Infosys Limited American Depositary Shares

Good day and welcome to the Infosys earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sandeep Mahindru, Thank you, and over to you, sir.

Hello, everyone, and welcome to InfoSafe's earnings call for Q2 FY24. Joining us here on this call is CEO and MD, Mr. Salil Parekh, CFO, Mr. Nilanjan Roy, and other members of the leadership team. We'll start the call with some remarks on the performance of the company for Q2, followed by comments from Salil and Nilanjan, subsequent to which we'll open up the call for questions. Kindly note that anything we say which refers to our outlook for the future is a forward-looking statement, which must be read in conjunction with the risks that the company faces. A full statement and explanation of these risks is available in the filing with the SEC, which can be found on www.sec.gov. I'd now like to pass it on to Salil.

Thanks, Sandeep. Good afternoon, good evening, good morning to everyone on the call. Thank you very much for joining us. We've had a Strong quarter in Q2. Our growth was 2.3% quarter on quarter and 2.5% year on year in constant currency. Our operating margin was at 21.2%. Large deals was at the highest ever for us at $7.7 billion. And 48% of this was net new. Our Q2 large deals include four mega deals. It does not include the MOU we signed and announced for $1.5 billion. We see that with our large deal wins in the past two quarters, we are winning market share in the area of cost, efficiency, automation, and AI. This is a testament to our strong position as partner of choice for clients. With a clear focus on client relevance, as the economic environment changed, we rapidly pivoted from delivering transformation projects to also delivering productivity benefits and cost savings at scale. These large and mega deal wins help us to build a strong foundation for our future. We continue to see the overall environment where digital transformation programs and discretionary spends are low and decision-making is slow. This is impacting our volumes. The adoption of Topaz, our generative AI capability set, is helping us deliver more value and to increase market share. We're currently working on over 90 generative AI programs. Our work is with proprietary and open source large language models. We continue to make investments in generative AI as we look to help our clients navigate the way forward with deep capability. We've trained 57,000 employees in generative AI. We've announced the launch of our compensation review program for all employees effective November 1. Our margin expansion program is being driven comprehensively across the company. We have five areas of focus. Pyramid, Automation, Critical Portfolio, Indirect Cost, and Value. And it has 20 specific tracks within these five areas. We are delighted to welcome Rafael Nadal and Iga Sivatek as our brand ambassadors. We are thrilled to be recognized on Cantor's list of most valuable global brands at number 64. With the continued reduction in digital transformation programs and discretionary spend and the ramp-up of our large and mega deals towards the end of our financial year, we are changing our growth guidance for this financial year to be growth of 1% to 2.5% in constant currency. Our operating margin guidance for the financial year remains unchanged at 20% to 22%. With that, let me hand it over to Nilanjan.