Aparna Iyer

Our endeavor would be to keep it in a narrow band even as we continue to invest for growth.

Our net income grew 10.9% year-on-year in Q1. This is after absorbing a one-time restructuring charge of INR 247 crores.

The guidance does bake in everything that we know as of now. The macroeconomic environment is uncertain, and that is yielding into our guidance as well.

We've got to 17.5% that we had shared, and it's a 12-quarter high, so in some sense, we are very conscious that we should sustain it, and therefore, for Q4, we are saying that we are confident of holding it in a narrow band.

We are pleased to share that our operating margin for the quarter was at 16.8%, an expansion of 35 basis points quarter-on-quarter and 71 basis points year-on-year. This brings us one step closer to our earlier conveyed target band of 17%-17.5%.

For us to bounce back to growth deterministically, Europe and APMEA also have to chip in. APMEA, we're seeing some early signs of stabilization. Europe is still work in progress.

We are confident that we can sustain our margins within a narrow band with an upward bias in the coming quarters.

The overall demand environment, we don't see a material change.

Our operating margins for the second quarter were 16.1%, an expansion of 100 basis points year-on-year.