Firstly, thanks for sharing the AI revenues and the details around the AI deals. But I think the picture will be a lot more complete if you can also discuss the impact, percentage of revenues or the business or the client has already gone through the productivity pass-through, and how much is left? Is it significant or is it not a large share?
Yes, and what part of the business has already gone through it?
Hi. Thanks. Krithi, just firstly on the next few quarters, can we expect the similar type of seasonality going forward? Because the reason I'm asking is there's not been much headcount addition, so the typical seasonality of better first half, does that still work going forward?
No, Krithi, I was asking, so usually the first and the second quarter are stronger than Q4, right?
Hi. Thank you so much. So, Krithi, couple of questions. Firstly, the heightened investments in AI are a very welcome change. My question was, can you provide a little more clarity on the capex required? Because 1 gigawatt seems to be a very, very big investment. I mean global references are almost $20 billion of investment. So, what is the time period? what is the kind of capex? And you said it is sovereign. So, what does it mean in terms of clientele? Would you be selling into your traditional clients or mostly in India? So, a little more clarity would be very helpful.
Great. Thank you.
Yeah hi, just couple of questions. Firstly, Salil, can you talk about the push-pulls for the guidance like at the lower end and at the upper end what are you assuming? And secondly, you guys had a very successful Project Maximus, the quality of business, the revenues has also improved, but the entire INR depreciation which is very significant has not impacted the margin outlook. So, I was just curious which are the areas where all the INR depreciation has been invested and if you can talk a little bit about that? Thank you. External Document © 2026 Infosys Limited 8 Hi Yogesh, this is Jayesh here. At the lower end of the guidance we have assumed higher deterioration in the environment and at the upper end, we have assumed improved environment, like similar to what we have done in the last year as well. In terms of margin walk, I did give you a broad margin walk, but largely we have invested all the benefit that we got from Rupee as well as from Maximus back into the business, whether it is sales and marketing costs which has gone up by 40 basis points on a full year basis, the AI talent and the AI partnerships etc.. So, I think all of all of that has been absorbed in in the margin in the financial year.
And just a quick follow -up, you mentioned productivity pass -through impacted margins. I was just wondering why should that be the case, if there was productivity improvement?
Yeah hi, just couple of questions. Firstly, Salil, can you talk about the push-pulls for the guidance like at the lower end and at the upper end what are you assuming? And secondly, you guys had a very successful Project Maximus, the quality of business, the revenues has also improved, but the entire INR depreciation which is very significant has not impacted the margin outlook. So, I was just curious which are the areas where all the INR depreciation has been invested and if you can talk a little bit about that? Thank you. External Document © 2026 Infosys Limited 8 Hi Yogesh, this is Jayesh here. At the lower end of the guidance we have assumed higher deterioration in the environment and at the upper end, we have assumed improved environment, like similar to what we have done in the last year as well. In terms of margin walk, I did give you a broad margin walk, but largely we have invested all the benefit that we got from Rupee as well as from Maximus back into the business, whether it is sales and marketing costs which has gone up by 40 basis points on a full year basis, the AI talent and the AI partnerships etc.. So, I think all of all of that has been absorbed in in the margin in the financial year.
And just a quick follow -up, you mentioned productivity pass -through impacted margins. I was just wondering why should that be the case, if there was productivity improvement?
Hi, have a couple of questions. Firstly, on the quarter, was March weaker than Jan and Feb? Did you see any kind of weakness generally in business activity or in deal momentum?
Okay. Secondly, the guidance in the beginning of the year was 3% to 5%. And I think on organic CC terms, you are just about closer to the lower end. So were there things during the year which happened unexpectedly or were you expecting this performance to be more closer to the lower end?