值。與去年同期相比，前九個月的淨新增交易總合約價值成長了 40%。大型交易項目儲備仍充足。透過在訂單到應收帳款週期中部署人工智慧代理，我們的研究重點已使 DSO（包括淨 DSO）減少了 5 天，並將連續減少至 82 天。

Driven by strong collections, free cash flow generation adjusted for labor codes remains robust at $965 million, which is 113% of adjusted net profit. Adjusted free cash flow conversion for nine months stood at 118%. Adjusted EPS in rupee terms for nine months FY26 grew at double digits at 11.5%.

受強勁的收款推動，經勞動成本調整後的自由現金流依然強勁，達到 9.65 億美元，佔調整後淨利的 113%。經調整後的前九個月自由現金流轉換率為 118%。2026 財年前九個月調整後每股收益（以盧比計）實現了兩位數成長，達到 11.5%。

During the quarter, we successfully completed our largest ever buyback, returning INR18,000 crores to our shareholders, which will help EPS accretion. We also paid our interim dividend for FY26 in line with our capital allocation policy.

本季度，我們成功完成了有史以來最大規模的股票回購，向股東返還了 1,800 億印度盧比，這將有助於提高每股盈餘。我們也依照資本配置政策支付了2026財年的中期股利。

Adjusted operating margins for Q3 expanded by 20 basis points to 21.2% sequentially. Major components of changes are as follows: tailwinds of 40 basis points from currency movement, 40 basis points from Maximus comprising primarily of value-based selling, critical portfolios, and lean and automation, offset by 70 basis point impact from furloughs and lower working days. The impact of higher variable pay was partly offset by one-off benefit during the quarter.

第三季調整後營業利益率較上季成長 20 個基點至 21.2%。主要變化因素如下：匯率波動帶來 40 個基點的利好，Maximus 帶來 40 個基點的利好（主要包括基於價值的銷售、關鍵投資組合以及精益化和自動化），但被休假和工作日減少帶來的 70 個基點的影響所抵消。本季一次性福利部分抵銷了浮動薪資增加的影響。

Consolidated cash and investments were at $3.9 billion at the end of the quarter after returning $3 billion to the shareholders in the form of dividend and buyback. Non-cash balance was at [6.19], and ROE stood at 32.8%.

截至季末，公司合併現金及投資總額為 39 億美元，此前已以股利和股票回購的形式向股東返還了 30 億美元。非現金餘額為 [6.19]，淨資產收益率為 32.8%。

We signed 26 large deals during the quarter, including two megadeals. This includes 10 in Financial Services, four in Retail, three each in Life Sciences and Manufacturing, two each in Communication, ERS, and Hi-Tech. Region-wise, we signed 16 deals in America, 9 in Europe, and 1 in rest of the world.

本季我們簽署了 26 項大型交易，其中包括兩項超級交易。其中包括金融服務業的 10 個席位，零售業的 4 個席位，生命科學和製造業各 3 個席位，通訊業、ERS 業和高科技業各 2 個席位。從區域來看，我們在美洲簽署了 16 項協議，在歐洲簽署了 9 項協議，在世界其他地區簽署了 1 項協議。

Coming to verticals. We see continued momentum in Financial Services with approximately 5% growth in last nine months, led by large deal wins and uptick in discretionary spend across our verticals like Banking, Payments, Mortgages, along with Assets and Wealth Management.

即將進入垂直領域。我們看到金融服務領域持續保持成長勢頭，過去九個月成長約 5%，這主要得益於大型交易的成功以及銀行、支付、抵押貸款、資產和財富管理等垂直領域可自由支配支出的增加。

There is elevated interest in AI-led transformation platform modernization and vendor consolidation. We are seeing a shift from compliance to business growth. Significant core transformation across all sub vertical is creating strong long-term strategic pipeline, providing good IP platform partner opportunities. We are now a preferred AI partner for top 15 out of 25 banking clients.

人們對人工智慧驅動的轉型平台現代化和供應商整合表現出濃厚的興趣。我們看到，關注點正在從合規轉向業務成長。所有子垂直領域的重大核心轉型正在創造強大的長期策略管道，為智慧財產權平台合作夥伴提供良好的機會。我們現在是25家銀行客戶中排名前15位的首選人工智慧合作夥伴。

Uptick in discretionary spend in aforementioned of verticals and deal wins in recent quarters positions us favorably for better growth in FY27. Manufacturing vertical is also impacted by tariff uncertainties, which is preventing clients from committing to long-term investments. Discretionary spend is under pressure, and this is making it slow. Industrial and aero are doing well, but auto sector remains challenged. Clients are prioritizing cost discipline, consolidation, and efficiency, and we are supporting them through digital rationalizations and AI-led productivity initiatives. Overall pipeline remains healthy and focused on cost takeouts, infra consolidation, and ERP modernization.

上述垂直領域可支配支出的成長以及近幾個季度的交易成功，使我們在 2027 財年有望實現更好的成長。製造業也受到關稅不確定性的影響，阻礙了客戶進行長期投資。可自由支配支出面臨壓力，導致其成長放緩。工業和航空航天業發展良好，但汽車行業仍面臨挑戰。客戶優先考慮成本控制、整合和效率，我們透過數位化合理化和人工智慧驅動的生產力提升計畫來支持他們。整體而言，專案儲備仍然充足，重點在於降低成本、整合基礎設施和實現ERP現代化。

URS companies are increasingly allocating budgets towards AI infrastructure, data readiness, cloud, and software platforms. There is demand for setting up GCCs across sectors, with most clients looking at SI to complement the GCC strategy.

URS 公司正越來越多地將預算分配給人工智慧基礎設施、資料準備、雲端和軟體平台。各行各業對建立全球協作中心 (GCC) 的需求日益增長，大多數客戶都在尋求系統整合 (SI) 來補充 GCC 策略。

We are a preferred AI partner for top 15 out of top 25 clients. We are seeing an increase in discretionary demand in utilities and energy which should lead to growth accelerations in FY27. Utility sectors witnessing increasing in demand driven by massive investments in infra and AI data centers. While discretionary demand in energy sector is focused on decarbonization and low carbon solutions, there is also a focus on cost optimization and consolidation due to enterprise AI adoption.

我們是排名前 25 位客戶中前 15 位客戶的首選人工智慧合作夥伴。我們看到公用事業和能源領域的非必需消費需求增加，這將導致 2027 財年成長加速。受基礎設施和人工智慧資料中心的大規模投資推動，公用事業領域的需求不斷增長。雖然能源領域的可自由支配需求集中在脫碳和低碳解決方案上，但由於企業採用人工智慧，成本優化和整合也成為關注重點。

Retail and CPG clients continue to experience uncertainty due to the ongoing tariff negotiations and evolving geopolitical equations. Clients are prioritizing cost takeouts and AI-led productivity deals while discretionary spend remained soft apart from SAP, DNA testing, and AI augmented services. We continue to leverage Topaz and our AI Next platform to deliver measurable business value with robust guard rates around privacy, governance, and augmenting customer and employee experiences.

由於關稅談判仍在進行，以及地緣政治格局不斷變化，零售和消費品行業的客戶持續面臨不確定性。客戶優先考慮降低成本和人工智慧驅動的生產力交易，而除了 SAP、DNA 檢測和人工智慧增強服務之外，可自由支配的支出仍然疲軟。我們將繼續利用 Topaz 和我們的 AI Next 平台，在隱私、治理以及增強客戶和員工體驗方面提供可衡量的業務價值和強大的安全保障。

Communication sector continues to be impacted by geopolitical uncertainty. However, our deal wins in prior quarters are helping us driving growth acceleration year on year over last few quarters. Telcos are prioritizing AI, automation, and transformation productivity increases, while traditionally, IT remains under pressure. Clients are increasingly seeking partnerships with SIs for scaling and innovation within complex ecosystem. Focus is on outcome-based engagement models rather than traditional effort-based pricing model.

通訊業持續受到地緣政治不確定性的影響。然而，前幾季我們贏得的交易正在幫助我們推動過去幾個季度的年增長率逐年加快。電信公司優先考慮人工智慧、自動化和轉型，以提高生產力，而傳統上，IT 部門仍面臨壓力。客戶越來越傾向於與系統整合商建立合作夥伴關係，以在複雜的生態系統中實現規模化和創新。重點在於基於結果的合作模式，而不是傳統的基於投入的定價模式。

Our stellar execution in a seasonally weak quarter is a clear reflection of our ability to navigate the uncertain environment effectively. So year-to-date performance and robust deal wins have enabled us to revise our revenue guidance for FY26 upward to 3% to 3.5%. This does not include any revenues from the joint venture with Telstra. And as we still await the regulatory approvals. Our operating margin guidance remains at 20% to 22%.

我們在通常較為疲軟的季度中表現出色，這清楚地反映了我們有效應對不確定環境的能力。因此，今年迄今的業績和強勁的交易成功使我們能夠將 2026 財年的營收預期上調至 3% 至 3.5%。這不包括與Telstra合資企業的任何收入。我們仍在等待監管部門的批准。我們的營業利潤率預期仍為 20% 至 22%。

With that, we can open up for the questions.

這樣，我們就可以開始回答問題了。

(Operator Instructions) Ankur Rudra, JPMorgan.

（操作說明）Ankur Rudra，摩根大通。

Happy new year to you, too. Good to see a nice trend here. Just a first couple of questions on the revenue and the demand side. The signings have been quite strong for the last couple of quarters. Our momentum has been quite strong as well. I'm just curious why the outlook -- the implied outlook for fourth quarter can't be stronger than it is.

也祝你新年快樂。很高興看到這種好的趨勢。關於收入和需求方面，我先問幾個問題。最近幾季，球隊的引援力道相當大。我們的發展勢頭也相當強勁。我只是好奇為什麼第四季的預期——隱含的預期——不能比現在更好。

And secondly, I just want to confirm that your comment is for a growth acceleration in F '27 for the overall business and not for a segment alone. And are you seeing any signs of short-cycle projects or discussion spending expanding beyond Financial Services and Energy also, especially when you think about F '27?

其次，我想確認一下，您的評論是指 2027 年秋季整體業務的成長加速，而不是僅僅針對某個細分市場。您是否看到短期專案或討論支出範圍擴大到金融服務和能源以外的領域，尤其是在考慮 2027 年秋季的時候？

Hi, Ankur. This is Salil. So first, on what we are seeing in terms of the momentum and the deals, all of that has led to the increase in the guidance, keeping in mind the overall picture. So we mentioned -- Jayesh mentioned a little bit about financial services, about energy utilities, the overall deal. And then if you look at some of our other sectors, we are still seeing those sectors starting to come up but not at that level. So keeping all of that in mind, we've increased the guidance for what we see in Q4.

你好，安庫爾。這是薩利爾。首先，就我們目前看到的勢頭和交易情況而言，考慮到整體形勢，所有這些都導致​​了業績指引的上調。所以我們提到了——傑伊什稍微提到了金融服務、能源公用事業以及整個交易。然後，如果你看看我們其他的一些行業，我們仍然看到這些行業開始復甦，但還沒有達到那個水平。考慮到所有這些因素，我們提高了對第四季度業績的預期。

On the numbers for next year, so what we have shared today is in the two verticals, Energy, Utilities, Resources, and Services and in Financial Services, we see that the growth on financial year '27 to '26 will be good. And that is because of the deals we have won, large and other deals. And the AI where we are partners with 15 of the large -- of our large 25 clients. So those two things especially are giving us that view. We are not making a comment on the overall. We are not saying anything on the overall at this stage.

關於明年的數據，我們今天分享的是能源、公用事業、資源和服務以及金融服務這兩個垂直產業的數據，我們看到 2027 財年到 2026 財年的成長情況良好。這是因為我們贏得了許多交易，包括大額交易和其他類型的交易。而我們所在的 AI 領域，與我們 25 個大型客戶中的 15 個建立了合作關係。所以正是這兩件事讓我們產生了這種看法。我們不就整體情況發表評論。現階段我們不對整體情況發表任何評論。

Ankur, if I can just add to what Salil was saying on guidance and your question on why Q4 guidance cannot be elevated more. You should also remember that there is a lower working day calendar day impact in this quarter, which is usually seasonally there. So that is also and a headwind from the guidance perspective.

Ankur，我只想補充一下Salil關於業績指引的說法，以及你提出的為什麼第四季業績指引不能進一步提高的問題。您還應該記住，本季工作日日曆日的影響較小，這通常是季節性因素造成的。所以，從指導的角度來看，這也是一個不利因素。

Appreciate it. Just a question for you, Jayesh. As well on the margin side, margins appear to be down 20 basis points if I adjust the gains from the sale -- property sale this time. Could you highlight if you're seeing any kind of pricing pressure? And also, how do you see the percentage going forward? Also given a lot more disclosure on the AI side, which is appreciated, I'm curious if AI is a headwind or a tailwind on your margins when you do these 4,600 AI projects?

謝謝。傑伊什，我有個問題想問你。此外，從利潤率來看，如果我將銷售收益（這次是房地產銷售）進行調整，利潤率似乎下降了 20 個基點。您能否指出您是否感受到任何價格壓力？另外，您如何看待未來的百分比變化？此外，鑑於人工智慧方面揭露的資訊更多（這值得讚賞），我很好奇，在你們開展這 4600 個人工智慧專案時，人工智慧對你們的利潤率是利好還是不利？

So you're right, there was a benefit that we got this quarter, and I did call that out that we -- that benefit was largely offset by the higher variable pay that we also provided in the financial statements this quarter. So that's the put and take of the margin.

所以你說得對，我們本季確實獲得了一些好處，我也指出了這一點——這些好處很大程度上被我們在本季度財務報表中提供的較高浮動薪酬所抵消了。這就是保證金的投入和取出。

On the pricing, if you look at our consistent pricing commentary has been that our pricing is accretive. We have seen consistently our pricing going up on back of various factors, including AI, including project Maximus. Newgen pricing is part of the project Maximus, which includes how do you price these new AI projects, et cetera, the agents, et cetera. So we don't really see an impact or a headwind coming because of the AI projects on pricing specially.

關於定價，如果你看看我們一貫的定價策略，你會發現我們的定價策略是增值的。我們看到，由於各種因素（包括人工智慧，例如 Maximus 項目），我們的價格一直在上漲。Newgen 定價是 Maximus 專案的一部分，其中包括如何為這些新的 AI 專案、代理商等定價。因此，我們並不認為人工智慧專案會對定價產生影響或帶來不利影響。

Bryan, TD Cowen.

布萊恩，TD Cowen。

I wanted to ask on North America. So just your comment on your view going forward here, at least in the coming quarters, you see just dipped down to a contraction of minus 1% on a year-on-year basis. Was that due to any particular industries? And just how do you see that progressing here as you go through March and beyond?

我想問一下關於北美地區的問題。所以，您對未來情勢的看法是，至少在接下來的幾個季度裡，您認為同比增速將放緩至-1%。這是否與某些特定行業有關？那麼，您認為隨著三月及以後的發展，情況會如何改變呢？

This is what we had called out at the beginning of the year when we provided our original guidance that looking at the deals in the pipeline, looking at the projects that we have and the projects are large deals that were under execution. We expected this year, the third-party costs and therefore, the third-party revenue to be lower than the last year. It's across segments. Of course, the impact of it by segment could vary, but the impact is across segments.

這正是我們在年初提出的指導意見，即著眼於正在籌備的交易，並著眼於我們擁有的項目，這些項目都是正在執行的大型交易。我們預計今年的第三方成本以及第三方收入將低於去年。它跨越各個領域。當然，其對不同細分市場的影響可能會有所不同，但影響是遍及各個細分市場的。

Okay. Understood. And then just as it relates to the commentary on budgets going forward, can you just comment on the conversations you're having with enterprises now as it relates to their calendar '26 budgets as you think about this right now versus this time last year, any key changes worth noting?

好的。明白了。那麼，就未來預算的評論而言，您能否談談您目前與企業就其 2026 年預算進行的對話？您認為現在與去年同期相比，有哪些值得注意的關鍵變化？

So hi, this is Salil. I think what we see now is first, the comment that we made earlier on Energy, Utilities, Vertical and Financial Services. In Financial Services, we also see discretionary work that is more prevalent and then we see much more activity on AI. And in the AI area, what we are starting to identify as the six value pools, areas where we can drive faster growth. We are seeing traction on that. And with some of the partnerships we've announced and some others that we're already working with companies on, we see good momentum.

大家好，我是薩利爾。我認為我們現在看到的首先是我們先前對能源、公用事業、垂直產業和金融服務業的評論。在金融服務領域，我們也看到非必要工作更加普遍，然後我們看到人工智慧的活動也更加活躍。在人工智慧領域，我們開始確定六個價值池，在這些領域我們可以推動更快的成長。我們看到這方面正在取得進展。從我們已經宣布的一些合作關係以及我們正在與一些公司合作的其他方面來看，我們看到了良好的發展勢頭。

So those are the two things that we are seeing. Some of the discretionary in FS, good momentum in those two, Energy, Utilities, and Financial Services and then in AI, more activity, which is different from this time of last year.

所以，這就是我們目前看到的兩種情況。金融服務業的一些可自由支配板塊，能源、公用事業和金融服務板塊勢頭良好，人工智慧板塊也更加活躍，這與去年同期的情況有所不同。

Ashwin Mehta, AMBIT Capital.

Ashwin Mehta，AMBIT Capital。

So just one question in terms of healthcare. It seems to have done pretty well this quarter, almost $44 million of incremental revenues, which is nearly double of our overall incremental revenue. So what is the driver of the healthcare growth? And secondly, was there any contribution from the NHS deal this quarter?

所以，關於醫療保健方面，我只有一個問題。本季業績似乎相當不錯，新增收入近 4,400 萬美元，幾乎是我們整體新增收入的兩倍。那麼，醫療保健產業的成長動力是什麼？其次，本季度 NHS 協議是否有任何貢獻？

Yeah, Ashwin, healthcare did benefit from the contribution from the NHS deal that we signed.

是的，阿什溫，醫療保健確實受益於我們簽署的 NHS 協議的貢獻。

And we expect residual contribution as you get into the next quarter, or this is kind of scaled up?

我們預計下一季會有持續的貢獻，或者說規模會擴大？

Ashwin, we don't provide deal by deal, the revenue estimates per se, right? But yeah, healthcare did benefit from the NHS.

阿什溫，我們不提供逐筆交易的收入估算，對吧？但沒錯，醫療保健確實受惠於英國國民醫療服務體系（NHS）。

Fair. And the second question is in terms of wage hikes. I missed the initial comments, but any decision in terms of the wage hikes? And are they expected in 4Q?

公平的。第二個問題是關於薪資上漲的。我錯過了最初的評論，請問關於加薪方面有任何決定嗎？預計第四季會到貨嗎？

Yeah. So on the wage hike, whenever we decide that we've always considered multiple factors, when was the last wage hike was done, what are the market scenarios, the inflation, et cetera, et cetera. If you look at this calendar, we've already done -- rolled out wage hikes in two stages, effective -- one part was effective January. The other one was effective April, like we always do. So we haven't decided the next cycle yet.

是的。所以，在決定是否要加薪時，我們總是會考慮多種因素，例如上次加薪是什麼時候、市場狀況如何、通貨膨脹等等。如果你看一下這個日曆，我們已經分兩個階段推出了加薪措施，其中一部分已於 1 月生效。另一個生效日期是四月，和我們往常一樣。所以我們還沒決定下一個週期。

Abhishek Pathak, Motilal Oswal.

阿布舍克·帕塔克，莫蒂拉爾·奧斯瓦爾。

Congrats on the good quarter. So a couple of questions. Firstly, do you think this is the year when our clients kind of move from the AI strategy being good to have to something of a necessity, right, which means that it is a year when foundational AI work starts getting taken seriously across verticals. That's the first one.

恭喜你們本季業績出色。我有幾個問題。首先，您認為今年我們的客戶會從把人工智慧策略視為錦上添花轉變為將其視為必需品嗎？這意味著今年各個垂直領域都會開始認真看待基礎人工智慧工作。這是第一個。

And secondly, on the Cognition deal, a very interesting sort of partnership. So very curious to know how you're pricing this, how you're taking it to clients? I mean, is Devin kind of initially leading to a bit of cannibalization in revenues and sort of how are those contracts structured? And over the next one to two years, how do you expect a typical deal with, let's say, an agent like Devin and yourself sort of structured? So those are the two questions.

其次，關於 Cognition 的交易，這是一個非常有趣的合作關係。我很想知道你們是如何定價的，又是如何向顧客推銷的？我的意思是，Devin 的加入是否會在初期造成一些收入蠶食？這些合約的結構又是怎麼樣的？那麼在接下來的一到兩年內，你認為像你和德文這樣的經紀人之間會如何建立一個典型的交易呢？所以，這就是兩個問題。

So on the first one, what we are seeing is there is more and more interest in AI work across different industries. So we will continue to see that going through the year. We will now watch and see because every quarter so far and especially in Q3, we have seen that interest, our pipeline, the number of projects are penetration of our large 200 clients with AI work, all of that is going up, and it's across those different verticals. There is much more activity there, which we called out in Financial Services, but we also see that in Telco. We see that in Pharma, Healthcare. We see that in Energy Utilities. We see a little bit in Life Sciences.

所以，就第一點而言，我們看到的是各行業對人工智慧工作的興趣越來越濃厚。所以，這種情況在今年還會持續下去。接下來我們將拭目以待，因為到目前為止的每個季度，尤其是在第三季度，我們都看到，人們對人工智慧的興趣、我們的專案儲備、專案數量以及我們200家大型客戶在人工智慧領域的滲透率都在上升，而且這種情況遍及各個垂直領域。金融服務業的活動更加活躍，我們在金融服務業中也看到了這一點，電信業也是如此。我們在製藥和醫療保健領域都看到了這一點。我們在能源公用事業領域就看到了這一點。我們在生命科學領域看到了一些端倪。

So it's not like only one sector, but yes, in FS, it's quite a bit more. On Cognition, the way that works is basically the Devin software agent and our work, we are doing joint work in clients already today. So what tends to happen is there are certain sets of activity, for example, we see some things on legacy modernization where in the past, that was a large, long commitment for clients with this sort of combination between a software agent and Infosys and our knowledge of the client landscape and of the industry, those things become much more addressable.

所以這不僅僅是一個行業，但確實，在金融服務領域，這種情況要嚴重得多。在 Cognition 方面，其工作原理基本上是 Devin 軟體代理和我們的工作，我們目前已經在客戶中進行聯合工作。因此，通常會出現這樣的情況：某些活動組合，例如，我們看到一些關於傳統系統現代化改造的項目，在過去，這對客戶來說是一項龐大而長期的承諾，但透過軟體代理和 Infosys 的結合，以及我們對客戶環境和行業的了解，這些問題就更容易解決。

And so those sorts of newer areas. Those are the six value pools that I referenced earlier. This is one of them. Those are the new areas that start to come into play. And in this particular case with Devin, that's one example. There are others where that agent can be used in different places.

因此，這類新興領域也是如此。這就是我之前提到的六個價值池。這是其中之一。這些是開始發揮作用的新領域。而德文的這個例子就是其中之一。在其他情況下，這種試劑也可以用於其他領域。

And that's the type of growth we are seeing because that's new work that would ordinarily not have been done at all, but now can be attempted in a combination.

這就是我們所看到的成長類型，因為這是以前根本不會做的新工作，但現在可以嘗試將它們結合起來進行。

Jonathan Lee, Guggenheim Securities.

喬納森李，古根漢證券。

Can you speak to the level of visibility and certainty you have in your implied fiscal 4Q revenue growth relative to the visibility you've had in prior years around this time?

您能否談談您對本財年第四季營收成長的預期和確定性程度，與往年同期相比如何？

Jonathan, this is Jayesh. I mean, whenever we looked at the guidance, we do take into account multiple factors. The deals that we have signed, the deals that are ramping up and the usual factors affecting the quarter like calendar days, working days, et cetera, et cetera. So I think that is what has gone into guidance this time as well.

喬納森，這位是傑伊許。我的意思是，每當我們審視相關指導方針時，我們都會考慮多種因素。我們已經簽署的交易、正在推進的交易以及影響季度的通常因素，如日曆天數、工作日等等。所以我認為，這次的指導意見也同樣包含了這些內容。

What I can tell you is at the lower end, we have baked in a higher amount of uncertainty. And at the higher end, we have baked in a better macro environment.

我可以告訴你的是，在較低水平上，我們已經預留了較高程度的不確定性。而且在高端市場，我們已經經營創造了一個更好的宏觀環境。

That's great color. Thank you. And a follow-up, can you help us reconcile what you're seeing around subcontractor usage in the quarter versus the downtick in utilization you're seeing? Is there a skills gap that you might be facing? And how should we think about that dynamic going forward?

顏色真好看。謝謝。另外，您能否幫我們解釋一下，您在本季看到的承包商使用情況與您看到的利用率下降情況之間的矛盾？您是否存在技能差距？那麼，我們該如何看待這種動態變化呢？

Yeah. So subcon, historically, you're right, it's always a factor of where the skill gaps are, where the skills that you need, depending on the geography, depending on the tenure of the requirement, et cetera. And that is how this subcon uptick or downtick happens in the market in our scenario, and that is what has happened this quarter as well. There are some of the large deals, there are some of the deals which would have started ramping up and we would have -- we needed to dip into the subcontractors to fulfill those requirements, which is what is reflected in the uptick.

是的。所以從歷史角度來看，分包商的情況確實如此，這始終取決於技能缺口在哪裡，你需要哪些技能，這取決於地理位置，取決於需求的持續時間等等。這就是我們設想的市場中分包價格上漲或下跌的現象，也是本季發生的情況。有些大宗交易，有些交易已經開始加速推進，我們需要動用分包商來滿足這些需求，這反映在了交易量的成長上。

Vibhor Singhal, Nuvama.

Vibhor Singhal，Nuvama。

Congrats on the solid performance. Sir, my question was on two key verticals, Manufacturing and the Hi-Tech division. So manufacturing, I just wanted to pick your brains on how are you seeing the traction in this vertical, given the kind of headwinds the auto companies are seeing globally in terms of the EV rollouts and the competition. How are different parts of the manufacturing vertical looking like at this point of time? And do you expect the momentum to pick up in that?

恭喜你取得如此優異的成績。先生，我的問題涉及兩個關鍵垂直領域：製造業和高科技部門。所以，關於製造業，我想請教一下，鑑於全球汽車公司在電動車推廣和競爭方面面臨的種種不利因素，您如何看待這個垂直領域的成長勢頭。目前製造業各環節的發展狀況如何？你認為這種勢頭會增強嗎？

On the Hi-Tech vertical, just again, I think we saw a sharp drop in this quarter might have been due to seasonality of furloughs. But anything that you're looking at this vertical has been around $370 million $380 million kind of (inaudible) for us for quite a while now. What are you looking at in this vertical in terms of mixed drivers of growth? And are we seeing any momentum building up in this -- in the near future?

就高科技垂直領域而言，我認為本季出現的急劇下滑可能是由於季節性休假造成的。但是，就我們而言，這個垂直領域的任何事物，其規模都一直徘徊在 3.7 億美元到 3.8 億美元之間，而且已經持續了相當長一段時間了。在這個垂直領域，您關注的是哪些混合成長驅動因素？那麼，在不久的將來，我們是否會看到這方面有任何發展動能？

On manufacturing, as you mentioned, there is weakness in automotive and in some parts of industrial across Europe. We see some sense in some elements, whether manufacturing, and this is partially in US, partially in Europe, is supplying capability, which is coming for the build-out of the data centers and so on. So there are some of those companies which are benefiting from that.

正如您所提到的，製造業方面，歐洲汽車產業和部分工業領域存在薄弱環節。我們看到一些因素是有道理的，例如製造業（部分在美國，部分在歐洲）正在提供能力，以支持資料中心的建立等等。所以，有些公司從中受益了。

But the automotive side, as you mentioned, we see that continuing to be weak. We are focused on expanding our base there. So we are looking at and have successfully worked now with multiple automotive companies. And we also see that going beyond automotive in a broader manufacturing, which is supplying capabilities to the boom in AI and data center activity, not the services, is what is going to help us in manufacturing.

但正如您所提到的，汽車行業方面，我們認為它將繼續疲軟。我們正致力於擴大在那裡的業務規模。所以我們正在考察並已成功與多家汽車公司合作。我們也看到，超越汽車產業，在更廣泛的製造業領域，為人工智慧和資料中心活動的蓬勃發展提供能力，而不是服務，這才是能夠幫助我們實現製造業目標的關鍵。

On Hi-Tech, similarly, there's groups of companies which are strong. There are groups which need more attention. And we have a portfolio of those companies. Overall, there is still cost pressure in Hi-Tech, and we will push -- there is a lot of productivity activity that is going on there where clients are looking for productivity benefits and they are also looking some of them for where they will get their growth into, again, some of the companies which are supplying servers, et cetera.

同樣，在高科技領域，也有一些實力雄厚的公司集團。有些群體需要更多關注。我們擁有一系列這類公司。總體而言，高科技產業仍然面臨成本壓力，我們將繼續努力——目前有許多提高生產力的活動正在進行，客戶正在尋求提高生產力的途徑，他們也在尋找成長點，例如一些伺服器供應商等等。

We are seeing those are doing pretty well with the AI boom. The others are looking for where are the growth elements that are going to come. And we are supporting that work. And Hi-Tech also at this stage, we see some constraints in that industry.

我們看到，隨著人工智慧的蓬勃發展，這些公司發展得相當不錯。其他人則在尋找未來成長的動力來源。我們正在支持這項工作。高科技產業目前也存在一些限制因素。

Just to further on that. Do you see this vertical maybe picking up for us, not in immediate term, but let's say, in the medium to long term, given that the widespread adoption of AI should be -- and these companies should be -- some of these companies should be the forefront of that? Do you think this vertical could be a good growth driver for us, maybe sometime down the line?

再補充一點。您認為這個垂直領域可能會在我們這裡發展嗎？不是短期內，而是中長期內，考慮到人工智慧的廣泛應用——而這些公司也應該如此——其中一些公司應該走在人工智慧發展的前沿？你認為這個垂直領域未來有可能成為我們的良好成長動力嗎？

So I think in the medium term or longer, my sense is Hi-Tech is a good industry. We are very comfortable to be in it, as you pointed out, with different ways of AI impacting it across different value pools, they will also go through those changes. But we have to make sure that we are providing them the services that they're looking for. And in a way that they have a lot of cost pressures today that becomes manageable in their cost structure.

所以我認為，從中長期來看，高科技產業是個不錯的產業。正如您所指出的，我們很樂意參與其中，人工智慧會以不同的方式影響不同的價值池，它們也會經歷這些變化。但我們必須確保我們向他們提供他們想要的服務。從某種程度上說，他們目前面臨的許多成本壓力，可以透過調整成本結構來控制。

I mean, there's no timeline in my mind. But yeah, in the medium term or beyond, Hi-Tech is a good industry for us.

我的意思是，我腦子裡沒有時間表。但是，從中長期來看，高科技產業對我們來說是一個不錯的產業。

Got it. Got it. Just one last question for Jayesh. Jayesh, this quarter, we took this exceptional item on the labor law impact. I would assume that the entire impact that we had to take has been taken in for next quarter, there wouldn't be any exceptional item anymore. And what would be the recurring impact of this new labor loss on our P&L in terms of margins?

知道了。知道了。最後一個問題想問傑耶什。Jayesh，本季度，我們處理了勞動法影響方面的這個特殊議題。我認為我們必須承受的所有影響都已計入下個季度，不會再有任何特殊項目了。那麼，這種新的勞動流失會對我們的損益表利潤率產生怎樣的持續影響呢？

Yeah. So whatever is known at this point in time on back of the regulation that has been -- that has changed is being taken this quarter. We don't expect -- unless, of course, there changes in the regulation. We don't expect any further impact going forward as one-off. The recurring impact of this would be 15 basis points on an ongoing basis approximately.

是的。因此，目前根據已經改變的法規所了解到的所有情況，都將在本季實施。我們預計不會發生這種情況——除非法規改變。我們預計這不會對未來產生任何進一步的、一次性的影響。這將持續產生約 15 個基點的影響。

Keith Bachman, BMO Capital.

Keith Bachman，BMO Capital。

Yeah. Could you speak to how you anticipate revenue for employee changing over the next couple of years? And the speed of the question is driven by trying to better understand how you see Infosys in the industry. One of the core value propositions has been managing people and growing in terms of managing agents instead of managing people.

是的。您能否談談您預計未來幾年員工人數變化對公司收入的影響？提問的速度取決於我們想更了解您如何看待 Infosys 在業界的地位。核心價值主張之一是管理人員，而發展方向則是管理代理人，而不是管理人員。

Yeah. So Keith, it is similar to what we have seen in any other technology wave. If you are ahead of the curve, you will see an increase in your productivity because of the premium that you can keep with you. If you're behind the curve, then you probably will see a dip. The only measurement that would change here is the premium is measured now in terms of productivity.

是的。所以基思，這和我們以往在任何一次科技浪潮中看到的情況都類似。如果你走在時代前沿，你會發現你的生產力會提高，因為你可以保留這筆額外的資金。如果你落後於時代，那麼你可能會看到下滑。唯一會改變的衡量標準是，現在溢價是以生產力來衡量的。

So if you are delivering better productivity, you would be able to keep some of that with you, which is -- which will get reflected in pricing, better pricing. If you are behind the curve in delivering the productivity, you would see a dip in pricing. So that's how you will see in a traditional environment.

因此，如果你提高了生產力，你就能把一部分生產力保留下來，這就會反映在價格上，帶來更好的價格。如果你在提高生產力方面落後於預期，你會看到價格下降。所以，在傳統環境下，你會看到這樣的景象。

The only change I would say is the pricing model per se are also changing and emerging there are newer and newer pricing models are emerging. How do you price agents, how do you price the underlying platform, et cetera. But early days to say at this point in time, how will that reflect in terms of linearity or non-linearity.

我認為唯一的變化是定價模式本身也在發生變化，不斷湧現更新的定價模式。如何給代理商定價，如何為底層平台定價等等。但現在就斷言這會以線性或非線性的方式體現出來還為時過早。

Okay. Okay. And the second one is more micro -- could you speak to -- there's been some recent press reports about your relationship with Daimler in terms of maybe that moving away. Could you speak to anything you could comment on Daimler and/or is the Q4 guidance reflecting any attrition in contracts, large contracts? Or should we be thinking about if we look over the horizon into FY27, should be considering any major attrition -- any attrition from any major contracts? And that's it for me.

好的。好的。第二個問題比較具體——您能否談談——最近有一些媒體報道，談到您與戴姆勒的關係，以及雙方可能分道揚鑣的問題。您能否就戴姆勒公司發表一些評論？第四季業績指引是否反映了合約（尤其是大型合約）的任何損耗？或者我們應該考慮展望 2027 財年，是否應該考慮任何重大人員流失——任何重大合約的人員流失？我的故事就到此為止了。

Yeah. So Keith, our current contracts are valid in December end until December '26. So we don't really see any contracts within that expiring at this point in time. Beyond that, we don't really give a color on our client specific or a project specific details.

是的。所以基思，我們目前的合約有效期至 2026 年 12 月底。所以目前來看，我們並沒有看到任何合約到期。除此之外，我們不會透露客戶或專案的具體細節。

Gaurav Rateria, Morgan Stanley.

Gaurav Rateria，摩根士丹利。

Hi. Happy new year. My question is on the deal renewal cycle. Any color that you can share on what has been the experience on your renewals in last several quarters? Specifically, you did mention about a comment that the legacy part of the business, you're seeing some compression on refresh because of the AI cycle. So any trend on which service lines are seeing that most visibly in your experience?

你好。新年快樂。我的問題是關於合約續約週期的。您能否分享一下您在過去幾季續約方面的經驗？具體來說，您確實提到過，由於人工智慧的周期，業務的傳統部分在更新方面出現了一些壓縮。那麼，根據您的經驗，哪些服務線最明顯地呈現出這種趨勢？

And is that also -- does that also mean that your overall renewal may have a little bit higher leakage than usually that you used to have, let's say, in the past because of the whole narrative around AI deflation that is coming on the legacy services?

這是否也意味著－由於人工智慧通貨即將對傳統服務造成衝擊，您的整體續訂率可能會比以往略高一些？

I'm sorry, Gaurav, we actually got dropped off. Would you be able to repeat the question, please?

對不起，Gaurav，我們實際上是被送來的。請問您能再重複一次問題嗎？

Yeah, hi. My question is on the deal renewal cycle. Your commented allude to significant productivity benefit on the legacy services. So anything that you could share from what you have seen on the renewals of your larger deals, specifically using some of the AI tools? What has been the learning there? Has there been some amount of leakage which has been higher than usual?

嗨，你好。我的問題是關於合約續約週期的。您的評論暗示了傳統服務在生產力方面將獲得顯著提升。那麼，您在續簽大型合約方面，特別是使用一些人工智慧工具方面，有什麼經驗可以分享嗎？在那裡人們學到了什麼？是否存在比平常更高的洩漏量？

Hi. This is Salil. So on the large deals, we are typically seeing whether it's renewals or also deals which are -- we are winning from other companies where we are beneficiary the consolidations. Typically, across the board, there is a large expectation from clients on AI productivity benefit.

你好。這是薩利爾。因此，在大宗交易中，我們通常會看到續約交易，或是我們從其他公司贏得的交易——在這些交易中，我們是整合的受益者。通常來說，客戶對人工智慧在提高生產力方面的作用都抱有很高的期望。

What we have done is we have modeled in what we are seeing today and build a path to that because these are typically three-, five-year deals. But we are also not in a position where sometimes the client expectations over five years are very different.

我們所做的，是根據我們今天所看到的情況進行建模，並建立實現目標的路徑，因為這些通常是三到五年的協議。但我們目前的情況並非如此，因為客戶在五年內的期望有時會發生很大的變化。

So we have -- what we are seeing and where we can view what that sort of a benefit is that we can provide because these are multiyear sort of deals. Having said that, we don't see -- in fact, we are winning large deals quite a lot. If you look at the numbers in the three quarters, we have done more than the full year, the previous year. And Q3 was already $4.8 billion.

所以我們現在看到的，以及我們可以在哪裡看到我們能夠提供的這類好處，因為這些都是多年期的交易。話雖如此，我們並沒有看到——事實上，我們贏了不少大單。如果只看這三個季度的數據，我們取得的成績已經超過了去年全年的成績。第三季營收已達48億美元。

We've seen some net new deals, for example, NHS. So yes, there is that productivity. But yes, we are also benefiting from consolidation and winning things across the board where my sense is we are gaining on the market share side.

我們看到了一些新的交易，例如英國國家醫療服務體系（NHS）。所以，是的，生產力是有的。但沒錯，我們也受益於行業整合，並在各個方面都取得了勝利，我的感覺是我們在市場份額方面正在不斷擴大。

Got it. My next question on your visibility for CY '26. Fair to say that looks better than the last year because last year, you entered into the year where you had a big decline in the fourth quarter because of some specific issues. And this year, your guidance alludes to kind of much better fourth quarter outlook. So your exit rate is much better than the last year. Does it mean that it gives you a little bit of a tailwind when you get into the FY27 compared to last year when you got into FY26?

知道了。我的下一個問題是關於您在 2026 年的知名度。公平地說，這看起來比去年好，因為去年由於一些具體問題，第四季度出現了大幅下滑。而今年，您的業績指引暗示第四季的前景將會好得多。所以你的退出率比去年好很多。這是否意味著，與去年進入 2026 財年相比，進入 2027 財年時，你會獲得一些順風？

I think the way you've described it, you have done the math on that one because what we can see is the -- our guidance for the full year we have the range which gives us a good traction on Q4 with a lot of the good deals that have come and what we saw in Q3. Then we are seeing the discretionary coming back in Financial Services.

我認為你描述的方式表明你已經對此進行了計算，因為我們可以看到——我們對全年的指導意見，我們有一個範圍，這讓我們在第四季度獲得了良好的發展勢頭，這得益於許多好的交易以及我們在第三季度看到的情況。然後我們看到金融服務業的自由支配支出正在回歸。

Then we are seeing Energy, Utilities and Financial Services looking better in the next financial year than this financial year. And then we are seeing in AI services, the six value pools where we see a good growth opportunity. So all in all, that gives us a good, let's say, good view of next year.

那麼，我們預計能源、公用事業和金融服務業在下一財年的表現將比本財年更好。然後，我們看到人工智慧服務領域有六個價值池，在這些價值池中我們看到了良好的成長機會。總而言之，這讓我們對明年有了比較樂觀的展望。

Sandeep Shah, Equirus Securities.

Sandeep Shah，Equirus Securities。

Congrats on a good set of numbers. Salil, first question, are you witnessing the average size of AI-led deals are going up materially on a YoY basis across sectors? And just a follow-up, if answer to this is being yes, one can see clients are now in a state of mind where they don't fear in terms of modernization of legacy applications. And if that is true, can it lead to better discretion that we spend on that side of the services in CY '26 versus last year?

恭喜你取得了不錯的成績。薩利爾，第一個問題，你是否觀察到各行業人工智慧主導的交易的平均規模逐年大幅成長？最後補充一點，如果答案是肯定的，那麼可以看出客戶現在的心態是，他們不再害怕對傳統應用程式進行現代化改造。如果情況屬實，那麼與去年相比，我們在 2026 年能否更明智地支配這方面的服務支出？

On the AI part, so there are two things. One is there are like deals which are only AI. One is where AI is pervasive in every -- in a service we are offering. So it's difficult, therefore, to say the size of the deal. But in general, the usage of AI is much more across all our services and the actual only AI, if you can call it like that, deals are also going better.

關於人工智慧部分，有兩點需要說明。一種情況是，有些交易完全由人工智慧完成。一方面，人工智慧在我們提供的服務中無所不在。因此，很難說這筆交易的規模有多大。但總的來說，人工智慧在我們所有服務中的應用都更加廣泛，如果可以這樣稱呼的話，真正的人工智慧也讓交易變得更加順利。

So that's what's happening, I think. On that modernization, if I understood, yes, we are seeing that across the board because AI can open up that and make it a little bit more efficient for the client and therefore, more -- like they'll have a better return on that. And then will the discretionary come after that, that one, we don't know, meaning it depends on the industry situation also for that, like what we see right now is in Financial Services, we are seeing it. But at the other industries, we'll see how they play out as each one we've given some color that will be different for different industries is what we think.

我想，事情就是這樣。關於現代化，如果我理解正確的話，是的，我們正在各個領域看到這種趨勢，因為人工智慧可以打開局面，讓客戶的工作效率更高，因此，他們會獲得更好的回報。至於之後是否會有自由裁量權，我們不知道，這意味著這也取決於產業狀況，例如我們現在在金融服務業看到的就是這種情況。但對於其他行業，我們將拭​​目以待，因為我們對每個行業都進行了一些描述，我們認為不同行業的情況會有所不同。

Okay. Okay. And just a follow-up to this. Is there a traction in terms of number of deals below $50 million is now started increasing and this could be a trend to continue rather than volatile trend earlier.

好的。好的。還有一點後續。低於 5000 萬美元的交易數量似乎開始增加，這可能是持續的趨勢，而不是之前那種波動不定的趨勢。

And just two questions to Jayesh. Is it fair to assume third-party items as a cost line as a percentage to revenue for this year, which we guided at the start of the year maybe samples here on or may further decline beyond FY26? And there is this INR165 crore profit on property, plant, and equipment, will it begin in the fourth quarter?

我只想問傑伊什兩個問題。假設第三方項目作為成本項目佔今年收入的百分比，是否合理？我們在年初曾預測，這一比例可能會從今年開始下降，或在 2026 財年之後進一步下降。還有這筆1.65億盧比的物業、廠房和設備利潤，會在第四季開始實現嗎？

Let me start on the first piece. Typically below that $50 million, we are not sharing because only the large deals data we are sharing externally. The only sort of comment we can share is, overall, our wins are looking good. And also, we are doing work with smaller accounts which is not to comment on the overall $50 million below deal with some smaller accounts, where we are also seeing some good growth.

讓我先從第一部分開始。通常情況下，低於 5000 萬美元的交易，我們不會公開數據，因為我們只對外分享大額交易的數據。我們唯一能說的就是，總的來說，我們的戰績看起來不錯。此外，我們也在與一些規模較小的客戶合作，但這並不代表我們對低於 5000 萬美元的整體交易做出評論，我們與一些規模較小的客戶也取得了一些不錯的成長。

And then, Jayesh, on the other products.

然後，Jayesh，關於其他產品。

Yeah. So Sandeep, this is Jayesh. If you look at the third-party deals this year, beginning of the year, we had said we expect the third-party cost to be lower than the previous year on back of the deals that we've signed in last year (inaudible) getting ramped up, the deals that we saw in the pipeline. So that's a combination that we need to look out for when we guide for that.

是的。桑迪普，這位是傑耶什。如果你看看今年年初的第三方交易，我們曾說過，由於去年簽署的交易（聽不清楚）正在逐步推進，以及我們看到的正在籌備中的交易，我們預計第三方成本將低於去年。所以這是我們在進行指導時需要注意的組合。

We don't have all the detail at this one time for the next year. We will get into next year, and we will let you know on that at that point in time. So that was one.

我們目前還沒有明年所有細節的資訊。我們會把時間安排到明年，到時候再通知大家。這是其中之一。

You had a second question on the INR165 crores. I didn't get the exact question on that, if you could repeat.

您還有第二個關於165億印度盧比的問題。我沒聽清楚你的問題，你能再說一次嗎？

Yeah. What I meant is this kind of a line item may not (inaudible) for every quarter. So is it trying to assume 35, 36 bps, which has been a benefit in this quarter could be a headwind in next quarter?

是的。我的意思是，這類項目可能不會每季都出現（聽不清楚）。所以，這是在假設本季有利的 35、36 個基點，在下個季度可能會成為不利因素嗎？

Yeah. So there are always some one-offs, right, that you get some headwinds, some tailwinds. Sometimes in revenue line and in sometimes we got top-line items for a company of this size. So that is always there. As I talked about in my margin work also, this was largely offset by -- or more than offset by the increase in variable pay as well.

是的。所以總是會有一些特殊情況，對吧，你會遇到一些逆風，也會遇到一些順風。有時在營收方面，有時在收入方面，我們能拿到這家規模如此之大的公司的頂級項目。所以它一直都在那裡。正如我在利潤分析工作中提到的那樣，這在很大程度上被浮動薪資的成長所抵消，甚至超過了浮動薪資的成長。

Jamie Friedman, Susquehanna International.

Jamie Friedman，薩斯奎哈納國際。

I had two questions. I'll just ask them upfront. Salil, it's great to see the improvement in discretionary and Financial Services. I was wondering if you have any comment as to whether you're seeing that or anticipating that to expand into other verticals. And you mentioned Energy & Resources.

我有兩個問題。我直接問他們就行了。薩利爾，很高興看到自由支配收入和金融服務領域的進步。我想知道您是否對此有任何看法，您是否已經看到或預期這種情況會擴展到其他垂直領域。你也提到了能源與資源。

And then my second question is -- in terms of your thinking about the journey between AI and agentification, it seems like your thinking has evolved more towards the agentification. If you could -- and I imagine you'll address this at the Analyst Day, but if you could think of -- if you could describe how you are thinking about the productization of your AI initiatives relative to those two dimensions. So first, AI and then agentification.

我的第二個問題是──就你對人工智慧和智慧體化之間發展歷程的思考而言，你的想法似乎已經更朝著智慧體化的方向發展了。如果您可以的話——我想您會在分析師日上談到這一點，但如果您能思考一下——如果您能描述一下您是如何考慮將您的 AI 計劃的產品化與這兩個維度聯繫起來的。所以首先是人工智慧，然後是智能體化。

So on the first, I think on Financial Services, we are absolutely seeing that, which we shared. On Energy, Utilities, because of the deals and the fact that we are in our top 15 or 25 clients doing AI work, we see clearly next financial year will be growth over this financial year. We are looking in other places as that discretionary will start to come back. And as it does, we will absolutely share that.

所以首先，我認為在金融服務領域，我們確實看到了這一點，我們也分享了這一點。在能源和公用事業領域，由於達成了交易，並且我們在人工智慧領域的客戶排名前 15 或 25 位，我們清楚地看到，下一個財政年度的成長將超過本財政年度。隨著人們的自主消費能力逐漸恢復，我們將把目光投向其他地方。如果有，我們一定會分享。

We do feel that overall, from what we see on AI, what we see with possibilities on the economic growth, GDP growth and so on in the US that those signs will give us -- the clients the ability to spend on tech. But as we see it, we will share that, for sure, on the other industries.

我們確實認為，從人工智慧的發展現狀，以及美國經濟成長、GDP成長等方面的潛力來看，這些跡象將使我們——客戶——有能力在科技領域進行投資。但我們認為，我們肯定會在其他行業分享這些經驗。

On AI, so first, agents are very much in a big play today. So we are absolutely on the forefront of that. So what we've built within Topaz is fabric, Topaz Fabric, we call it is a set of purpose-built agents which work with many different native AI companies interfaces and can support a lot of different functions within clients, horizontal and vertical. So that suite is going to be our agent suite. Then there are agents of the other companies which we will integrate, implement, expand, make it work because we know the tech landscape of a client, and we know the industry depth. So there, we feel quite good and that we are in a better position than many people to put that.

關於人工智慧，首先，智能體如今發揮著非常重要的作用。所以，我們絕對處於這領域的最前線。因此，我們在 Topaz 中建構的是 Fabric，我們稱之為 Topaz Fabric，它是一組專用的代理，可以與許多不同的原生 AI 公司介面配合使用，並可以支援客戶端內的許多不同功能，包括橫向和縱向功能。所以那套設備將成為我們的代理商套房。然後，我們也會整合、實施、擴展其他公司的代理商，使其發揮作用，因為我們了解客戶的技術格局，也了解產業的深度。所以，我們感覺很好，而且我們比很多人更有優勢來表達這一點。

In terms of productization, we have built a small -- four language models. In our own product suite in Finacle, we will be much more AI orientated. But we are not, at today's stage, planning to do large-scale foundational model work. We are going to do a small language model work. We will do other things. For example, there are set of AI wrappers or orchestration modules that we can build, which will enable clients to switch between foundation model, switch between agents, do a selection of agents, but those are not -- so that's a different type of product platform, which is all in Topaz.

在產品化方面，我們建構了一個小型—四種語言模型。在 Finacle 的產品套件中，我們將更加重視人工智慧。但就目前階段而言，我們並不打算進行大規模的基礎模型工作。我們將開展一個小型語言模型專案。我們還會做其他事情。例如，我們可以建立一系列 AI 封裝器或編排模組，使客戶端能夠在基礎模型之間切換、在代理之間切換、選擇代理，但這些都不是——所以這是不同類型的產品平台，而所有這些都在 Topaz 中。

So that is the way we are thinking about it today. We may, in the future, have something more, but that's like the current view.

這就是我們今天思考這個問題的方式。未來我們或許會有更多，但這和目前的觀點類似。

Dipesh Mehta, Emkay Global.

Dipesh Mehta，Emkay Global。

Two questions. First about the six areas to [pay] services to which you referred to. Can you provide some sense about the potential growth opportunities? And where, let's say, Infosys is currently? And how do you expect it to evolve in maybe next three to five years? Maybe if you can share some participants and metrics, how -- where we are and how we expect it to evolve?

兩個問題。首先是關於您提到的六個付費服務領域。您能否談談潛在的成長機會？那麼，比如說，Infosys 目前在哪裡？你預計它在未來三到五年內會如何發展？或許您可以分享一些參與者和指標，讓我們了解一下——我們目前處於什麼階段，以及我們預期它將如何發展？

Second question is on the CY '26 budget. If you can provide some early indication how you expect it to step up?

第二個問題是關於 2026 財政年度的預算。您能否提前透露您預計它將如何提升？

So on the first one, what we are thinking is in that six areas, today, we are starting to do work in many of those areas. But what we want to do is in our Investor Day, go into a little bit more depth. For example, we will share like in several industries, what we are doing in some of the areas. We will share like we have AI labs on campus, and we want to do a little walk through to show like actually the work done is going on. And we will also share like the scale of what we think that opportunity is and the possible growth dynamics in that. So that's our planning for that Investor Day.

所以，關於第一點，我們的想法是，在今天，我們將開始在六個領域中的許多領域開展工作。但我們希望在投資者日上更深入地探討這個問題。例如，我們將像在其他幾個行業一樣，分享我們在某些​​領域正在進行的工作。我們將分享我們在校園內擁有的人工智慧實驗室，我們想進行一次簡單的參觀，向大家展示實際正在進行的工作。我們也會分享我們認為這一機會的規模以及其中可能的成長動力。這就是我們為投資者日所做的計劃。

And the second one, what you -- what did you ask?

第二個問題，你──你問什麼來著？

Budget.

預算。

So that we will come to it in the April time frame when we finish the year, we are now in the process of working on that. We will share that in that April call.

所以我們會在四月年底的時候完成這項工作，我們現在正在著手處理這件事。我們將在四月的電話會議上分享相關資訊。

Ladies and gentlemen, we'll 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。現在我將把會議交給管理階層，請他們作總結發言。

Okay. Thank you, everyone, for joining and for such a detailed and insightful set of questions. I just want to leave a few comments. First, we've had a strong quarter, good large deals, increase in our guidance, a nine-month margin shift at 21%. We've actually done that after absorbing a very strong increase in our sales cost of 50 basis points and with some lower utilization, which we are building capacity for the future.

好的。感謝各位的參與，也感謝大家提出的如此詳盡且富有洞察力的問題。我只想留下幾點評論。首先，我們本季業績強勁，達成了不錯的大額交易，提高了業績預期，九個月利潤率提升至 21%。實際上，我們在承受了銷售成本大幅上漲 50 個基點以及產能利用率略有下降的情況下，已經實現了這一目標，我們正在為未來建立產能。

We also see a huge shift on AI, which we shared in some of the six areas, plus some of the partnerships. We start to see discretionary coming back in Financial Services. And in Energy, Utilities, and Financial Services, we start to see that next year looking better than this year. So overall, we feel good as we go into the fourth quarter with our increase in guidance.

我們也看到人工智慧領域發生了巨大轉變，我們在六個領域中的一些領域以及一些合作關係中都分享了這一點。我們開始看到金融服務業的非必需消費品業務有所復甦。在能源、公用事業和金融服務領域，我們開始看到明年的前景比今年更好。總的來說，我們對第四季充滿信心，並提高了業績預期。

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

謝謝大家，我們下個季度電話會議再見。

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

非常感謝。謝謝各位管理層成員。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。感謝各位的參與，現在可以斷開線路了。謝謝。