Yes. So a couple of questions for Vipul. Firstly, could you share the pass- through revenues for the quarter, if any? And secondly, as SG&A as a percentage of revenue is down almost 100 basis points sequentially, 150 basis points YoY, is there anything to call out here, or is this a more sustainable level going forward?
Yes, thanks. Just a follow up. Could you quantify the reversals in this quarter?
In your prepared remarks, you said that FY '26 growth in international business will be better than FY '25. So just wanted to clarify if this is in constant currency terms, USD terms? And could you also tell us what the comparable growth in FY '25 was?
So constant currency basis, 70 basis points and this year will be better than 70 basis points. Understood. The second question is with the release of 1% of the workforce; the headcount declined by 20,000 people, or 3%. And then what you had announced earlier was 2%. So, should we expect a similar kind of head count reduction in the next quarter as well?
Yes. Hi, Salil, Jayesh, good evening. Just one question, and sorry to kind of focus on the same point. So the slight lowering of the upper end of the organic guidance, is it due to taking a more conservative view of the environment or something that you actually saw on the busi ness ramp down, slower ramp-ups, discretionary declining faster, not picking up, something on the business, or is just taking a more cautious conservative view of the environment? Thank you.
Yeah. No, so I understand that, but it is a lowering that I am talking of. Like how did you kind of arrive at that conclusion? What did you see which tells you that the environment is not improving? I am just trying to understand the data points behind that.
Yes. Hi, Salil, Jayesh, good evening. Just one question, and sorry to kind of focus on the same point. So the slight lowering of the upper end of the organic guidance, is it due to taking a more conservative view of the environment or something that you actually saw on the busi ness ramp down, slower ramp-ups, discretionary declining faster, not picking up, something on the business, or is just taking a more cautious conservative view of the environment? Thank you.
Yeah. No, so I understand that, but it is a lowering that I am talking of. Like how did you kind of arrive at that conclusion? What did you see which tells you that the environment is not improving? I am just trying to understand the data points behind that.
Thanks. Thanks a lot. Srini, just one question, your sales and marketing spend in USD terms is down high single digit Y -o-Y in FY25 at a time when you continue to lose market share versus peers, so do you think anything needs to be done differently here o r do you think you are doing enough , investing enough for this to be able to drive the catch up with peers on growth rates? Thank you.
Understand. So you think you are doing enough, so I get the point. Thank you.