Infosys Limited American Depositary Shares

Good evening everyone and thank you for joining Infosys' second quarter financial results. My name is Rishi and I would like to welcome all of you. One question. Okay, with that I'm going to hand it over to Salil for his opening remarks.

Thanks Rishi. It's good to see that everyone listens to you so well. So good evening and welcome everyone. Thank you for joining us. Our revenue growth for Q2 was 1.5% year-on-year and 1.2% sequentially in constant currency terms. AI revenue was a standout at 10.5% of our revenue, growing at 29% sequentially. And last quarter, it was at 8.2%. Large deals were another standout at 5.2 billion for the quarter. This includes two mega deals. One of these mega deals was for over $2 billion with a large international company for a period of 7 years and this is net new. This deal is expected to contribute over 1% revenue growth in the coming financial year. The second mega deal was for $1 billion for a renewal. A large deal pipeline is healthy and includes some other mega deals in this pipeline. Operating margin was stable at 21%. Free cash flow was strong at $922 million for the quarter. As enterprises adopt AI at scale, another quarter of strong growth in AI revenues is a recognition of our differentiated market positioning and client confidence. As an ecosystem integrator, we continue to work closely with the frontier model companies Both open weight and closed models, our deep investments in Topaz Fabric help our clients seamlessly navigate between models to ensure token optimization and value realization. Infosys continues to gain market share, especially where economics of the program is aligned to the stakeholder interests. We remain the preferred AI strategy and deployment partner for our top clients. As AI remains central to enterprise transformation in the years ahead, Infosys is well positioned to help navigate this shift. Based on our Q2 performance and revised outlook for rest of the year, our revenue growth guidance is 1% to 2% year on year in constant currency terms. Our operating margin guidance remains at 20% to 22% for the year. Thank you and with that we can open it up for questions.

Thank you Salil. We will now open the floor for questions. Joining Salil is Mr. Jayesh Sanghrajka, Chief Financial Officer Infosys. The first question is from Meghna Sen from CNBC TV18.