Looking at the deal wins for this quarter, looks like you actually signed up with some large customers, the payments client, for example, or even you mentioned a large U.S. P &C insurer. So, do you think that you have moved somewhat closer to your goal of trying to get into some large accounts with a huge addressable wallet?
And the employee numbers, does that include subcontractors as well? And the shift offshore, have you reduced subcontracting?
Just wanted to ask about which side is tech – hi tech customers, which vertical is that classified as? Saw that three of your key deal wins are from that segment. Is that in Manufacturing or is that in the Services side?
Okay, and Life Sciences, I noticed that we haven't really seen any wins. Could you talk a bit about that, what's outlook there, even apart from medical devices, is that still soft?
Thanks for the opportunity. Again, good deal wins, but we have seen this, let's say, the offshore revenue declined from Q2 FY '25 where we were expecting this sharp shift on -site to actually start reflecting in an offshore revenue increase. So far, that doesn't seem to have happened. Could you talk a bit about this? This is because we have seen some other deals that are ramping down. Is there still a margin benefit that we expect later on? And then could you talk a bit about why we have seen this decline that's fairly broad-based across the 3 verticals and even like top 5, top 6 to 10 and beyond the top 20 customers?
Thank you, Angan, and that, I can guess, should be margin accretive, but again, it will be a revenue headwind, right, at that point?
I think we will talk a bit about the onsite increase in revenue about 13 million or so and offshore. Why has it declined by 9 million? I imagine this also had a big impact on the margin. So, Kamini can comment on that?
So, over time, we would expect this to shift offshore? Would this shift offshore over time? Is that what we should expect?
Thank you for the opportunity and congrats on a good quarter. I want to talk about this healthcare public services segment margin improvement. So this quarter, you said that this includes the PAN contract that started ramping up. So can we assume that since we have seen margin improvement that this contract is at least not margin dilutive and it is kind of a normal margin contract, even though it is Government of India?
And secondly, your top five customers, there has been a slight decline, but saw that in your deal wins, there was an announcement that you are now one of the five major service partners for a global financial institution. So can we say that we should not worry about any vendor consolidation deals, at least with your major financial services client?
Hi. Thanks for the opportunity. Two questions. One, this deal that we signed with this media major, I thought that it was in October, early October. So is that included in the TCV? And if it is, I mean, why was it included? Was it signed before September 30th?
Yeah, the deal that you announced, I think early October has that been included in this deal TCV?
Despite this productivity improvement given to you, Hi-Tech customer, your top five revenue is still just barely down 0.7% quarter-on-quarter. So, does that mean other clients grew despite furloughs and all that?
So, we have seen, I would say, consistent growth across most of the other client base. So, are we seeing a broad base pick up across except for this one client?
The first is the increase in other expenses within the SG&A. There’s a very sharp increase — about 77% year-on-year and 41% quarter- on-quarter. Could you talk a bit about that? The other expenses are about ₹7.3 billion this quarter. First question is on the AI run rate. It’s a strong number, $1.8 billion. Could you talk a bit about whether this is preparing the customers’ overall landscape for adopting AI, or are these really specific AI use cases? Which are you seeing more of?
Thank you. So some of this will recur , some of it won't recur, right?
Happy New Year to the management. This the best quarter for deal wins in the third quarter, ever since you started disclosing this number. So, did we benefit a bit from any slippage of the deals, I mean, deals that were waiting to be on that we saw a bunch of them get decided maybe up to November or December?
All right. And BFSI in North America, could you talk a bit about how that is Q - o-Q on a constant currency basis?
Congrats on a good quarter. Just wondering about the Retail vertical performance. Seasonally, normally, Q3 is not great for Retail, but this quarter you showed really strong performance. And you also talked about a mega deal win there. Has that already started contributing this quarter?
Thanks, CVK. And you've also seen in Q3, there was good performance in the Software segment. Last year, we had a slight decline YoY for Software products. Is this a sign that customer spending is starting to pick up again on annual maintenance contracts? And they're starting to open up wallets again for IT spending?
Hi. Thank you and congrats on pretty broad-based growth. So, the first question is on the EBIT margin. When adjusted for that 55 basis points of restructuring , you are almost back at your 18% to 19% range, and you should surely get some cost benefits from restructuring going into next year. The question I had is how much will the benefit be once you finish the restructuring? On a structural basis, how much margin improvement should we factor in because of the restructuring?
That is fair, but just trying to understand what's the benefit that you're expecting to get- is it 20 bps, 30 bps?
Hi, thank you for the opportunity and congrats on good revenue performance. CVK, the way you described your utilization mismatch, it seemed like more of a timing issue for a deal, at least in part. So, then are you expecting these margins to probably exit this year closer to back to our original range?
Right. And it looks like Hi-Tech, you saw really good growth sequentially, even one of your peers reported they have also seen decent growth there. And this is a segment that I think the whole cost cutting started back in 2023, right? So, should we think of this as a good sign of a cyclical recovery in this sector? Or is it still too early to call it that?
Thanks for the opportunity, and congrats on good guidance for next year. I want to ask about your performance in North America this quarter. We have seen a decline of 128 million quarter -on-quarter, but when we look at the verticals, it doesn't really seem to be showing up as a sharp decline in the near time for BFSI. Telecom, I think if I have not mistaken, organically it has shown growth, we have seen some weakness in Life Sciences and in Manufacturing and Retail. But overall, can you talk a bit about what you are seeing in North America and there is also some material weakness compared to your expectations going in to the quarter?
Thank you, CVK. And so the caution that you are making into your guidance, or assuming probably slight deterioration, that's something that you have not really seen yet, but you are thinking that it might happen, looking at one of the deal deferrals that you referred to in the press conference. Is that right?
Congrats guys on the broad -based growth and the improvement in ACV. What is your take on how to think about how HCL Tech is positioned in the competitive space when demand is picking up? I mean, historically it's been thought that you guys are not very strong in applications and not very strong in discretionary spending or when s pending picks up, you will not benefit as much as your peer group. How should we think about that now?
Thanks, CVK. A quick question on the H1B issue. And I know that HCL Tech historically has moved away from visa dependency, and I think you had more than 70% of your workforce in the US location. Would that roughly be correct?
Hi, thank you for the opportunity. Congrats on really good deal wins. I want to check about the growth across geographies. It looks like the core geographies are doing well. Americas and Europe have grown. Even India has grown. The rest of the world has seen a decline. Should we think about that correlated to the challenges in Automotive?
And any progress on taking SWC to the Middle East?
Hi, thanks for the opportunity. Congrats on the strong large deal wins. Just wanted to check on the Tech segment where you said that you accelerated some support to customers. Is this in Semiconductors?
Sure. Just wanted to understand, Amit, here because it looks like there's a little bit more of that this quarter compared to last because QoQ, despite SWC seasonality, margins have gone down in the Tech segment. So, that is why I wondered if this is like -- it's become a little bit more widespread. Is it more customers or a larger extent of support?
Congrats on a very good quarter. I wanted to understand why Tech was flat, more or less this quarter, despite SWC, which should be slightly positive to the seasonality? And second part of the Maharashtra cybersecurity deal, wasn't there any revenue this quarter?
I was asking specifically about the Maharashtra cybersecurity deal that we had.
Hi, thanks so much. And congrats on a really strong deal wins. You see, I am just a bit confused about the commentary in America s. You sounded very optimistic about the pipeline there and the strength of demand. But when you went by the industry-by-industry segment, it didn't really, it sounded more mixed with manufacturing, retail, CPG, all. You're calling out some weakness there. So, could you talk a bit about the Americas and then also talk about the decline in Europe this quarter if that's very temporary and you're expecting a bounce back there?
Thanks for the detailed explanation. I have a quick question on this restructuring cost of 2.4 billion. This is showing up, I guess, as an unallocated cost in the segmental reporting, right? And whenever we had something like this earlier, there was a deta iled footnote explaining what this restructuring was due to and whether we are taking impairment charges. Could you talk a bit about what's the restructuring charge this quarter?
I was like, the margins have been pretty good. So, surprised that you're talking about keeping it a narrow range. Are there any headwinds in the coming quarter that you're thinking about? Because it looks like at least the rupee seems to be depreciating. So, how should we think about margins for, what the headwinds and tailwinds make for?
Thank you. And Srini, Healthcare, seasonally this is actually normally a good quarter for health plan services. So, is that what helped you, or are there any other segments within Healthcare that you're seeing good traction in?
Mohit, we talked about how your large deal capability has been strengthened. But when we look at it year-on-year, it just seems that deal wins have reduced. If you were to think about the environment, I would think we are actually in a little bit of a better environment compared to where we were last year this time , SVB collapse, and things were a bit difficult. And similar, when I look at your 20 million plus customer tier as well, that's flat year-on-year and your 50 million plus customer count is down year-on-year. And Rohit, just the land sales you mentioned , could you talk a bit about the rationale for this? Who was the sale made to? And why is it structured in a way where the payouts actually happening right only after four years or so when you're getting an interest of just 8% plus on this amount?