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INFY Infosys

Participants
Sandeep Mahindroo Financial Controller & Head, Investor Relations
Salil Parekh Chief Executive Officer and Managing Director
Nilanjan Roy Chief Financial Officer
Ankur Rudra JP Morgan
Moshe Katri Wedbush
Kumar Rakesh BNP Paribas
Keith Bachman BMO Capital Markets
Diviya Nagarajan UBS
Ashwin Mehta Ambit Capital
Sandip Agarwal Edelweiss
Nitin Padmanabhan Investec
Sandeep Shah Equirus Securities
Manik Taneja JM Financial
Rahul Jain Dolat Capital
James Friedman Susquehanna
Vimal Gohil Union AMC
Call transcript
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Operator

Ladies and gentlemen, good day and welcome to the Infosys Earnings Conference Call.

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Sandeep Mahindroo. to over and you, you, sir. Thank

Sandeep Mahindroo

Hello, to discuss Margareth. the Relations everyone, I'm and call earnings Investors Bangalore. in Infosys to team QX from welcome Sandeep Thanks, FY results. XXXX

a begin me New by everyone Let very wishing Year. happy

and A on are company We'll Joining Mr. after and call with start Nilanjan, Roy; with the Salil us the say to by of these of statement is refers remarks Nilanjan MD, other in Mr. call we I CEO is members note be be open earnings and the available CFO, the senior future we'll today risks the up read like this with www.sec.gov. questions. filings along to for on on Salil that performance in can call of a Parekh; would which management faces. anything Salil. forward-looking that turn conjunction some which team. with that the now that the Please to full outlook which on found risks SEC, must our explanation statement, the our for company it the

Salil Parekh

am are you the Thanks and growth XX.X% you that I a to you your and extremely and time happy year everyone evening, join with with us constant trust X% morning sequential year-on-year terms. delighted for Thank you strong currency share well to making today. we in quarter, ones the all call. new had dear safe. good Sandeep. an growth on Good Wish and to

in by clear the service weak for the in these strong cloud was delivering transformation. proud efforts been clients. The quarter lines, our was grateful broad-based our and as well seasonally growth through This geographies, confidence them have enormous years. driven as clients is capabilities. possible their growth differentiated digital year-on-year in across fastest relentless had the from to in help a made employees the times. has commitment I'm we a A challenging growth by us business testament success industries, XX accelerate extraordinary for a and broad-based to have Our extremely

been with has these We growth and employees in margins focus our increased operating at XX.X%. Our margins the compensation by forefront while on benefits. delivered accompanied our keeping resilient

grew tremendously is at now XX.X% cloud with Our work clients. XX.X% Within overall growing cloud and by digital, business our revenues. digital capabilities our and is resonating are of faster Cobalt our

and the broad constant year-on-year highlights XX.X% of in revenues $X.XX our sequential and all where Some of base are: the currency, results at geographies. X% service lines across billion industries, growth

double-digit flow at attrition margins growth. All XX.X%; $XXX Large at utilization deals at free at onsite $X.X at segments of reported strong mix increased to million; operating billion; our XX.X% cash and strong XX.X%; XX.X%.

flattish constant Various innovation in was in the sub-sectors and leading currency. to this in continued segment see XX,XXX, wins. supply platforms. chain, journey. We've sub spend. and increasing The currency, in transformation scale with we sector cards, currency. spend driving college lending, and performance will large more on steady their resilient across large our XX.X% commerce attrition in support on XX.X% recently comment budgets this. seen including wins. cloud to infrastructure, large like security initiatives business growth the cloud and constant grew Services scalable broad-based Financial Retail continue quarter. deal deals demand geographies growth XX.X% deal signed Segment Across mortgage, emphasis are was at resilience. transformation have transformation, payments and XX.X% to segment build with grew clients from annualized takeout experience clients customer initiatives target annual recruiting on increase digital The had rollout increased net constant Resources digital talent sequential a remain headcount and growth Utilities, the We attracting our of digital ability basis. our improve with Services six XX,XXX client comfortable quarterly increasing programs, focused with of omni-channel up Our to We are to market. verticals Nilanjan adoption, We at and five Energy, deal. and Client currency and digital performance, during increased and ramp with its Communication networking one cost improve segment in on vertical on steady XG constant

Clients spending renewed returns currency. in We X.X terms had steady XXst, and cloud December We new client on patient-facing on gradual are like focus filed increasing system during wins. strong like constant We accelerated to further experience, continued workload supply currency, in Sciences program and as million health on ramp to patient crore of areas expect by resulting constant and consumer migration and the performance around to areas broad XX.X% tax clients' very and and to spending Over or various steady of sub-sectors our across and products. engagement. businesses are India. customer of the tax technology cybersecurity across cloud. and within smart deal digital seeing Daimler Hi-Tech uptake XX.X% programs segment deal the improved XX in customer, also segment digital see chain improvement using IoT, CRM XX.X% in the applications, improved geographies, seeing manufacturing, to and the significant continues were a health, The momentum improvement continue increase with up connected digital patient to are in growth of growth IoT deadline XXXX. to access income next-generation quarter various linked new portals, transformation programs Adoption the performance of Life Manufacturing work. in focus in transformation employee momentum partner growth.

XX were lakh and or or over peak lakh million tax day X last the hours filed, tax were On the returns over returns filed. XXX,XXX or X.X during

momentum be supporting of sustained developed. capabilities areas and we digital rescaling modernization, clients have been engineering, up automation, in will The cloud with service related the constant trust strategic intelligence strong stems from to that for business pipeline, strong and our XX% increasing and With have four Across artificial from continuing and India IoT, our working for performance of in and annual in services, big data relationships QX, overall We on digital the our future our years ranked services, as strategy the people analytics. and clients are XX.X% the for to this program guidance relevance on leader robust moving growth of to and us. from in currency. XX digital proud of digital modules we revenue XX.X%, are for this cloud, be and deep government, focus XX.X% to in

at let that, his it hand remains to guidance margin to XX% over update. operating With XX%. Our me for Nilanjan

Nilanjan Roy

Thanks, everyone, call. Salil. you the joining thank and Hello for

happy XX.X% very year-on-year year-on-year me the XXXX. continued quarter another broad-based growth it constant the by acceleration across Despite and verticals. just and growth, Let safe wishing Q-on-Q seasonality, of growth start in highest revenues was growth at currency fields successive years. currency everyone and QX was XX QX last X% a strong in constant the

in TCV, $X.X and Energy, large Services, of Resources XX Client deals major million benefit eight XX in a XX Hi-Tech currency. and movement, the These cost XX.X% Life numbers. to XXX in other robust. the offset remain in benefit QX due North the in to in to five dollar TCV one Europe stock at supply decline. improved utilization terms. increased and EPS intervention, component geography margin Sciences. increasing currency larger largest marginally Americas, two six The basis $XX each of comp versus FX drop or higher XX.X%. of previous on Our currency slightly leverage in points of deal metrics the points million, than promotions and quarter. impressive large a Utilities, in deals with the term Services; Manufacturing, pressures. to two the optimization. billion Communication to accelerated in to another XX clients America Operating basis XX movement year-on-year therein. seven Region-wise Communication, marginal employee We constant of XX% due XX% year-on-year points growth year-on-year. rupee parameters new Retail, sequential points due constant will grew within was XX added about a impact from count basis also Manufacturing resilient client an quarter. We from Retail; with Onsite an impact hikes XXX saw XX, points QX growth new due at grew Sciences and increase basis benefit were to and in XX totaling by XX.X%, mix and side below. further XX.X%, to included remained the basis. due year-on-year deals other last and XX.X% XX.X% basis cross points while Life to and of one-off ROW. by over the easing and those were won Europe other margins QX previous basis Financial from then XX was and The in quarter And the terms rupee SG&A Utilization some XX.X%, in lower and share

X.XX% to billing the two Free nine Yield quarter XXX% is last was reduction days to quarter, X.XX% to the compared work net on for still increased DSO balances Although, million. it in a of in year. to-date. increase higher XX cash and as improved days days profit QX percentage prior QX was of cash cash of flow a to $XXX Free seasonal for healthy versus at the due and five XX% the QX. flow for months

paying the million share to equity the payouts. over during of on remains and and increase and Our X% quarter of year, cash quarter. capital of of increase the driven strong end interim consistent Consolidated an return performance debt-free. balance after further by $XXX $X.XX investments over prior dividend through and dividend Return robust stood at sheet XX.X%, the increased buyback billion at QX

quarterly voluntary increased long-term compared months commented efficient On XX.X%. to due annualized XX front, continues increase the the to while effect Salil was flattish employee as to attrition And tail QX. attrition to

of invest progression. skills We learning, and talent incentive, in career compensation, aspects continue to will including promotion, retention, all

reskilling We client usage of commitments. impact to have also any on to hiring, subcon simultaneously pace increased talent the the prevent and

added last have over XX,XXX ever. net the quarter, talented highest the basis We a in on is employees, which employees

at least questions. for remote fiscal revenue over versus XX,XXX inpatients the to of guidance environment XX.X% have globally employees the graduate remains Our increased one new working from our FY due variant. the dose earlier. we heightened are the this of unchanged constant in a our program Driven against we of environment the gains, to vaccine. terms our XX% received been to XX.X% XXXX currency over presently quarter previous Over for India, XX% XX,XXX. of and precautions robust In that, global XX% further for at in has increasing margin hiring number to can With XX%. open guidance XX% to call the share XX.X% have by demand And continued market college to

Operator

you very Thank much.

question [Operator We will session. line first from the Rudra begin go Please Ankur Instructions] now ahead. is of the from JP question-and-answer Morgan. The

Ankur Rudra

Excellent Could sharp? you very, quarter. Thank growth year everybody. you. from Why Year the came maybe Happy incremental where the start numbers quarter. forecast? New was for the previous the very execution strong to third versus elaborating full so Clearly, the for with different

Salil Parekh

Salil. is This Ankur. Hi

you Sorry, bit. a up broke little

there You incremental? was said the

Ankur Rudra

surprise Where the The guidance performance did full increased the quarter. given came in the come incremental surprise the very been from? has year Where sharply, from?

Salil Parekh

Yeah.

cloud where more overall in This we by then and X% in most X%. extremely traction programs. had the the and have growth demand I we the the through where the saw remains year the the digital of think, strong what environment seen all jumping there, on really is QX, quarter, and the strong this then guidance up and quarter in and is more impact therefore, So, we

sharing In verticals, I broad-based. earlier, as terms really of was it's

we're very Of good course, looking that Life our that also as. largest have given vertical in starting nicely forward were Manufacturing, to it's I come in was that Financial to. that back Services, Sciences is in seeing strong we described we before. and There's something momentum momentum Retail

for full QX and again, elements the gave standout. year. a Europe, the good some are the support outcome was mentioned, for margin expanding then Nilanjan in us the of Those As that

guidance the Sorry, for the full year.

Ankur Rudra

Salil, Salil. year-over-year last a you, Thank growth six trajectory basis for has quarters. the on continued the

Operator

Sorry to interrupt Mr. Rudra.

breaking. was Your again it -- voice

Ankur Rudra

Apologies.

try me if again can you Let hear? it

Operator

Moshe move please clear. I'm ahead. your the and is Katri voice question, next phone the to afraid. In Please from would line we'll the your just meanwhile, rejoin which Wedbush. you of Sir, not request is the queue. check to from line I go

Moshe Katri

in do bit What Year be sustainable talk guess give kind about you recruiting, New and going I to margins this you some of calendar comfort? a is know but of question and as the if Happy XXXX? of the thanks. in Thanks and on lot. that's results. of in down about can -- very terms One, have can about talk -- us to the ready year of on congrats what biggest changed then robust. Hey, what Maybe that, cushion down the talk just we sort are we you road reported a off-campus entire top color you that this model, And maybe of strong road to the QX, is a visibility? to the some bench that what's in levers the is terms of benefit the pretty from continues been especially I bit

Salil Parekh

first will is part This and on Nilanjan margin leavers. the with Moshe. off start comment Thanks Salil. the I'll

for guidance see color this environment strong, good. remaining have XX we Of declined this budgets the demand through the year, March course, you year, are we looking calendar of broadly as referenced,

pipeline The are would the these have to as total in had time. deals for new. large $XX and shared, million $X.X each of net number XX% largest of long is Nilanjan large close a a overall deals over able billion that of we very Our we XX

confidence things So, are ahead. giving see we us for of a going what good all those

for we our course, the to over for Of April. guidance will Nilanjan, financial please. you our year in have --

Nilanjan Roy

Moshe. Yeah. Hi, Thanks Salil.

like mentioned they resilient So I for on the margins, were the quite earlier, quarter.

to a just I think couple out. things I of wanted call

Of whether course, armory, it's leavers, cost the mix, automation. onsite the whether it's pyramid in it's offshore

deploying. these continually course, look which we Of something are

really us Going look ahead, continue for area to subcon and up an that’s our will ramped we course, of ahead.

And as the feeding it's not other to thing pricing. cost higher a new is about important cost et The talk that cut into cetera. deal,

hopefully benefit. should have that a think I

talent Of course, show business clients getting pricing, of to the we in start our are value digital terms as able transformation. to

have talked can quarter we any part take this side It the we've the to something sure dollars If we kick-in we well. about making negotiation. our is time is and leaving are the into as not getting focus. cost in again, more that recently. But that Now, of will and last table as on started pricing really also and start that $X.XX

Moshe Katri

guys. Good luck. Thanks

Operator

Kumar ahead. from The you. go of BNP is line Rakesh Thank next the from Paribas. Please

Kumar Rakesh

into one strong year. indicated have Hi. for peers on our calendar Good My you continue the question, year, this largest set first great Congratulations to around, of thank everyone and so numbers. taking question. was of this going very growth Sapphire Salil, through a

or you So really we growth looking our continue some or portfolio their and to at we intervention going our capabilities need growth that offerings, you do this do of see capability that to are aligned up own beat see to numbers, strong ahead? meet build

Salil Parekh

that for question. Thanks

set, of across I strong portfolio digital our think, terms capability in cloud. have we and a

for making well Our the and We looking where the work. with on choices these the digital for portfolio four of Cobalt years had capabilities the a resonating invest the and see of extremely we growth over set our is in clients. positioning have really past reflection focus clients

growing capability capability. We than digital also our faster the see cloud

are from we yes, this. to benefit So well-positioned

to addition stable is a We set have strong in we shrinking. It's this of growth. automation, in services, leverage mobilization. terms In our in capabilities that, not which quarter core now of

perspective. So, our our view all of we ability from are the expectation the set capabilities to capability that our and reflecting those of and client is demands have meet portfolios are, with

our the projects ongoing We helping a have deliver talent, also at level the recruiting is our the attract on us recruiting regular on which college expanded capacity with to basis. to and ability

into position good as quite about go how year we well. ahead next the feel as we we So,

Kumar Rakesh

we're we margin trending for end guidance which to XX% that. and and the around to of XX% next upper is the Salil. have My Thanks that currently question

in indication is with going large coming any potentially an should to or it Is at coming any flexibility margin see that? that which flat? some are in come that yourself want keep cost hence there you an guidance you're Or that? how is we So you're What it to from deal maintaining indication and of? trends cost trends, a looking quarters of or this major anticipation

Nilanjan Roy

Yeah.

a us range really for the within we comfort which operate. think is I margin So, guidance

So, we as don't fine really that year progresses. tune

is now are was just It to band, before which XX%. happy be this we COVID, we So a XX% XX% are in. to to XX%

have like we year. leavers So continue deployment. I anything we think, very But real said, cost of than headwinds rather continue be And for cetera, cost and we a optimization the looking us to more focus. that I terms course, We that's our next if robust into cost else. in ahead, new employees, to et know traveled like of potentially could

on this. quite confidence we think So

Kumar Rakesh

Okay.

that yourself. flexibility lot fall those it more for a answers. Thanks it. of back. reflection So, a want keep you of to Got I

Operator

the you. Bachman next The Thank line Please from of question ahead. BMO is Capital Keith go from Markets.

Keith Bachman

Thank on I up pick of line Yes. to want questioning. that you.

could just the of if would the four course impact few talk and could five a you see address puts to I see the year you you the If next you calendar wanted about XXXX. as for or takes, And really things. what quarters, three, margins be think over

issues up, the other probably brought you be, remain for such want that's thinking calendar Thank one you. would can course be or -- think should it attrition quarter instance, year may bring How was think we demand And just XXXX? is any trends do XXXX two, you any could the during speak issues think headwinds -- of that for about trends XXXX? that so you Number utilization they margins about What and I this impact flat you about calendar three be will how or number utilization. you should that calendar was attrition other market sequentially. of attrition move that elevated? lower, me. Do strong and said then year thinking So, to that to we travel the you over up year

Nilanjan Roy

Yes.

next I we give for So, out think don't guidance margin the year. the

having actually much which every year. said at Now pretty face headwinds, that, the looking we

compensation that renewals, your a automation, new you looking bit at you it's is the hikes, and whether we have cost pricing. mentioned offset a earlier have You I if run. programs pyramid that a of discounts optimization leavers back on subcon, clients some in as with of for coming that terms it And you're

on So that's working remain continuously we're which quite confident. something and

does which if better -- come Even with Of or levels, it -- one is in terms it back. comes at with this thing is travel lower when back, pre-COVID come quite course, does slightly moment back unknown of it level.

to have for we'd that So watch out really.

it's In of zero-sum think not that industry fundamentally, increase attrition a And It's I of -- largely the Otherwise, for stemming terms attrition, and freshers, I terms has to attrition to in a my luck luck. volume else's is peculiar somebody larger industry fundamentally this from from right? it's somebody is issue. come else's think us. it's game my

and take they which secure And to as then have of time early four So them staff seen see should for attrition something system, as special annualized or as we will efficient signs, this start feeding it And months, like after through said, [ph] term. some help the in seeing have a ahead, think first And efficiency terms are -- that increasing, into in positive I industry attrition go the come it's will because be flattening and take looking down. But dramatically really the market to I I too will long overall come we absorbing. quarterly basis. that's we training, production environment sequentially working. into on the say or said, as whether we medium we three to but like in

Keith Bachman

Okay.

on also year-over-year. dynamics And any a But in neutral think percent increased broadly. specifically as you of thereafter. given offshore you? trend of labor And Okay. the see hurdle that, you're you think that of help noticed Is that or a part comments floor will is I I utilization continues front -- just the

Nilanjan Roy

the cost, We what of even if sitting future course, we it's likely terms in operate effort utilization, that, this this of down higher would because all So, having in is said in normally is in which -- offshoring, rather we our XX% like. of than XX% terms is But XX%. bring effort there. of the

utilization the offshore margin, So, to costs directly doesn't as of linked operate. way because the the

factor. one So that's

the offshore. think Onsite what question? second was I --

think I run. it’s long a

huge think If on impacts you have why this demand. we see I -- COVID had

doesn't I that environment for think And side really, And, of larger in in of near done opened think supply is, in be many because sort shifting can secularly help done me, It -- that for the our be locations. the onsite. up shore, near really that done beauty we more level. be shine be offshoring much remote clients to shore offshore nearly It will the work be be to this have entire to ability out it has every industry delivered eyes course, done a can location. this part overall I of will offshore. and more that more can work the believe of benefit of of

think I is good sign. this So, a

short-term think like I large we've think a more that see quarter, we and trend be up labor here lot will secular there, this but seen India markets to offshoring the open available. basis XX, continue there opportunities. impact we'll can points XX

Keith Bachman

Many Congratulations. thanks. Terrific.

Operator

Diviya go you. the question is Thank next Please of Nagarajan ahead. from UBS. line The from

Diviya Nagarajan

in go the for next really last few do an opportunity see comments well. is this have a calendar rate like XX seen demand you with the question another months? looking run made, now pricing team. there on you trend just to the several My looking it a flipping on here at the year you for Thanks my at and impressive quarter question for Salil, -- And up the strong taking of XX, here supply discussed and strong that pricing. next pretty Is very congratulations looks quarters on how level? as demand you in

Salil Parekh

thanks question. This for is Diviya, Salil. that Hi.

what of you we have closed QX QX. level versus on think we saw stability specific first, pricing, deal this in I in seen that some in

XX that a as our programs. also place and intuition digital term, time create communicating shared we have last longer the seen I the clients in On done revenue through are a effort with them in time, in the We've months put for the very seen share have We'd on the large daily increases. three we've in value think helping their focused first the we past, wage in broadly enterprises the of long environment. we very

open And so these to discussions. are more having

With some can in value those communicating that and more these digital factors over immediate, it we quarters not see margin out in that that be in mind, resilience bring in demonstrating through view a we we the we through to next while and will my build the programs, creating feel our several will impact are but will profile. help us more

Diviya Nagarajan

it. Got

but direct You were earlier kind in which elaborated future if capabilities, that your think in and your to direction of your of make, going skills of capabilities? skills would you and any to terms you're that investment kind of

Salil Parekh

ecosystem So, clients and really we partnerships. partnerships, strong of it. also public our capabilities Whether cloud are -- we today our jive very Cobalt cloud very private strong is have cloud within up constantly the announcing we to biggest are look the

native, a in continue Those to leveraging Those cloud modernization area cloud very traction clients. to which continued machine focus with which incredible analytics, on strong learning, the intelligence area will Then have automation, ecosystem are and and on areas you're seeing we the and already build with that development. we've but which leading, that where out. focus are data Then the first IoT. this artificial on focus We would first cybersecurity, grow. good extremely we players, SaaS strong the have you really be our

as current profile, these jive our be difficulty]. that’s budget going will approach Our drive to all any to of opposed through is what new [technical through, to

Diviya Nagarajan

had Good and drove Any one-off that enough. be what is One last you? should it that extensive. quarter. question, we or other looking your not, -- swing big If a segment something bookkeeping anything this if at particular

Nilanjan Roy

Yeah.

I will So that. take

So, that's India. coming from

some will have the of with in our and also some that quarter-end of [technical seasonality We at India. difficulty] clients we

Diviya Nagarajan

all and for best you coming season. Thank wish it. Got you the

Operator

next is go Ashwin Ambit Mehta line you. Please Capital. Thank of The from question ahead. the from

Ashwin Mehta

Thanks opportunity and of the numbers. set good congrats for on

Operator

you phone. to I to the request Mr. interrupt Sorry closer to would you come Mehta.

Ashwin Mehta

Sorry. you me Can better? hear

Operator

is Yes, ahead. this better. go Please

Ashwin Mehta

of to large check, That does had center I on to possibly for And takeovers Yeah. million, is third-party done almost item we by related wanted what to delivery. data question the bought have out up X.X% to? of one in the some seems that $XX quarter items And just almost gone it deals? this pertain our would this have service revenues.

Nilanjan Roy

to Salil, do you want take that?

Salil Parekh

Yeah.

as are software transformation, we service, think infrastructure IT many data, involve in these So, stack whether infrastructure so well. stack transformation, looking that in and it's a many full I and digital end-to-end cases full these as as -- transformation a involve

So, which we ahead as important and are very they're end-to-end think deals, very, we at transformation, going these bundle when well digital look the transformation.

landscape. front IT So, in I future see we organization, and once to into these overall much continue visibility infrastructure, of us think center deal as the allowing IT our deal pretty the part and giving profiles, deals increased us ahead deals are we

these what are. that's So,

Ashwin Mehta

Okay.

And last question. Fair one just Okay. enough.

margin be down the end higher make margins with annualized year, at to are term go attrition starting think possibly this do we basis year that normalizing, can the they in term, well? so near of -- maintained terms possibly on required exit outlook In quarterly as over you interventions can the near a the that next of so that a

Nilanjan Roy

our said, These I to we be a because continue Like employees, and the seen are behind than decline we'll more so this haven't will know invest to it would and we comfort we yet. do we which is happy. what as flattening takes start training, probably --

will when we focused doing in of But off. really And all this now, as premature so think are I come these interventions. it's

we like points XX our margin quarter, of mentioned This pulling basis was behind interventions. these

Ashwin Mehta

the all lot. again Okay. best. Congrats Thanks a and

Operator

question go next ahead. Please Sandip Thank line the is from from you. The Edelweiss. of Agarwal

Sandip Agarwal

Year, to question. evening thanks the Good for and Happy Hi. my Yeah. management team. taking New

congratulations number. all, good a of on set First very of

question. Salil, I have a very So, simple

on -- stabilizing year-over-year see XX%, a You stat, lot continues is XX% which growth core little businesses probably of a at is It XX%-plus now but there, of a is the be a digital growth. basis. to

this overall is XX%, become Maybe core our pie. XX% of trend continues year? So, next the will

core next can this three everything separately? your long-term on is you from unfair or you which think will converge very what idea, And any helpful. them see a see So thing stabilizing, together? in you think perspective? very it to years, So be sales two, do will do any one share be you Where will that

Salil Parekh

Yeah.

that for This thanks Salil. question. So is

key growth or the now growth. pointed resilience, that -- shows with as stable looking which core, the core instead XX%, digital the for is profile over XX% key business, overlapping. that out, portfolio, of of demand you the very and at small the The First, really the is percentage is strong a at very and us for a the is

we didn't makes for that we strong and it So, the see quarters, some for had decline us. extremely this

have the core industry, while the have area. is with capability competitive a this And across uptick. automation that or best most and be as We be shrinking we'd even probably means still small stable and will else's in modernization in the possibly everyone this

as at quarters that and in building a looking positive for really I has I'm course, ahead. have maintain that, us to to in very exceed So, we very To think a capabilities. the good We, step. this this outlook have of our keep automation out

Sandip Agarwal

quarter. very the for Thanks. Thank That helpful Yes. luck current and you. best of

Operator

line the Thank go Please you. is Padmanabhan Nitin The from ahead. from question Investec. of next

Nitin Padmanabhan

thanks and two everyone evening good questions. opportunity. had I for Hi, Yeah. the

on of first things. The the employee is side

are the I what used been most the you think of it's be actually cost on percentage the side at pressures. like is looks revenue to under of as consistently -- pre-COVID. of things. the all employee if additions look added subcon at it you And a growth part, actually below -- look of has over numbers, revenue, it lot And of the if cost even a the been

will you subcontractors have maybe an think dynamic of these wanted normalizes, Do subcon from you and this attrition sort onto overall, should you see evolving roles we higher that would as your to do go cost? or-- first keeping So hire to the think operational just of directly in forward dynamic perspective? this and the slightly sort was question. understand of how How one involve mind,

next mean that proportion our increases be From The year, second question of I'm far you. does up. Thank than to perspective, into going if was look has be we garner price even next higher. the the around And -- into higher ability see that of what gone business sort will that today? it year sure digital you meaningfully will the

Nilanjan Roy

want Salil anything take question table course, period get them subcon, rehire subcon. first lateral as the elapse will, demand environment said freshers, through therefore, it’s whether the so a fulfill it’s some intend over Really to we first So, to through don't of to will will within. whether program from strong the we we that will of on is some will course, on or of will and and And, optimize the that so of whether subcons, we promote new leave I structure, demand. time, and hires, we we it’s some entire of that lateral

now, are but think the I to the lowest pre-COVID, over will leave above next itself of and over at don't play the that critical us. X.X will the any we XX% will on demand we course, lever the we moment the out -- it's one table. lever dynamic for optimize. this that were So have Salil? term of year. is industry this the But the We about medium remain at in And, optimization at

Salil Parekh

value a On be we demonstrating the in opportunity that, pricing, will -- of increase revenue through work larger what clients putting because the is which will larger. give digital digital us been as place, the creation the through for would have

valid. think your assumption absolutely is I So,

ability an We revenue. do as as additional that long that to execute on will we have

Nitin Padmanabhan

for Thanks Perfect. that.

a Just on clarification answer. the first

is Does more it? little strong. sense first next be as that a to in more will year pressure is add that way the the next a the now to strong pressures additions year year, mean innovative this so little on so one, ability are on it subcon think need laterals that we focus our to about So, considering and many

Salil Parekh

No, think I don't so.

I very think we have will been continue to program, it's there. fresher robust always

will We a them change we see have will so rotation to program, that it combination think of they our In internal reskilling program, freshers new move -- any take an on be that. skills think the internal as into strong to what -- we in based I don't and promotion. well. sense, people projects, laterals we will

Nitin Padmanabhan

so best. enough. Fair much the Thank you all and very

Operator

Equirus you. next ahead. Please line of Shah Securities. Thank Sandeep is question go the The from

Sandeep Shah

the margins. a execution, congratulations revenue solid and Yeah. Thanks on on both and for opportunity,

from wins, you demand or is, especially amount Daimler, see XXXX for had of as deal a XXXX The mega well first of as as Vanguard question well the pent-up some well benefit FY industry. as as as

make in So, upset the momentum next of the looking believe has question care to cloud take in penetration, next growth do one the or growth any us in journey year, a believe you year does do you elements is, the as in these low entering into digital terms of now? has next that adoption journey, of adoption not which of tapering terms in the year,

Salil Parekh

thanks So, the for question.

the the And is I'm this March good strong, digital capabilities, demand is for year the and then For for sure we as environment nonetheless for on year not is the commenting see year. guidance increase, quantitative seen remains yet that. especially a are with year, of you've guidance first, pipeline next cloud strong clients. services upward What and we and clear ending have resonating of

Our large very deal in this quarter strong. also was

expansion to good steady clients, and We've continue seen XXX, see on. deal pipeline. a so million a XXX We so of our last XX,

see so very working also a working client client well that within we is well. accounts new wins, And and are expansion new

specific with don't various environment X/XXXX. have demand guidance this overall, continuing the we April that in strongly, yet So, year -- April of a X/XXXX for starting elements

Sandeep Shah

it related and last has data No. And or pass-through one QX Is employee or No. in is I XXXX up. just up, as it financial as rebadging year? fair to that related being well bookkeeping ramp center legs two in at two deal most well? may look And in FY as is of the being XQ question. The terms continue up say wage of largely the these the over next Fair due way is of largely fourth something hike, up quarter second, to as behind second Daimler ramp and enough. two ramp legs ramp

Salil Parekh

I overall the the and with revenue have specific now in Daimler gone and QX. QX including We've with Daimler, of quarter. can into and more The for. you're other looking we what especially all don't QX specific. not that that understand clients the any of of that, On seasonality guidance covers many is increase

salary we of that have year. compensation them this of planned There nothing specific is done increases, is and In for three terms for QX.

financial start we to but in nothing what come do the plan look specific the next year, that QX. at in will We up, we will will in

Sandeep Shah

Okay. Thanks and all the best.

Operator

Thank you. The next of question Financial. Taneja JM is go line from from Manik Please ahead. the

Manik Taneja

the opportunity. you Thank for

caused how Just increase a slight And see metric months, you to XX aberration, the forward? quarter this you. do Thank saw seen revenues that? understand, wanted a in last and we've of mix over offshore this what going significant

Salil Parekh

in medium we work This from Salil. work-from-home mix the that because last mix done a put location travel, remote was something work efficiency. extremely in had the What have tremendous The quarters. that months is lot have the see And further. for done term clients us in location was clients is a saw more once work different place the has efficient being connect that from be with be bit delivered and for that to the previous done last or to an will in over their in working ability with XX to with changed of exists a opened things drive, ease what We that and opportunity seen is terms up opportunity the work-from-home, remotely the given optimally we little this more also grow. tremendous is quarter in of allowing also

term a medium trend. we in So, that a trend, positive general, as as see

longer have, a a each will and see trend, that of that we as quarter positive. down course, movements as some term We up

Manik Taneja

Thank had more question. you. one related I

seems Just for what person we XX are utilization And offshore while up. last to significant your revenue from amount standpoint. wanted go get there thoughts the seeing is per shift over standpoint revenue productivity of metric around months, it

increase despite of XX months? over seen significant we've talk the Thank that that shift about offshore that. productivity the the causing you. in last factors could what's revenue the some driving are you If So

Salil Parekh

also there productivity, which we to going of our that of things some see much on. are coming revenue there the digital, revenue On We of are productivity is the and number in. mix more more work, a see changing

gone up. As you has utilization pointed out, also

and on really seeing side, also We not of us well, this some impact, some automation our some work, amount the also of side, growing example, the are we've giving data platforms a leveraging and analytics level is gives that's that and externally on There benefit. us for some boost. which quantified of consulting

factors then with exchanging. despite mix work there are So, the several offshore mix onshore

Manik Taneja

for best the future. all and you the Thank Sure.

Operator

Capital Markets. line. the Ruchi Thank We ahead. lost the you. unmated. from been go next your Ruchi of line Please The question is Burde, line BOB from Burde has

from So ahead. Dolat question, we'll next from the go Rahul of is Jain Please move to line which Capital. the

Rahul Jain

revenue, have seen Yeah. Hi. I -- regarding question core stabilization and numbers. Thanks opportunity. I the on a which strong this congratulations for in the year. has have

but especially think this much to the in I wanted could revenue digitalization. of point prospect for about if understand years, the this partly, so talk what the side when be we to coming shift

question should be what one. this prospect number So here, the the is out

Salil Parekh

the financial modularization. guidance been have for the in and even is, for difficulty] in view sense, with can year. which My we we in execute [technical or digital successful on that that the there large that. no in core for we guiding probably benefits QX is player and the is have next So, term. or difficulty] that make sure large we We automation are competitive, working the individual [technical continue for medium market to most clear But own -- enterprises will structurally is what

Rahul Jain

Right. don’t the that [ph] and -- little what Right. the taxation on be XX% I rate country thing, more part, you of accumulable higher, any most has so ideal given the year an ago. to, should our One appreciate the terms color. flavor basis can average. earning of of belongs on share the tax rate it been in This upwards study, you in tax kind of our on looks

Nilanjan Roy

Yeah.

going And XX% So, XX% it only don't it think which against I only as only. the today, that's our India or this plus India movement you case, has because I any is -- XX%, range. because have always think around India tax see much a you'll country rate know,

So, I will think run this itself. in you be range around the long

Rahul Jain

itself. than So, average number or also is India the tax much for higher than rate, for the profitability which region taking XX% rate this higher

Nilanjan Roy

in then individually, where that jurisdictions those give as off can't some there Yeah. are but jurisdictions some be We and here set cannot facts also well.

of combination a it's So, both.

Rahul Jain

Okay.

Okay.

had reason. in also jurisdiction. to is that you up, not result and if -- taxation to So, that a set able That is double

you Thank so it. much. Got Okay.

Operator

The next the go you. ahead. question Friedman Susquehanna. line from from Thank is of James Please

James Friedman

Hi.

had repurchase at the It's what I Let you is the but Day Analyst I it in congratulations. one share you question is? think November, prioritization? in simple just for me Jamie, XXXX, you. had put remind us the out allocation remember the strategy Can perhaps where I Nilanjan. Susquehanna. echo Thank capital

Nilanjan Roy

Yeah.

XXXX It growth XX% plus oriented we either years, or back higher period two one-off a the dividends. And which And what And we we our that had dividend first said FY five a as year. policy shared announced, have also actually announced increased was through basically XX%. capital normal of we through through we So, paid in special buybacks -- we allocation combination this buyback, dividend. last this of share pay over will out announced XX%. was taken years, to had that in progressive we

already our XX% we've remain paid five-year overall XX% So, back number. and committed we to quite

James Friedman

it. so much. Thank you Got

Operator

AMC. the next line Please Vimal from The question go Union of ahead. Gohil is you. Thank from

Vimal Gohil

which has has for congratulations QX of comes and a My X% And a revenue and on which over is on addressed. growth, of X% in of in that's partially revenue, been But should of growth. cost so attrition. versus over a very around under Yeah. the question has your cost employment opportunity how core been you XXXX cetera. last the think the challenges cost, increase this -- we great course, Thank And, quarter. been about light the which FY et applied sharp employee

could industry, mean, How outlook of should highlight, hikes higher in with have -- give an much are our kind been this could than some over or sort about as if of the much, I we has the Thanks. wage the company you there line you historically? how just if industry? they -- So, well. what And think

Nilanjan Roy

Yeah.

one. employee isolation, So that's overall some both people QX to combination of get in perspective. subcon of Number cost together as two, both you a number and the cost we cost see have for

market, in competitive of -- thought many very attrition for being of being ahead. We have and are employer on choice employees as the going our focused well as

QX, compensation we board. interventions Salil across said the across have like the across as more did So on segmented we've QX the -- In we board. in well QX, July, did and January, In in and done we we targeted done into look we at attrition, the very talent, much continued in skills and for looking target market high we see of cetera. those QX, those get seeing, tactically where doing And that to do more on at being et employees high are points demand side, really. we

I nuanced a that. So, think very is said [indiscernible] it and will and like I we continue doing

Vimal Gohil

Right.

if there so how And QX. about could furloughs be revenue at your -- in -- think Considering fact versus we you've we your growth -- so reported was to guidance basically will be in your QX, were should the guidance growth in some revenue of zero your than QX. look higher what X% implied implies, that to sort

the in how point this time. should -- of So conservative we about each think at guidance that? How should

Nilanjan Roy

stable. see demand quarter. in year. last of other guidance, is a is guidance, There also the strong very saying and where further good no the move deals, good But This that to terms is outlook. going difficulty] In guidance to [technical which large for good it's big think very up we the from I it XX.X is year were We -- XX. very the a

Vimal Gohil

so you much the and best. all Fair enough. Thank very

Operator

over question I conference comments. for you. management the Thank the gentlemen, closing and last hand that now the for to was today. Ladies

Salil Parekh

Thank you everyone. Salil. This is

close to from our side. Just

We digital time. quarter, deals XX% large the making year-on-year. First, thank X.X strong Q-on-Q, Very about X% all growth on good Very feel XX%. good extremely for you the billion.

execution So, very portfolio and we're market share seeing from overall well really coming is And gains, good are which demand. which market our teams. us, of from for primarily, positioned sign excellent good a all a

to revenue Our course, of XX. has XX.X for gone guidance, up

and and programs. clients, digital remains confidence strong Our overall what our in level at a strong for future the at good, and we trust and margin very a our we positive outlook about have see of operating XX.X, good cloud transformation

catching I New thank all. up wish So and in you you look Year happy to forward April. with that,

Sandeep Mahindroo

closing thanks joining year. the talking Thanks on for this comments during forward call. Look for Thank everyone you. the us to Salil and

Operator

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