LTM Ltd — Q4 FY26

LTM Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=atketYDnYRQ Published: 2 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the LTM Limited Q4 NFI 2026 earnings call. Please note all 0:10 10 seconds participants are currently in listenonly mode and there will be an opportunity for you to ask questions following the conclusion of the management's opening 0:17 17 seconds remarks. Please note that this call is being recorded. I now hand the conference over to Mr. Vikas Sadhav, 0:24 24 seconds head investor relations at LTM. Over to you, sir. Thanks Inba. 0:31 31 seconds Good evening everyone and welcome to LTM quarter 4 and fully year FI26 earnings call. Today on the call we have with us 0:38 38 seconds Mr. Venu Lambu, chief executive officer and managing director and Mr. Vipul Chandra, chief financial officer. We'll 0:46 46 seconds begin by providing a brief overview of the company's quarter 4 and full year FY26 performance after which we'll open the floor for question and answers. 0:56 56 seconds During the call, we could make forward-looking statements. These statements consider the environment as we see today and carry risk and 1:04 1 minute, 4 seconds uncertaintities that could cause our actual results to differ materially from those expressed in today's call. We do not undertake to update any 1:12 1 minute, 12 seconds forward-looking statements made on this call. I now turn the call over to Venu for his opening remarks. 1:20 1 minute, 20 seconds Thank you, Vicas. Hello everyone. Thank you for joining us today. 1:25 1 minute, 25 seconds Before we start, I'm pleased to share that upon recommendation of the nomination and remineration committee 1:33 1 minute, 33 seconds and subject to the approval of the shareholders, the board of directors has approved the appointment of Whipple Chandra as the 1:41 1 minute, 41 seconds wholetime director and chief financial officer. Congratulations Whipple. 1:46 1 minute, 46 seconds We close FI26 with another quarter of steady growth and strong execution. 1:52 1 minute, 52 seconds It has been a defining year for us on various fronts as we continue to deliver broad-based growth and sustained value of our customers. 2:01 2 minutes, 1 second During the year, we executed three strategic programs to strengthen efficiency, scale, and competitiveness. 2:08 2 minutes, 8 seconds These included fit for future to drive cost optimization, the establishment of a dedicated last deals organization, and our pivot to become an AIcentric enterprise. 2:20 2 minutes, 20 seconds Every decision, investment, partnership and client engagement in the year was aligned with these initiatives. 2:28 2 minutes, 28 seconds Fit for future has delivered on its stated objectives and helped us to improve our margins over the year. The 2:35 2 minutes, 35 seconds launch of blue versentic AI ecosystem has begun to accelerate our clients concept to value journey and serves as a foundation for our AIcentric capabilities. 2:45 2 minutes, 45 seconds In parallel, we secured some of the largest deals in our history. expanded order intake consistently and entered FI27 with a robust pipeline. 2:54 2 minutes, 54 seconds We also took an important step in how we present ourself to the world. Our new name and identity as LTM and our 3:03 3 minutes, 3 seconds positioning as business creativity partner clearly articulate who we are, the value we deliver and how we intend to lead in the agentic enterprise era. 3:13 3 minutes, 13 seconds Everything we executed this year is aligned to Laksha, our five-year strategy and I'll take you through the key elements of this during the call. 3:22 3 minutes, 22 seconds To begin with, let me share the financial performance for the year followed by quarter 4. We closed FI26 3:29 3 minutes, 29 seconds with a revenue of US4.76 billion reflecting a growth of 6% in dollar terms and 5.3% in constant currency. 3:38 3 minutes, 38 seconds Operating margins for the year stood at 15.4% 4% a 90 bps improvement on a year-over-year basis. 3:47 3 minutes, 47 seconds Adjusted PAT stood at rupees 5,379 crores up 17% year-over-year. 3:55 3 minutes, 55 seconds The total order inflow stood at US 6.6 6 billion representing a 10.3% year-over-year increase with a 300% 4:04 4 minutes, 4 seconds increase in last deal wins including six US 100 million plus deals. 4:10 4 minutes, 10 seconds In quarter 4, we reported revenues of US dollar 1.22 billion, delivering 1.2% sequential growth in both USD and 4:19 4 minutes, 19 seconds constant currency terms. This translates to an 8.1% growth on a year-over-year basis. 4:28 4 minutes, 28 seconds Operational EIT margins came in at 15.1% reflecting the impact of a partial wage hike. Vipple will elaborate further on this in his comments. 4:39 4 minutes, 39 seconds Order inflow remains stable closing at US 1.7 billion. This marks our sixth consecutive quarter with inflows exceeding US dollar 1.5 billion. 4:50 4 minutes, 50 seconds This quarter we continue to win significant deals. Let me highlight a few. 4:55 4 minutes, 55 seconds We were selected by the central board of direct taxes to modernize India's national direct tax analytics platform enabling improved compliance monitoring, risk detection and real-time insights. 5:07 5 minutes, 7 seconds We were chosen by a leading European met company for a multi-year product development and support engagement. 5:13 5 minutes, 13 seconds Leveraging our Inex platform to support innovation, productivity, and scalable delivery across it digital and physical 5:20 5 minutes, 20 seconds product ecosystem. We want an enterprisewide engagement with a US-based global financial institution to drive AILE reimagination and 5:28 5 minutes, 28 seconds implementation of a business process as part of the broader operating model transformation. We were selected by a US-based global enterprise software 5:36 5 minutes, 36 seconds provider as a strategic service partner to drive the AIEL digital transformation and AIdriven platform enablement across 5:43 5 minutes, 43 seconds its enterprise customer ecosystem. We were selected by a large US-based commercial PNC insurer to reimagine its 5:50 5 minutes, 50 seconds HR and finance back office workflows through agentic AI and automation enhancing the stability and efficiency of its HR and administration platform. 6:00 6 minutes These deals underscore our technology and domain expertise, scalable execution and the trust our clients place on us. 6:08 6 minutes, 8 seconds Let me now share updates on our vertical and geography performance. I'm proud to share that four out of five business 6:15 6 minutes, 15 seconds verticals achieved doubledigit growth for the quarter compared to the same period last year while three out of five 6:22 6 minutes, 22 seconds business verticals recorded doubledigit growth over the full year. This performance reflects the resilience of our portfolio in a dynamic micro 6:31 6 minutes, 31 seconds environment. All numbers referenced next are for FI26 growth in US dollar types. 6:37 6 minutes, 37 seconds BFSI reported a growth of 3.7%. 6:41 6 minutes, 41 seconds Manufacturing and resources reported a growth of 12.7%. 6:45 6 minutes, 45 seconds Tech, media, and communication declined by.7%. 6:49 6 minutes, 49 seconds Consumer business experienced a growth of 13.2%. 6:52 6 minutes, 52 seconds Healthcare, life science, and public services grew by 9.6%. 6:57 6 minutes, 57 seconds From a geographic perspective, the Americas grew by 4%, Europe by 12.4%, and the rest of the world by 11.6%. 7:07 7 minutes, 7 seconds At the end of FI26, the total headcount stood at 87,950, reflecting a net addition of 3,643 employees yearover-year. 7:18 7 minutes, 18 seconds Total fresher additions for the year were 6,729. 7:24 7 minutes, 24 seconds We continue to see consistent external validation of our capabilities by industry leaders and partners. This quarter, we received several 7:32 7 minutes, 32 seconds recognitions. I'll call out a few prominent ones. We were named Nvidia Partner Network Rising Star Consulting Partner of the Year at Nvidia GTC 2026. 7:43 7 minutes, 43 seconds We were named Service Now Transformation Partner of the Year 2026 for an enterprise HR service delivery transformation at a multinational 7:51 7 minutes, 51 seconds aerospace and defense electronics corporation. 7:55 7 minutes, 55 seconds We have been recognized by HFS as an enterprise innovator in the HFS Horizon's Agentic Services 2026. 8:03 8 minutes, 3 seconds We were recognized as a leader by the average group in the software product engineering services peak metrics assessment 2026. 8:10 8 minutes, 10 seconds We received four honors at the economic times human capital awards 2026 across various talent categories including a 8:16 8 minutes, 16 seconds gold for AI in talent management. We won the gold for sales operations team of the year at the 20th annual TV awards for sales and customer service 2026. 8:27 8 minutes, 27 seconds Please refer to our fact sheet for a complete list of recognitions. 8:32 8 minutes, 32 seconds This quarter we made continuous progress in scaling our AIcentric ecosystem, strengthening partnerships and deepening client impact. Here are some of the 8:40 8 minutes, 40 seconds highlights. We launched SkillctV, a skills marketplace for our AI agents and digital employees with over 700 skills 8:49 8 minutes, 49 seconds ready to deploy from day one and portable across co-pilots. 8:54 8 minutes, 54 seconds We expanded our blue vers ecosystem with three multi-purpose platforms. Agent IQ, 9:01 9 minutes, 1 second App IQ, and Fusion IQ designed to help enterprises modernize application, orchestrate AI first service software delivery and engineer quality at scale. 9:11 9 minutes, 11 seconds We have partnered with Salesforce to co-create Blue Max, an agentic marketing execution solution built on agent force 9:18 9 minutes, 18 seconds and Salesforce marketing cloud, helping clients unlock higher marketing efficiency. We partnered with Unifor to drive AI outcomes across global 9:27 9 minutes, 27 seconds enterprise operations for FPNA, contact centers, contract intelligence, outbound logistics and workforce transformation. 9:37 9 minutes, 37 seconds We partnered with Indian Institute of Creative Technologies, IIT Karakpur and MIT to design deep dive training programs for our workforce to enhance skills in AI and related technologies. 9:49 9 minutes, 49 seconds We were granted four new patents across AI generated insights from visual analytics, intelligent configuration of 9:55 9 minutes, 55 seconds data engines, AIdriven resilience testing for applications and predictive modeling for products. 10:03 10 minutes, 3 seconds I also want to highlight some AID outcomes we delivered for our clients in this 10:10 10 minutes, 10 seconds quarter. We built an enterprise scale AI platform and deployed intelligent agents for one of the world's largest automo 10:18 10 minutes, 18 seconds companies across their legal manufacturing operations and procurement functions through a blue boundary. 10:26 10 minutes, 26 seconds We set up an enterprisewide AI automation center of excellence for a leading manufacturer of water management products enabling AI infused touchless 10:35 10 minutes, 35 seconds processing across their sales finance and procurement operations and reducing cycle times by 40%. 10:42 10 minutes, 42 seconds We unified a fragmented HR system across 70 plus countries for a leading global aerospace and defense manufacturer 10:49 10 minutes, 49 seconds delivering a 62% reduction in service request. 10:53 10 minutes, 53 seconds I will now share key highlights of Luxia 31, our 5year strategy framework. 10:59 10 minutes, 59 seconds As enterprise adopt AI at scale and demand real outcomes, the work is shifting from standalone technology 11:07 11 minutes, 7 seconds execution to integrated domain problem solving. 11:11 11 minutes, 11 seconds The opportunity ahead is materially larger than the ones we have historically operated in. This is where I believe LTM truly sets itself apart. 11:20 11 minutes, 20 seconds When every company has access to the same models and same tools, the differentiator is no longer in the intelligence itself. It is a depth of 11:28 11 minutes, 28 seconds domain understanding and the creativity to apply intelligence in ways that fundamentally reimagine how businesses 11:35 11 minutes, 35 seconds work and create value. [snorts] This is the domain tech convergence opportunity. At LTM we call this business creativity. 11:43 11 minutes, 43 seconds It is the axis or on which our entire strategy is built and forms the basis for our new identity. LTM the business 11:50 11 minutes, 50 seconds creativity partner. This is more than a new name. It's a mind shift shift from a technology first organization to a business creativity partner that brings 11:58 11 minutes, 58 seconds together the very best of human insight and intelligence system. Luxia 31 translates this strategic shift into a 12:06 12 minutes, 6 seconds structured execution framework. Our strategy is anchored in an AI light foundation built on future ready talent, 12:13 12 minutes, 13 seconds reimagined delivery and structurally improved productivity. A key enabler for this foundation is our transition from a traditional delivery pyramid to a 12:21 12 minutes, 21 seconds skill-based rolesdriven workforce model designed to strengthen innovation while maintaining contextual relevance at scale. Building on this foundation, we 12:30 12 minutes, 30 seconds are executing across three focused AIPboards. 12:33 12 minutes, 33 seconds The first is domain technology convergence embedding industry knowledge into digital engineering and the solutions to deliver business relevant outcomes. 12:42 12 minutes, 42 seconds The second is reimagined capabilities structured through three integrated lines of business. I run focus on AI enabled platformized technology 12:50 12 minutes, 50 seconds operation structurally reducing the cost of running the enterprise through automation and intelligent orchestration. I transform drives 12:58 12 minutes, 58 seconds enterprisewide modernization of platforms, data and digital capabilities a critical step that makes client involvement aid. Business AI is our new 13:08 13 minutes, 8 seconds key growth engine. This is where we apply reasonable domain AI to reimagine business processes and create new roads 13:16 13 minutes, 16 seconds to value. Our blue ecosystem powers these three lines of businesses bringing together agentic operations and a shared 13:23 13 minutes, 23 seconds knowledge fabric across the technology and business services. The third pivot is reimagined partner ecosystem focused on deepening relationship with 13:31 13 minutes, 31 seconds hyperscalers and expanding engagement with our new age AI and domain specific platforms to accelerate the translation 13:38 13 minutes, 38 seconds of ideas into impact. Finally, our markets approach. We are deepening our presence in US, scaling across Europe 13:46 13 minutes, 46 seconds and making focus bets in select emerging markets. Across our segments, we are building a more balanced portfolio and mega vertarticles while diversifying 13:55 13 minutes, 55 seconds into a high potential micro vertical. As part of this, we will consolidate our reporting under four business segments starting quarter 1 FI27. 14:05 14 minutes, 5 seconds These segments include banking, financial services and insurance, technology, media and communication, production and consumer. Together, these 14:14 14 minutes, 14 seconds elements constitute a coherent strategy that positions LTM to lead in the enterprise agentic era and to continue 14:22 14 minutes, 22 seconds great deliver greater value for our customer. Starting FI27, we have launched a new program called New 14:28 14 minutes, 28 seconds Horizons, New Horizons to govern the strategy execution. The program will have four tracks to help us reimagine 14:36 14 minutes, 36 seconds new horizons for growth, new horizons for competency and capabilities, new horizons to drive operational efficiency 14:43 14 minutes, 43 seconds and to scale our AI pivot. With that, I will hand over to Vul for financial updates. 14:50 14 minutes, 50 seconds Thank you, Venu. Hello everyone and thank you for joining the call. Let me now walk you through the financial highlights for the fourth quarter and 14:58 14 minutes, 58 seconds the financial year 2026. Starting with our revenue performance, we ended fiscal year 2026 with a revenue of USD 4.76 15:07 15 minutes, 7 seconds billion, registering a growth of 6% in dollar terms and 5.3% in constant currency terms. 15:15 15 minutes, 15 seconds EIT margin for FI26 was 15.4% compared to 14.5% in FI25. 15:22 15 minutes, 22 seconds Reported PAT margin was at 11.8% compared to 12.1% in FI25. While the absolute reported PAT for the full year 15:31 15 minutes, 31 seconds was rupees 4,983 crores, an increase of 8.3% over FI25. 15:38 15 minutes, 38 seconds The reported PAT includes an exceptional item in both Q quarter 3 and quarter 4 on account of change in the labor code. 15:45 15 minutes, 45 seconds PAT margin excluding the exceptional item impact was at 12.7% for uh FI26. 15:53 15 minutes, 53 seconds The operating cash flow to PAT was at 96.3% and the free cash flow to PAT ratio stood at 78.1% for FI26. 16:02 16 minutes, 2 seconds We close the year with an all-time high cash and investment balance of US 1.63 billion or rupes 15,445 16:10 16 minutes, 10 seconds crores up from rups 13,346 crores in FY25. 16:17 16 minutes, 17 seconds Return on equity was at 21.3%. 16:21 16 minutes, 21 seconds For the fourth quarter of FY26, revenue stood at USD 1.22 billion, reflecting a growth of 1.2% quarteron quarter and 16:30 16 minutes, 30 seconds 8.1% yearonear in dollar terms. The corresponding constant currency growth was 1.2% quarteron quarter and 7% yearon-year. 16:42 16 minutes, 42 seconds The revenue in rupee terms stood at 11,292 crores, which is a growth of 4.7% quarteron quarter and 15.6 6% yearonear. 16:53 16 minutes, 53 seconds Quarter 4 operating ebit margin declined by 100 basis points sequentially to 15.1%. 16:58 16 minutes, 58 seconds The decline was primarily on account of partial wage hikes implemented from first Jan and due to productivity commitments were made in key accounts offset by the forex benefit. 17:09 17 minutes, 9 seconds Adjusted profit after tax for the quarter stood [clears throat] at rupees 1,341 crores and PAT including the exceptional 17:17 17 minutes, 17 seconds item stood at rupees 1,387 crores. 17:22 17 minutes, 22 seconds The effective tax rate for the quarter was 26.3% compared with 26.5% in quarter 3. 17:29 17 minutes, 29 seconds Basic EPS including the one-time impact of exceptional item was rupees 45.4 4 for the quarter as compared to rups 47.7 17:38 17 minutes, 38 seconds in quarter 3 FY26 our total DSO for quarter 4 stood at 84 days versus 85 days last quarter 17:48 17 minutes, 48 seconds return on capital employed for the quarter was at 29.2% against 29% last quarter 17:55 17 minutes, 55 seconds as of March 31st 2026 our cash flow hedges stood at US 3.86 86 billion and hedges on the balance sheet were USD421 million. 18:06 18 minutes, 6 seconds Our utilization excluding trainees stood at 85.7% for the quarter compared to 86.9% in quarter 3. 18:15 18 minutes, 15 seconds For the quarter, a trailing 12-month attrition improved to 13.3% compared to 13.8% in quarter 3. 18:24 18 minutes, 24 seconds The board of directors has recommended a final dividend of rupes 53 per share subject to shareholders approval taking 18:31 18 minutes, 31 seconds our overall dividend for the full financial year to rupees 75 per share. 18:37 18 minutes, 37 seconds On the ESG front, we were placed in the top 5% of over 200,000 companies assessed globally under the Echelis ESG 18:45 18 minutes, 45 seconds framework, achieving an overall ESG score of 82 out of 100, significantly above the average score of 56 are earning the highest grade of excellent. 18:57 18 minutes, 57 seconds Further, we ranked among the top three companies in the IT and digital services sector and top 15 across sectors in 19:04 19 minutes, 4 seconds business worlds India's most sustainable companies rankings 2025 among 200 evaluated companies. I now 19:14 19 minutes, 14 seconds hand it back to Venu for the business outlook. 19:17 19 minutes, 17 seconds Thank you Vul. Uh as we step into FI27, we see continued demand for AIE transformation and remain well positioned to sustain our growth momentum. 19:27 19 minutes, 27 seconds We are confident in our ability to execute supported by strong pipeline and differentiated capabilities. 19:33 19 minutes, 33 seconds Lastly, I take this opportunity to invite all of you to LTM's investor day on June 3rd, 2026 in Mumbai. Vikas and 19:42 19 minutes, 42 seconds his team will share the invites with all the event details in due course. I look forward to seeing you there. Thank you. 19:48 19 minutes, 48 seconds With that, we can open the line for questions. 19:52 19 minutes, 52 seconds Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may click on on 20:00 20 minutes the raise hand icon from the participant tab on your screen. We request our participants to restrict to two questions and then return to the queue 20:08 20 minutes, 8 seconds for more questions. To rejoin the queue, you may click on raise hand icon again. 20:13 20 minutes, 13 seconds We will wait for a moment while the question queue assembles. 20:17 20 minutes, 17 seconds We invite Mr. Sulab Goila from Morgan Stanley to go ahead with your question. 20:23 20 minutes, 23 seconds Yeah. Hi uh thanks for taking my question. Uh my first question is uh on the client behavior. I'm just trying to 20:32 20 minutes, 32 seconds better understand how clients are thinking. So given that uh you know there is a gap 20:39 20 minutes, 39 seconds uh in the pace of technology change as well as uh versus the pace of you know enterprise adoption uh which is probably 20:48 20 minutes, 48 seconds dependent on how ready a particular client is. So if you were to break down uh your portfolio by the kind of enterprise uh that we are catering to. 20:59 20 minutes, 59 seconds So the ones that are who are better prepared uh for this change as of today, how are they comfortable signing longerterm contracts today given this 21:08 21 minutes, 8 seconds space of change and is there any change in the way contracts are being structured today uh to give them more comfort? um uh example the kind of 21:18 21 minutes, 18 seconds savings which are promised you know after year 1 and the part B is that the ones who are not uh how long do you 21:25 21 minutes, 25 seconds think uh it'll it'll take them to get there. 21:30 21 minutes, 30 seconds So look thank you um I know I'll take that uh question. Um look you know the you know there are multiple um you know 21:38 21 minutes, 38 seconds sections u that that needs to be covered in your questions right the firstly if you look at um the contracts related to 21:46 21 minutes, 46 seconds the core IT services right whether it is to you know build systems or run systems or you know those those kind of systems 21:54 21 minutes, 54 seconds which has a predictability scope and you know been associated with them for many years you know those contracts are still long-term contracts right I mean we 22:02 22 minutes, 2 seconds still still signing a deal with three years five your uh you know contract terms. Then you have the second category of contract which are related to the 22:09 22 minutes, 9 seconds modernizing systems whether it's modernizing data, modernizing infrastructure, modernizing applications, right? They are pretty much funded through a discretionary uh 22:17 22 minutes, 17 seconds spend category within the budget and they always happen to be for the duration of that particular project and that hasn't changed uh you know what it 22:25 22 minutes, 25 seconds used to be before. Now you have the third new category of it uh you know which is what we are all after is the 22:32 22 minutes, 32 seconds spend related to the AI adoption right the spend related to reimagining the business process and increase the adoption and that category of spend uh 22:42 22 minutes, 42 seconds you know happens to start as a project uh you know related spend and then it gets structured into a into a long-term 22:49 22 minutes, 49 seconds operations uh you know kind of a construct considering that various customers are in a different uh you know degree of maturity. Um I would say the 22:58 22 minutes, 58 seconds FI27 would be the year where you will see an acceleration of that particular category of spend uh you know where the 23:06 23 minutes, 6 seconds there will be much larger you know adoption of AI that will happen specifically in the business operations area you know as we go along and that 23:15 23 minutes, 15 seconds will shape up uh also how the contracts will uh will be structured but to begin with it'll be for the project duration over a period of time as the scale 23:23 23 minutes, 23 seconds increases it becomes the longerterm contracts uh you know I hope I sort of answered that question across the three broad categories. 23:31 23 minutes, 31 seconds No thank thanks for that comprehensive answer. Uh and my my second question is uh you know in the last two years we 23:38 23 minutes, 38 seconds have increased the mix of longerterm contracts in the business mix uh uh and u for the deals that was signed in the 23:47 23 minutes, 47 seconds last two to three years is the uh is the are these contracts coming up for renewal sooner than uh than than they 23:56 23 minutes, 56 seconds were signed earlier and if not um do you see that as a risk? How are we mitigating that that risk uh you know going forward? Sure. 24:05 24 minutes, 5 seconds Sure. 24:05 24 minutes, 5 seconds Look, you know, the the trigger point for any contract, you know, I look this as not as a contract. I look this as relationships, right? Because contract 24:13 24 minutes, 13 seconds is a very transactional perspective when we're dealing with clients. And these are the clients where we have relationship spans more than a decade in some of them for more than two decades, right? So these are the relationships. 24:23 24 minutes, 23 seconds So if the relationships uh you know needs to take a different shape because the contract needs to get restructured, then you know the there has to be 24:31 24 minutes, 31 seconds certain trigger points. So I don't see any trigger point which is very trend in nature that I can call out to say okay it is happening early. The trigger point 24:40 24 minutes, 40 seconds usually happens to be you know at the point of renewal or the trigger point could be okay there is a new technology modernization program happening hence 24:48 24 minutes, 48 seconds you need to revisit the scope uh you know of the contract that we have. So if these triggers come in and these triggers were something similar to what 24:56 24 minutes, 56 seconds used to happen earlier as well. So I don't see any um you know specific trend that I notice in our relationships with our customers where the contracts are 25:04 25 minutes, 4 seconds getting uh you know negotiated earlier than what the timelines were. What they would do though is that they will ask 25:12 25 minutes, 12 seconds for you know better innovation on the existing contracts on the existing scope you know better productivity better uh innovation you know of AI infusion on 25:20 25 minutes, 20 seconds the existing book of business those conversations are happening and those things we are delivering it as well. 25:27 25 minutes, 27 seconds No, understood. But just a quick followup. You know, the trigger point in my thought process could be 25:36 25 minutes, 36 seconds Sorry, go on Mr. L. It was my city watch. Huh? 25:39 25 minutes, 39 seconds Sure. So So just as a followup, the trigger point in in my thought process could be uh you know the competition pushing for incremental savings to 25:47 25 minutes, 47 seconds clients uh given that the lack of growth is there and and and they are coming up with innovative solutions. So that can be a trigger trigger point from that point of view. 25:58 25 minutes, 58 seconds Look uh if the trigger point is the competitive force uh you know I mean we'll deal with it right these are as I said these are relationships right these 26:05 26 minutes, 5 seconds are you know long-term relationship we have better context better domain and uh I can only tell from a statistic 26:13 26 minutes, 13 seconds standpoint we have won more of the competition renewals than we have lost our contracts. I mean most of the last deals that we announced all of this year 26:22 26 minutes, 22 seconds has been the renewal of someone else that we picked up than ours. 26:27 26 minutes, 27 seconds Understood. Understood. Just last one if I can squeeze in. So from a F-27 26:35 26 minutes, 35 seconds if if from an F-27 perspective uh uh you know some of the peers who have already reported results it it seems like uh 26:43 26 minutes, 43 seconds there is a lack of acceleration going into F27 versus F26 uh from from your own perspective do you 26:50 26 minutes, 50 seconds think uh what we uh thought of earlier which is uh you know doing better in F27 26:57 26 minutes, 57 seconds versus F26 that still stands or there's a change to that thought process. 27:02 27 minutes, 2 seconds Uh look, I think I as I covered in my [snorts] uh you know the final closing commentary that uh we are confident to continue the uh the growth momentum that 27:11 27 minutes, 11 seconds we have. We you know if you look at it this quarter we delivered 8.1% 27:14 27 minutes, 14 seconds [clears throat] 27:15 27 minutes, 15 seconds year on year for the corresponding quarter. Uh you know I was directionally indicating this percentage sometime back as well to some of you. Um so you know 27:24 27 minutes, 24 seconds I'm pretty much over there and um you know I I feel confident that we'll continue to keep the growth momentum for the full year right there may be quarter 27:31 27 minutes, 31 seconds here and there uh you know because of certain macroeconomic things or you know the the things that may happen within the 3 months period of a quarter you 27:39 27 minutes, 39 seconds know you might see some softness in a particular quarter and so on but when I sit here and look at the full year outlook um you know I I see no reason 27:48 27 minutes, 48 seconds than to believe that we'll continue to uh the continue the same growth momentum that we have built in the entire FI26 that will flow into FI27. 27:58 27 minutes, 58 seconds Understood. Uh thanks for answering all my questions and uh wish you all the best. Thank you sir. 28:05 28 minutes, 5 seconds Thank you. Before we take a next question, we request participants to please restrict your questions to two per party. Time permitting, you may come back in the cube for a follow-up 28:13 28 minutes, 13 seconds question. We invite our next participant that's Vibore Single from Noama Equities. Please go ahead. 28:24 28 minutes, 24 seconds Yeah. Hi. Uh good evening. Uh thanks for uh taking my uh question. Uh Venu, two-part question from my side and then 28:31 28 minutes, 31 seconds I'll have one followup for uh so when in this quarter we saw a sharp decline in the BFSI business and also in the top 28:39 28 minutes, 39 seconds five, 10 and 20 bucket. I'm assuming that is because of the uh top client in the BFSI account. Uh that was kind of known that would happen in this quarter. 28:48 28 minutes, 48 seconds uh so are the other basically parts of the BFSI business intact and how are you seeing the BFSI vertical overall for the 28:57 28 minutes, 57 seconds from the FI27 perspective and the second part of that question is you mentioned in the last quarterly call that uh four of the top five accounts have kind of 29:05 29 minutes, 5 seconds stabilized uh and they should report growth. I think we saw good growth in the high techch segment which is kind of a test destiny to that. uh so from Q1 29:12 29 minutes, 12 seconds can we expect uh the entire top five bucket to start contributing towards growth and hence in FI27 the top five 29:19 29 minutes, 19 seconds bucket to be a growth booster rather than a dragger that it was in FI26. 29:25 29 minutes, 25 seconds Yeah sure thank you Vor for the question. Look firstly if you look at outside of top five we had a double digit growth right and if you look at uh 29:33 29 minutes, 33 seconds you know four out of five uh market segments for this particular quarter had achieved the double digit growth right so we had a very healthy uh performance 29:41 29 minutes, 41 seconds now coming to the BFS uh you know part of it uh I think I had indicated it in the last earnings call as well that this is the quarter where I'm really going to 29:49 29 minutes, 49 seconds push it for the for for that number to be bottomed out um you know so that we can you know push the productivity benefit uh you know accelerator and get it done. 29:59 29 minutes, 59 seconds I believe we have done that and that's why you see slightly more decline than what uh you know you and me would have anticipated but in my view that's you 30:08 30 minutes, 8 seconds know in some way it is good to get that done because you can look forward uh as you go along. So in Q1 onwards I would 30:15 30 minutes, 15 seconds expect u you know the growth trajectory will begin uh for that particular account. uh it is just that the the 30:24 30 minutes, 24 seconds recovery acceleration uh will not match the speed of the the the decline de acceleration that happened right so the 30:33 30 minutes, 33 seconds speed at which it reduced versus the speed at which it will climb uh not necessarily is going to be the same so I just want to set that part of the expectation but throughout the year uh 30:42 30 minutes, 42 seconds as we go along I expect that you know we will end up with a nice way uh on that particular account and again outside of 30:50 30 minutes, 50 seconds the top uh account we have grown double digit in FI26 right and the BFS also looks good 30:58 30 minutes, 58 seconds outside of the top account yeah yeah yeah even even if you look at the whole year performance of 3.7% for the full year you know in spite of 31:07 31 minutes, 7 seconds having a decline in that category of that account that you're highlighting we still grew right so that means the the the business outside of the top account 31:15 31 minutes, 15 seconds is pretty is doing very well um right so if I didn't had this productivity journey going through in the top months probably would have 31:23 31 minutes, 23 seconds delivered much more but yeah it is what it is. 31:27 31 minutes, 27 seconds Got it. Got it. Thank you so much for that detailed answer. Uh quick question for Ripple. Vul we had a very strong margin performance this year right up 31:34 31 minutes, 34 seconds till Q3 and of course Q4 we had the wage hike which impacted the margins. Uh having reached 16.1% margins in Q3. Uh 31:43 31 minutes, 43 seconds where do we see ourselves going over the next let's say one year or two years? uh do we do we believe that I mean 16% is kind of the uh uh levels at which we 31:52 31 minutes, 52 seconds will kind of settle down and post any benefit post that we will reinvest back into the business or are we looking to expand that to probably reach somewhere 31:59 31 minutes, 59 seconds in the range of 17 to 18% which we used to be uh let's say before the merger uh uh [laughter] happened 32:06 32 minutes, 6 seconds sure uh thanks bubbor uh you know I think on the margin front uh while you know I would not like to give a specific 32:13 32 minutes, 13 seconds number as a guidance in terms of what we are targeting but uh you know the the focus is very clearly to continue to 32:20 32 minutes, 20 seconds work on cost optimizations and efficiencies and as Venu mentioned in his opening remarks the new horizon's 32:27 32 minutes, 27 seconds program is having four pillars and one of those is operating efficiencies. So we are going to continue to focus on 32:34 32 minutes, 34 seconds that uh and at the same time we are going to continue to focus on the growth side as well because the remaining three pillars are going to be focused on 32:42 32 minutes, 42 seconds growth as well as driving our EI strategy further. So overall we are taking an approach which uh you know 32:49 32 minutes, 49 seconds kind of looks at this balanced growth over the next uh you know uh few years as a part of our luxury plan as well. 32:56 32 minutes, 56 seconds But yes as a part of that journey we are looking to expand margins further and we are working on that continuously. 33:07 33 minutes, 7 seconds Thank you. Yeah. All right. Sorry. Go on please. 33:12 33 minutes, 12 seconds We take our next question from Pratik Maheshwari of HSBC securities. Please go ahead. 33:18 33 minutes, 18 seconds Hi Venu, thank you for the opportunity. 33:21 33 minutes, 21 seconds I've had some questions on the Luxa strategy. So uh Venu, I remember that uh 33:28 33 minutes, 28 seconds there you at one point had explained that it's important for the business to kind of derisk from the top accounts and kind of expand into expanding verticles 33:37 33 minutes, 37 seconds which are manufacturing, consumer, healthcare, right? And uh generally what we have seen is that uh companies they 33:44 33 minutes, 44 seconds actually add verticles to kind of become more laser focused and try to go grow them right in in this case what we are 33:51 33 minutes, 51 seconds seeing is that you guys have actually subsumed the vertical into one uh and your BFSI and tech tech and media 33:59 33 minutes, 59 seconds remains right so just wanted to understand on how are you taking on this uh and I'll ask my follow-up later. 34:08 34 minutes, 8 seconds No, sorry. I think uh u I don't know there's some confusion. Look, the BFSI market segment is exactly the same 34:15 34 minutes, 15 seconds market segment it was there. We'll continue to report it is that that's one of our biggest market segments. So there's absolutely no change on that. Uh 34:24 34 minutes, 24 seconds same thing with regard to the technology, media and communication reporting. The same reporting that will continue all over there. what we used to call it as manufacturing and resources. 34:33 34 minutes, 33 seconds I'm just putting it as production now because it includes the manufacturing and energy and utility business which is doing pretty well for us. So we're 34:40 34 minutes, 40 seconds putting that under a new market segment name called productions and you know the the healthcare life science is an emerging vertical for us. Uh you know 34:49 34 minutes, 49 seconds and that is the vertical which we have merged into the consumer uh business reporting. So from a five is sort of going into the uh four uh market segment 34:58 34 minutes, 58 seconds report uh right but the strategy is very clear the strategy is doubling down our big verticals uh which is BFSI tech 35:06 35 minutes, 6 seconds vertical we want to grow much faster there absolutely yes and that's uh you know that's very core to our luxury strategy at the same time we want to 35:15 35 minutes, 15 seconds grow much faster in the emerging verticals and in other market segments like consumer and production Americas as well and finally I would say on the 35:24 35 minutes, 24 seconds regional uh markets as well while US is our biggest market and we want to grow faster over there but we also want to 35:31 35 minutes, 31 seconds grow Europe faster than America's and you saw that this year Europe grew by 12% plus and you know Europe America's was 4%. So you know and you can expect 35:40 35 minutes, 40 seconds the same trend to continue and that's the uh aspirations we have. So it's a it's a strategy of focusing on the core that we have making sure that we double 35:49 35 minutes, 49 seconds down or focus on core at the same time make sure that the white space that exists in the marketplace as an example Europe as a market as an example or 35:57 35 minutes, 57 seconds within Americas if you look at it you know the the things that we can double down in the consumer market segment is is a big white space in a consumer market for us. So this is what we want 36:05 36 minutes, 5 seconds to focus on. So it's it's that's that's how I put the summary Pratik. It's about retaining the core, doubling down the 36:13 36 minutes, 13 seconds core at the same time looking at the white space. 36:16 36 minutes, 16 seconds Thanks. Thanks. Uh Venu, I understand that. The other question was that your sister concern had u same they had also 36:23 36 minutes, 23 seconds shared their luxury strategy and also told about the growth rate expectation for the next 5 years. Do you also have a quantified expectation for next 5 years 36:32 36 minutes, 32 seconds or probably for for a next one year perspective as well? Yeah, absolutely. 36:37 36 minutes, 37 seconds I'm looking at doubling down the revenue in 5 years. 36:41 36 minutes, 41 seconds Okay, thank you. We take a next question from 36:48 36 minutes, 48 seconds Sundep Sha of Equir Securities. Please go ahead. 36:53 36 minutes, 53 seconds Yeah, thanks. Thanks for the opportunity. Uh just wanted to understand the growth momentum to continue in FY27. 37:04 37 minutes, 4 seconds Are you talking about the momentum which we have seen at 8% in Q4 to continue or 5% in FY26 to continue uh in FY27? 37:17 37 minutes, 17 seconds Yeah, Sunday you know it's a it's a good question uh but as you would know that we don't give any specific guidance number so I don't want to fall into 37:25 37 minutes, 25 seconds that. Instead I would say that whether it is 6% or 8% you know we are looking at you know be an industryleading growth 37:34 37 minutes, 34 seconds continue our growth momentum and you know for the full year I think we're very well positioned for 37:41 37 minutes, 41 seconds that for not just based on where we are exiting in Q4 but it's also based on the strategy that's in execution already right it's one year of strategy 37:49 37 minutes, 49 seconds execution has worked out very well for us we have detailed out for the next five years so with that uh you know we will navigate all the you know uh 37:58 37 minutes, 58 seconds challenges that comes uh which are beyond our control but as far as our belief and confidence goes based on the the momentum we see with our clients and 38:06 38 minutes, 6 seconds relationships you know I'm you know I'm confident that we'll continue our growth momentum for the full year of F27 38:14 38 minutes, 14 seconds okay and uh just wanted to understand Venu uh you have two top clients which still contributes materially to the 38:23 38 minutes, 23 seconds console numbers Uh so in that scenario you believe their slow growth pace to some extent could be a hurdle in terms 38:32 38 minutes, 32 seconds of growing the top line in the coming years under Lakshia as a vision or you believe that should not be the hurdle 38:41 38 minutes, 41 seconds going forward to achieve the growth rates better than the earlier. 38:47 38 minutes, 47 seconds So look, I think uh you know from a uh business potential standpoint 38:55 38 minutes, 55 seconds um you know these are these are mega accounts right? their uh ability to adopt new technology and their plans are 39:02 39 minutes, 2 seconds very grand plans, right? Um so obviously I want to take more valid share in those big accounts because the plans are 39:10 39 minutes, 10 seconds grand, the potential are grand. Um so and you saw that in one of our uh tech account after we passed through the 39:17 39 minutes, 17 seconds productivity phase, we've actually grown in the later part of this year. we've actually grown and that's reflected when you look at our top five account numbers 39:26 39 minutes, 26 seconds and you know I'm sort of expecting the same thing to happen in the BFSI top client as we go along. So that's with regard to how we look at these two 39:34 39 minutes, 34 seconds accounts. These are deep relationship, strategic relationship. They have grand plans on how they want to transform from an AI perspective and we want to be part 39:41 39 minutes, 41 seconds of it. Now when it comes to the concentration risk, look, I think you know in my view if you look at the fact that we have grown in other verticles at 39:49 39 minutes, 49 seconds a much higher rate. We are on that journey and and the concentration risk will get addressed by not doing less business with others but actually doing 39:57 39 minutes, 57 seconds more business with uh you know those white spaces that are there. So that's our strategy. So we will continue to focus on the balanced portfolio and you 40:04 40 minutes, 4 seconds will see that our portfolio uh has got much more balanced than what it used to be before uh when you look at the top two clients concentration risk. So 40:13 40 minutes, 13 seconds that's just the and last question the six large deals above $100 million can you update 40:20 40 minutes, 20 seconds on the progress of ramp up uh which has been done in FI27 and will have an incremental upside in FI20 sorry FI26 and the incremental upside in FI27. 40:33 40 minutes, 33 seconds Yeah see mo more uh I think three or four deals we announced it in the first half of the year I think and up to 40:40 40 minutes, 40 seconds beginning of Q3. So those deals uh you know have done the transition phase and some of them are still undergoing transition phase and the deal that we 40:49 40 minutes, 49 seconds announced which is the CBD deal uh in India uh is going through a very uh you know will will go through a slightly 40:56 40 minutes, 56 seconds longer transition period um because it has a you know dependency on certain hardware delivery and all that and uh 41:03 41 minutes, 3 seconds you know there is as you know that uh you know the hardware delivery timelines uh in the current times are much more extended and so on. So I expect uh the 41:12 41 minutes, 12 seconds last deal of CBDT which we announced will actually have a much more extended transition timeline before we see the ramp up happen. But the deals we 41:19 41 minutes, 19 seconds announced in the beginning of the year uh you know the two big deals that we announced one after the other those ramp 41:26 41 minutes, 26 seconds ups have uh you know are happening they're almost at the final stages of transition phase. 41:33 41 minutes, 33 seconds Oh thanks and all the okay thank you. 41:37 41 minutes, 37 seconds Thank you. We take our next question from Sumit Jane from CLSA. Please go ahead. 41:46 41 minutes, 46 seconds Yeah. Hi, thanks for the opportunity. Am I audible? Yes sir. Yes sir. 41:51 41 minutes, 51 seconds Yeah thanks uh thanks Venu. Uh so just want to uh drill down on the Lakshare 5-year strategy. I mean uh you are you 41:59 41 minutes, 59 seconds are guiding for a doubling of revenues in 5 years. So can I uh ask like what kind of advancements in the AI tools are 42:08 42 minutes, 8 seconds you building in in this 5-year journey and versus the compression in the base business maybe because of productivity pass through how are you building in the 42:16 42 minutes, 16 seconds new AI transformation revenues that's one and secondly I mean I don't see any partnership being announced by LTM with 42:24 42 minutes, 24 seconds either OpenAI or Enthropic. So is it like even without these partnerships you are taking these solutions to the client. So can you can you throw some light into it? 42:33 42 minutes, 33 seconds Yeah sure. Look first I I'll go with the second question quickly and then I'll come back to the first one. Uh look I in terms of skill developing the skill 42:41 42 minutes, 41 seconds development on the hyperscaler AI if I may call them right the new AI hyperscalers of anthropic and open AI we 42:49 42 minutes, 49 seconds have actually established the center of excellence. We have uh if you look at it our relationship with you know with with Microsoft is very strategic. So we 42:58 42 minutes, 58 seconds working with them on the co-pilot usage. We in fact we announced uh uh you know a partnership on co-pilot and 43:06 43 minutes, 6 seconds GitHub uh partnership with Microsoft and you know almost 70% of our developers are already on the GitHub you know 43:15 43 minutes, 15 seconds platforms and so on. Second is we have developed we have in fact established a COE as I mentioned on the cloud of 43:22 43 minutes, 22 seconds anthropic and and the open AI and also Nvidia we announced the Nvidia partnership in fact got the award from Nvidia on that right uh so so I think 43:31 43 minutes, 31 seconds that part of the thing we already in the journey uh you know we haven't gone a public in announcing it but the action 43:39 43 minutes, 39 seconds has already started uh on that and we have trained more than thousand of our engineers on cloud skills as example I 43:46 43 minutes, 46 seconds mean more than 30,000 of developers are trained on the GitHub copilot and so on so that part of thing is going on very well we also announced the partnerships 43:54 43 minutes, 54 seconds on the skilling right which I covered in my commentary ICT IIT Karakpur we partnered with MIT all this announcement 44:02 44 minutes, 2 seconds we announced we did this in this quarter so the training part is going uh you know pretty well on that the third is that uh you know then I'll go back to 44:11 44 minutes, 11 seconds the the first question of yours right and which would address in some way even The second question look the the 44:18 44 minutes, 18 seconds opportunity in AI revenue is in you know I sort of summarize it under three C's. 44:24 44 minutes, 24 seconds Uh the first one is the context right the intelligence is uh fairly commodity right you know you can access the the 44:33 44 minutes, 33 seconds best of the intelligence by paying $20 a month subscription fees right so the intelligence basic intelligence is fairly commodity now right the real 44:41 44 minutes, 41 seconds premium is how you apply the intelligence into the right context into the right domain that's where I emphasize the luxury strategy of tank 44:47 44 minutes, 47 seconds domain convergence so that's the first C of getting our get helping our customers to apply the democratized and 44:55 44 minutes, 55 seconds commoditized intelligence into the right context. That's that's the first opportunity that I see right and that's where we are developing you know a 45:03 45 minutes, 3 seconds deeper domain into our bigger verticals and all the verticals that we're focusing on. That's why we repositioned ourself as business creativity partner 45:10 45 minutes, 10 seconds to strengthen that contextual part of it which is the first C. The second C part of it is the cost. You know there is it's it's one of the topic which is very 45:19 45 minutes, 19 seconds less spoken about when we talk about a adoption. It's somewhat believed that you know the the the technology of AI 45:25 45 minutes, 25 seconds the stack of AI you know is is is a net positive business case for in all scenarios. No it is not. In some cases 45:33 45 minutes, 33 seconds it is not necessarily in that positive business scenario for customers and that's where we are working with customer and we'll continue to help customers in actually creating a 45:41 45 minutes, 41 seconds positive business case and how AI technologies the expenses involved in AI technologies and the services that get 45:48 45 minutes, 48 seconds associated with it how it becomes a net positive business case for a customer that's the second thing the total cost of ownership will be the discussion point more and more as we get into this 45:57 45 minutes, 57 seconds year somewhere that topic has never been on the picture but the TCO on AI adoption will come into the mainstream topic. The third one is the change 46:05 46 minutes, 5 seconds management. As much we think AI is a is a technology, it is not a plug-and-play technology. It involves a mindset change among the employees. It involves change. 46:14 46 minutes, 14 seconds I'm talking about our customer employees, right? So, we need to work with our clients to deal in helping them in dealing with the change management within the organization. So, the three 46:22 46 minutes, 22 seconds C's that I spoke about context, cost and change management are the cornerstone of our AI transformation. To do that, I spoke about talent transformation 46:30 46 minutes, 30 seconds already. We covered the partnership strategy. I also spoke about the skill at V which is a skills marketplace we created for agentic thing and of course 46:38 46 minutes, 38 seconds we have a blue vers ecosystem you know that powers all this that we go along and we realigned our service lines our traditional service lines uh we 46:47 46 minutes, 47 seconds realigned under the three lobies I transform and business AI that will strengthen them as well. So that's how I put it you know in summary but I'll be 46:55 46 minutes, 55 seconds happy to present a lot more in detail on June uh 3rd when we all meet for the investor day you know I hope sum you'll find time to attend 47:03 47 minutes, 3 seconds no surely surely when you're looking forward to it and I think my uh other question is I mean if I look at the overall macro in US it definitely looks 47:12 47 minutes, 12 seconds better than last year in terms of tariffs largely in the base and manufacturing to some extent reviving 47:20 47 minutes, 20 seconds the banks in US, Europe are continuing to do well with the trading revenues around you know the whole market volatility and then for your own 47:28 47 minutes, 28 seconds business I can see the order book is pretty strong the exit rate this year is better than last year plus your top account in BFSI is getting is already 47:37 47 minutes, 37 seconds bottomed out I don't know how much visibility you have it will start ramping up from next quarter onwards but what stops you to give a guidance of 47:45 47 minutes, 45 seconds growth next year better than FI26 look one is we as a as a you know as a 47:53 47 minutes, 53 seconds practice right uh we have never give guidance right so we don't give guidance 47:59 47 minutes, 59 seconds right um and and I also urge that you know when they when we're dealing 48:06 48 minutes, 6 seconds through a very strategic shift in the industry on having a transformation model you know having the confidence to deliver growth 48:15 48 minutes, 15 seconds is what I want you to evaluate on right because when we talk about strategic transition shift in the industry. We trying to work 48:23 48 minutes, 23 seconds on two tracks. We need to transform and we still need to perform, right? It's not sequential in nature. We can't come back and say that okay, we'll transform and then we'll deliver the performance. 48:32 48 minutes, 32 seconds It's about delivering performance while we are transforming, right? So, hence I want to focus a lot on delivering performance while transforming then 48:40 48 minutes, 40 seconds getting caught in any specific number guidance. But I can assure you that you know the entire management confidence 48:47 48 minutes, 47 seconds level for the full year growth is still positive. There may be one or two quarters where we will go through uh you know a sort of a softness because of 48:56 48 minutes, 56 seconds some recovery uh in in in some of the top account that I mentioned may not happen at the speed at which the de acceleration happened you know bearing that you know I'm I'm optimistic. 49:09 49 minutes, 9 seconds Got it. Got it. And maybe if I can probe just last question. I mean in your top BFSI account I think for the last 3 four years I think uh we have been 49:17 49 minutes, 17 seconds forecasting that it has bottomed out and it will start growing and at the parent level their focus is to you know give 49:24 49 minutes, 24 seconds more business to their GCC in India. So now what gives you confidence that this has bottomed out? 49:31 49 minutes, 31 seconds Look I don't know not through years in fact last year we grew much much higher. 49:35 49 minutes, 35 seconds I don't remember the percentage of the hand but we grew the you know the top account significantly higher the the the 49:44 49 minutes, 44 seconds AI productivity journey started in Q3 right in the in fact in the later part of Q2 uh went up to Q3 and I said that 49:52 49 minutes, 52 seconds in the Q3 earnings call I would expect this to go for another I the plan was to go for another four months but we wanted to squeeze it in three months and that's 50:00 50 minutes why I said you know we want to make sure that it bottoms out this thing and from there onwards um you know we look at recovery plan 50:09 50 minutes, 9 seconds that working on so look the most of the most of the banks have GCC summit right it's not just one or two account 50:16 50 minutes, 16 seconds everybody has GCC right but the area that we work is very complimentary to the GCC so hence uh you know I I don't 50:24 50 minutes, 24 seconds think we ever said told about this recovery last year before or something because we always been growing in that account the AI productivity topic is a 50:32 50 minutes, 32 seconds topic that started in FI26 because That's when uh you know the the the clients started making plans and we started working with them. 50:42 50 minutes, 42 seconds Got it. Got it. No, thanks. Thanks a lot for the detailed answers. All the best. Yeah. Thank you. 50:49 50 minutes, 49 seconds Thank you. We take our next question from Ravi Menon of Access Capital. Please go ahead. 50:58 50 minutes, 58 seconds Uh Mr. Ravi Menin, could you please unmute your microphone and ask your question? Hi, thanks for the opportunity. 51:04 51 minutes, 4 seconds Appreciate that. Uh, you know, you talked about, you know, how there is a lot of importance on domain u to take advantage of AI. Uh, so does this mean 51:12 51 minutes, 12 seconds that you're going to become competing a little bit more with the consulting providers and what does that mean for you know your employee 51:20 51 minutes, 20 seconds let's say the kind of uh people that you need to attract or you already have uh how does the compensation change and how would the margins change? 51:28 51 minutes, 28 seconds No, thank you Rabi. Uh, you know it's a great question. I think you know in my view um you know the the domain skill 51:35 51 minutes, 35 seconds has two dimension right uh one is a contextual dimension that means if I'm supporting a CRM application for a 51:44 51 minutes, 44 seconds retail industry do I understand what the CRM context is for retail right that's a I call it as a contextual attribute of a 51:52 51 minutes, 52 seconds domain the second is understanding the CRM in general for the retail industry and helping the retail companies to 51:59 51 minutes, 59 seconds reimagine the CRM as an example. The second category is not what we are going to build on because the second category is what you know you can associate with some of the big four consulting firms. 52:10 52 minutes, 10 seconds You know it is their strength and you know that's a pure play consulting play. 52:15 52 minutes, 15 seconds Uh we are looking at when I talk about domain tech convergence I'm not talking domain in isolation. That's why I phrase the word called domain tech convergence. 52:24 52 minutes, 24 seconds The domain tech convergence is about having a understanding of the technology in the context of the domain where which we are doing implementation. You know 52:32 52 minutes, 32 seconds that's that's a skill set that already exists within our businesses. We do that in you know all our verticles. the kind of work we do, we already know what what 52:41 52 minutes, 41 seconds does it mean to manage a CRM processes for retail customers using Salesforce as an example because our Salesforce team 52:48 52 minutes, 48 seconds that is a skill we want to get better and better with time because most of the agentic implementation will happen on those platforms and we are anyway 52:57 52 minutes, 57 seconds understand the platform we understand the context and as when we start you know bringing this together in that understanding and implementing the 53:04 53 minutes, 4 seconds agentic uh solutions we will have more opport opportunity to win that. So that's how I look at it. I just want to make sure that you don't read this as, 53:13 53 minutes, 13 seconds you know, trying to become a pure play consulting company. No, that's not what it is. It's there's a contextual part of the domain. 53:19 53 minutes, 19 seconds Thanks. And a follow up to that, you know, thinking about say helping the client reimagine some of these processes. Do you think it's time to 53:27 53 minutes, 27 seconds think about setting up a BPS uh segment, you know, where which can actually run these uh pre-imagined processes perhaps even supported by agent? Sure. 53:37 53 minutes, 37 seconds Look, I you know, we don't call it as a BPS, but we incubated a new business unit called business AI. Uh that I also 53:44 53 minutes, 44 seconds mentioned in my lecture strategy. Um you know, and and that business AI is is already managing. For example, when we do the contact center, we managing the 53:53 53 minutes, 53 seconds contact center processes. We're managing that. But I I still don't categorize them under VPS purely because you know VPS is built purely on running the 54:02 54 minutes, 2 seconds process operations. So here we're talking the technology aspect of the solutions and then the outcome of that is to run the the the the business 54:10 54 minutes, 10 seconds processes whether they're horizontal or industrial processes in the convergence of human insights and intelligence system slightly you know a new business 54:19 54 minutes, 19 seconds model if I may say hence I'm sort of resisting to classify it as a classic BPS 54:26 54 minutes, 26 seconds all right thanks so much best luck right thank you thank you we take our next Question from 54:33 54 minutes, 33 seconds Vive Desai of Invest India. Please go ahead. 54:42 54 minutes, 42 seconds Hello. Hi. Uh this is Nithan Patanaban here. Good evening. Uh hope I'm audible. Yes sir. Yes. 54:49 54 minutes, 49 seconds Yeah. Perfect. Um so the first is I I think u uh in the uh the technology 54:56 54 minutes, 56 seconds communications uh media vertical uh it shown reasonable growth this quarter in the last quarter I think the commentary 55:05 55 minutes, 5 seconds was that uh you know expect a gradual recovery rather than a sharp rebound. So 55:12 55 minutes, 12 seconds I'm just uh looking for some context on what sort of that delta this quarter and how should we sort of broadly uh think about it uh on a going forward basis. 55:25 55 minutes, 25 seconds Yeah, look if if you record faster, you should not ask question, right? So asking is by any specific uh large deal 55:35 55 minutes, 35 seconds engagement uh that's ramped up and one shouldn't sort of think of extrapolating that that's the question. 55:41 55 minutes, 41 seconds Yeah. Yeah. No, I understand that was uh you know on a serious note I I understand where you're coming from. Um look, I think um it is related to this 55:50 55 minutes, 50 seconds faster ramp up of couple of S. WS uh than than what we had env 56:00 56 minutes specifically the few programs in top account in in that particular segment that you're referring to. Um you know especially related to the cloud 56:08 56 minutes, 8 seconds acceleration uh we saw a bit of an uptick uh much faster than we anticipated. So um and 56:17 56 minutes, 17 seconds and that's that's that's the reason you know why uh you know we we we had a good good recovery in Q4 and thereby it 56:24 56 minutes, 24 seconds actually led to uh you know even the full year for that vertical uh you know came better than what we anticipated. 56:35 56 minutes, 35 seconds Yeah sure. and and how should we think about it going forward considering these s so have already come through is the deal pipeline and uh the deal events 56:43 56 minutes, 43 seconds that are already in place sort of do you think that sort of supports growth because last year has been weak last quarter was very strong uh so how should 56:52 56 minutes, 52 seconds we broadly think about it uh in terms of growth uh or if you could at least give a sense in terms of if I just look at all the verticals put together who do 57:00 57 minutes you think leads growth going into next year going by what you already have in terms of wins and what sort of uh leads and what sort of lags. 57:11 57 minutes, 11 seconds Look, I I I don't want to pick up vertical ranking uh more here, but I still want to stick to the commentary that for the fullear outlook, we are fairly confident of continuing our 57:19 57 minutes, 19 seconds growth momentum. And with regard to the tech and media vertical specifically, yes, we'll continue to see the momentum 57:27 57 minutes, 27 seconds uh in the short term as well. So, I'll put uh that's that's the best I could answer at this stage. N perfect that helps. Uh and just one last 57:34 57 minutes, 34 seconds question. So uh in your overall five year thought process of maybe growing 15% gagger uh to double 57:44 57 minutes, 44 seconds uh how are you thinking about uh uh the inorganic piece of it is that a 57:51 57 minutes, 51 seconds component there and how are you thinking about what those pieces are uh to drive that 15%. 58:00 58 minutes Yeah. uh you know yes there is an element of inorganic also planned in that uh right um and but you know how it 58:08 58 minutes, 8 seconds sort of works I can't guarantee the timeline for that inorganic but yes there is a there is a part of inorganic 58:15 58 minutes, 15 seconds was also baked in in the plan that we're talking about uh you know doubling our revenue in 5 years has an inorganic component to 58:24 58 minutes, 24 seconds yeah I I got that what I was referring to is are you looking at um see there are a couple of types of acquis acquisitions, right? So, one is are you 58:32 58 minutes, 32 seconds looking at acquisitions wherein maybe you're looking to sort of uh pick uh higher growth areas or do you think 58:41 58 minutes, 41 seconds there are opportunities uh because in the current context there's a lot of vendor consolidation. So, uh pieces that sort of increases share within a certain 58:50 58 minutes, 50 seconds customer or uh what what are your priorities in terms of the kind of acquisitions you'd look at is what I was trying to understand. 58:58 58 minutes, 58 seconds Yeah, sure. Look, I think there's a capability part of the uh you know opportunities that comes out where having an access to a certain competency 59:07 59 minutes, 7 seconds technology gives us a bit of a jump start into the newer areas. So that is one category of uh companies. Uh the 59:14 59 minutes, 14 seconds second is there is still a lot of white space in the market uh you know which may take a longer period to build things organically. you know for example the 59:22 59 minutes, 22 seconds sovereign uh solutions in the uh you know European market is going to become very big right so whether it's the you 59:30 59 minutes, 30 seconds know building the entire sovereign stack in into the you know into the industries that we operate in whether it's the 59:38 59 minutes, 38 seconds manufacturing sectors or the banking sector um right so that's you know that's another category part of it where 59:46 59 minutes, 46 seconds if there's any acquisition that comes our way which help us to strengthen the sovereign solutions that most of the countries are going to exhilarate the adoption of it especially 59:55 59 minutes, 55 seconds in the context of AI security. That's the second category. And the third one is about you know it could be just a pure white space of of crimes that we 1:00:03 1 hour, 3 seconds don't have. For example, we don't we don't work in aerospace, defense, automotive much uh in the in the European space as an example. So if you 1:00:10 1 hour, 10 seconds get an opportunity uh in that area, we'll seriously look into it. 1:00:16 1 hour, 16 seconds Perfect. Uh thank you so much and all the very best. Thank you. 1:00:21 1 hour, 21 seconds Thank you ladies and gentlemen. We take take that as the last question for today. On behalf of LTM Limited, that 1:00:29 1 hour, 29 seconds concludes today's conference. Thank you for joining us and you may now click on the leave icon to exit the meeting. Thank you for your participation. 1:00:37 1 hour, 37 seconds Goodbye.