Jayesh Sanghrajka

The competitive intensity in the market has gone up and the productivity will get passed back to the client.

Our adjusted operating margins increased by 20 basis points sequentially to 21.2%.

We are now a preferred AI partner for top 15 out of 25 banking clients.

While Q1 was strong, if you look at the environment underlying, it hasn't really changed. Q2, we are not really seeing the signs of significant environment changes.

At the bottom end of the guidance, we have baked in some deterioration in the environment, some heightened uncertainty.

Our aspiration continues to remain to increase our margins in the midterm.

We are very confident of our margin guidance.

We have called out that we expect BFSI in FY 2025 to be better than FY 2024.

We are not guiding which part of the 2022 we will be. As I said earlier, our endeavor is to improve margins from where we are.