Infosys Limited (INFY) 2027 Q1 法說會逐字稿

Ladies and gentlemen. Greetings, and welcome to Infosys Limited Q1 FY27 earnings conference call.

各位女士、先生。大家好，歡迎參加 Infosys Limited 2027 財年第一季（Q1 FY27）業績電話會議。

(Operator Instructions)

（接線員指示）

Please note that this conference is being recorded. I now hand the conference over to Mr. Sandeep Mahindroo. Thank you and over to Mr. Mahindroo.

請注意，本次會議將被錄音。現在我把會議交給 Sandeep Mahindroo 先生。謝謝，接下來交給 Mahindroo 先生。

Thanks, everyone, and welcome to this earnings call to discuss Infosys Q1 FY27 financial results. Joining us on this call is Chairman of the Board, Mr. Nandan Nilekani; CEO and MD, Mr. Salil Parekh; CFO, Mr. Jayesh Sanghrajka, along with other members of the leadership team. We'll start the call with some remarks by Nandan, followed by remarks by Salil and Jayesh on the performance. Subsequent to that, we'll open up the call for questions with Salil and Jayesh.

謝謝各位，歡迎參加本次業績電話會議，討論 Infosys 2027 財年第一季（Q1 FY27）財務結果。與會者包括董事會主席 Nandan Nilekani 先生；執行長暨董事總經理（CEO & MD）Salil Parekh 先生；財務長（CFO）Jayesh Sanghrajka 先生，以及其他領導團隊成員。我們將先由 Nandan 發表一些談話，接著由 Salil 與 Jayesh 就表現發表談話。之後，我們將開放由 Salil 與 Jayesh 回答提問。

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 explanation of these risks is available in our filing with the SEC, which can be found on www.sec.gov.

敬請注意，我們所提及任何關於未來展望的內容均屬前瞻性陳述，必須結合公司所面臨的風險一併閱讀。關於這些風險的完整說明可在我們向美國證券交易委員會（SEC）提交的文件中查閱，網址為 www.sec.gov。

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

現在我想把電話會議交給 Nandan。

Thank you, Sandeep, and it's really a pleasure to talk to all of you. I joined this call to make an important announcement. As you know, Salil has done a stellar job as the CEO for almost 10 years, and under his leadership, the company has grown from $10 billion to $20 billion. He's done the transition to the digital era, and he's laid the foundation for a differentiated AI strategy, which will serve the company in good stead for many more years.

謝謝你，Sandeep，也很高興能與各位交流。我參加這通電話會議是為了做一項重要宣布。如各位所知，Salil 擔任執行長近 10 年來表現卓越，在他的領導下，公司規模從 100 億美元成長到 200 億美元。他帶領公司完成數位時代的轉型，並為差異化的 AI 策略奠定基礎，這將在未來多年持續讓公司受益。

However, his term is coming to an end on March 31, 2027, and the Board has decided today to appoint a CEO -- a new CEO who is coming from inside Infosys from within an internal candidate. His name is Ashiss Dash. Ashiss Dash has been in Infosys for more than 31 years. Since he joined as a software engineer from IIT Kharagpur and he has all-round experience of Infosys, he has worked in delivery for many years, he has worked on account management, he has been involved with starting a DC in Bhubaneswar, he has been in sales, and of course, he has been a sales and segment head for many years running the sure practice which has many verticals.

然而，他的任期將於 2027 年 3 月 31 日結束，董事會今日決定任命一位執行長——一位來自 Infosys 內部的候選人擔任新任執行長。他的名字是 Ashiss Dash。Ashiss Dash 在 Infosys 已服務超過 31 年。他自 IIT Kharagpur 畢業後以軟體工程師身分加入，對 Infosys 具備全方位經驗：多年從事交付工作、負責客戶管理、參與在 Bhubaneswar 設立交付中心（DC）、從事銷售工作，當然也多年擔任銷售與事業群（segment）負責人，管理涵蓋多個垂直領域的核心業務實務（practice）。

And he is an outstanding person, he's very good at his job, he's very collegial, he's very good collaborative, he's accepted and liked by everybody in the company, he has quintessential Infosys value. Because of his technical background, he understands the AI, what is happening in AI and that will help him in the future.

他是一位非常傑出的人才，工作能力很強，為人非常友善合群，也很擅長協作；在公司內受到大家的認可與喜愛，具備典型的 Infosys 價值觀。由於他的技術背景，他理解 AI，了解 AI 正在發生什麼，這將在未來對他有所助益。

So the Board has appointed Mr. Dash as the CEO designate. He will work with Salil over the next few months. Next two, three months, he'll focus on getting more coaching and training on being a CEO. And then for six months, he will work as a mentee under Salil's leadership who will groom him for the complex job of managing a $20 billion company at a very transformational time.

因此，董事會已任命 Dash 先生為候任執行長（CEO designate）。他將在接下來幾個月與 Salil 一起工作。接下來兩到三個月，他將專注於接受更多關於擔任執行長的指導與訓練。之後六個月，他將在 Salil 的領導下以受指導者（mentee）的身分工作，由 Salil 培養他，以勝任在高度轉型的時期管理一家 200 億美元公司這項複雜的工作。

So we are all very excited by the choice, it has got a very good response internally and with customers. And you will get to see him in a few months, so you can maybe keep that in mind. Maybe now I'll ask Salil to add a few words on Dash.

因此，我們對這項人選都非常振奮，這在內部以及客戶端都獲得非常好的回應。幾個月後各位就會見到他，所以也請大家記在心上。現在我想請 Salil 再補充幾句談談 Dash。

Thanks, Nandan. Good morning, good evening, everyone. It's an absolute pleasure for me to have Dash be the next CEO of the company. I've had the opportunity to work with him over the last several years. In my mind, he's a fantastic leader and very good with the people around. He's worked very closely with clients and build a portfolio, which is, I think, quite strong and exceptional on the growth dimension and the way it's managed operationally and economically. So all of the ingredients which make for a successful business.

謝謝你，Nandan。各位早安、晚安。對我而言，Dash 成為公司下一任執行長是一件非常令人高興的事。過去幾年我有機會與他共事。在我看來，他是非常出色的領導者，也很擅長與周遭的人合作。他與客戶密切合作並建立了一個投資組合（portfolio）；我認為無論在成長面向，或在營運與經濟效益的管理方式上，都相當強勁且卓越。因此具備成功經營事業所需的所有要素。

In addition to his leadership, Dash is a very good friend and I'm delighted for this. Congratulations to him. And then I look forward to working with him over the next -- the course of the next few months, as Nandan mentioned, in the way we transition in a smooth transition there. So look forward to all of that. And as Nandan said, you will get to meet Dash in the coming quarters as well.

除了領導力之外，Dash 也是我的好朋友，我對此感到非常高興。恭喜他。同時我也期待在接下來——如 Nandan 所提到的——未來幾個月與他一起合作，讓交接能夠順利完成。因此非常期待接下來的一切。也如 Nandan 所說，各位在接下來幾個季度也會見到 Dash。

So thank you, and I'll excuse myself and Salil and Jayesh and the team will continue the quarterly call. Thank you very much.

謝謝，我先告退，接下來 Salil、Jayesh 與團隊將繼續本季度電話會議。非常感謝。

Thanks, Nandan. Good evening and good morning to everyone on the call. Thank you for joining us. Let me start off with the update for the business in this quarter.

謝謝你，Nandan。各位與會者晚安、早安。感謝各位加入我們。我先從本季度的業務更新開始。

Our revenue growth for Q1 was 2.4% year on year and 1% quarter on quarter in constant currency terms. We had a one-time revenue impact of a client decision during this quarter. Our AI Services revenue was 8.2% of overall revenue, our large deals were at $3.6 billion with a net new of 61%, our operating margin was 21.1%, free cash flow at $955 million, and our earnings per share were higher by 15% in Q1 in rupee terms.

我們第一季（Q1）營收成長在固定匯率（constant currency）口徑下，年增 2.4%、季增 1%。本季度因客戶的一項決策，對營收造成一次性影響。我們的 AI 服務營收占總營收的 8.2%；大型交易金額為 36 億美元，其中淨新增（net new）占比 61%；營業利益率為 21.1%；自由現金流為 9.55 億美元；以盧比計，我們第一季每股盈餘年增 15%。

We saw a strong acceleration in the AI business that I shared earlier with AI revenues for the quarter at 8.2%. This is growing at double-digit quarter on quarter over the last several quarters. With this momentum, we see long-term relevance of our services for our clients.

我們看到 AI 業務出現強勁加速，我先前也分享過，本季度 AI 營收占比達 8.2%。在過去幾個季度，該項目以季對季雙位數成長。在這股動能之下，我們看見我們的服務對客戶具有長期的相關性與價值。

From our delivery team, over 80,000 employees are working today on coding tools such as Claude Code or Codex for our clients and for some projects inside. We saw strong traction across the six areas of growth in our AI strategy, Hexagon. We see client work, for example, in building agents for processes, work on data in AI, in modernization, and of course, in coding tools.

在交付團隊方面，目前有超過 80,000 名員工正在為客戶以及部分內部專案使用 Claude Code 或 Codex 等程式碼工具。我們在 AI 策略「Hexagon」的六大成長領域都看到強勁的進展。例如，我們看到客戶專案包括：為流程建置代理（agents）、AI 資料相關工作、現代化改造（modernization），以及當然也包括程式碼工具。

For a healthcare company, we implemented AI agents to automate Medicaid eligibility verification and operation support. The solution reduced eligibility verification time from which was about six to eight days to approximately four minutes. We are building a team of frontier engineers to support our client work. Our plan is to have 6,000 frontier engineers over the next few years.

針對一家醫療保健公司，我們導入 AI 代理以自動化 Medicaid 資格驗證與營運支援。該解決方案將資格驗證時間從原本約 6 到 8 天縮短至約 4 分鐘。我們正在建立一支前沿工程師（frontier engineers）團隊，以支援我們的客戶專案。我們的計畫是在未來幾年內擁有 6,000 名前沿工程師。

We built a platform, Topaz Fabric, that allows our clients to get benefits of AI while keeping the sovereignty of their data and company knowledge with themselves. Our clients are able to work with any foundation model closed, open weight, on cloud, on their server. Topaz Fabric provides a harness to our client to enable them to more fully deploy the benefits of the foundation models into their organization. Our clients are also able to optimize their token cost by ensuring appropriate models are used for appropriate tasks. Overall, we see a good pipeline for AI services, and that gives us a good view for continued AI work with our clients.

我們打造了一個平台 Topaz Fabric，讓客戶在保有其資料與公司知識主權的同時，也能享受 AI 帶來的效益。我們的客戶可以使用任何基礎模型——封閉式、開放權重、雲端或部署在其自有伺服器上。Topaz Fabric 為客戶提供一套支撐框架，使其能更充分地將基礎模型的效益部署到組織中。我們的客戶也能透過確保以適當模型執行適當任務，來最佳化其 token 成本。整體而言，我們看到 AI 服務有良好的案源管線，這也讓我們對與客戶持續推進 AI 工作抱持正向展望。

Outside of that, we continue to see the macro environment remaining uncertain. With our Q1 results and a view of the rest of the financial year, we changed our revenue growth guidance to 1.5% to 3% year-on-year growth in constant currency terms. Our operating margin guidance remains the same at 20% to 22%.

除此之外，我們仍看到總體環境持續充滿不確定性。基於我們的第一季（Q1）業績以及對本財年其餘期間的展望，我們將營收成長指引調整為以固定匯率計算的年增 1.5% 至 3%。我們的營業利益率指引維持不變，為 20% 至 22%。

Thank you. And with that, let me hand it over to Jayesh for his update.

謝謝。接下來，我把時間交給 Jayesh 進行更新。

Thank you, Salil. Good morning, good evening, everyone, and thank you for joining the call today. We entered FY27 against a backdrop of a dynamic and evolving business environment, which is reflected in lower-than-expected volumes. Clients continue to prioritize investments in AI, modernization, cloud and productivity initiatives, while remaining selective in discretionary spending. Our focus remained on disciplined execution, supporting clients' transformation agenda and delivering sustainable financial performance.

謝謝你，Salil。各位早安、晚安，感謝今天加入本次電話會議。我們在動態且持續演變的商業環境背景下進入 FY27，這反映在低於預期的業務量上。客戶仍優先投資於 AI、現代化、雲端與生產力相關計畫，同時在可自由支配支出上保持選擇性。我們的重點仍在於紀律執行，支持客戶的轉型議程，並交付可持續的財務表現。

Q1 revenues were at $5,082 million, increase of 1% sequentially and 2.4% year on year in constant currency terms. Acquisition contributed approximately 1.1% sequentially. Our AI revenue momentum is very strong, with AI revenues at 8.2% of our overall revenues, growing at a strong double digit sequentially over the last many quarters.

第一季營收為 50.82 億美元，季增 1%，以固定匯率計算年增 2.4%。併購約貢獻 1.1% 的季增。我們的 AI 營收動能非常強勁，AI 營收占總營收的 8.2%，且在過去多個季度持續呈現強勁的雙位數季增。

We are seeing strong traction across all six value pools, with higher share of revenues coming from process AI, AI strategy and engineering, and data for AI. Q1 revenues growth was lower than our expectations, mainly due to one-off 50 basis point impact on account of program termination by an EURS client during the quarter. This was not factored in the earlier guidance. Volumes were soft and weaker than expectations and also versus the historical Q1 trends. Additionally, client expectation on productivity along with high-competitive intensity is resulting in softer increase in price versus our expectations.

我們在六大價值池皆看到強勁進展，且營收占比更高的來源包括流程 AI、AI 策略與工程，以及 AI 所需資料（data for AI）。第一季營收成長低於我們預期，主要是因為本季一位 EURS 客戶終止專案，造成一次性 50 個基點的影響。此因素未納入先前的指引。業務量偏弱，低於預期，也低於歷史第一季的趨勢。此外，客戶對生產力的期待，加上高度競爭強度，使得價格上調幅度較我們預期更為溫和。

Sequential revenue growth was also impacted by higher offshoring to derisk our business model along with lower revenues from a European manufacturing client, as I mentioned in the last earnings call. Despite lower-than-expected growth, gross margins improved by 60 basis points sequentially. Operating margin improved by 20 basis points sequentially to 21.1%. Major components of the change are as below.

季營收成長亦受到更高比例離岸化（offshoring）以降低我們商業模式風險的影響，另也受到一位歐洲製造業客戶營收下降的影響，正如我在上一季法說會中提到。儘管成長低於預期，毛利率仍季增 60 個基點。營業利益率季增 20 個基點至 21.1%。變動的主要構成如下。

Tailwinds of 70 basis points from rupee depreciation, 20 basis points from Project Maximus, 20 basis points net benefit due to amortization of cost on intangibles incurred in Q4, offset by impact of new acquisitions in Q1. Headwinds of 50 basis points from investment in AI sales and marketing. Basis points from one-time revenue impact arising out of program termination. We also had one-time cost benefit of approximately 30 basis points, which was offset by 20 basis points due to increase in various other expenses.

有利因素包括：盧比貶值帶來 70 個基點、Project Maximus 帶來 20 個基點、以及因第四季發生之無形資產成本攤銷而在本季產生的淨效益 20 個基點；但部分被第一季新併購案的影響所抵銷。不利因素包括：投資於 AI 銷售與行銷帶來 50 個基點的影響。另有因專案終止所致的一次性營收影響（以基點表示）。我們也有約 30 個基點的一次性成本效益，但被其他各項費用增加所帶來的 20 個基點影響所抵銷。

Our tight focus on improving operational efficiency led to utilization, excluding trainees, improving by 1.9% to 84.9%. On-site mix, excluding new acquisitions, dropped by 30 basis points, however, including acquisitions, it remained flat. We expect onset mix excluding new acquisitions to reduce by 75 basis points to 1% for the year.

我們緊密聚焦於提升營運效率，使得（不含受訓人員）利用率提升 1.9% 至 84.9%。現場（on-site）組合（不含新併購）下降 30 個基點；但若包含併購，則維持持平。我們預期全年現場組合（不含新併購）將下降 75 個基點至 1%。

DSO reduced by 4 days sequentially to 63. DSO including unbilled net of unearned was 76 days versus 78 in Q4. Headcount reduced by 500 employees after adding over 2000 employees from acquisition. Attrition increased slightly to 13% versus 12.6% sequentially in line with Q1 seasonality. We plan to give salary hikes to most of our employees effective October, while the rest of the employees will be covered in January '27. We expect effective tax rates for the year to be in the range of 29% to 30%.

DSO（應收帳款週轉天數）季減 4 天至 63 天。包含未開立帳單、並扣除遞延收入後的 DSO 為 76 天，較第四季的 78 天下降。在併購新增超過 2,000 名員工後，員工總數仍減少 500 人。離職率小幅上升至 13%，較前一季的 12.6% 略增，符合第一季季節性。我們計畫自 10 月起為大多數員工調薪，其餘員工將於 2027 年 1 月涵蓋。我們預期本年度有效稅率將落在 29% 至 30% 的區間。

EPS for the quarter stood at INR19.19, up approximately 15% year on year. Q1 yield on cash investment balance was at 6.8%. Our balance sheet continues to be strong and debt free. Consolidated cash and cash investments were at $3.9 billion at the end of the quarter after returning more than $1 billion to the shareholders through dividends.

本季 EPS 為 19.19 印度盧比，年增約 15%。第一季現金投資餘額的收益率為 6.8%。我們的資產負債表仍然強健且無負債。本季末合併現金及現金投資為 39 億美元；在此之前，我們已透過股利向股東返還超過 10 億美元。

Free cash flows were strong at $955 million at 116.5% of net profit. Large deal wins were strong at $3.6 billion with high net new of 61%, reflecting the relevance of our value proposition. Out of the 22 large deal ones, we had 3 deals worth $400 million each. We have been on the positive side of vendor consolidation, with 20% of the total large deal TCV being from new vendor consolidation deals.

自由現金流表現強勁，為 9.55 億美元，相當於淨利的 116.5%。大型交易簽單強勁，達 36 億美元，淨新增占比高達 61%，反映我們價值主張的相關性。在 22 筆大型交易中，有 3 筆交易各為 4 億美元。在供應商整併（vendor consolidation）方面，我們處於有利位置；總大型交易 TCV 中有 20% 來自新的供應商整併交易。

Vertical wise, we won five deals in financial services and communications, four in EURS, three in manufacturing, two in retail, one each in Life Science, Hi-Tech, and Others. Region wise, we signed 11 deals in North America, 8 in Europe, and 3 in the rest of the world.

按產業別來看，我們在金融服務與通訊各贏得 5 筆交易，在 EURS 贏得 4 筆，在製造業贏得 3 筆，在零售贏得 2 筆，生命科學、高科技及其他各 1 筆。按區域別來看，我們在北美簽下 11 筆交易、歐洲 8 筆、世界其他地區 3 筆。

Coming to verticals, in Financial Services, uncertainty and geopolitical instability is causing some clients hesitancy as spending patterns are taking a more cautious approach. Client priorities are centered on efficiency, productivity and modernization with discretionary spend being evaluated more carefully. We see momentum across banking, payments, capital markets, and wealth management. AI adoption has been incremental and additive, with clients increasingly engaging us to support their AI journeys across strategy, platforms, engineering, and operations.

談到各垂直產業，在金融服務方面，不確定性與地緣政治不穩定使部分客戶出現猶豫，支出模式轉向更審慎的做法。客戶優先事項聚焦於效率、生產力與現代化，對可自由支配支出的評估也更為謹慎。我們在銀行、支付、資本市場與財富管理等領域看到動能。AI 的採用呈現循序漸進並具加成效果；客戶愈來愈多地與我們合作，以支持其 AI 旅程，涵蓋策略、平台、工程與營運。

This is reflected in our strong deal wins this quarter. With approximately $1 billion in large deal TCV or large deal net new TCV, GCCs continue to expand and we are partnering with our clients both in setup and growth of TCVs.

這也反映在我們本季強勁的簽單表現上。大型交易 TCV 約 10 億美元（或大型交易淨新增 TCV 約 10 億美元）；GCC（全球能力中心）持續擴張，我們正與客戶在 GCC 的設立與 TCV 的成長兩方面展開合作。

Growth in manufacturing continues to be impacted due to lower revenue from a large client. Clients remain cautious on discretionary spend and decision-making is elongated, especially in European auto. The impact of tariffs, geopolitical uncertainty and energy costs is keeping budgets tightly controlled. While AI adoption is creating new opportunity areas, it is also raising productivity expectations from clients.

製造業的成長持續受到影響，原因是來自一位大型客戶的營收下降。客戶在非必要性支出上仍保持審慎，決策流程也被拉長，尤其是在歐洲汽車產業。關稅、地緣政治不確定性與能源成本的影響，使預算受到嚴格控管。雖然 AI 的採用正在創造新的機會領域，但也提高了客戶對生產力的期待。

We are getting better pricing on AI skills and consulting. We remain focused on supporting clients through digital AI modernization and consolidation initiatives, while balancing growth opportunities with disciplined deal selection and sustainable pricing.

我們在 AI 技能與顧問服務方面取得了更好的定價。我們仍專注於透過數位 AI 現代化與整合計畫來支援客戶，同時在把握成長機會與嚴謹的案子選擇及可持續的定價之間取得平衡。

EURS segment was impacted by one-off client termination, adjusted for which the growth was strong. Macroeconomic uncertainty continues to influence client spending patterns and decision-making timelines. Clients are driving business priorities, including cost optimization, operational resilience, productivity improvements, and regulatory compliance.

EURS 事業部受到一次性客戶終止的影響；若排除此因素，成長表現強勁。總體經濟不確定性持續影響客戶的支出模式與決策時程。客戶正推動其業務優先事項，包括成本最佳化、營運韌性、生產力提升以及法規遵循。

Generative AI is emerging as a strong growth catalyst, driving process reimagination and productivity initiatives. Our partnerships with hyperscalers and AI-native companies is allowing us to experiment and ideate faster.

生成式 AI 正崛起為強勁的成長催化劑，推動流程再想像與生產力計畫。我們與超大規模雲端服務商（hyperscalers）及 AI 原生公司之合作，使我們能更快進行實驗與構思。

In Retail and CPG, consumer spend remains muted and budgets are tightly controlled due to geopolitics, inflation, and tariffs. Spend is shifting toward AI modernization and productivity-led programs, funded through operational efficiency and cost optimization. Clients are asking for AI-led productivity commitments, leading to new pricing structures. We are leveraging our native knowledge of the clients' business processes and technology landscapes and augmenting it with AI. Large deal pipeline is healthy, but decision cycles are longer.

在零售與 CPG（消費性包裝商品）領域，受地緣政治、通膨與關稅影響，消費支出仍偏疲弱，預算也受到嚴格控管。支出正轉向 AI 現代化與以生產力為導向的方案，資金來源則透過營運效率與成本最佳化來挹注。客戶要求以 AI 驅動的生產力承諾，進而帶來新的定價結構。我們運用對客戶業務流程與技術版圖的原生理解，並以 AI 加以強化。大型交易管線維持健康，但決策週期更長。

In Communications, operating environment remains challenging as clients continue to exercise discipline on discretionary spending and closely scrutinize investment decisions. AI is reshaping spending patterns, enterprises are increasingly prioritizing initiatives that deliver near-term gains. Telcom is undergoing significant transformation with consolidation and M&A with increased investments, especially for OEMs. We remain focused on aligning our offerings to these evolving client priorities and helping enterprise realize measurable business outcomes.

在通訊領域，營運環境仍具挑戰，因客戶持續對非必要性支出保持紀律，並嚴格審視投資決策。AI 正重塑支出模式，企業愈來愈優先推動可在短期帶來成效的計畫。電信業正經歷重大轉型，伴隨整併與併購（M&A）以及投資增加，尤其是對 OEM 而言。我們仍專注於使我們的產品與服務與這些不斷演變的客戶優先事項對齊，並協助企業實現可衡量的業務成果。

Considering lower-than-expected Q1 revenues and devised view of the rest of the year, we are revisiting our revenue guidance to we are revising our revenue guidance to 1.5% to 3%. This includes approximately 1.7% contribution from recently closed acquisitions of Optimum Healthcare and Stratus, slightly over 1% impact from large European manufacturing clients due to reduced client spend along with our conscious decision to not pursue certain deals that were not aligned to our return expectations, approximately 0.75% to 1% impact from shift towards offshore.

考量第一季營收低於預期，以及我們對今年其餘期間的研判，我們正重新檢視並將營收指引修正為 1.5% 至 3%。其中包含近期完成收購 Optimum Healthcare 與 Stratus 所帶來約 1.7% 的貢獻；由於大型歐洲製造業客戶支出降低，加上我們有意不追求部分不符合報酬預期的案子，帶來略高於 1% 的影響；以及因轉向離岸交付所造成約 0.75% 至 1% 的影響。

Overall business environment continues to remain volatile. Lower end of the guidance assumes further deterioration in macro. Top end of the guidance assumes an improvement in macro, though lower than what we had assumed in April guidance. FS and EURS are expected to grow higher than the company average. The underlying fundamentals of our business remain strong. We continue to see healthy client engagements leading to a robust pipeline. We are taking decisive actions to capitalize on the opportunities ahead, especially on six identified AI value pools.

整體商業環境仍持續波動。指引區間下緣假設總體經濟進一步惡化。指引區間上緣假設總體經濟有所改善，但改善幅度低於我們在 4 月指引中所假設的情境。FS 與 EURS 預期將高於公司平均水準成長。我們業務的基本面仍然強勁。我們持續看到健康的客戶互動，帶動穩健的業務管線。我們正採取果斷行動，把握前方機會，特別是六個已識別的 AI 價值池。

Spending is shifting toward areas with clear business cases such as AI-led modernization, cost transformation, cybersecurity, cloud optimization, and vendor consolidation. As we look at the rest of the year, we remain confident in our strategy, disciplined in our investments, and focused on delivering stronger performance. Margin guidance is maintained at 20% to 22%. This assumes headwind from wage hikes, productivity pass-throughs, AI investments and 50 basis point impact from acquisitions of Optimum Healthcare and Stratus. These headwinds will be partly offset by initiatives under Project Maximus and currency benefits.

支出正轉向具明確商業案例的領域，例如 AI 驅動的現代化、成本轉型、資安、雲端最佳化與供應商整併。展望今年其餘時間，我們對策略仍有信心，投資保持紀律，並專注於交付更強勁的表現。利潤率指引維持在 20% 至 22%。此假設包含薪資調升、生產力讓利（pass-through）、AI 投資，以及收購 Optimum Healthcare 與 Stratus 帶來 50 個基點的影響等逆風。這些逆風將部分由 Project Maximus 之下的各項措施與匯率利多所抵銷。

With that, we can open up for the questions. Thank you.

接下來，我們可以開放提問。謝謝。

(Operator Instructions) Kumar Rakesh, BNP Paribas.

(接線員指示) Kumar Rakesh，法國巴黎銀行（BNP Paribas）。

My first question was a bit of clarification around the guidance, especially the like-to-like guidance what we had given last quarter versus this quarter. So if I'm looking at the new guidance that is at the midpoint suggesting 2.25% sort of a growth which I understand you indicated includes acquisition of about 1.7%, so that would employ an organic growth of about 0.5% or slightly higher than that versus 2.5%, which was in the last quarter. So is that about 2 percentage point of cut at the midpoint in the guidance or am I reading that wrong?

我的第一個問題是想釐清指引，特別是同口徑（like-to-like）指引，也就是我們上季給的指引與這季相比。如果我看新的指引，中位數暗示約 2.25% 的成長；我理解您提到其中包含約 1.7% 的併購貢獻，那麼有機成長大約是 0.5% 或略高一些，相較於上季的 2.5%。所以，這是否代表指引中位數下修約 2 個百分點，還是我解讀有誤？

Hi, Kumar. So the last quarter would be midpoint would be around 2.2% in the guidance because as you say, as you remember, we had said 20 basis points was the Stratus, which was already baked in in the guidance, which was 1.5% to 3.5%.

嗨，Kumar。所以上一季的指引中位數大約是 2.2%，因為如你所說、也如你所記得，我們曾表示 Stratus 佔 20 個基點，且已經納入當時 1.5% 至 3.5% 的指引之中。

Okay, got that. So in that case, like to like this time, it would be about 0.8 point sort of a number, excluding the incremental acquisition that we have baked in.

好的，了解。那麼在這種情況下，若同口徑比較、排除我們這次額外納入的新增併購影響，大概會是 0.8 個百分點左右的數字。

Got that. And looking into the second quarter, given some of the impact that we have seen in this quarter with lower-than-expected volume and one-time client-related decision as well, how much of that you are expecting that to flow into second quarter as well? And how you are looking at the demand environment and the growth momentum?

了解。再看第二季，考量本季出現低於預期的量（volume）以及一次性的客戶相關決策影響，您預期其中有多少會延續到第二季？以及您如何看待需求環境與成長動能？

So Kumar, as typically, whatever happens in Q1, it will have a cascading effect in Q2, especially if the volumes have been softer through the Q1 automatically, it will have some impact on Q2 and there for the rest of the year. That kind of largely explains the guidance change.

Kumar，一般而言，第一季發生的情況會對第二季產生連鎖效應；尤其若第一季整體量偏弱，通常會自動對第二季、進而對今年其餘時間造成一些影響。這在很大程度上解釋了指引變動。

As I said earlier, the multiple reasons on the change in guidance is, first of all, one-off that we had in one of the EURS clients. The volumes that were softer with the cascading effect, the ask of productivity from clients and the increased competitiveness, competition in pricing that reflected in a lower-than-expected pricing this quarter, which will again have effect on the rest of the year. And as I had called out at the beginning of the year, we expect our on-site mix to be lower by roughly around 0.75% to 1%, which will have impact on a year-to-year comparison if you are doing.

如我先前所說，指引調整有多重原因：首先，是我們在某個 EURS 客戶出現的一次性事件。其次是量偏弱所帶來的連鎖效應、客戶對生產力的要求，以及競爭加劇、定價競爭更激烈，反映在本季定價低於預期，這也會影響今年其餘時間。另外，如我在年初所提到，我們預期現場（on-site）交付占比將降低約 0.75% 至 1%，若你做年對年比較，這也會帶來影響。

We had called out a European manufacturing client impact between 0.75% to 1% last time, which is now clearly about 1% as we have progressed on certain other deals as well. So that is an additional headwind as well. So all of that is baked in in the revised guidance.

上次我們提到歐洲製造業客戶的影響介於 0.75% 至 1%，而現在隨著我們在其他一些交易上的進展，這個影響已明確約為 1%。因此這也是額外的逆風。以上所有因素都已反映在修正後的指引中。

Thanks a lot, Jayesh, for that. Just one clarification around the one-time client decision, which you spoke about. If you could give some context to that, that would be great. That's all from my side.

非常感謝你，Jayesh。我想就你提到的一次性客戶決策再釐清一點。如果你能提供一些背景說明，那就太好了。我這邊就這些。

Thanks, Kumar. So this is with respect to a client which has terminated a project in the EURS vertical.

謝謝你，Kumar。這是關於一位在 EURS 垂直領域終止了一個專案的客戶。

Jonathan Lee, Guggenheim.

Jonathan Lee，Guggenheim。

You mentioned that softer volumes and pricing contributed to Q1 alongside the program termination and that the upper end of the prior guide assumed macro stabilization that's not materialized. Can you walk us through how the course progressed relative to internal expectations? Whether April, May, and June trended differently, when the program termination was communicated to you and whether decision-making velocity and discretionary spend deteriorated or stabilized through the quarter? And what have you seen in the first few weeks of July that may inform your shape of Q2?

你提到較疲弱的量與定價在第一季與專案終止一起造成影響，而且先前指引區間的上緣是假設總體環境會趨於穩定，但這並未實現。你能否帶我們了解一下，整個季度的進展相對於內部預期是如何？四月、五月、六月的趨勢是否不同？你們是在何時得知專案終止的通知？以及在本季期間，決策速度與可自由支配支出是惡化了還是趨於穩定？另外，你們在七月前幾週看到什麼情況，可能會影響你們對第二季走勢的判斷？

So Jonathan, sorry, I wasn't very clear with the question, but from whatever I understood the question is. Whether we saw the change through the quarter and the increase in volatility, the softness that we saw in terms of volumes was through the quarter, the one-off impact that we saw was mainly on account of a client termination, which happened towards the end of the quarter and the additional the deal that we talked about European clients that was also towards the end of the quarter. So I think all of those factors reflected in the revised guidance, if that is what you are looking at.

Jonathan，抱歉，我沒有把問題聽得很清楚，但就我理解你的問題是：我們是否在季度內看到變化與波動加大。我們在量的方面看到的疲弱是貫穿整個季度的；而我們看到的一次性影響主要是因為一位客戶的終止，發生在季度末；另外我們提到的那筆與歐洲客戶相關的交易，也是在季度末。所以我認為這些因素都反映在修正後的指引中，如果你關注的是這一點的話。

And given your commentary on pricing, particularly around the competition has been building for several quarters, and Maximus explicitly includes value-based selling, why were pricing headwinds not more fully contemplated in the outlook? What has changed in the last three months? Is the pressure concentrated in specific verticals or deal types or renewals versus the new? And what gives you visibility that pricing may actually stabilize from here?

另外，基於你對定價的評論，特別是競爭已經累積了好幾個季度，而 Maximus 也明確包含價值導向銷售，為什麼在展望中沒有更充分地納入定價逆風？過去三個月發生了什麼變化？壓力是集中在特定垂直領域、特定交易類型，或是續約相較於新案更明顯嗎？以及你們憑什麼能見度認為定價從這裡起可能會趨於穩定？

Jonathan, we are not saying that we are not seeing a price increase. What I am saying here is we haven't seen as much price increase that we envisaged at the beginning of the year on the back of the AI productivity ask of the clients plus the intensifying competitiveness in the market, but we are still seeing a net increase in the pricing.

Jonathan，我們並不是說我們沒有看到價格上升。我在這裡要說的是：相較於我們年初的預期——基於客戶對 AI 生產力的要求，以及市場競爭加劇——我們看到的價格上升幅度沒有那麼大，但我們仍然看到定價是淨增加的。

Gaurav Rateria, Morgan Stanley.

Gaurav Rateria，Morgan Stanley。

My first question is on the multiple client-specific issues, one is the European Automotive that we highlighted last quarter, then this quarter on the EURS vertical. How should we think about all these like our completely disconnected issues and just happen to have take place at the same time coincidentally? Or there are certain common links which basically could be early renewals, competitive pricing, et cetera, going on because of the technology change.

我的第一個問題是關於多個客戶特定議題：一個是我們上季提到的歐洲汽車客戶，然後這一季是 EURS 垂直領域。我們應該如何看待這些——它們是完全不相關、只是剛好同時發生的巧合嗎？還是其實有一些共同連結，例如提前續約、競爭性定價等，因為技術變化而正在發生？

So just trying to understand how much of it is led by underlying changes in technology happening and driving clients to take these decisions and creating competitiveness in the market or are they completely disconnected events?

我想了解的是：這些情況有多少是由技術底層變化所驅動，促使客戶做出這些決策並加劇市場競爭？還是它們完全是彼此無關的事件？

So Gaurav, there are two parts to the question. One is the European manufacturing client that you talked about. We knew certain part of the deals that we had -- we knew at the beginning of the year, which was in April, and there was additional deals that happened in Q1 of this year. Both of these were the deals where we did not we decided not to pursue the deals beyond a certain point because it was not economical, it did not make economic sense for us, the commercial sense for us. And that's the reason. That has nothing to do with the client behavior or in terms of AI, et cetera.

Gaurav，你的問題有兩個部分。第一個是你提到的歐洲製造業客戶。我們在年初（也就是四月）就已經知道我們手上某一部分的交易；另外在今年第一季也發生了額外的交易。這兩筆交易我們都決定在某個階段之後不再繼續推進，因為不划算，對我們而言在經濟上、商業上都不合理。這就是原因。這與客戶行為或 AI 等因素無關。

The other deal is a contract where the client has terminated the contract for various reasons. Again, nothing to do with AI here. It's a termination of the contract and therefore a reduction in revenue.

另一筆則是一份合約，客戶基於各種原因終止了合約。同樣地，這裡也與 AI 無關。這是合約終止，因此營收下降。

Got it. My second question is on your margin outlook. I know that you maintained your outlook on the band. But now that you have announced a wage hike for the second half for the company as a whole, so there will be incremental headwinds around that.

了解。我的第二個問題是關於你們的利潤率展望。我知道你們維持了區間指引。但既然你們已宣布公司整體在下半年加薪，那會帶來額外的逆風。

So just want to understand what could be some levers that will help you to offset these pressures in the second half and would it be fair to say that our aspiration will be to just hold on the margin level compared to the last year and this year?

所以想了解一下，下半年有哪些槓桿可以幫助你們抵消這些壓力？以及是否可以說，我們的目標是相較於去年與今年，盡量守住利潤率水準？

So Gaurav, at this point in time, we have given a guidance of 20% to 22%. Let me say that at the outset, we are very confident of that guidance. Of course, as I had called out at the beginning of the year, we will have a headwind coming out from the acquisition that we have done from in terms of amortization of intangibles and retention payout of to the founders or the management team, et cetera, or the acquired entities.

Gaurav，目前我們給出的指引是 20% 到 22%。先說在前面，我們對這個指引非常有信心。當然，正如我在年初提到的，我們會面臨來自收購的逆風，包括無形資產攤銷，以及支付給創辦人或管理團隊等的留任款項，或被收購實體相關的支出。

But we also have tailwinds coming from currency, coming from Project Maximus. As you see this quarter also, we've got 20 basis points of tailwinds from Project Maximus, 70 basis points of currency. So all of those are tailwinds as we look forward, as I said earlier as well in the call, we will have 75% to 1% reduction in on-site mix. So that is the tailwind. So all of those are tailwind, puts and takes of all of that put together, we are still very confident of maintaining our margin guidance.

但我們也有順風，來自匯率、來自 Project Maximus。如你們本季所見，Project Maximus 帶來了 20 個基點的順風，匯率帶來 70 個基點。因此，展望未來，正如我先前在電話會議中也提到的，我們的現場（on-site）人力占比將降低 0.75% 到 1%。這也是順風。把這些順風與逆風綜合起來權衡，我們仍然非常有信心維持我們的利潤率指引。

Abhishek, Motilal Oswal.

Abhishek，Motilal Oswal。

So I think my question is on deal wins. It does look like we've had a pretty decent quarter on deal TCV and net new seems to be decently strong as well as compared to historical levels, but clearly that's not kind of translating into kind of guidance.

我想我的問題是關於贏得的交易。看起來我們在本季的交易 TCV 表現相當不錯，淨新增（net new）相較於歷史水準似乎也相當強，但顯然這並沒有反映到指引上。

So how is the TCV versus ACV dynamic playing out? Are we seeing extended TCV sort of -- or extended 10 years right now, which is leading to lower ACV? Or are we seeing sort of delayed ramp-ups, but clients are still committing to spends? That will be very helpful to understand with regards to the conversion of the deals that we are winning.

那麼 TCV 與 ACV 的動態目前是如何發展？我們是否看到 TCV 被拉長——例如現在延長到 10 年——導致 ACV 較低？或者我們看到的是延後爬坡（ramp-up），但客戶仍承諾支出？若能就我們贏得的交易如何轉換（conversion）提供一些說明，會非常有幫助。

So Abhishek, if you look at the deals physically, the terms of the large deals have not gone up, they still remain between on an average between three to five years. Of course, when you look at some of the mega deals, the terms could be longer, but in the current year deals, we have most of the deals which are not mega deals.

Abhishek，如果你實際看這些交易，大型交易的合約期限並沒有拉長，平均仍在三到五年之間。當然，若看某些超大型（mega）交易，期限可能更長，但在本年度的交易中，我們大多數交易都不是超大型交易。

The deals that we signed, while most of them were less than $500 million, we did have some deals between $400 million to $500 million, three of them. What we also need to remember is whenever the deal comes up for renewal, we always used to have the additional productivity asked from the clients, which is how traditionally this industry has been.

我們簽下的交易中，雖然大多數都低於5億美元，但我們確實有一些介於4億到5億美元之間的交易，共有三筆。另外我們也需要記住的是，每當合約到期需要續約時，我們過去一向都會向客戶要求額外的生產力提升，這也是這個產業傳統以來的做法。

On the back of AI, there is a deflation on additional deflation on the AI-led deflation, as we call it. So that's a headwind that's there, that's only on the large deal portion, that's also there on the non-large deal portion. So that is what is getting offset by the net new business that we are seeing.

在AI的推動下，會出現通縮——也就是我們所說的由AI帶動的通縮之上的進一步通縮。因此這是一個逆風，不僅存在於大型交易部分，在非大型交易部分也同樣存在。而我們目前看到的淨新增業務，正是在抵消這個影響。

Understood. And could you quantify the deflation, if you can? I know it's sort of dynamic, but just a quantification of what the deflation entails will be helpful.

了解。如果可以的話，你能量化一下這個通縮幅度嗎？我知道它是動態變化的，但若能對通縮所涵蓋的內容做個量化，會很有幫助。

And lastly, how do we define AI-led revenues? Is this AI implementation or aI-infused? Just a broad sort of sense of that will also be very helpful. That's all from my side.

最後，我們如何定義AI帶動的營收？這是指AI的導入實施，還是AI融入（AI-infused）？如果能給一個大致的概念，也會非常有幫助。我這邊就這些。

So hi, this is Salil. On the AI land, and I'll come to the other one after that, I think what we are seeing on the AI revenues is these are revenues which are coming from the strategic framework we described at the Investor Day, which are the six areas that we see new growth, the new addressable market of $300 billion.

大家好，我是Salil。先談AI這部分，其他問題我稍後再回應。我認為我們目前看到的AI營收，是來自我們在投資人日所描述的策略框架，也就是我們看到新成長的六個領域，以及3,000億美元的新可服務市場。

For example, process AI; for example, making AI engineering strategy work; for example, data, which is needed -- the data layer for AI, and each of those six areas we see a good growth. This revenue is 8%, 8.2% growing double-digit Q on Q over the last several quarters, and that's the primary AI revenue.

例如流程AI；例如讓AI工程策略落地運作；例如資料——也就是AI所需要的資料層。對於這六個領域中的每一個，我們都看到不錯的成長。這部分營收占比為8%、8.2%，在過去幾個季度呈現逐季（Q on Q）雙位數成長，這就是主要的AI營收。

Internally, we also look at AI revenue, which you referenced like infused or augmented or where AI is and part of an existing workstream that becomes more AI. But this specific one that we shared externally is what we see from the AI strategy that we put together. No, on the quantification, we don't quantify that compression part externally, but we acknowledge, of course, there is a compression and internally, we track it to see how that works.

在內部，我們也會看你提到的那種AI營收，例如融入式（infused）或增強式（augmented），也就是AI成為既有工作流程的一部分，使其更AI化。但我們對外分享的這個特定口徑，是我們從所制定的AI策略中所看到的。至於量化部分，我們不會對外量化那個壓縮（compression）的幅度，但我們當然承認確實存在壓縮，而且在內部我們會追蹤它，觀察其運作情況。

Now, in many cases, when there is the compression, we typically, given the work we are doing with clients, have the opportunity to do more work in other areas, so the contract terms, scope, et cetera, gets redefined. And in many cases, we see adjacent to that other pieces of work, not related to that, which come through. So it's very -- it's not easy to simply say like for like in many cases, but there definitely we see a compression.

另外，在很多情況下，當出現壓縮時，基於我們與客戶正在進行的工作，我們通常也有機會在其他領域做更多工作，因此合約條款、範疇等會被重新定義。而且在許多情況下，我們也會看到與此相鄰的其他工作內容（不一定與該項壓縮相關）也會隨之而來。所以很多時候很難簡單地做同口徑（like for like）的比較，但我們確實看到有壓縮。

So just to add to what you were saying, the AI-first revenue is everything that is around the Hexagon. And AI-augmented revenue is what we presented on the AI Day also. That is not part of this. While we track it internally, that is still not part of this. So AI-first is everything that we do in terms of Hexagon and the sub-services that we called out at Hexagon. We have a very robust process inside the company of identifying these are the child sub-project level and tracking it and monitoring it. It is growing at a very strong double-digit growth.

補充你剛才的說法，AI-first營收是指所有圍繞Hexagon的內容。而AI-augmented營收是我們在AI Day也有呈現的。那部分不包含在這裡。雖然我們在內部會追蹤，但仍不納入這個口徑。因此，AI-first就是我們在Hexagon以及我們在Hexagon中點出的各項子服務所做的一切。公司內部有非常健全的流程，用於在子專案層級識別、追蹤並監控這些項目。它正以非常強勁的雙位數成長。

Ankur Rudra, JPMorgan.

JPMorgan的Ankur Rudra。

I'm just curious to start with on the demand environment worsening, especially from an AI productive pass-through demand that you've been getting. Can you talk about how secular this is across your industries and geographies? And how often do you see --

我想先問一下，關於需求環境惡化，特別是你們所獲得的、由AI生產力傳導（pass-through）所帶來的需求。你能談談這在你們各產業與各地區之間有多麼結構性（secular）嗎？以及你們多常看到--

Ankur, sorry to interrupt you. We are losing your audio in between. Can I request you to please come in a better reception area?

Ankur，不好意思打斷你。我們中間聽不清楚你的聲音。可以請你到收訊更好的地方再說嗎？

Is it clear now?

現在清楚了嗎？

Yes, go ahead.

是的，請繼續。

So my question was on the worsening demand environment from an AI productivity parcel perspective. How secular is this across industries and geographies? And how often do clients ask for productivity increases in the middle of a contract as opposed to on renewable?

所以我的問題是，從AI生產力傳導的角度來看，需求環境正在惡化。這在各產業與各地區之間有多麼結構性（secular）？以及相較於在續約時，客戶在合約期間中途要求提高生產力的情況有多常見？

Hi, this is Salil Parekh. I think what we are seeing is there is a demand for AI productivity, which is across most industries. Now, if you look at where AI is most getting used, we probably see telcos, we see financial services, we see even on retail utilities. That's where their usage is pretty high, especially with the foundation models, the modernization, the coding tools.

大家好，我是Salil Parekh。我認為我們看到的是，對AI生產力的需求幾乎遍及大多數產業。如果看AI使用最密集的地方，我們大概看到電信業、金融服務業，甚至零售與公用事業。在這些領域的使用率相當高，特別是基礎模型、現代化，以及程式碼工具等方面。

On the productivity side, it's a broad sort of coverage that we see. And it typically, at least in the recent past, has come up as there's progress made by the AI foundation model companies or there is a perception that that sort of a benefit can be achieved, the discussion starts. And of course, at the renewal time, it's definitely there. Sometimes it does come in between the time frame of the contracts renewal as well.

在生產力方面，我們看到的是相當廣泛的覆蓋。而且通常——至少在最近一段時間——當AI基礎模型公司取得進展，或市場認為可以達成那樣的效益時，相關討論就會開始。當然，在續約時一定會被提出。有時候在合約續約週期之間的期間內，也會被提出。

Okay. Thanks for clarifying that. I just wanted to sort of follow-up on AI revenues, which have been going at a very high pace like you've been highlighting. If we think this out a few years, at what size of your overall portfolio do AI doesn't have to be so that you can overcome the AI deflation or the compression in the rest of the portfolio?

好的。謝謝釐清。我想追問一下AI營收，你們一直強調其成長速度非常快。如果把時間拉長到未來幾年，AI在你們整體組合中要達到多大的規模，才不必然需要（或才能）抵消其他組合中的AI通縮或壓縮？

So we don't have a view in that sense externally on what you're sort of referencing. But I think if we are able to execute on this AI transformation as we have done in the last few quarters, we get this sort of a momentum. It's not that difficult to see that in the coming few quarters, it will start to become more and more larger part of our overall revenue and that will drive the growth of the overall company.

我們對外並沒有你所提到的那種角度的看法或預測。但我認為，如果我們能像過去幾個季度那樣執行這項AI轉型，我們就會獲得這樣的動能。不難想像在接下來幾個季度，AI將開始成為我們整體營收中越來越大的部分，並帶動公司整體成長。

If I go back to how we saw it, not that it's the same thing, but there's some lessons maybe on the digital, we saw that there was a way that at one stage, we were at 20% and then over a few years, we then went to 60% of our revenue becoming digital. So if that sort of a path becomes followed, we can see a big sort of a transformation and a long-term sort of support to the view that what we are doing remains relevant in terms of services for our clients.

如果回到我們過去的經驗，雖然不完全相同，但在數位化（digital）方面或許有些可借鏡之處：我們曾在某個階段數位營收占比約20%，然後在幾年內提升到60%的營收變成數位。因此如果走上類似的路徑，我們可以看到一個很大的轉型，並在長期上支持這樣的觀點：我們所做的事情在為客戶提供服務方面仍然保持相關性。

Now here, there are strong partnerships with the foundation model companies, there is extremely strong internal work on Topaz Fabric. We are building things where clients can use multi-model scenarios within our Topaz Fabric, where they can use different models for different types of work, so the token cost is optimized, we have an ability to provide a harness so that they can build what they want to build and keep the sovereignty of the data and like the knowledge of the company more within themselves.

在這裡，我們與基礎模型公司有著強而有力的合作夥伴關係，內部在 Topaz Fabric 上也投入了極其扎實的工作。我們正在打造一些能力，讓客戶能在我們的 Topaz Fabric 內使用多模型情境：針對不同類型的工作使用不同模型，以最佳化 token 成本；我們也能提供一個框架（harness），讓他們建置想要建置的內容，同時保有資料主權，並讓公司的知識更多地留存在其自身之內。

So to me, all of that points to that, it's a nice growth area for the long-term and we are now looking at 8%, it's fairly sizable and we're looking at it becoming more and more sizable in the quarters to come.

所以對我而言，這些都指向一點：從長期來看，這是一個很好的成長領域；我們現在看到的是 8%，規模相當可觀，而且我們預期在接下來的幾個季度會變得越來越可觀。

Appreciate it. One last clarification --

感謝。最後再釐清一點--

Sorry, Ankur, just one additional data point I would want to add is, if you remember, in February, we talked about our AI revenue, which was 5.5% for Q3, and in two quarters, it's already become 8.2%. So you can imagine the rate at which it's growing and even if you look at the longer 5%, 6% quarter view, it's growing at a strong double-digit and that kind of gives us the confidence that this is becoming our growth engine.

抱歉，Ankur，我想再補充一個數據點：如果你記得，2 月我們談到 AI 營收，Q3 是 5.5%，而在兩個季度內就已經變成 8.2%。所以你可以想像它成長的速度；即使你看更長一點、以 5%、6% 的季度視角來看，它也以強勁的雙位數成長，而這也讓我們有信心，這正在成為我們的成長引擎。

Appreciate it. Maybe just one clarification, Jaresh. Can you confirm that the program termination was fully absorbed in Q1? Or will it have an impact in the second quarter also from a sequential basis?

感謝。也許再釐清一點，Jaresh。你能否確認該計畫終止的影響已在 Q1 完全吸收？還是說從序列（環比）角度看，第二季也會有影響？

So Ankur, the program has been terminated. What we know has been, has obviously been taken in Q1 at this point in time.

所以 Ankur，該計畫已經終止。我們目前所知道的情況，顯然在此時點已經在 Q1 反映了。

So no follow-through in Q2 in terms of that program specifically?

所以就該計畫本身而言，Q2 不會有後續影響？

What we know at this point in time has been considered in December.

就我們目前所知的情況，已在 12 月納入考量。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Good evening and first with Salil, congrats to you and congrats to Ashiss Dash.

晚安，首先對 Salil 表示祝賀，也恭喜 Ashiss Dash。

My first question is on AI talent and competition, I'm curious what your view is on hyperscaler like AWS, Microsoft recently announcing new investment in their own FDE practices. Just considering your historic use of the services channel around cloud deployment, this seemed to be a bit more surprising than OpenAI or Anthropic doing it. So what are your thoughts there?

我的第一個問題是關於 AI 人才與競爭。我很好奇你如何看待像 AWS、Microsoft 這類超大規模雲端業者最近宣布加碼投資其自有的 FDE 團隊/實務。考量到你們過去在雲端部署上對服務通路的運用，這件事看起來比 OpenAI 或 Anthropic 這麼做更令人意外。你對此有何看法？

And you've announced plans to add 6,000 frontier engineers, but it seems everyone is looking to add that base of talent. So can you just talk about how you plan to navigate that elevated competition for top-tier talent?

你們也宣布計畫新增 6,000 名前沿工程師（frontier engineers），但看起來大家都在擴充這類人才基礎。你能否談談你們打算如何因應對頂尖人才的競爭升溫？

So first, thank you. I think on the with other companies launching services companies to help large enterprises with making AI work, at a high level, I see that as a positive for Infosys because it reconfirms that what we do and now with the AI revenue growth that we are demonstrating. That we have sort of relevance for the long-term for our clients.

首先，謝謝。我認為其他公司成立服務團隊來協助大型企業讓 AI 落地，從宏觀層面看，這對 Infosys 是正面的，因為這再次確認了我們所做的事情，以及我們現在所展現的 AI 營收成長。這也說明我們對客戶而言在長期上具有相關性。

What I think works for us is we have over 300,000 employees, we have deep knowledge and context of the select clients that we work with, and that becomes the way to really ENSURE that AI gets leveraged into that environment, which is typically quite complex. We are also in a position where we are partnering with some of the companies you named, and I've spoken with them as they have launched their programs.

我認為我們的優勢在於：我們有超過 300,000 名員工，對我們所服務的特定客戶有深厚的知識與情境理解，而這正是確保 AI 能在通常相當複雜的環境中被有效運用的方式。我們也正與你提到的一些公司合作；在他們推出相關計畫時，我也與他們交流過。

And the intent and the idea is really. In terms of scale, a few hundred or a couple of thousand is not going to be the same as 300,000 from Infosys, but there is a way to partner and make all of that work for the benefit of the client. That's how at least we're looking at it for now. And there are similar type of models existed, as you probably know well, in the past when there were software companies which had their own small services businesses.

其意圖與想法其實是如此。就規模而言，幾百人或一兩千人不可能與 Infosys 的 300,000 人相提並論，但仍有方法可以合作，讓這一切為客戶帶來效益。至少目前我們是這樣看待的。而且你應該很清楚，過去也存在類似的模式：一些軟體公司有自己的小型服務事業。

In terms of talent, first, we have already people within Infosys who are operating at the level of frontier engineers. And so we have put together a program to bring all of that together to make them at the same type of a global level. Then we have training for the people that we will recruit and build out to be like that frontier engineers.

就人才而言，首先，我們在 Infosys 內部已經有人以「前沿工程師」的水準在運作。因此我們設計了一個計畫，把這些人整合起來，讓他們達到同樣的全球化水準。接著，我們也會對將招募並培養的人才進行訓練，使其成為這類前沿工程師。

And then, of course, we will look externally, but the primary method is recruitment in college training and taking internal people who are doing some of that type of work and making sure they're fully deployed into the frontier engineer work.

當然，我們也會向外部尋找，但主要方式是：在大學端招募並訓練，以及把內部正在做這類工作的同仁納入，確保他們能充分投入前沿工程師的工作。

So we feel that we have a decent start to it. It's not that we are going to tomorrow morning and recruit 6,000 from the outside. But equally, we also have, as has been always the case with Infosys, the approach of training the people from ground up, so building out that skill set, which is slightly longer. And that's why I've sort of said it's not it's over a few years, you want to build it out and make sure that we support our clients in that.

所以我們覺得自己已經有不錯的起步。並不是說我們明天一早就要從外部招募 6,000 人。但同樣地，一如 Infosys 一貫作法，我們也會採取從基礎培訓人才、逐步建立技能組合的方式，這會稍微花更長時間。因此我才說，這會在幾年內逐步建置完成，並確保我們能在此方面支援客戶。

Okay. Okay, that's clear. My follow-ups on AI productivity, can you just give us a sense of how much of your existing backlog has been repriced under the higher levels of market productivity? I'm trying to understand how long the company may face outsized compression as you renew the installed base of work where there wasn't any meaningful GenAI-driven efficiencies before.

好的。好的，這很清楚。我的追問是關於 AI 生產力：你能否讓我們了解，你們既有的在手訂單（backlog）中，有多少已在市場生產力提升的背景下重新定價？我想理解的是：在你們更新既有工作基礎（installed base）之前，因為先前並沒有明顯的 GenAI 驅動效率，公司可能會面臨多長時間的較大幅度利潤率壓縮。

So as you can imagine, it's something we look at internally, but it's not something we share externally.

如你所想，這是我們內部會關注的事情，但我們不會對外分享。

Vibhor Singhal, Nuvama.

Vibhor Singhal，Nuvama。

Just two questions from my side. One question, Sunil, on the basically the overall environment in which we are operating. Some of our peers have kind of called out and I think it's kind of what is also the concept which is getting traction is that more and more belief that enterprises might not just basically look to deploy the premier large language models for their enterprise needs and they might be now more going more towards more like customized small language model, the SLMs, which can be basically catered to their own specific needs.

我這邊有兩個問題。第一個問題，Sunil，關於我們所處的整體營運環境。一些同業提到——我想這也是正在受到關注的觀點——企業可能不會只著眼於部署頂級的大型語言模型來滿足企業需求，而是可能更傾向於客製化的小型語言模型（SLM），以便更貼合其特定需求。

And to that extent, more and more deals and large deals specifically are basically making their way into the market towards the players. Is that also what we are also seeing on our conversations with the clients? Do we see some of those kind of deals on the horizon? And do you see that basically playing out over the next few quarters?

在此背景下，越來越多的交易、尤其是大型交易，正在進入市場並流向相關業者。這是否也是我們在與客戶對話中所看到的情況？我們是否看到這類交易在地平線上？你認為這在接下來幾個季度會如何發展？

I think the way you describe it, what we are seeing it is the large companies, large enterprises are becoming more sensitive to what is a foundation model like best equipped for. And for the various tasks and activities and processes that they have inside their company, which model should be used for which thing? Can we use, like a company might think, like a less parameter model, also less expensive model, like an even an older version of some of the big company models for some tasks, and the most recent one for like some very specific, let's say, high-end type of task which needs it.

我認為照你描述的方式，我們看到的是大型公司、大型企業正變得更敏銳地去判斷：基礎模型最適合用來做什麼。以及對於公司內部各種任務、活動與流程，應該用哪一個模型來做哪一件事？我們能否像公司可能會想的那樣，針對某些任務使用參數較少、成本也較低的模型，甚至使用某些大型公司模型的較舊版本；而對於某些非常特定、例如高階類型且確實需要的任務，則使用最新版本。

So that optimization is going on. And that's where we think what we have built in Topaz Fabric allows the company to do this in a very efficient way. Then it also looks that companies are also looking at, okay, I will use for the simpler task a slightly older model or less expensive, then let me also then look at the cost of token usage for that model. And even there is a way for the same effectiveness you can get a lower token cost approach in the model.

所以這種最佳化正在發生。而我們認為，我們在 Topaz Fabric 中打造的能力，能讓公司以非常高效率的方式做到這件事。此外，看起來公司也在思考：好，我用較舊或較便宜的模型來做較簡單的任務，那接著我也要看看該模型的 token 使用成本。甚至在這方面，也有方法能在維持相同效果的前提下，採用 token 成本更低的模型方案。

So this whole approach of this multi-model is critical for the task and the cost. At least we are seeing the large companies are being sensitive to that. And that's where -- what we have built and how we can work with them.

因此，這整套多模型的方法，對任務與成本都至關重要。至少我們看到大型公司對此相當敏感。而這也正是——我們所打造的能力，以及我們如何與他們合作的切入點。

Today, we are working in Fabric Topaz with 15 different models. So let's say you come as a large company, Global 100, and you want to do something, you don't even have to decide by looking at the task, we will decide between the 15, where to put it and give you the most efficient outcome. So those are things like that will help the companies. To do the things in a better way we feel.

目前，我們在 Fabric Topaz 中使用 15 種不同的模型。所以假設你是一家大型公司、全球百大企業（Global 100），你想做某件事，你甚至不需要自己依任務來決定；我們會在這 15 個模型之間做選擇，把它放到最合適的地方，並給你最有效率的結果。這些就是能幫助企業的事情。我們覺得能以更好的方式把事情做好。

Got it. Got it. So overall, this should basically, I mean, if I were to let's say take a top view of this, this would mean that there is an increasing level of customization that or let's say a specific requirement that each client would require rather than more of a standardization to begin with.

了解。了解。所以整體而言，基本上——我的意思是，如果我從更高層次來看，這代表每個客戶所需要的客製化程度、或說特定需求的程度正在提高，而不是一開始就更偏向標準化。

It depends also a little bit like some companies might see this is available. But some companies might say, look, I want model X, I want to build deep capability in that. Model X, like a company X will have three models, they can go with an older model in the company X. So it's not like there is one answer, meaning people are all doing different things, but the flexibility exists today, so depending on how a company wants to do it.

這也要看情況，有些公司可能會覺得這些都已經可用。但也有些公司可能會說：你看，我要用 X 模型，我想在那上面建立深度能力。以 X 模型為例，像某家 X 公司可能會有三個模型，他們可以在 X 公司內用較舊的模型。所以並不是只有一個答案；也就是說大家做法都不同，但如今彈性是存在的，端看公司想怎麼做。

Got it. Got it. Just one last question on the margins front. Jayesh, if I could just bother you on that. In FY26, we had the wage hike which was spread over Q4 FY25 and Q1 FY26. So we just probably had a basically half of the impact of the wage hike in FY26. In FY27, we've got to give the wage hike in Q3 and Q4. So the entire impact is going to be absorbed by in this year itself. Plus we have the acquisition impact which you called out in the call.

了解。了解。關於利潤率我最後再問一個問題。Jayesh，如果我再打擾你一下。在 FY26，我們有加薪，分散在 FY25 的第 4 季與 FY26 的第 1 季。所以 FY26 我們大概只承受了加薪影響的一半。在 FY27，我們需要在第 3 季與第 4 季加薪。所以整個影響都會在今年內被吸收。另外還有你在電話會議中提到的併購影響。

So are we looking at more headwinds this year on the margins than FY26? I know we are in the same guided range of 20% to 22%, but vis a vis with FY26, are we looking at more headwinds than FY26?

所以，相較於 FY26，今年在利潤率上是否會面臨更大的逆風？我知道我們的指引區間仍是 20% 到 22%，但相對於 FY26，我們是否會看到比 FY26 更大的逆風？

Vibhor, if you look at FY26, we had a full year impact of the wage hike that we gave in January as well as in April, right?

Vibhor，如果你看 FY26，我們對於 1 月以及 4 月所給的加薪，FY26 都承受了全年的影響，對吧？

Of course, whatever we gave in January, the flow-through of that was for three quarters, but whatever we gave in April, the whole full-year impact of that came in the year. Versus in FY27, we have only half-year impact of whatever we'll do in October and one quarter impact of whatever we'll do in January.

當然，我們在 1 月給的那一部分，其影響在當年度反映了三個季度；但我們在 4 月給的那一部分，則在該年度反映了完整的全年影響。相較之下，在 FY27，我們 10 月要做的部分只有半年的影響，而 1 月要做的部分只有一個季度的影響。

So to that extent, the relative impact is going to be lower in FY27 versus FY26. And of course, there will be a 50 basis point impact on account of the acquisition that we have called out. But if you look at the tailwind that I called out, there is a currency tailwind, at least as we stand today versus the last year.

因此，就這一點而言，FY27 相對於 FY26 的影響會更低。當然，因為我們先前提到的併購，會有 50 個基點的影響。但如果你看我提到的順風因素，至少以我們目前所處的狀況來看，相較去年有匯率順風。

The Project Maximus is still creating value. We have seen pricing benefit, albeit a little lesser than what we estimated at the beginning of the year. Utilization has gone up quarter-on-quarter significantly. Our onset mix is going to go down. I think there are puts and takes on both sides.

Project Maximus 仍在創造價值。我們看到定價帶來的效益，雖然比我們年初估計的略少一些。利用率（Utilization）已經在季度對季度的基礎上顯著上升。我們的 onsite 組合占比將會下降。我認為兩邊都有利有弊、互有取捨。

Keith Bachman, BMO Capital Markets.

Keith Bachman，BMO Capital Markets。

I wanted to ask about your thoughts on headcount growth trends through FY27, and I'm not looking for specifics, but just generalities. Is headcount going to grow, be flat, reduce as you look at the next 12 months? And even if you opined on the next few years, how do you see the headcount growth in relation to revenue growth?

我想請教你們對 FY27 期間人力（headcount）成長趨勢的看法；我不需要具體數字，只想了解大方向。展望未來 12 個月，人力會成長、持平，還是減少？另外如果你也願意談談未來幾年，你如何看待人力成長與營收成長之間的關係？

Hi, this is Salil. So first, what we saw in the last financial year, as is we recruited 20,000 college graduates for the full year. This year, we have a plan to recruit 20,000 college graduates. In the first quarter, we have recruited over 4,000 already.

你好，我是 Salil。首先，我們在上一個會計年度看到的是：全年我們招募了 20,000 名大學畢業生。今年，我們的計畫是招募 20,000 名大學畢業生。在第一季，我們已經招募了超過 4,000 人。

Our plan is to continue to bring in talent, make them more and more AI well-versed, and then have them work with our clients. What we are seeing with the 8% revenue of the AI is that to make many of these things work, it's a combination of foundation model, agents and people. Of course, there's more efficiency, so the same amount of work can be done, maybe with fewer people, but there's more work. So overall, at least right now, we are seeing that.

我們的計畫是持續引進人才，讓他們越來越熟悉 AI，然後讓他們與我們的客戶一起工作。我們從 AI 佔營收 8% 這件事所看到的是：要讓許多事情運作起來，需要基礎模型、代理（agents）與人員的組合。當然，效率會更高，所以同樣的工作量可能可以用更少的人完成，但同時也會有更多的工作。所以整體而言，至少目前我們看到的是這樣。

We don't have an exact external view on the end-year headcount, but we continue to look at recruitment. So we think it looks like it'll be part of the headcount will be part of our future as our revenue grows as well.

我們對年末人力規模沒有一個精確的外部可見度，但我們會持續關注招募。因此我們認為，隨著營收成長，人力也會成為我們未來的一部分。

Okay. It'll be interesting to see how -- I understand the recruitment process. It'll be interesting to see how your net headcount trends unfold.

好的。看看——我理解招募流程；接下來觀察你們淨人力（net headcount）的趨勢如何發展，會很有意思。

Can I go to the dislocation? You talked about 20% of your TCV was vendor consolidation deals. Could you provide some context on really the economics associated with those deals? What I mean by -- what was the leverage that enabled you to win those deals?

我可以談一下「錯位」嗎？你提到你們約 20% 的 TCV 來自供應商整併（vendor consolidation）交易。你能否就這些交易所涉及的經濟性提供一些背景說明？我的意思是——是什麼樣的槓桿讓你們能贏下這些交易？

In particular, you talked about price was a little more aggressive this quarter. How were pricing trends during enabling you to win those deals? Just any kind of attributes that you could throw out, such as was it more competitive or was price downs, anything along those lines?

特別是，你提到本季價格策略稍微更具進取性。在促成你們贏下這些交易的過程中，定價趨勢如何？任何你能分享的特徵都可以，例如競爭是否更激烈、價格是否下滑，或任何類似的情況？

I'll start and Jayesh will add a little bit more to it. What we saw like in the reasons for winning a consolidation deal, typically, what we are noticing is there's a complex tech environment and the clients are seeing that what we have done for them over the past in terms of delivering value is very significant, more reliable, and that's typically when we are the beneficiaries of the consolidation deals.

我先回答，Jayesh 再補充一些。我們看到，贏下整併交易的原因通常是：客戶的技術環境很複雜，而客戶也看到我們過去為他們所做的、在交付價值方面非常顯著、也更可靠；在這種情況下，我們通常就會成為整併交易的受益者。

In terms of pricing for those specific deals, there's always productivity benefits because that is in the nature of the discussion in this period. But the reason primarily for the wins are more about the depth of delivery, understanding of technology.

就那些特定交易的定價而言，因為這段期間的討論本質如此，總是會有生產力效益。但我們能贏下來的主要原因，更多在於交付的深度、以及對技術的理解。

Just to add to this, what Sanil said, on an aggregate level, all of these consolidated deals came at a very healthy margins, even when you compare to our overall large deals portfolio. As I said earlier, we will compete aggressively in the market. But we are now going to underwrite uneconomic productivity assumptions. And in those cases, we would prefer to not pursue those deals further when it doesn't make economic sense to us.

補充 Sanil 的說法，從整體層面來看，這些整併交易的利潤率都非常健康，即使與我們整體大型交易組合相比也是如此。如我先前所說，我們會在市場上積極競爭。但我們不會以不具經濟性的生產力假設來承作（underwrite）。在那種情況下，若對我們而言不具經濟意義，我們寧可不再繼續追逐那些交易。

Jamie Friedman, Susquehanna.

Jamie Friedman，Susquehanna。

Salil, Well done piloting the company. And Dash, we look forward to working together. I had a bigger picture question back to the strategy Hexagon. We're interested in your perspective on the supply side, what sort of reskilling does that require? And on the demand side, Salil, you mentioned what you're finding is resonating most. Obviously, it's performing well. Is there anything though that needs to be adjusted? So supply and demand question about the strategy Hexagon?

Salil，帶領公司做得很好。Dash，我們也期待能一起合作。我有一個更宏觀的問題，回到 Hexagon 策略。我們想聽聽你對供給端的看法：這需要什麼樣的再技能化（reskilling）？而在需求端，Salil，你提到你們觀察到最能引起共鳴的是什麼。顯然目前表現很好。但是否有任何需要調整的地方？也就是關於 Hexagon 策略的供給與需求問題？

On the supply side, first, we have taken a view, and I'm sure you know that. We have not done any staff restructuring in the company We have done essentially all reskilling. And that is a significant work for the company. But I think we see a benefit of that over time.

先談供給端，我們已經採取了一個觀點，我相信你也知道。我們沒有在公司進行任何人員重整；我們基本上都在做再技能化。這對公司而言是一項相當大的工作。但我認為，長期來看我們會看到這樣做的好處。

What we are seeing is -- and as another reason for doing the college graduate hiring, because what we see from colleges up, people coming in with a lot more native understanding of the AI landscape and the tool set. And then building, like training them on our Fabric and Topaz is the next step after that. And also training them on our tools which are pre-AI so that they have a sense of how software development works.

我們看到的是——這也是我們進行大學畢業生招募的另一個原因——因為我們看到從大學進來的人，對 AI 生態與工具組合有更原生的理解。接下來的步驟，就是在此基礎上訓練他們使用我們的 Fabric 和 Topaz。同時也訓練他們使用我們那些 AI 之前（pre-AI）的工具，讓他們了解軟體開發是如何運作的。

So we think we will be able to manage a lot of that supply side with the people we bring in, but there are also specialized things where there will be some accelerations needed when a specific tool is very much in demand, and for that, of course, we have some recruitment which is more lateral as well.

因此，我們認為供給端很大一部分可以透過我們引進的人才來管理；但也有一些專門領域，當某個特定工具需求非常旺盛時，就需要加速補強；為此，當然我們也會做一些偏向橫向（lateral）的招募。

Even there, we need a little bit of reskilling or training, but not massive, there's good understanding. But that, of course, is in short supply. So we will still rely more heavily on the bringing in from college training, which is, by design, is a longer duration process.

即便如此，我們仍需要一些再技能化或訓練，但不會是大規模的，因為他們已有不錯的理解。但那類人才當然供給很短缺。所以我們仍會更倚重大學端的人才引進與培訓；這是刻意設計為較長週期的流程。

On the demand side, we are now tracking each of the six areas pretty granularly, as Jayesh mentioned earlier. We have good traction on the process AI side, it's going pretty well. On the AI engineering, it's going pretty well.

在需求端，我們現在如 Jayesh 先前提到的，正以相當細緻的方式追蹤六個領域中的每一個。在流程 AI（process AI）方面，我們進展良好、動能不錯。在 AI 工程（AI engineering）方面，也進展得很順利。

Meaning in terms of scale, all of them are growing very fast, but those things are pretty scale already. The data AI part is going pretty well. And so the whole work of building agents, doing the coding, doing the modernization, doing the data, those things are really scaling up. Meaning, have a decent scale today, and we think those will continue going pretty well now.

也就是說，就規模而言，它們都成長非常快，但那些領域本身已經具備相當規模。資料 AI（data AI）部分也進展良好。因此，整體來看，包含建置代理（agents）、進行程式撰寫、做現代化改造、以及資料相關工作，這些都在快速擴張。也就是說，今天已經有不錯的規模，我們也認為接下來會持續進展得很順利。

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

非常感謝。各位女士先生，我們就把這題作為最後一個問題。接下來我把會議交回管理層作結語。

Thank you. So first, thanks, everyone, for joining. A couple of points to summarize from my side. Overall, in the quarter, we had neutral revenue, strong margins, strong free cash flow, and very strong large deals. The more critical thing, our AI services revenue, 8%, growing across quarters, Q on Q, double digit, and becoming more and more off scale for us and showing us, therefore, that there is a long-term relevance of what we are doing for our clients, and that gives us.

謝謝。首先，感謝各位參與。我這邊總結幾點。整體而言，本季營收持平、利潤率強勁、自由現金流強勁，且大型交易非常強勁。更關鍵的是，我們的 AI 服務營收占比 8%，且跨季度成長，季對季（Q on Q）達雙位數成長，對我們而言規模愈來愈大；因此也顯示我們為客戶所做的事情具有長期相關性，而這也帶給我們。

So thank you all for joining in, and we'll catch up at the next quarterly call.

因此，感謝各位參與，我們下次季度電話會再見。

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

非常感謝。各位管理層成員以及各位女士先生，我謹代表 Infosys Limited，宣布本次電話會議到此結束。感謝各位參與，現在可以掛斷電話線。謝謝。