Coforge Ltd — Q2 FY24

I can say state of the brand that we do not relate to what you talked about as commentary that you've received from some of the larger players. We continue to see a deal velocity that continues to be very robust. We continue to see median deal size climb up...

Sandeep, in BFS, we see green shoots, but we're trying to balance them against the geopolitical uncertainty that prevails. Insurance within the P&C space, we do see productization... Within the travel space, we're looking at productization, customer experience, and security as potential areas where we see emerging green shoots.

See, unlike a lot of our peers, our deal wins have converted into revenues. So we're not one, I think it would be very unfair to start characterizing our performance, where we've grown 16.2% of the first at the end of the first half...

Going forward, we expect the climb to be far more gradual, but we still believe, given what's happened over the last 4 quarters, the number will continue to climb, but it will climb a little far more slowly than it has over the last 8-12 quarters.

Travel transport, we are seeing pockets of spend coming up. They are centered around security. Spend is centered around digitization, they're centered around prioritization, and they're also centered around spend being directed towards customer experience-based projects.

That's right, Ravi, as we said, there are green shoots, even though the macros are stressed. Digital transformation spend has not necessarily gone away to play around product innovation, to play around legacy modernization.

So three large deals came in. One was from the BFS space, which was a new account, and this was an account which we were kind of going after the last six months. So it's within the BFS, in, in the BFS space, so within banking. So that is one. It's a new, new logo, 100% new revenue.

So hedge losses in the current quarter were flat as compared to the previous quarter. Next quarter, going forward, these hedge losses will convert to hedge gains. So we will, assuming the currency remain at the current levels, we at least assume there'll be a 50 basis points flip on the margins, just because of hedge losses being converted to hedge gains.

One, driven, as you rightly said, because of the hedge gains, the reversal on the hedge, fund that we talked about. Second, driven by what we just talked about, the ARC initiative that Ajay and I were talking about. We expect that going forward to be also a significant lever.

If I look at 19 out of our top 20 clients, our biggest competitor there is a scale IT player. Could be anyone from Accenture to Deloitte to the TCS of the world. These wins are coming against those players.