Yes, thanks for the opportunity. Just a clarification question. We are reiterating the guidance which we have given for double-digit growth in this year. But the last time in the earnings call and the press release, we have mentioned about constant currency versus this time, the press release does not mention a constant currency. So, is it any assumption change in terms of a full year’s guidance this time?
So, one can fairly assume the guidance is based on Q4FY25 rates?
Yes t hanks for the opportunity. The first question is, if I look at FY2025 and step out the inorganic growth based on my estimate, we have roughly done a mid-teen kind of organic growth. And if I look at also the announcement on Sabre deal plus other acquisitions, it looks like that the coming year with these announcements will also contribute 15% growth automatically through Sabre and inorganic acquisitions. So is it fair to assume the growth momentum what we have seen in FY2025 which is upwards of 30% can be maintained in FY2026 as well?
Okay so Sudhir, you expect the macro head win ds may have some t aperness or some impact on organic growth in FY2026 versus FY2025?
Yeah, thanks. Thanks for the opportunity. First question is, looking at the demand commentary, it's slightly mixed across verticals. So, is it fair to assume with the headwinds which we are still witnessing in the macro versus some of your consulting peers are actually talking about discretionary spend revival which could happen in the BFS as a vertical? Is it fair to assume in a worst case scenario also what we achieve in a constant currency growth in FY24, it can actually replicate that i n FY25? Why I am asking Sudhir is at the end of last calendar year, the 12 -month executable order book has grown at 20% versus this time we are at the end of the calendar year, it is growing at 16%?
Okay, okay. The second question is in terms of margins. I agree there has been a good pickup in terms of the gross margins, but the kind of utilization increase, the kind of offshore increase, is it fair to assume FY25 could see slightly higher tailwinds in terms of average resource cost as well as some amount of SG&A leverage versus the investment which we are doing in S&M?
Congratulations, Sukamal. The first question to you, sir, I think Cyient always had a very great quality of clients as well as good capability, but somehow the growth volatility on an organic basis Y-o-Y has not been so great, and there are issues in terms of predictability of the growth at the start of the year and what we deliver at the end of the year. So how do you see this situation? And what are the corrective steps you are looking to repair this side of the predictability?
Okay. So you are looking to restructure some of the leadership team? Or do you believe there won't be major ove rhaul in terms of the leadership? It will be more to do with our increased focus on execution at the periodic review . In terms of the overhaul and restructuring . Sir, are you expecting some change in leadership or churning our portfolio needs to happen? Or it's more an execution focus without any major overhaul in the growth strategy ahead?
Sir, the first question, in the last earnings call, clearly called out that the revenue pickup and the margin pickup will start from fourth quarter and the margin pickup may continue over next 4 quarters of FY 2026 as well. And now, we are also calling out 4Q may have some headwinds. So, sir, last 2 to 3 quarters, our predictability in terms of growth outlook even for the immediate quarters has been actually going down. So, what are the reasons, according to you Angan? And how are we looking to improve, that this situation may not continue in FY '26?
Okay. Angan, just a follow -up, the impact of furloughs which we have witnessed in Q3 would be also similar or higher in Q4? Because if it's similar, at least the incremental Q -on-Q growth impact should not be that big.
Yes. Congrats on a healthy execution again in this quarter. Sir, I want to well more in terms of the export. That is very pleasant to see that 9% of the revenue has come through export. So can you throw some light which country has contributed bulk of the export revenues? And how are you looking to strategize in terms of scaling? You have already answered that in the next one year, it would be 10% to 11% of the top line. But just wanted to understand which country and which segments, the deman d is coming in terms of the export, either Private Cloud, AI or in terms of the supercomputer?
Okay. Okay. And the verticals where you have sold in the -- especially in the U.S. would be what technology or some other sectors?
Mohit, just wanted to understand that your recent talks with the communication clients, the rate cut creates some hope in terms of recovery in the demand, may not be immediate, but next year in CY25 and if more rate cut comes, this could be also a growth driver for Tech Mahindra going forward.
And last two question in terms of BPO being 16% of your topline. Mohit, are you worried because GenAI may disrupt BPO higher than most of the other horizontal?