Good evening, everyone. Welcome to the HCLTech Third Quarter Earnings Press Conference. We are joined by C. Vijayakumar, MD and CEO, and we have Shiv Walia, CFO, and Ramachandran Sundararajan, our Chief People Officer. I will now hand it over to Mr. C. Vijayakumar to open the press conference.
Yeah. Good evening, everyone and wishing all of you a very, very happy New Year. Thank you for joining us today for our press conference. We have delivered another standout quarter. Just give me a minute. Yeah. I'm very pleased to share that we have delivered another standout quarter on all fronts. The performance is underpinned by our AI vision and offerings, which is really founded on our deep engineering pedigree and our unwavering commitment to creating value for our clients. We see continued momentum in AI-powered solutions like Physical AI, which is Robotics++, AI Factory, custom silicon engineering for edge inferencing chips, as well as large-scale transformation programs in application development and modernization services. We delivered $3.79 billion of revenue this quarter, which helped us cross a very important milestone of annualized revenue of $15 billion.
This milestone reflects the scale of our platform and the durability of our growth model. I am very thankful to all the HCLTech techies around the world for this proud accomplishment. In the quarter, our revenue grew 4.2% sequentially and 4.6% year-on-year in constant currency. This growth was driven by healthy momentum across our business segments. Our services business grew 5% year-on-year and grew 1.8% quarter-on-quarter. Our IT and Business Services grew 3.8% year-on-year and grew 1.5% quarter-on-quarter. Our flagship Engineering and R&D Services grew 10.8% year-on-year and grew 3.1% quarter-on-quarter, and all the growth rates referred here are in constant currency. HCLSoftware delivered a very good performance. The business grew 3.1% year-on-year and 28.1% quarter-on-quarter in constant currency. HCLSoftware's annual recurring revenue stood at $1.07 billion, a 0.6% increase year-on-year in constant currency.
In addition to seasonality this quarter, this growth is fueled by strong traction in our data intelligence portfolio. Our advanced AI revenue grew 19.9% sequentially, led by a strong uptick in agentic Physical AI and AI Factory programs. AI is now embedded across every major engagement, whether it is through service transformation or advanced AI or classical AI offerings. Our strategic focus and early bets are positioning us as a clear leader in an AI-accelerated world. AI Factory is a significant growth vector for our Digital Foundation business, while Physical AI and custom silicon work for edge inferencing are big growth vectors for our engineering services. Our operating margin, including restructuring costs but excluding the one-time impact of the new labor code, came at 18.6%, which is an improvement of 111 basis points quarter-on-quarter. This quarter, we clocked in a strong net new booking of $3 billion.
In our services business, we are experiencing strong growth in our applications business, fueled by strong deal momentum and flawless execution. Clients count on us for value stream transformation, application modernization, data solutions, and large-scale system integration. In our application services, we won a mega five-year strategic engagement, $475 million, to serve as our client's long-term AI-led technology partner. HCLTech will modernize their application and data landscape, leveraging our agentic AI Force 2.0 platform. Another important win was a leading U.S.-based insurance company has chosen HCLTech as its strategic technology partner, consolidating services previously delivered across multiple providers. This program is also powered by HCLTech's GenAI-led service transformation platform on AI Force. I am also happy to share that we have been included in the Forbes list of world's best employers for the sixth year in a row. Our pipeline continues to demonstrate strength and sustain growth.
It is strategically diversified across business segments, verticals, and geographic regions, with AI, GenAI, Physical AI, and agentic technologies now integral to virtually every transaction. While uncertainty persists in the global market, leading to slow spending growth, the fundamental demand for technology as a driver for business transformation remains structurally intact. Discretionary spending is emerging in new pockets. Our focus is on proactively identifying where the new spending is occurring and targeting those opportunities. We at HCLTech are always working to address such evolving trends, and I'm confident we would do it well in this cycle as well. I believe there is little value in waiting for either historical or anticipated discretionary spending to resume. Instead, the focus should be on opportunity, identifying proactively where the spending is occurring and targeting those opportunities, like what I mentioned before.
Capturing such spending in this environment demands a high degree of creativity and innovation and should be aligned with where the money is moving today rather than where it used to be. We at HCLTech are always working towards addressing such evolving trends, and I'm confident we will deliver this well this cycle. On the back of a standout quarter and sustained growth momentum and strong bookings, we are raising our full-year services guidance to 4.7% to 4.75% to 5.25% in constant currency and the overall company-level guidance to 4%-4.5% in constant currency. We remain on track to deliver a full-year EBIT margin guidance of 17%-18%. With this, I will invite Shiv to walk through the detailed financials.
Thank you, C VK. Good evening, everyone. Thank you for joining our Q3 Financial Year 2026 earnings call. Let me walk you through our financial performance for the quarter, starting with the revenue performance. Total revenue for the quarter is at INR 33,872 crores, which is a growth of 6% quarter-on-quarter and 13.3% on a year-on-year basis. Coming to the services side, services revenue came in at INR 30,184 crores, which is a growth of 3.7% quarter-on-quarter and 13.5% on a year-on-year basis. Software revenue for the quarter came in at INR 3,791 crores, which is a growth of 29.7% quarter-on-quarter and 11.9% on a year-on-year basis. Let me now share the details on profitability. Our EBIT came in at INR 6,285 crores at 18.6% of revenue. Net income for the quarter is at INR 4,795 crores at 14.2% of revenue.
EBIT and net income exclude the one-time impact of new labor codes. Including the same, Q3 Financial Year 2026 EBIT is at Rs 5,329 crores, and net income is at Rs 4,076 crores. Moving on to our ROIC, Return on Invested Capital Information, ROIC. The ROIC continues to improve thanks to our ongoing focus on profitability and efficient capital management. Last 12 months, ROIC is at 39.4% for the company, up 277 basis points year-on-year, and services ROIC now is at 45.9%, up 117 basis points year-on-year. Software continues to improve with ROIC at 23.1%, up 513 basis points year-on-year. Now, let me share the details on our strong cash generation. Our cash generation remains very strong. Over the last 12 months, operating cash flow reached Rs 21,869 crores, while the free cash flow generation was at Rs 20,520 crores.
Our balance sheet remains strong with a gross cash at Rs 34,306 crores and net cash at Rs 31,939 crores. Operating cash flow to net income conversion is healthy at 127%, and free cash flow to net income conversion is at 120%. Our total DSO, including unbilled, is currently at 81 days, increased by three days quarter-on-quarter due to seasonality in our software business. Now, for our shareholders, the diluted EPS for the last 12 months came in at Rs 63.35, which is up 0.7% year-on-year. Including the impact of new labor code, the diluted EPS is Rs 60.70. The board has declared an interim dividend of Rs 12 per share for the quarter. The record date is 16th of January 2026, and the payment date of the same shall be 27th of January 2026.
That brings our 12-month payout to INR 54 per share, effectively distributing 88.8% of our net income. That's all from my side for now, and I would like to hand over the discussion to Ram for an update on HR matters. Thank you.
Thank you, Shiv. Good evening, everybody. I'll join C VK in wishing you all a very happy New Year. For the quarter ending December, our employee strength is 226,379. To a large extent, it remains more or less constant from the previous quarter. It's a drop by 261, more or less constant. But we added 2,852 freshers during this quarter. Now, that takes the total fresher addition for this fiscal year to date to 10,032, which is almost two-thirds higher than what we had done in the same period last year. So, significant addition. That's one of the callouts that we made at the beginning of this fiscal that our fresher addition this year will be significantly higher compared to last year. So, that's on track. So, we've been able to do that. Attrition continues to be a good story for us. 12.4% is the LTM for IT services.
That's a slight drop from the previous quarter. It's a 23 basis points drop from the previous quarter. Year-on-year, if you look at it, it's an 88 basis points drop. So, attrition continues to be a good story. So, that's a short brief. I'll stop here and maybe open the floor for questions.
Just before the questions, I just want to clarify that our guidance does not include any contribution from the three recently announced acquisitions, and the margin guidance is inclusive of the restructuring costs but excludes the one-time impact of new labor codes. With that, we can open it up for Q&A.
We'll take questions from those who've joined in person.
Hi, good evening. This is Tanya Pandey from The Economic Times. Three quick questions. Firstly, just wanted to get a general sense about the acquisition strategy of the company since the company has been buying up assets and companies of late. Also, if you could give a sense of the AI revenue. And the third one is, over the past year, we have seen many global enterprises expanding their GCC presence in India and increase indirect insourcing, particularly for digital cloud and AI roles. So, just wanted to understand, is this in any way structurally changing the outsourcing opportunity, and does it pressure deal sizes or pricing?
Yeah, thank you. In terms of acquisition strategy, we've been clear about our acquisitions will be more capability-led. Our acquisitions will be largely capability-led, which means if there is a need for us to acquire specific domain capabilities or in a certain geography we wanted to enhance our presence or certain technology areas, so that's what we will do. And in the software business, we are constantly looking for very high-growth, early-stage startup kind of firms. That's really one of the strategies in the software business. And there are some geographies, like some of what we call as focus geographies and frontier countries, is where we look for acquisitions. However, our core strategy remains organic growth and not inorganic-led. AI revenue, we called it out. I think it's about $148 million this quarter, which is a 20% increase over the last quarter. And this is not just AI revenue.
This is advanced AI revenue. We have AI infused across all our service lines. There's a lot of service transformation work we do. There are a lot of large opportunities which are influenced through AI, and AI is embedded. So, this does not include AI embedded within our services. This does not include data and analytics kind of services. This is pure advanced AI services, which is about Physical AI, robotics, agentic AI, all the work that we do in AI factory building, large-scale data center professional services. So, these and all the IPs, all the software product IPs that we are creating, like AI Force, AI Foundry. So, it's these components which are included. And that's why we call it as advanced AI revenue. It's very different from the general AI revenue which the industry is calling out because today, AI is infused across everything that we do.
That's why we are very focused on advanced AI revenue to be called out as a separate line item. I think your last question was also on GCCs, right? Yeah. Yeah, of course, GCCs is also a very big opportunity for HCLTech. As I called out earlier, we are present in 200 Global Capability Centers trying to work with our clients as a part of their own overall strategy. If you want to call out the larger market size, a little bit of impact is there because Global Capability Centers are also building some of the work, taking some of the work in-house. At this point, we see it as a bigger opportunity given so many new locations, new centers are coming up. We can collaborate and partner with our clients to help scale our presence.
And also, there are many high-value services and software capabilities that we bring. They can really be an augment to the GCC growth and scale-up.
Thank you.
Thank you.
Hi, this is Ojasvi Gupta from Financial Express. So, my question is a follow-up to what she asked on a slightly different tangent, though. So, if you look at the recent acquisitions by HCLTech in the last few months itself, be it that of Jaspersoft or your HPE Telco or even Varby for that matter, all of them, they've been on the lines of intersection with artificial intelligence in the sense that they've had some sort of service, some sort of add-ons which are related to those lines for HCLTech. So, going forward, are we expecting similar sort of acquisitions, maybe on the lines of them providing their AI services? Of course, you mentioned capacity-led as well. On this, and the other question is, at what stage are we with the Varby acquisition?
And also, if you could throw some light on the emerging digital services and what sort of revenues we're driving out of that. Yeah.
Yeah, I mean, our acquisitions. I think I said called out. I answered the previous question on the areas. And of course, AI is also a focus area because it's not just about talent. It's also about IP and startups which have the right solutions, which we can take to a larger client base. That will also be an opportunity. A couple of years, a couple of quarters back, we had acquired a firm called Zaloni, which is in metadata and data intelligence and AI. And now we announced Varby, which is again in metadata, and it's in the analytics agent with the semantic capability. That's what we do. And Varby is still, this will get closed in this quarter. We signed these three deals, but they all will get closed mostly end of this quarter or early next quarter. That's it. Thank you.
If you can also throw some light on the digital services?
Yeah, our digital services continue to scale. Even in this quarter, we grow significantly year-on-year. It's roughly half of our business.
Hi, so this is Aishwarya from Business Today. Throughout the press conference, you've been speaking of the Labor Code impact. If you can elaborate a little bit, this quarter, of course, is just initial, but for the rest of the year, what is your projection and what are your thoughts about what kind of impact it could have on the rest of the quarters in 2026 as well?
Labor Code has an impact of $109 million. It's a one-time cost due to certain obligations that are mandated as per Labor Code. We see very minimal ongoing costs. It will be in the range of 10-20 basis points impact.
Hi, this is Urvashi from Fortune India. So, just to follow up on that, since the government is still notifying the related rules, so what further financial impact do you anticipate in the coming quarters, and how will this affect your long-term margins beyond this one-time hit?
Okay, just answered that. Anyway, Ram, you want to answer it again?
So, I mean, I can just add on to what C VK said. So, we have factored in whatever we need to factor in as part of the one-time provision that we need to make. On an ongoing basis, whatever needs to be done, we have done as part of this quarter's pay changes that we were anyway doing. So, I don't think there'll be any further incremental cost. Having said that, there are some rules which are still awaited. We'll have to wait and see what those rules are. To the extent that we understand now, it's not going to have any substantial change.
I think there's no confusion on the definition of basis. That is where we need to create, we are required to make those provisions. So, that is very clear. So, based on that, consistent with the practice and discussion with the auditors also, we have created this provision. So, I don't think it will change substantially.
Okay. And also, can you shed some color on the persisting weakness we are seeing in the Life Sciences and healthcare vertical, and what would your outlook be on the same?
Yeah. So, I think we've had very strong growth in Life Sciences post-COVID. So, there is some moderation. And as you know, our Life Sciences business is very heavily dependent on U.S. revenue. And U.S., the healthcare sector, is under significant pressure. So, we think it's another couple of quarters it should stabilize and start growing.
Okay. Just lastly, if you can elaborate on the synergies that you expect from your recent Telco Solutions acquisition, how that would work?
Yeah, I think it's, of course, this acquisition is not yet closed. It'll close end of March or early April. So, it plays into our engineering services in telecom services. If you see the total spend in the telco service providers, it's a very large market. It's a $300 billion market. And this acquisition also is adding a lot of clients or our footprint in a lot of clients in some very new areas. So, we expect good synergies. The one that we did a year ago, that is already growing even much faster than company growth rates. Thank you.
Anyone else?
Good evening, gentlemen. I'm Sakshi Jain from Informist Media. First question, if you could offer some commentary around discretionary spending by clients, how is it in Q3 and how is it in Q4? What are your expectations tied to IT budgets of clients in calendar 2026, and also on hiring, the number is significantly up already, but is that what the company means by significantly up, or we could expect some more addition in the ongoing quarter?
So, discretionary spend is more or less similar to what we saw last quarter. It is still a little bit soft, but that is the traditional areas of discretionary spend. So, as I called out, we are no longer waiting or anticipating that discretionary spend will come back to what it was a few years ago or post-COVID, but we are really focusing our energy to see where the spend is really happening. So, it's not happening in the traditional areas, traditional discretionary areas like SaaS and some of these things. It's not where a lot of spend is happening, but it is happening in a lot of what I call as day minus one work for AI. Like there is so much of CapEx investments going into data centers. So, there is a lot of professional services around that. Similarly, on robotics, Physical AI. So, these are the areas.
Semiconductors, silicon for edge inferencing. Those are the areas which are all enablers to AI, or they're really the foundational blocks for AI. That's where we see a significant spend. We are really chasing where money is getting invested, and there we see a very strong growth momentum.
Your question on hiring, I presume it's very specific to the fresher hiring. Okay. So, the year-to-date numbers that we have done are just over 10,000. If you compare that with what we did in the same period last year, that was about 6,000. Or even on a full-year basis, if you look at last year, it was shy of 8,000. So, we've already done more than that. We'll continue to do our fresher additions. So, this JFM quarter Q4 also will have fresher additions coming through. Whatever is the plan for the year, we'll go ahead and execute that. For next year, we'll make our plans when we finalize the plans for next year.
So, if you've done, we'll move to, yeah, last question here.
Vikas Tripathi from Outlook Business, just last question on hiring. You have shared about the special cadre of freshers you are hiring. Can you tell us, in this 2,800 or so freshers, what percentage is that cadre? And can you talk about what skills, specific skills, you are looking into when you are hiring them?
We called out the Elite Engineers as a specific thing a couple of quarters back. We called out. We are trending at about 15% of our onboards are in that category. I think I mentioned this in the previous occasions as well. It's not a cap that we have applied. If you're able to do more than that, we will do more than that. It's not something that's capped. But right now, we are trending at about 15%. Your other question is about what specific skills. When we are going out to recruit at the freshers level, it's not just limited by skills. It's also by the specialization that people do. Obviously, there's a lot of focus on data, security, cloud. Those are all the skill areas that we would look at. But in terms of candidate profiles, it could be very diverse.
It's all on the back of what specialization people do during their academics and the entry criteria that we will have for different capability units. That's the basis on which we plan.
Just a follow-up on my previous question on labor code. Is there an impact? Are you going to change your hiring strategy considering the new labor code? Is there going to be any sort of change in that? And the other question is about the U.S. announced the CHIPS Act, which kind of relates to AI and technology going forward, supply chains, etc. Could there be any foreseeable impact in this quarter or so, in this year or so going forward?
Do you want to take it, Ram?
No, I don't know. Okay. So, we probably will reserve the comment on your second question to a later time. Insofar as the hiring plan is concerned, I don't see any impact on our hiring plans because of the Labor Code changes. We still have to run the business. We just have to comply with the law of the land, which we will do. It will have no impact on our hiring plans.
Yeah, we'll now move to the media who've joined us virtually. Nitin, over to you.
Thank you, Ashutosh. For our friends who have joined us virtually today, please follow these instructions to ask a question. For people joining on the Webex mobile app, tap the three dots on the floating panel and select the raise hand icon. For people joining on the desktop, please click on the raise hand icon at the bottom right of the participant panel, and for people joining as audio-only participants, please press star three to raise your hand. Our first question is from Ronendra Singh from The Hindu Business Line. Ronendra, please go ahead and ask a question.
Yeah, hi C VK and team. Happy New Year to all of you indeed because of the great numbers. C VK, I just wanted to get some comment on the ongoing geopolitics right now, especially with the U.S., where the U.S. government is threatening every few months, and especially now because of that 500% tariff. What kind of impact do we see going forward, especially in the services sector? And specifically, if there would be any impact on HCLTech also, if you can share some thoughts on that.
Yeah, I truly appreciate your question, but honestly, I know as much as what you read in the newspapers and television, so I would not be in a great position to provide any additional perspectives than what you read in the media. Thank you.
I think the new U.S. ambassador to India this morning in his press brief has given a lot of positive signals, so you should read into that.
Yeah.
Okay. I've read that too. So, but still, I mean, in the long run, there could be any impact because we have a great services sector in terms of growth, in terms of GDP. So, wanted to get some idea on that.
Yeah, I would not want to comment on that. Sorry.
Okay, and one more question on the growth guidance that upgrade that you have given. What is the main reason and what is the traction which is going to give you this guidance?
Yeah, obviously, we have delivered very good quarter. Last quarter, it was a standout quarter. This quarter has also been a standout quarter. Our bookings have been good. Last quarter was $2.5 billion. This quarter is $3 billion. So, some of this is what is leading into increasing our guidance.
All right. Okay. Thank you. Thank you. We'll come back and do this next question.
Thank you, Ronendra. Our next question is from Rishabh Shah from Moneycontrol. Rishabh, please go ahead and ask a question.
Hi, gentlemen. Congratulations. I have two questions. As C VK pointed out, you pointed out advanced AI now spans Physical AI, robotics, agentic AI, and whatnot. How are you redesigning the very definition of this entry-level role at a company, and what work is exactly being done by freshers that you're hiring and you will continue to hire that did not exist two years ago? I have another question on guidance. Your FY26 guidance assumes a very steady ramp in AI-led services while overall headcount remains tightly kind of managed, so how sensitive is this guidance to the pace at which your advanced AI is being deployed at scale and in production, and would you need to change your hiring or cost assumptions if monetization lags? Thank you.
So, we did not really hear your first question fully. Could you repeat that, please?
Sure, C VK. So, as you pointed out, advanced AI now spans Physical AI, robotics, agentic AI at HCL. How are you redesigning the definition of this entry-level kind of a job that freshers would do? And what is being created for them which did not exist two years from now?
Okay, so overall, for AI, we have created 14 different skills, and in each of these skills, there are different capability levels. I mean, of course, fresh talent would also fit into three or four of those skill classifications that we have, and we're also hiring a lot of specialized talent across the world to kind of scale up our AI capabilities, so we have nothing else, nothing more to call out on that front.
Thank you.
Second question was on people.
Yeah, it's the same thing.
Same thing. Okay, fine. Fine.
We don't see any change in numbers because of any of these things.
Yeah.
I'll ask a question. Hi, hi, gentlemen. Ram just had a quick follow-up to what Rishabh was asking. You had mentioned the elite engineering cadre that you are engineers that you're looking to hire. How are these specialized AI skills and digital AI skills going to change entry-level salaries? Because we have seen with your peers, like Infosys, entry-level salaries are going up as high as INR 20 lakhs per annum. So, is there some change that's going to happen there? And also, because there's a demand for specialized skills right now, how is the overall employee mix going to change or evolve in 2026 for HCLTech? And I had a second question for C VK. Just wanted to understand because CY 2026 has started, how are the client conversations shaping up? How are the budgets going to look like?
Are we going to see more large deals, mega deals? Because also understanding that AI is impacting how the deals are getting structured right now.
I'll take the first part. So, I think two quarters back, we did very proactively talk about the Elite Engineers. And if I remember right, I said in that quarter that our entry-level salaries will have the elite cadre will be 3x, 4x, the normal cadre that we have. Now, if you do the simple math on that, the 3x, 4x is anywhere between 18 lakhs to 22 lakhs. Those are two cohorts in which we hire the Elite Engineers. So, that pretty much aligns with the number that you are talking about. So, we have to be competitive to be able to attract the best of talents that we want to attract in the elite cadre. So, we have put in place a program that's working well. We will continue to scale that.
Now, the second part of your question in terms of what will be the mix shift that will happen in the employee base, there will be skills mix shift that will happen, which will be aligned to the services that we are delivering to our customers. When we talk about employee mix, there are different dimensions in which employee mix shift could happen. Whether you talk about in terms of geographic distribution or the traditional pyramid structure and so forth, there'll be some shifts that will happen, and that'll all be aligned to the services that we will deliver to our customers. The most important thing is what is the skills mix shift that is happening. We will find more and more people with data skills, cloud skills, security skills, and AI skills. Those are all things that will be growing faster than some of the other skills.
What was the other question?
The client's discussion, the CY.
Yes, on the discretionary spend, it's still a little bit early days to really get a good understanding of the budgets for CY 26. But in the last three or four years, this whole budgeting has become much more of an agile kind of methodology. It's not that client has a certain budget for the full year and then they kind of really spend it, but they keep modifying it every quarter or every three, four months. So, I don't think we're going to get a very precise perspective on client budgets at this point.
Also, on your outlook on large deal wins and mega deals, how are those getting structured in the AI given the context of AI?
Yes, I think there is definitely a lot of customers are looking at really transforming how they do software development, data lifecycle management, and these type of areas. And this transformation is AI-led. And that is where we deliver this AI-led transformation of SDLC and data lifecycle management through our AI Force platform. So, I think we are seeing good traction in fundamentally not just outsourcing or anything like that, but it's really transforming the operating model of the clients in an AI-led development lifecycle. So, that's what we are seeing.
Oh, thank you.
Thank you. Our next question is from Jash Kriplani from the Mint. Jas, please go ahead and ask your question. Jas?
Hello.
Yes. Please go ahead, Jash.
Am I audible?
Yes, you are. Loud and clear.
So, while you've revised the upper end of the IT services guidance, if you look at the EBIT margins of the ER&D and the IT services business, that has been coming down since the last year. And with the impact of the labor codes and the seasonality of the software licenses in a software products business, is this growth coming at the cost of profitability? If you could just tie up the two.
Yeah. So Shiv, why don't you take the mic?
On the ERS side, if you see quarter on quarter, the EBIT is 16.6% versus 17.5%. That had an incremental impact of the wage hike we did around 90 basis points and another 40-50 basis points on account of furloughs. In terms of the year on year, some impact of the acquisition which is there because obviously the initial part of the acquisition, you would have some impact of amortizations coming in. That's the case. We are quite comfortable with the margins we are operating at. The growth, I think it has delivered, I think very commanding growth this quarter they delivered 3.6%.
Yeah, and then just to kind of summarize what Shiv said, if you take a year on year perspective, our margins, whether it is in services business or in the software business, adjusted for the restructuring cost has been in the same range, so there is no deterioration in the margins in services and software business adjusted for the restructuring costs.
Thank you, C VK. Our next and last question of the day is from Poulami from the Financial Express. Poulami, please go ahead and ask your question.
Hello. So, my question was how, as the operating models of companies are changing, how has AI impacted deal structures and pricing? Is the pricing going up or?
Generally, we see the pricing environment to be stable. Of course, there is a lot of pre-work that needs to be done for operating model transformation, and they tend to come at much higher rates than the traditional part of the work. Yeah. So, thank you for joining us and good evening and have a good rest of the day. Thank you.
Thank you.
Thank you.
Thank you.
Thank you. We'll now wrap up the press conference. A recording of this webcast will be available shortly on the HCLTech website. Thank you all for joining us today. Stay safe and take care. Thank you.