Tech Mahindra Limited (TECHM.NS) Earnings Call Transcript & Summary

Good morning and good afternoon. A warm welcome to all our attendees who joined us at the Tech Mahindra Investor Day. I hope you and your families are safe and well. This year, we have witnessed major disruptions to global businesses. However, it has proved to be opportune period for digital transformation and experimentation. It is with this thought that we outlined the theme for this year's Investor Day as experience the future now. We witnessed accelerated adoption of digital technologies, and the fact that we are meeting virtually today is one of the many changes that we have embraced this year. For the next few hours, you will get to hear from our management team on the big bets on technology, capability buildup and how everything comes together for us on what we like to offer as human-centered experiences for our customers. Our MD and CEO, Mr. C.P. Gurnani, will commence the day, followed by presentations of our management team that has come together to brief you from across the globe. Before we move on, a few housekeeping items to ensure a seamless connected experience. We have an interactive Q&A session with the entire leadership of Tech Mahindra towards the end. We would urge participants to use the raise hand feature during the Q&A session and get in the questions. We encourage participants to also come on video and interact with our management team. At the end of the session, we would like to get your valuable feedback. There is a form that we'll present towards the end of the session. It's also available on the event website. Lastly, we'll have all the presentations and the recording of this session uploaded on the Investor Relations website. With that, without any further ado, I would request C.P. to start the proceedings for the day. Over to you, C.P.

Hi. Good afternoon, good morning, good evening, wherever you all are. For us, this unprecedented crisis, which pretty much struck very rapidly, very swiftly and impacted almost all our operating theaters, which is all the 90 countries, I would say was a very rude wake-up call. And your company -- at that point of time, which was early March, when it became very evident that we are in for a journey where nobody can define what the ultimate finish line would be. We literally -- the whole management team got together virtually and looked at all the possibilities of what the business impact can be. We obviously did a fair amount of scenario planning. But what motivated us -- I want to repeat, what motivated us was this statement of Winston Churchill, "Never let a good crisis go to waste." We were pretty fast approaching our quarterly closing. Overall, the results did not look that great, and we knew there were 2 ways to deal with it. One is to be a wartime general or secondly is close your eyes and assume that the crisis will go away. Obviously, the team that I am lucky to be part of does not believe in closing their eyes and assume that the crisis will tide over. So the people rallied together. People rallied to assess the impact. People rallied to look at what are the opportunities for all of us we have, what have we promised to The Street in the past and what is it that this crisis will help us navigate. I think when we looked at all the possibilities, it became very, very clear that it is not about strategy. It is going to be about the organization. It's going to be about the processes. It's going to impact people, and it is going to impact what we would call our execution capability. So when we put all these wheels together, we did realize that Tech Mahindra has the fundamental sauce or the playbook already in place. That playbook compromises (sic) [ comprises ] of our readiness with some of the solutions, which was Workspace-as-a-Service. Some of the platforms that allowed us -- the best way to describe it is one of my engineers telling me when I called him up -- because there were a lot of these situations where the laws were not very clear, there was these lockdowns and I decided to call a few of the engineers who were braving it up because they were moving machines to the residences of the employees. And when I called up one of the engineers, he did mention thank you for the call, not slept for 3 days. Cops have stopped them. One of them had been hit by lathi or the stick by the cops. But what was reassuring was that smile on the face of that engineer and actually telling me. So we're used to running 25 data centers. Now in our mind, we have to get prepared to run 125,000 data centers, 125,000 places where our engineers could be sharing a room with somebody, 125,000 locations where there can be a potential for a risk. The platforms that we had, which we used to sell it to our customers, now became the tools on which our command and control center, which was based on cloud, which was based on cybersecurity, which was based on AI and which had every way that we could monitor what our engineer would do, and we were able to keep into that performance. So to me, the 343 that we had prepared ourselves for, that there would be an explosion of intelligent devices, this was an explosion, that we would take a [ human-centered experience.Nxt ] as a bet. That was more about internally taking into account that if our human-centered experiences match up to the standards, then our customers and the governments across the globe would be happy. So I'm glad that the management team followed the lead of run, change, grow first internally. Then externally, they followed the lead of 343. And this is where my new colleague, Dilip Keshu, whom we had got on to our management team through an acquisition called BORN and which was basically -- as you know, BORN is into the chief marketing officer services. BORN is into human experience management, customer experience management. And Dilip on one of our leadership calls -- we used to have a leadership call almost every day, and he said, "Our strategy is not TECHMNxt. Our strategy is [ Nxt.Now ] because COVID means we need to move now." So this is really the birth of what I call TECHMNxt.now, which is now being called [ Nxt.Now ]. Ritesh will take you through the whole branding and the communication strategy. But I'm again happy that, A, experiences at Satyam, my team rallying together to become wartime generals and Dilip Keshu branding the event internally and hence, for our clients and the governments that we deal with. And we now deal with all the governments not because we sell to them. Please remember data has now become a subject which is important to every government. So I'm glad that 343 as a strategy, [ Nxt.Now ] became the rallying cry for the company to rally together. Over the last few quarters, you have seen, yes, we started. When we reported the results to you on May, Manoj clearly was not the happiest friend I've had because the results were one of the worst that your company has reported in the last 2, 3 years. But we also knew that the repair work has started. And we started calling the phase that we were in as repair because we knew that there were gaps between the strategy, organization, process, business models and more importantly, between our manpower planning and the way we delivered our manpower. And this whole orchestration was done by the central transformation office, and they were not looking at only one vector. They were looking at every vector that influenced the organization. So let me take you through the journey, but all I can say is your faith in Tech Mahindra, our faith in the Tech Mahindra employees and the leadership is working well. The company is gradually showing improvement. Some of the sectors have become a huge counterbalance to negative growth that we might have seen in aerospace, travel and automobile industry during those quarters because the CME, as you know, the consumption within the houses improved. We also saw BFSI, high tech and health care -- but health care, only a part of the health care which improved dramatically. But overall, as I say, your company focused on cash flow generation. Your company continued to listen to you, focused on capital allocation. And we have now been able to balance our growth both across the CME and the enterprise. Now what do I personally believe has happened during this period? We did one of our CIO conferences. And one of the CIOs from Canada, again, discussed the social tragedy and then looked back at us and said, "If the TIME story had to be rewritten, if TIME had to choose the cover page and had to say who is the chief digital officer of the year, they would choose COVID-19 as the chief digital officer." Now this, in a lot of ways, sums up what my client was trying to say, "Guys, technology is your best friend. Guys, look at how the business models are changing. Guys, look at how to leverage BORN or Mad*Pow into your service offerings. And guys, look at not just the solution that you provide, but look at that solution into the mold of run, change, grow and become a true transformation partner." Again, from my perspective, every part of the organization rallied together during this pandemic. Not that we didn't have challenges. Not that everything worked smoothly. But we -- I think the best of our team has started coming out in crisis because we did not assume that we are in a perfect mode. We assumed that we needed to focus a lot harder on the client. We needed to go back and look at what makes Tech Mahindra successful. We actually went and spoke to a few of you. We revisited all our service offerings to the matrix that you see in front of you. It's a matrix which is 7 pillars of the company, engineering services led by styling by Pininfarina. And a complete capability to today design a Tesla or an equal, to be able to design a mobile, to be able to design a refrigerator or a vending machine, I think, is what makes us uniquely different. And when we apply that capability across all the major verticals that we have, you now realize that Tech Mahindra is in a unique position. BPS at one point of time had sudden breaks. Actually, we had a 1.5 quarters which were slow because suddenly, employees not being able to come to offices, customers not able to reach out to the BPO people, process has been challenged. We had what I call a break. But the faster they change their models, the faster they came back and do our business. Similarly, cybersecurity, I mean, you know the touch points have increased dramatically. 5G plus network services, 5G did not take off, but the good part was actually, the spend on network services started going up. Our work for 4G actually increased. And it is at the same time we actually started seeing new partnership ecosystems being developed in 5G. Under Dilip Keshu and the CMO, I've already spoken, and I'm sure we will cover it as we go along. All I wanted to say is Tech Mahindra, 7 pillars. It is better than anyone else in the industry. And now our other verticals are coming to size. BFSI, manufacturing, health care and high tech, within the next 2 years, would become 1 billion plus. Some would become 1 billion plus next year. Some are already 1 billion plus like manufacturing. I purposely did not discuss CME because we have Manish Vyas coming in and sharing his road map with you. I did briefly touch that the focus this time was not only on one vector. We had to take into account [ Nxt.Now ] has applied to a customer. [ Nxt.Now ] has applied to an employee. [ Nxt.Now ] has applied to the brand. [ Nxt.Now ] applied to the shareholder perception or shareholder returns. We also looked at [ Nxt.Now ] applied to sustainability initiatives of the company. And I personally believe that us -- and we will take a few examples as we go along today. This broad-based execution across each of the parts of the flywheel or each of the vectors is showing results, and more importantly, our customer scores are improving. So I can only say it is our delighted customer at the center of our universe and us rebuilding the organization and remembering how we grew GE during Satyam days. Remembering -- and forget where GE is at the moment, but I'm only trying to make a point, that is customer at the center of the universe. We actually started saying the client partner is the CEO. He is the person who will grow a GSK. He is the person who will grow a MetroHealth. He is the person who will grow our insurance accounts. So I think customer at the center of universe, empowering and enabling our client partners, I think, is leading to a perfect win-win between our customers and our people. So why are we using the word that we feel more confident about the way we will now be able to correct? And it is coincidental -- and thank you, [ Jiten Bhai ] for your confidence because when you walked in, you actually did mention that when you look at Manish Vyas and Manoj Bhat or Vivek Agarwal, you have more confidence in their capabilities than we would like to project. But today, I am taking a reverse stand. What I am saying is yes, [ Jiten Bhai ], you are right. Because the repair phase, my team has basically challenged and reimagined everything that we do. And the advantage of that reimagining is we today know which processes we need to simplify. I'm not saying everything is done. There is a lot more to be done. And we also know where are the areas where we probably need to improve in integrating some of our processes. We also need to take into account is -- that AI has now become oxygen. It is no longer a separate stream. And that means that AI internally and externally has to become part of the operating system of the company. So yes, I am confident that Tech Mahindra going forward can become -- as soon as the repair phase is over, which is only about 1.5 quarters away, we would become a lot more predictable in the way we deliver, we will become a lot more lean and agile and we will become, in my opinion, a lot more technology-enabled internally and hence, become technology-enabled externally. M&A is clearly a very big part of our strategy. I know some of you have individually given me feedback that we need to look at our capital allocation. I'll tried explaining to you that we are a lot more disciplined in the last 24 months. But who better than my colleague Vivek to help us with how well we have been doing over the last few years and what will be our M&A execution strategy as we go forward. Vivek, can you join me, please?

Yes. Thanks, C.P. So as you know, we've spoken about our M&A strategy in the past and it being focused on largely filling in the white spaces and capability gaps in the portfolio or our go to market. We focused on a majority of our capital being allocated to those initiatives over the last 2 years, as you've seen from our M&A execution and the deals we have done there. At our Analyst Day, even a couple of years back, I've spoken about 2 very basic design principles of our M&A strategy. One was integration and second was synergy. So as we've acquired these businesses, we focused very hard on integrating and landing these businesses very well within our ecosystem, within our organization. And secondly, there is a hyper focus on how do we drive synergy, how do we drive synergy in terms of client growth, in terms of accounts, how can we be more relevant to our customers with new capabilities as well as there has been a focus on internal integration and bringing the capabilities together, the capabilities we have within Tech Mahindra and combining them with some of the acquired entities. And so those 2 principles are going to remain a mainstay of our M&A strategy, finding the right assets, the right management team which integrate well and which helps grow the overall business faster. C.P., I'll hand it back to you.

The other part we all need to understand is one of the lessons that I learned during my previous work with Simmi on transformation was that there is no business transformation unless there is a people transformation. So what I can only say is that in a lot of ways, Harsh as the head of our personnel has done a phenomenal job. The phenomenal job is in terms of rallying the troops, in terms of being able to coach the existing talent and also create an environment where people want to be recognized because the company is also getting recognition. So I think the best person is Harsh to talk about the people transformation or the talent transformation. Why don't you come over, Harsh?

Thank you, C.P. And you said it rightly, that when we talk about talent transformation, it's all about our focus on agility and how do we create agility. And actually, this pandemic gave us an opportunity to reflect. As we did, we tried to do a leadership refresh, which basically meant we wanted to assess, develop our 3 -- top 300 leaders and also infuse talent from across the world. A very diverse talent that we have managed to infuse in the last couple of months. We also concentrated on building a young bunch of leaders -- bench of leaders, which is including the technical and the nontechnical areas. And of course, talent development across function, where we talk about reversing the pyramid was actually key. We were blessed in a way that we were recognized both nationally and internationally. Your company, ladies and gentlemen, was one of those few companies that was recognized in the top 50 Great Places to Work. We were actually #21. We were also recognized as one of the best places for women to work. We won 2 Stevie Awards: one for using HR technology in COVID times and the other -- that was a gold Stevie; and the bronze Stevie that we won for being a best employer. So I think that was a journey that we embarked upon as far as people are concerned. Turn over to you, C.P.

Thank you again, Harsh. And I'm conscious -- so we do pride ourselves on some of these awards that we have got. But I'm particularly more proud of the work that we have done for CSR, more proud of the work that we have done on sustainability, that your company is recognized globally as 1 of the top 30 companies in the world which is driving positive impact through our transformational work on sustainability, that CSR is not only what we do as an institute but I think it is more as an ISR, individual social responsibility. During these COVID times, if there is one Thanksgiving I want to be associated with, it is thank you to my heroes. Thank you to my employees who have personally cooked the food and distributed it, who have driven hundreds of miles to go and feed people in the slums. There are people who have gone and become caregivers. So proud of sustainability initiatives, proud of CSR, but even more proud of ISR. So all I can say is, guys, it's been -- it's a good fun, improving the operating metrics of the company, but it is even more fun to be recognized by the world that we would become a net 0 carbon emission by 2030. 2030 is a promise, but we will deliver much earlier than that. So thank you, guys, and I know I'm like 5 minutes late, but hopefully, we'll cover up as we go along. Over to you, Kaustubh.

Thank you, C.P., for the interesting insights. Indeed, the future is now. Moving on to our next speaker, Ritesh Idnani, who will talk about how Tech Mahindra is reimagining experiences. Over to you, Ritesh.

Thank you, Kaustubh. Good morning, good afternoon, good evening. My name is Rupesh Idnani, and I'm responsible for the business process services organization as well as all the work we do in the software products and platforms and the experiences side from a Tech Mahindra standpoint. I'm based in New Jersey, and I've been with Tech Mahindra for 4 years. I'm here today to talk with you about how we are reimagining experiences for our customers globally. But first things first, let me we use this moment to extend a little bit about what C.P. talked about in the context of Next.now. We've been working for the last decade in terms of helping our organizations shape the experiences for tomorrow. In 2014, we launched what we called as connected world, connected experiences. We marked that in 2017 to run change flow where we started focusing on different elements of our customers' spend. In 2018, we looked at the key technology bets that were influencing our customers' spend itself to be competitive in the future. And we do believe that with all the assets that we have assembled and acquired, we are in a position to help shape the future of our customers today. And that's why second Next.now. We think Next.now allows us to imagine our customers' businesses, build it for them and eventually run the same for them. And that, in some sense, is what I'm going to be talking about today. But let me talk a little bit first about the 5 key themes that are impacting experiences globally. First and foremost, from a consumer standpoint, we do believe hyper-personalization is here to stay. In the world of social media platforms and ever-connectedness, we've moved away from what is broad segmentation or mass segmentation to one-on-one marketing or the power of any call to one, if you will. We've also looked at business models changing quite dramatically to what we are now calling as the Elastic enterprise, the demand and supply becoming global. What that has meant is every brand has got to be direct-to-consumer. In fact, we now we end up seeing a bunch of hybrid models, not just B2B or B2C, but also B2B2C. And also the need to be direct-to-consumer has become even more pervasive than before. Data is the new oil. I'm not going to talk a little bit about it because it's a cliche comment. But I think the importance of data and analytics and how an applied sustain has become even more critical. Because of companies, it has become important to collect information across different channels. In fact, the information across connected channels is going to be the next big thing that's going to shape experiences itself. And also from the foundation of the new digital economy itself, I think one of the key factors that's out there is going to be the speed of the human mind. Whether it's across countries and cities, whether it's across businesses or homes, the ability to use 5G to consume information anywhere instantly, anytime is going to be all pervasive. And last but not the least, the pandemic actually has shown us that it's extremely important to be resilient, be battle ready always. No company, no Board wants to be in a situation which the pandemic brought on us. We don't want to be caught in any kind of an environment where we don't have a response, and a response which shapes experiences. And that's why we believe these are the 5 key themes that are shaping experiences globally. Let me dwell a little bit about the same in the form of what recent research has shown us. Traditionally, one would believe that product, price, different -- product and price differentiation would be the key competing attributes for brands. However, recent research has shown that it is brand experience that has eclipsed product and price from a differentiation standpoint. We've moved away from what used to be a traditional unique selling proposition to a unique buying proposition that has defined experiences for customers itself. And the unique buying proposition has traditionally now cut across 3 broad areas: the brand experience, what one consumes; the behavioral experience, how one consumes; and the book of record, how an organization memorializes products, services, operations and customers. And today, from a Tech Mahindra standpoint, as much as experience sounds a little cliche and much abused as a term, we've been able to synthesize and bring all these elements together to create memorable experiences for our customers. And it's important that we view this not in a myopic view for one element, but try and bring all these disparate, disaggregated elements together. And that's what we've been trying to do at Tech Mahindra in terms of combining the different elements to shape experiences for our customers. The market for experience is large and growing, and I kind of gave you a flavor of this from a backdrop standpoint. Most industry reports tend to focus on one element of the experience journey self, and we've tried to combine all of this to say that whichever report you look at, the size of the addressable market is huge. Today, give or take, it's about $140 million to $200 million that we have seen, growing at 11% to 15% CAGR. And we think in the most conservative basis, it's still a very large addressable market. And we believe that it's extremely important for us to be able to capture all the elements of the market. The way we've defined the market out here cuts across, not just the core design strategy, service design, physical design side, but it also cuts across what we end up doing on the contact center operations, how we leverage customer experience in AI, analytics, business process as a service. All of these elements put together define the size of the addressable market. And what you see to the right is an example of how we have manifested the same for the telecoms vertical itself. If you think about this from an experience standpoint for the telecom vertical, it presents all broad opportunities. On one hand, we're talking about how we can digitize the entire journey itself, whether it cuts across auto provisioning, fulfillment and service. On the other hand, it's also about looking at the call center operations and seeing how one can embed AI, RPA-enabled solutions to help ease the life of the agent and to promote more complex human interactions. It's also about how one can create an environment for digital self-serve. There are more than 30% to 60% of the interactions can be done through the use of intelligent chat bots and only complex human queries are routed to the end source from a human standpoint. And last but not the least, the other opportunity that is also created is how do you digitize the fixed-line business. These are just representative opportunities of what an entire experience means in the context of an industry vertical, and we have done the same exercise and are implementing the same for our clients across multiple industry verticals itself. The market for this, however, is disparate, it's disaggregated. And one of the things that I think we've been able to do through the [ Anvid ] and the umbrella of Next.now is to bring all these components together. Whether it's customer experience and service experience, some of the assets that we acquired in this space, whether it was BORN, Mad*Pow and Pininfarina, allowed us to deliver the customer experience and service experience along with the physical experience. Our core operations experience, combined with our leading -- industry-leading capabilities in contact center outsourcing on the front office side, allow us to deliver this end-to-end. And on the technology side, with some of the recent assets complementing what we already have in-house, for instance, when we acquired the company Zen3, some of the capabilities we got on the NLP and the AI side complement what we've been able to build on. This is just an illustrative map of how these different experiences are coming together to shape the future of an industry itself. And that's why we feel extremely confident in terms of being able to compete and win share in this market. So how are we doing this? If you look at the next slide, this talks a little bit about the digital transformation model itself from an experience standpoint. And that experience has got different elements from a human-centered experience standpoint. It touches all constituencies, whether it's the consumer, whether it's the customer, whether it's the government, whether it's the brand, whether it's the community, so on and so forth. However, what it also is able to do is to touch different facets of the digital transformation model itself, whether it's the culture of an organization, whether it's the processes, whether it's the infrastructure, whether it's the applications, whether it's the analytics, so on and so forth. And we're able to do all of this through defined specialisms, which allow us to shape experiences that are meaningful for our customers. And how are we able to do this? We have created a proprietary framework that we are calling Stella that synthesizes and brings all these experiences together itself. It could be around the brand experience, it's around the behavioral experience, and it's finally around how we synthesize and integrate this with the book of record with the systems of engagement and the systems of innovation and insight. And all of these elements come together to allow us to, not just shape the strategy and define the customer journey, but also help operationalize the same and implement it to create a full super-notched experience. And that's why we believe that with the end-to-end capability that we have put together and have delivered to customers, we feel we are in extremely good shape to capture a large share of this market which is growing at a rapid pace. It also is timely in the fact that customer experiences today front and center, a boardroom priority for our customers. So let me, with this, move over to 3 specific examples of where we are implementing this for our customers. The first one that I want to give is in the banking and financial services side. This is a client of ours, a long-standing client of our, for whom we've been doing a lot of work and was looking to be digital-first in the mortgages side. It's an America -- it's a client in the Americas. And for those of you who know the process of taking a mortgage in the U.S. or in Canada or in other markets, it can be an extremely painstaking and laborious process with a lot of documentation. The customer's challenge was how do I create a digital home experience itself, and we helped shape this for the customer. If you look at some of the outcomes that we've been able to do through this, the process of applying for a mortgage itself now takes minutes. What used to take weeks to approve and fund the loan now takes 3 days. The customer never has had to go and visit the branch at all. In fact, as you see on this slide, 90% of the customers are willing to recommend this to any of their friends and acquaintances. We won numerous awards for the experience that we were able to shape out here as being the best digital online home loan experience from a customer standpoint. Let me shift gears to the next case study, and this is one in the retail CPG side. And this is perhaps even more relevant in some sense because it's been orchestrated during the pandemic. This is a French luxury goods manufacturer. And this is a company that was trying to figure out how best to get some of their iconic brands out through the pandemic, given the fact that their global reach was kind of reduced during this period in time. They wanted to figure out how best to create an experience across multiple channels so that we could orchestrate new behaviors from their end-customers itself. We helped shape this land experience, we helped define this across multiple channels, and we were able to provide 24/7 support across the different channels itself to operationalize the same. The net effect of it is, in fact, through the pandemic, this particular luxury goods manufacturer has had double the sales compared to what they had pre-pandemic. And this is yet another example of how experience can truly create competitive differentiation for customers globally. The last example I want to site is an example on the telecom side. And again, this is one where we've been able to deliver this end-to-end for our customers. This is a leading telecom operator. In fact, when we started working with them, they were regarded as the worst from a customer service standpoint, and this is from all the public records that was out there. We started working with them on improving the way they ran their contact center operations, in fact, to the extent that now close to about 35% or 40% of their operations are entirely automated. We were able to process 2x the volumes at half the cost. We've been able to redesign their entire customer journey leading to also the opportunity to actually impact by building out their technology stack on the OSS/BSS side. If you think about this for a moment, all of these offerings, whether it's around the redefinition of the customer journey, whether it's around re-architecture of the technology stack, whether it's around running their contact center operations as well as their front and back office, are all manifestations of that experience itself. And when we were able to bring all these elements together, that's when we were able to deliver a truly memorable capability for our customers from a competitive differentiation standpoint. And that, in some sense, is the size of what this opportunity can represent if delivered right. In summary, we feel this is an extremely important and growing market. One of the things that we feel extremely good about is the fact that we are in a position today with the assets that we have grown internally as well as assembled through acquisitions that we are in a position to help our customers to experience the future of an industry but do it today. Number two, we do believe that this is a large and growing addressable market. We feel very good about our capabilities to compete in this market. And last but not the least, with everything that we have, we truly believe that we have an end-to-end capability out here. And last but not the least, if I look at our track record over the last 12 to 24 months, we've been growing in this market faster than the industry, and that's why we feel that we do have a competitive advantage in shaping experiences for our clients. Thank you, and I'm open to any questions that you might have.

Thank you, Ritesh, for elevating the experience. Our next speaker is Rajesh Chandiramani, who will talk about how data analytics is disrupting every business.

Good evening, everyone. Thanks also for giving me this opportunity to address the elite group of people. The topic which I'm going to talk about is intelligence within. I'll move on to the next slide to talk about what we do in data and AI. So we, as an organization, are trying to create or convert our enterprises to become data-driven and absolutely an AI-first organization. If you look at this slide, this pretty much talks about the depth and the breadth we have while we are delivering data services to our customers. We, today, clock more than $800 million revenues with about 10,000 associates who are delivering data solutions to over 300 customers in about 50 countries. And if you look at the top, we pretty much cover about 30-odd Fortune 500 customers with our solutions, which are absolutely industry-grade across verticals. And we are also partnering with close to about 50-odd technology partners and strategic alliances to deliver value to our enterprise customers. So the mission which I am and my team is on is to create a data-driven and AI-first enterprises across the globe. Moving on to the next slide, I'll take a bit of your time to check on the market trends, what we see. And these are the 4 top trends which we see across data and analytics. And I think the first one is very, very important. We all know about it. Cloud is a given. And more and more customers are choosing the cloud journey with data and analytics, and innovation is actually happening on the cloud. By 2023, as you see up there, the AI will increase 5x, and it will become one of the top workload categories in the cloud. Also, the world of data and analytics is colliding. And we see, without having the fundamentals of the data strongly positioned and harmonized, enterprises are not able to take the most advantage of the machine learning and of AI algorithms. So data becomes a fundamental foundation for what AI can deliver value to the businesses. When I look at the third trend, which is smarter, faster and more responsible AI, we can see that more and more of enterprises, and in fact, 70% of enterprises which shift from piloting to operationalizing AI and increase it to drive more and more analytics for them. And then the fourth market trend we talked about is the X analytics. And everything around video, audio, vibration, people are going to annotate the data and make sure that they're using data to be able to drive analytics at a very, very high pace. So that's pretty much on the market trends, and I'll move to the next slide which talks about our growth strategy. Now Tech M wants to be a major, major player when it comes to data analytics and AI, and our strategy is actually 4-fold. We are looking at leveraging. We have globally 1,000 customers, and we are wanting to expand and become the preferred choice of data and analytics across the 1,000 customers. So that's the endeavor which me and my team are taking on. We want to enhance. We want to enhance the portfolio. We want to enhance the markets and we want to enhance the verticals. So there has been a constant demand coming across the geographies for us on the data AI, and we want to capitalize on it and go big on it. The third very important part for any company to succeed on data and analytics and AI is innovation. And we are co-innovating with our partners, our customers and startups. In fact, we run close to about 9 labs across the globe, along with our partners, to be able to take build-out sets and innovate on top of data to create innovative solutions. And that leads to my fourth point, which is innovation. And for being the most innovative company, I talked about the labs. We are creating specialized AI labs with our partners. For instance, our partners like IBM and Amazon and Azure are actually funding together -- co-funding the AI labs, and we, together, are creating a larger data science community to address the resourcing challenges which the whole world is facing when it comes to data analytics and cloud. We are absolutely focused around this four-pronged strategy to be able to grow the data and analytics business of Tech Mahindra. When I go to the next slide. Now this slide talks about the complete data value chain. And as we go from the left to the right, you will see there is a lot of data being generated, and more and more data has been generated by enterprises across their businesses, across their lines of businesses, across their factories, and the biggest challenge we see is integrating the data. So as you move from the left of this slide to the right of the slide, you will see that the enterprises are spending a lot of money acquiring data, integrating data to be able to harmonize data, visualize data. And once the data is harmonized and visualized, how can I create productive modeling so that I can become a data-driven and an actionable organization. And that's the journey most of our customers are taking. Yes, we are engaged with 300 customers today. We want to engage with 1,000 customers we have across the organization and pretty much participate in this data evolution journey for our customers. On the bottom of the slide, if you see, there are some of the IPs which Tech Mahindra has been investing for decades, and we have been enhancing these IPs, which, together is able to contribute across the different stages of data life cycle management. Right from UDMF, which is one of the most complex data migration framework for migrating truckloads of data; Gaia, which is the umbrella product or platform who are integrating all the data and monetizing it using AI. If I move to the next slide, after -- I want to bring forward a sample case study. And this is one of the leading banks who wanted to get into a digital journey. And how do they look at their business, okay? The legacy -- they have the legacy applications, legacy technologies, on-prem infrastructure, but the new banks seem completely different. They want to be feature-rich. They want to have technologies which are frictionless state. They want to have data hosted on those technologies which are frictionless state. They want to have layers which will help them become data-driven, and they are putting AI at the premium in order to reimagine their engagement. And if you look at the spend, typically -- and this is an example of a digital bank would have spent about 80% to 90% on technology. There, we are extremely, extremely dominant. But they also spend nowadays more and more on reimagining their business engagement, where AI plays a major role. And that's where we are building more and more AI-driven use cases, which will help a bank or a telecom operator or a retail company or a high-tech company to be able to differentiate their business and use AI to drive efficiency and add an extremely different user experience. And the page end, invest about the customer experience and how that plays differentiating the businesses, but again, AI is one of the major, major enabler, what we see for our customers across the geographies. If I move to the next slide, I wanted to bring forward to you what we are doing on AI, okay? And if I look across the globe, we will have more than 100 AI use cases where we go across the telco or a manufacturer or a bank or an insurance company or a logistics provider and deploying our AI platforms and technologies to really enable their business, and some of the use cases where we are able to detect fraud or do a 360-degree customer mapping, checking on intelligent network operations and intelligent IT operations by enabling automation and AIOps. These are the use cases which are actually making us a preferred choice by our customers to be able to have a visible impact on their businesses and to transform the way they are imagining their business operating today. These are some of the sample case studies which we are deploying across our 300 customers, and the endeavor is to actually super expand to 1,000 customers. If I go to the next slide, I think I want to take a few minutes to talk about the big bets. Now these are the big bets for now, and these are the big bets for the future, which will help us enable our ambition of actually being a data-driven and an AI-first enterprise. We have -- we know that there will be lots of money, which will continue to be spent on data value management. It's a huge market, if you will see on there, $120 billion market by 2025, with a growth of 10%, close to 10%. And we will -- we have a dominant positioning in data value management, and we continue to play that position very, very strongly. We also have our customers now who are engaging with us to harmonize their data streams and an increasing data -- truckloads of data on the cloud. We are partnering with hyperscalers. And this is a huge market. It's a $800 billion market with a very high growth of about 18% where data would move to cloud. And we're going to talk about some of the strong partners in my following slides where we are partnering with them, and some of the use cases where we have partnered with the cloud providers and the hyperscalers to help enterprises move their data on the cloud and harmonize the data. And of course, data monetization, all of that is being done to make sure that the enterprise is able to monetize the data, they are able to make the best use of data to enhance their business returns. When I come to AI, the 3 top bets which we have taken is, of course, analytics, analytics, analytics. There's a huge demand in the market, and it is the largest share when it comes to AI because people want to take the fundamentals of data and analyze it and then get into cognitive and predict. Now those are the 3 technologies where we are seeing a high-growth demand from our customers, and we continue to invest in these key technologies on conversational AI, on cognitive services, and on advanced analytics. And these will be the future of invest for us as well. I'll move on to the next slide, which now focuses on our partner ecosystem. I think the fundamental for all of our big bets is our partners ecosystem. We are, we have been, and we continue to create stronger alliances. And some of the global alliances, you will see, even in my case studies, are companies like Snowflake, are companies like AWS, are companies like Azure, are companies like SAS when it comes to analytics, companies like Microsoft. And when we look at start-up ecosystem, we're continuously innovating. And particularly on the AI field, where we have partners like Alteryx and H2O.ai and Databricks where we are actually innovating on how we can migrate the data, how we can monetize the data and how we can actually make the enterprises be data-driven and AI first. So that's pretty much on my approach in terms of our ability to be able to scale up. We see an extremely high demand from our customers to be able to monetize data, harmonize data, build data on cloud, the platforms and hyperscalers. That is where we are putting all our efforts and energies. I'll go on to the next few slides, which is going to talk about some of the case studies so that you are able to see the value we are able to deliver to our customers and the kind of partnership we are able to bring together on the platform to be able to deliver a real edge to our customers. Now the first case study is one of the top leading telecom companies in Europe, which is pretty much across the globe. And we have won the contract as a single, sole data provider or a data partner for them, along with Microsoft. And this is across the 9 telco natco operations where we are partnered with the Azure Analytics platform, and we have integrated with our IPs. And I talked about the IPS, which is GAiA for AI, Infowise for data management and data -- metadata management, data modeling on iDecisions and the New Age Delivery platform for delivering the solution. And the customer has seen a huge value because moving from traditional and legacy system into something which is futuristic, harmonized. We also invested in actually a dedicated center of excellence because this particular solution is going to roll out to that mine -- or sorry, each other goes outside of Europe. And the objective is that we are going to improve their NPS and their customer base by giving them a harmonized view of the customer and giving them an AI-based smart decision-making. And this is where the first case study ends. We extremely -- the project is extremely in a fast-track mode, rolling out in a few opcos already. And hopefully, next year, we'll be able to report much better results delivered out of this harmonization process. The second case study on the screen here is about an insurance company in the APJ market, where it is not about moving to cloud, but it is actually creating an end-to-end transformation on their business intelligence layer. This insurance company has operations across GI, life, corporate and bank, and customers were pretty much sitting in separate databases. We actually created a new data lake. We actually replaced the legacy data warehousing applications. And this was done at 50% of the cost from what the customer had actually planned for because we're leveraging India in a major part of delivery. We are also making sure that the project is delivered on agile basis. And this particular solution is integrated in some of our IPs with the center of excellence, which is dedicated for the customers across their 4 businesses so they are able to see the customers across their 4 businesses and are able to cross-sell, up-sell and effectively manage their customer databases. So absolutely an important end-to-end business intelligence transformation project for an insurance company, and this project has been a huge success for us. If I move to case study number three, now again, this is a case study for a bank in APJ market, where we have partnered with another hyperscaler, which is AWS, Amazon Web Services. And we are together along with our IPs and the Amazon power of data cloud, we are working together for streamlining the data patterns, for making sure we are able to create a metadata systems, or making sure that the whole databases across their bank and systems are consolidated and integrated, and we are able to give a single source of truth across the whole enterprise. Now again, the prime objective was to have this integrated data to be harmonized on the cloud. And the next phase of this project, we'll see a lot of AI work, which is going to come once the data has been harmonized. So the bank is busy actually harmonizing their data farms across their businesses into one single truth, along with AWS as a strong partner and working with our IPs to speed track the movement of the data and making an impact for the one. Now the final case study I'm going to talk about is a high-tech company, and we all have seen a huge growth and demand coming from high tech during this COVID times. Technology companies are actually making a strong way forward. And this is -- and we heard about the successful IPO of Snowflake. This partnership is actually along with Snowflake for a very high-tech company in the area, where we have again integrated some of our IPs in order to fast-track and integrate the data sources. And they have multiple sources. It's a very, very aged company, successful. And we are working along with them to be able to improve the performance of the data, to be able to improve the performance of their systems and to bring the data quality, a high-quality data at the lowest cost price to the customers, leveraging our offshore development centers and the expertise we have and the IPs, which we have in order to transform very, very high quantum of data for this customer. So if you see around, I think I want to close the presentation with a big thank you for listening to me. But we certainly see a very high demand, and the demand is coming both north to south and south to north meets. There's a lot of demand coming in the 80% of the spend where the technology needs to be streamlined. There's a lot of spend which is coming on the AI, where the use cases are dominating. But for the AI to be successful, it is so very important that the data gets harmonized, the data is unified, and the customer is able to -- and our customers are able to monetize the data, which -- from the foundation layer. So thank you again very much, and I look forward to a Q&A session later. Thank you.

Thank you, Rajesh. That was quite insightful. I now request Sudhir Nair to talk about our next session, Cloudification of Everything. Over to you, Sudhir.

Thank you, Rajesh and Kaustubh. From intelligence within, they will move to cloud. I'm sure all of you will be very familiar with cloud trends. Every enterprise is now gravitating towards a hybrid multi-cloud operating model. Amongst the public cloud providers, AWS continues to be head of the pack. Azure is actually closing on their heels. But we are also seeing a strong bias from the customer based on workloads. Be it on SAP, analytics, IoT, clients have their own preferences in terms of which is the cloud provider that they would choose from the workload standpoint. Now from a SaaS perspective, we continue to see excellent growth rate. Salesforce is by far the leader. But you would also see that many $1 billion to $5 billion organizations are accelerating in excess of about 30%. Vertical SaaS is gaining significant momentum. By the way, clients are now undertaking cloud transformation not just for TCO reduction, but to help improve agility, customer experience and speed of innovation. Now one of the other things that you would also know about the fact that cloud providers is that more than 100 functionalities are actually getting pushed by cloud provider almost every day. So the state of our technology is getting delivered to customers on almost by an hour basis. There's another interesting inference. What you see on the left, okay, it's a total market share of about $484 billion. Now this is a total of IaaS, PaaS and SaaS. More important to note is a similar size of services play actually will get generated. As you would know, less than 15% of the workloads have actually moved to cloud, which means we are actually staring at a staggering cumulative spend of professional services in excess of about $1 billion over the next 4 to 5 years. Before I get to Tech Mahindra's right to win in the marketplace, wanted to take a quick moment to walk you through a typical cloud journey. It starts with advisory, intimating the migration path and then building an operating model. At this junction is when you have to make a decision in terms of application by application, what is vertical that you would land upon. Is it going to be a simple lift and shift, or you will do a minor tweak to actually migrate onto cloud? Or are you planning to modernize the apps, which means that it would be cloud-native development before the movement or replace the app with a SaaS solution. On the list of priorities, I would specifically call out data center exits. Even in the Indian context, you would know that a lot of financial services customers as well as telecom folks own their data centers. Now when the workloads are moving to cloud, very soon, you will see that this real estate, the power cooling CapEx spend on that, will start to idle out very soon. We believe there is an excellent opportunity to monetize the data centers for those respective customers. Again, from the lens of system integrators like ourselves, just wanted to call out that SaaS implementation, application modernization, which includes cloud native development, cloud ops and managing economics on cloud are few of the money spenders that we believe should definitely accelerate growth for SIS regulars. Let's start with the state of business. From TechM's perspective, the infrastructure and cloud services revenue is in excess of $900 million. Our growth is at a clip rate of 22%. The platforms and excellence that we have created have delivered higher yield for us. And I should call out some of them: iCOPS is for cloud operations. mPAC is our platform for hybrid multi-cloud management; TACTiX, our flagship product for automation. And we have netOps.ai, which are enabling telcos to accelerate to cloud. What you would also recognize over here is that industry leaders place -- okay, ISG as well as Nelson has actually tagged us in terms of being leaders all over there. There are 8 strategic partners that we have prioritized our focus onto. And the names are listed down over there. And these are the ones that we would remain heavily invested, and we'll continue to foster relationship at executive level so that we are at the top end of the growth. Now let me come to the Tech Mahindra advantage. You would recall I had mentioned just less than 15% of the workload has moved to the cloud [ antedate ]. And within those itself, we have had an opportunity to demonstrate successful execution at scale, I mean, absolutely unimaginable scale. Some of the engagements that we're currently working on has a scale of 400,000 virtual machines, a combination of instance movement, application modernization or cloud-native development. iCOPS, mPAC, netOps.ai, or a series of them is a best-in-class frameworks, platforms and accelerators, which are deployed in many cloud engagements. And this necessarily does not -- not only ensures, okay, that the speed of execution as well as quality of deliveries is world plus, but it also drives those nonleader revenue. TACTiX leads our way for us from a deep automation standpoint. The quote that you see on the right is that of a leading cloud provider. For us, it is very refreshing to have strong believers in this ever-evolving technology space. Now let me take this opportunity to summarize 2 cloud case references. The first one is from a leading telco. And I do believe that similar opportunities are simmering in most of the telcos. So as a rule of thumb, even if you want to look at telcos per country, you look at the number of opportunities that will be in the line of sight. This particular customer has actually embarked on a journey to migrate 4,000 applications spread across 20-plus data centers sitting on an infrastructure nothing short of 200,000 virtual machines. And the execution is planned over 3 years, right, from infrastructure to apps, thereby accelerating their journey into digitalization. In this journey, as we start to exit the applications from the on-premise data center, they would be vacating the data centers. That would help them monetize those data centers, as I had stated earlier. The advantage we, as in Tech Mahindra, had delivered was to build scale in very quick time. The cloud factory -- through cloud factory, we actually institutionalized framework-led deployment to ensure 100% automated migrations. As I speak, we are the largest partner driving this transformation program. The second one is for a leading insurance firm. It's a federal organization across 10-plus countries total entities. But what's more important to note is that their single-minded objective in moving to cloud. Their acceleration to cloud, okay, was expected to be done or is expected to be done in the whole of 3 years. The contract for us was part of the total outsourcing deal, which was in excess of about $0.5 billion. And as part of the contract, not only enablement in terms of moving to cloud, but also ensuring that they build a digital platform for the future is the deliverable that we are responsible for. Finally, we have also got to deliver as a service across technology towers, literally everything on a consumption mode. That's our responsibility. Again, the advantage that we brought to table was strong understanding of domain. When you have to migrate and modernize insurance applications, it is critical to have an exceptionally good handle on business processes, application dependencies, architecting it right first time. If you align to this, okay, then you get the best value from the cloud technologies, which is the availability, resilience, faster time to market, all of it can get adapted to best possible manner. We are still in the phase 1 of this program but have already achieved 100% automated deployment to CI/CD. Since this is a total outsourcing deal, we continue to be responsible for cloud operations and cloud spend management. Though I've touched largely on 2 case references, there is a series of projects we have executed across large and medium-sized companies across multiple verticals, be it manufacturing, retail, aerospace. The ticket size of a cloud deal can be as low as just $100,000. But it's important that we get started in a client even on that initial $100,000 because that could foster into millions of dollars as time progresses. On this screen, what you see is a sample set of IPs and accelerators. This is what truly differentiates us. Even for non-cloud deals, we proactively sweep platforms like mPAC, which can seamlessly move workloads from on-premise to cloud. Every little bit of Tech Mahindra is going to drive client adoption to cloud. And the second half, what you see is RACE. That's our internal initiative for reskilling 70% of our IT workforce on cloud technologies by 2024. Each of these reskills are extremely in high demand. And I'm sure you would have picked some of these names, be it OpenShift, Kubernetes, Chef, Puppet and Sybyl, Terraform, Docker and there are many more, okay, out over there. And these are all extremely reskills. And unless you have those skills, you cannot necessarily execute the cloud journey for a customer as the clients have to be to be [ exclusively ] done by us. It's a very interesting and complex world out over there. I'll wrap this up with my last slide on our big bets. Cloud is a critical success factor for total outsourcing and large application managed services. And this will be our #1 priority. In one of the case references you would have picked clients wanting to exit the data centers. We believe significant opportunities will open up in that space. We have an excellent story line for data center towers, wherein cloud providers are putting their weight behind to make it a major success for them and us. The third one, the scaling SaaS and hyperscalers is an absolutely no-brainer. As I said earlier, phenomenal opportunity to be tapped from the standpoint of professional services market. It's again a billion-dollar industry over the next 5 years, and our RACE initiative positions us extremely well to be a dominant player. Finally, the netOps.ai. Telcos' adoption of cloud would be a big play. We have a complete blueprint and a few pylons growing in this space. And this particular solution helps orchestrate across private, public and edge clouds. You will hear more on these, okay, from Manish in the next session. This brings me to the end of the cloud session. I'm sure all of you would be watching this space very closely. I will take questions at the close. Thank you.

Thank you, Sudhir. That's quite an interesting play. Our next speaker is Manish Vyas, and he will talk about our biggest best, that is 5G. Over to you, Manish.

Thank you, Kaustubh. Thank you so much. Good afternoon, everybody. Well, the most important thing to note is the evolution of the telecom industry has always had a strong synergy with the evolution in the network industry. And in more recent times, what we have seen, while 4G over 3G was an iterative change in terms of speed and a better access to Internet. But what it did is it changed the humanity and the industry forever, for the kind of innovation it spawned across the consumer space, in the media, well, including social media and various different applications to create a greater level of productivity and, of course, entertainment. The reason why we are excited about 5G is while we did not see a plethora of new service providers getting launched, barring maybe Jio during the 4G evolution, we have already seen an intense activity happening in Europe and in America and, of course, in Asia as well, with new set of companies getting created to take advantage of the new possibilities and the new dimensions that will get added in the industry thanks to 5G. And that new dimension includes the fact that we believe -- and there are enough telltale signs to believe that the enterprises and various productivity, optimization, innovation and growth of different industrial segments will have some contribution from the network industry going forward. But that said, is very important to recognize what are the big paradigm shifts happening with the 5G technology going forward. Most of you have read this very well. We have discussed it a couple of times, of course. But I just -- before we go and dive deeper into, hence, what, what is the Tech Mahindra strategy and the game plan and the success story to support the shift that is happening with 5G in the network industry and, hence, in the telecom industry, and for that matter, in the larger, broader industry per se, I think it's important to recognize some of the top tenets of the shifts that 5G is bringing. First and foremost -- and I probably would be repeating this maybe one time too many, the fact is that 5G is not just about an improved connectivity. It clearly is a platform that will drive a greater customer experience for service providers, something which all of us as customers and as investors in the ecosystem do believe that the telco industry badly needs. Number two, 5G because it is going to be inherently built around AI will have and enable a deeper micro segmentation of its customers also to drive a level of personalization that has not been seen before. 2 or 3 very important shifts happening in the operations of how a network will be monitored and run. I think it's largely because of how the technology is architected and curated. The service agility, because it is going to be extremely cloud-based and because a lot of innovation can happen on the fly, real time, we will be able to take a lot of processing very closer to the user, right, with edge, and with the network, capacity and capability that will enable a seamless flow of data and, hence, allow that processing to happen. But let's face it. There is one paradox that this industry continues to face, which is why we continue to see an exponential growth in the demand for the product and services that the industry produces, we haven't seen the commensurate changes to the revenue and, for that matter, increase in the margins. And that, we believe, is something that hopefully, will be a shift as well happening as we start executing and running the networks that are built from 5G and beyond. Now with this excitement around the enterprise business coming to play, the launch of several new service providers, and for that matter, the transformation opportunities across different service providers, coupled, of course, with the very big material changes to how our 5G network is getting built, we, at Tech Mahindra, are very, very clear about what our playbook. And our playbook and -- is really at 3 levels. At one, our contribution to the process of helping service providers realize both the core network as well as the various enabling platforms to drive this transformation for existing service providers and the new ones at the same time. And we will indeed go into a little bit more detail in few minutes. Number two, it's very clear that there is finally an opportunity to help both the service providers as well as various other partners to monetize via some very interesting solutions that are industry-specific niche, but at the same time, to drive momentum around building private networks and also to drive a lot of data and analytics business. That will be driven based on what we do on -- at the edge, right? Clearly, that's an opportunity that we have a very clear game plan around. And last but not the least, every time there is a new need and a new demand, like in the telco and in the enterprise domain, there is a huge set of activities that happen on the innovation plane inside the ecosystem. As a firm, we are very clear that both at the network platforms level as well as with the devices, we are going to be having a very meaningful role to play with this community. How we will be doing this time? Of course, we'll continue to leverage the immense power and capital that we have invested in our people and the talent. But at the same time, we have been continuously working on building our own IP and platforms and solutions. And at the same time, we will continue to harness deeper relationships with industry innovators, whether on the cloud side or on the core network or software aspects. And again, we will be speaking about this as well in a minute. So in a nutshell, your company is very clearly defining the playbook that we have. We believe it's a very comprehensive playbook. At the same time, we are very clear, there are certain things that we will not necessarily be participating in because we want to keep this playbook aligned with your expectations in terms of how we should be continuing to grow this business going forward. So let's go and take a little deeper dive hereafter. Let's try and peel the onion as far as the service provider business is concerned. I just want to take you back into the memory lane for a second to recognize that while we started this journey late 2014 and early 2015, where we wanted to bulk up our capability to do more design, more development, more integration services in the industry. And there were some hits and misses with that strategy, but we definitely got a very solid footprint across the world with a lot of customers, a lot of capability in people and some interesting partnerships that we adopted via the initiatives building that way. However, I must say the last 2 years have indeed been very exciting. Whether it was to help transform a set of network applications for a very large operator and then move eventually them to the cloud, or to take advantage and build some of the best labs in the world to drive a greater integration in a virtualized environment. Or for that matter, to work with a very large media information services company to drive a strong, cloud-native, software-based enterprise network transformation, I think we clearly have laid the foundation of driving the greater innovation, and more importantly, a role that we believe is going to be called as a continuous integrator in the industry thereafter. Because an open source and an open process-based network, a cloud native, something that is going to be very data-enhanced, AI-driven is going to be requiring the type of development and integration that's very similar to how the hyperscalers and the web-based companies have done. The question is how. How exactly are we going to be executing these very well-defined opportunities that are available to us at this point? So I want to introduce, not -- this is not just a concept but a platform that is very core to what we will be doing going forward. We call it the CI.Nxt platform, which is a combination of our own IP, our platforms, our strength in our talent and partnerships. And we are going to be and we have already launched all these initiatives for the last several months. We will be attacking opportunities across the 5 very clear, well-defined segments. Number one, we believe that not only the technology but, hence, the supply chain inside the telco industry is getting disrupted. The success that we've seen with companies like Altiostar, that we had invested in, was clearly because the industry has started recognizing to unblock the potential from breaking the supply chain ecosystem. That is going to spawn a set of opportunities to integrate a network that's not just going to be a 5G-native network, but more importantly, it's going to be a very open architecture. We believe that opportunity, while it will replace some of the existing dollars, but at the same time, it's going to be pretty significant over the next 5 to 7 years. Network on the cloud in terms of more and more workload getting on to the cloud and not just of the new network components, but also some of the existing ones, not easy, but definitely possible. Here, our differentiation, of course, is the fact that we are building a platform and a product called netOps.ai, which, in essence, seamlessly allows service providers and network providers to integrate, to orchestrate, to organize and constantly move the workloads from different -- from one platform to different, right? This is going to be something that will be used not just by service providers, but also by the public cloud companies going forward. Third, and you already heard from Rajesh, the deep impact that we are planning and we are looking to invest and make into the data analytics and the AI space. This is where we will be driving a great level of synergies and our intelligent ops by leveraging lot of cognitive technologies, is built on not only some remarkable partnerships that we have built over the years, but also around a platform called GAiA, which is so core to Tech Mahindra's strategy around AI. I don't have to tell you much about our strength and capabilities around the BSS and the OSS. But clearly, from a digital OSS, since we're talking, the realm of networks is a huge opportunity. We've recently achieved some great level of success in convincing a few customers in terms of joining us in getting forward on the transformation journey. To have an OSS of the future-type architecture that will create an ability for service providers to manage their networks from a system standpoint very differently and, hence, get ready for 5G and even beyond for that matter. And last but not the least is where we are looking to partner with the service providers is around what we will do with their enterprise network and modernize for them and for their customers going forward. So with that said, and instead of me talking about it, I'm going to invite a few of our top leaders in the ecosystem to share with you some success stories that we have created with them over the last year or so in having delivered the promise that you just saw on the previous slide, in the set of opportunities and the playbook that we have defined for ourselves. So allow me to bring some of our key customers and partners to share a view with you.

We're delighted with TechM contribution in trailing the never-traveled path with us when we decided to build the world's first cloud-native network. From initial lab to state of the art, TechM had been with us all the way. We are further excited as we scale the relationship and take our cloud-native platform globally with TechM. Thank you.

The growth to 5G benefits really start from having the automation done from the inside, primarily because of all the moving parts. Tech Mahindra actually has a lot of experience planning and designing networks. In fact, they helped us automate the plan-and-build process for fiber rollout we did in the U.K., having got up to 70% cycle time reduction. But as always, there's plenty more to do.

Tech Mahindra helped us in the transformation of our operation. The mix of knowledge of network [ connectivity ] helped us to make a significant step forward in our transformation of the network operations, especially automation and agile procedures. Now in the opportunity at work, we are evaluating a lot the knowledge of the clients work, also agile methodology. And we think that there will be a very interesting partner in the future to deal with cloud-native implementation and the transformation of the operational model we want to. So we are not only operating with Tech Mahindra now, but we feel that we will continue operating in the future as we perceive them as a valuable partner. Thank you very much.

Thank you so much. With that, let's move to the very next and important -- or the most exciting, I must also admit still a little unknown type of a frontier. We believe that 5G and, hence, the network is going to be the platform for innovation because it is largely now going to enable a lot of data processing at the edge. You'll be hearing this theme from many different people, many times. We clearly believe in it, and we believe that this is not just a 5G play. This is a network evolution play for the enterprise. But we're going to be continuing to see an unbelievable number of devices. We'll be seeing a lot of activity in almost every single industry from the perspective of connectivity from the perspective of connecting their users, their customers from driving a greater partnership with a lot of public cloud companies, a lot of transformation to how data centers are going to be architected and so on. The question is, what is our offerings? And our offerings, as far as the enterprise play is concerned, that we have constantly been discussing with both customers and partners for quite some time now is: One, we believe everything that we do for the telcos in the network space, in helping them build their network is an opportunity that we are going to be taking forward to the enterprises as well and helping them build their private networks, both on a 4G and a 5G kind of a stack. Two, I've already spoken about edge and the importance of that. Clearly, the multi-access edge compute capability and integration of that is going to be an important initiative. Our game plan here is still evolving. But at this point, in terms of the 1.0, it's clearly built around a lot of strong partnerships that we have built with some of the best companies out there in the world. And last but not the least, and this is that unknown. This is that excitement, this is that plane of innovation that we believe is going to create an entirely new set of industrial opportunities, which is around industrial application use cases. We are committing ourselves to several of these industries that we are very heavily invested in. However, we are clear that we are going to be taking both a product approach as well as a platform and a solution approach as we build our capabilities across the various industries. The good news is that it's not been only experimentations and only initial discussions. We have already gotten successful with some very interesting use cases. I just want to talk about one where in South Africa, with a very large mining company, we are right now helping them to create, to deploy, to design and to manage a network that, of course, will have a few base stations across a few towers. It's a very -- from a telco standpoint, it looks like a very tiny network. But recognize that this is an opportunity that doesn't exist in the current realm. It's a new set of opportunities that we are unlocking for ourselves. The main objective of these type of networks is going to be to drive a much lower cost of operation than some of the traditional networks, like LANs and others. A very important tenet and pillar of these capabilities is going to be around security and a very secured network. And last but not the least, it is just like my laptop and my phone is to be connected to a private network, we're talking about connecting every single moving and immovable asset that needs to be connected to this very private network in a very secure environment. So that's a very interesting opportunity, and we believe that this is -- we are probably unlocking a huge potential in this space going forward. So let's come to the very last, but definitely a very important part of our 5G strategy, which is our innovation for the ecosystem. By ecosystem, we mean what we will do with the network industry and what we will do with the devices and the device platforms going forward. There is going to be an enormous amount of R&D spend that will happen based on 5G RAN and core both, based on what will happen for the new platforms and new software that will have to be created to manage this evolution. On the device side, we're not just talking about smartphones. We're talking about, of course, close to 470 to 500 new smartphones that we will see in the next couple of years. But we're talking about a lot of investments that will happen around the new industrial IoT paradigm, the new investments that will happen around 5G from a test and measurement stand. And we believe that our capabilities have already started getting us some incredible case studies and success across both the network as well as the device play. So for example, we've been very busy with the company to create a lot of components to help them validate and test their emulator, their simulation technologies that they are building for 5G. The good news is, what this does is it also enables our ability to innovate for both the enterprise as well as for the service provider market as we go forward. And the other aspect that we are looking to derive out of this capability are partnerships that we can integrate as part of the Tech Mahindra reference stack for 5G and for the open platforms as we go forward. So I'd like to end by saying this strategy, this success that you have just heard of, and our opportunities and the playbook that we spoke is all going to be powered by our strength around the 4 key tenets that we continue to invest in. I already spoke about netOps.ai as well as GAiA. But another important product that we have continued to evolve is called Blue Marble. This, of course, is a combination of what we've built plus what we have acquired with Dynacommerce a couple of years ago. I think it's already giving us a remarkable positioning in the marketplace as far as the innovators are concerned. Partnerships are very important to us across all the 6 broad areas of business. And we are working with, at a very deep level, with some of the best innovators who are out there. Our approach to market is built around platforms, right? And that's about stitching all the capabilities and the strengths together as far as integration is concerned with CI.Nxt as far as management and managed service is concerned around AINoF.NXT. These are 2 very important platforms that will enable and create that differentiation for the industry to provide a very predictable, a very cost optimum and most importantly, drive a continuous innovation together with the customers going forward. And last, but definitely not the least, is the investments that we are constantly making into our people with our academy model. And of course, in this case, for the network industry, we are partnered with Intel to pretty much have almost the entire curriculum that they have. And we run this almost like a university within Tech Mahindra as we go. So that, in a very small nutshell, is what we believe is our game plan to create a momentum and a velocity in the network, the telecom and the enterprise domain by putting very clear building blocks, believing in these building blocks and supporting them with the investments that is very well, very much needed to realize this dream. Thank you so much for your attention, and I'll be available for any questions that you may have. Thank you. Over to you, Kaustubh.

Thank you, Manish. Let's hear our final speaker for tonight, Jagdish Mitra, on how all these technology drives come together to drive sustainable growth for us.

Good evening, ladies and gentlemen. You heard through the evening my colleagues talk about how the technology capabilities are being enhanced in Tech Mahindra, how we are adding to it, what we call as platforms and assets and solutions that can be ready to use for scaling those key technology horizontals. My section here is primarily to talk about how those solutions are coming together and making sure that the industry, domain knowledge and those solutions combine and create business opportunities that our customers can benefit from though to our run-changing growth strategy. So each of those solutions target those 3 vectors. And as we do that, we are also going to make sure that we share with you what the internal processes, teams, structure, technology and tools that we are enabling the company with, our front-end team, our solutions team, our portfolio team with, so that this growth is sustainable. So this is all about bringing it all together as we sustain the business and the growth. What you've heard today are stories emphasizing the need of the hour. For example, the way human-centered experiences, AI and what we do in cloud, along with the 4G LTE network or were places where there is a high-powered network, we're able to deliver what we call as a store-in-a-box solution. A store-in-a-box solution is something that's getting used across the board, not just in the retail business, but any business that has a B2C experience, where it could be a bank, it could be hospitality, it could be a travel and logistics business, it could be health care service business or it could be a telecommunications company. This is a unique solution that we have been able to build together with all the 4 vectors that you see and overlay on top of it the industry use case to be able to bring the virtual and the retail experience of being in a physical retail shop together. So for example, you are in a garment shop. You could almost experience the whole solution of trying out new products, new solutions or new garments with a smart mirror. And you're at home, you could probably walk through the retail store and get an experience sitting at home and probably pick and choose and get it delivered at home or same way. This has been a great success because we've now got more than 12 customers, not 1 or 2, but 12 customers now looking at these solutions and have actually engaged commercially with us. We announced a few large deals last year, one of them with a very large insurance company across the globe. That was only possible because we could bring in one of the tools and some of the solutions that you heard from our colleagues earlier. Those solutions and tools enabled us to be able to draw the unique solution portfolio that we call transformation with a self-funding model. So when we try to bring together this transformation, it allows people to do their legacy transformation. But the benefits getting driven, automatically, the cost savings are funding the new technologies that they need to deploy. But what does this mean for us in the future? Our future, say, for example, even in the manufacturing vertical, is a worker today with almost -- if you look at our top 50 customers in manufacturing today, something that they did not do today or earlier are something that they have today engaged in. This is our engineering cloud story. Most of the factory, most of the shop floor did not adopt cloud. But what COVID taught them or what COVID taught us as a combined unit is that today, you need to be able to operate factories under any circumstances. And therefore, imagine the world of cloud and digital twins coming together. AI; data science; again, human-centered experience; again, a private LTE network and moving towards a 5G network enable you to run remote factory operations sitting wherever you are. Or you can set up a factory where you have raw material, but you don't have the skills to be available. That's the possibility, that's the opportunity. As we do that, you can see that the speed and scale of digital transformation just in the last 8 to 9 months has become super sonic. What did we see? In the first quarter, we saw huge focus on automation and cybersecurity because people are getting access to multiple data systems. As we move to quarter 2, people started taking more decisions around productivity solutions and started saying that let's put cloud where we have not done before. And how do we make sure that we make our supply chain more versatile? And as we start to see the last 30 to 45 days, serious experience engagement. People are trying to do service design, and you can see the results of that in our numbers that are starting to show up: 30% growth on wave 2 revenue, 20% pipeline growth in the last 6 months itself, and more than 70-plus large-deal potential deals that we have won. Now the question is, is it the survival of the fittest or the fastest. I think it's both because you need both to be able to be future-ready, and that's what we're going to talk about, and future-ready in a very sustainable manner. The sustainable growth model that we have created is a unique Tech Mahindra process called next best portfolio. This portfolio is enabled by same set of technologies that we talked about right now, the same set of solutions that help us deliver the needle analysis for our business, take the sentiment and needle analysis, put it into a solution ideation and bring that together with our TechMNxt portfolio of startups and collaborators coming together. And we've created this digital transformation office, which is the function which pulls all of this together, starting from the needle analysis of the account, which actually tells you what are the challenges that, that business has. What does the account have as a challenge? What is the market facing as an opportunity? And through that, as C.P. talked about, the account at the center of every discussion. Tech Mahindra's accounts become the unit at which we need to succeed in and grow and scale. And therefore, what we've called out for every account -- and we'll talk about segmentation life slightly later. The NBP squad, it's a team, a squad that has named people from every 1 of those 4 portfolios, and including the domain and including our 7 pillars, who are targeted incentivized not on overall growth, not on overall vertical or horizontal growth, but on that accounts growth, on that account's capability to drive those portfolio services. And that delivers what -- some of the next best portfolio solutions that you are seeing. Obviously, a key part of what we want to retain and scale and constantly repeat is the way we do large deals. We had some significant growth, as you know, in large deals last year, and we want to make sure that this is a repeatable process. Large deals today is not a function of only responding back from the responses that our customers are giving, which is RFPs or third-party advisers. It's about creating proactive large deals. All the 2 large deals that we did, which were significantly large and mega deals were all created proactively. So what was our learning? We're taking the same insight analysis, repeatability through the opportunity; enabling it to a team which is primarily driven through financial analysts, business analysts and large deals, separate, whole team; enhanced by people that we have brought in from extremely successful deal makers across the world into this team. So this is a centralized, core, high-powered team that has been created, which is about driving these solutions together. And where are we getting this coaching from? We brought in a people set who think financially and creatively to be able to put this large deals into proactive approaches. That's our approach towards large deals that we have initiated in the company. As we do that, we obviously make sure that that's a set of solution portfolio that we've taken to our customers. But what we need to do also is to enhance our office, our front office, our middle office and our back office with data and AI-powered tools. And this has been in the offering for a while, and we have now launched this across the board with all our rainmakers and plan partners and our solution teams across one set of data tools, which are constantly telling them what is the next set of solutions and services that the customer requires. It's almost like predictive AI coming into play, telling them what the businesses are looking at. At the heart of all this is our New Age Delivery platform, which we had talked about last year, but it's now enhanced over building in significant amount of data from all our projects and our CRM, all combined into one database. This one database is the heart of building TechM's rainbow. TechM's rainbow, which consists of these 4 activities of driving intelligence, influencing the deal, identifying the right opportunity, and managing the data and the customer experience in an effective manner. This enables us to drive a significant amount of segmentation through this penetration strategy. We, this year, have segmented our accounts into the top 60, the next 300 and the next 650, classified them into 4 categories: ones that need reinforce because there is a great potential to grow, and there is headroom arriving and added people onto it. This enables us to drive a significant amount of segmentation through this penetration strategy. We this year segmented our accounts into the top 60, the next 300 and the next 650, classified them into 4 categories: ones that need reinforce, that is there is a great potential to grow, that there is headroom and adding -- and added people onto it; there are certain that are absolutely in the right cusp, and they've got the right structure and the team we are retaining; the third set, where we think the proposition of the teams and the structure needs to be rotated; and there's a fourth category which we are repurposing, which we are saying that people -- these are not accounts that we want to invest too much time and bandwidth on. We are making tremendous focus and energy on a regular basis on these set of our accounts across the company. And this is again enabled by our New Age Delivery at the heart of our data. As they say, data is the new oil. This oil is going to fuel our growth, and that's how we are defined. And you can already see the demonstration of a clear outcome coming out of it, a defining set of portfolio, the 4 sets at the heart of our operations and resulting into a 50% growth on digital revenue, about 4.8% growth from quarter-on-quarter and a 40% large deal growth. This is all at the back end of creating a sustainable model that will allow us to drive them. We started the day by talking about TechMNxt Now, and this is how TechMNxt Now is making its propositions felt. On one hand, we are driving the market transformation, which we talked about. You heard my colleagues talk about all the 4 key verticals and the technologies that we are using and how we are delivering that towards -- as a service offering. That's where we are going. That's where we are trying to push everything as the world moves to. But as we do the market, adapt to the market transformation, we got to adapt our capabilities to, which is what I talked about. How we are categorizing our operations around every account category, enabling every access as a bottom of the pyramid to directly come to the database rather than cutting through the layers. That's our first goal and leveraging knowledge management to do that, with an outcome to drive account growth, outcome towards driving significant large deal scale-up and all towards quality of revenue driven by our digital growth. This, ladies and gentlemen, is what is Tech Mahindra's next start now, and that is normal for us. Thank you.

Thank you, Jagdish, and all the other speakers. I guess it was an interesting set of presentations that we heard today. We will now move on to the Q&A session. [Operator Instructions] I would like to welcome all our entire management team to this session, and let's give it a minute for question queue to assemble. In the meantime, let's gather [indiscernible]. Ankur, you had a question? Can you unmute yourself, come on video and ask your question?

Sure, sure. It was great presentation so far, very, very helpful. The first question, probably for C. P. C. P., in the past, when you had these analyst days, you've highlighted typically a 3-year or 5-year plan in terms of -- in many cases, in terms of being able to scale over the next few years. We haven't said anything about scaling this time, doubling the revenues or getting to a certain level of growth. Is that a change in direction of the firm reflecting the uncertainty you see out there? Or is scale not important anymore?

So Ankur, good observation. The only reason I have personally not focused very hard, as I told you, this time, the focus is on the overall health of the whole company and again, repeat strategy, organization, people, process, business models and execution capability. We're trying to bring all of these into sync, coupled with the brand image, and that is where you heard me talk to -- talk about Ritesh and Dilip Keshu. So it is not that we are not running towards a goal. We are very, very clear that growth and profitability is what you measure us every quarter on. And all I committed was that we will maintain the trajectory. Manoj, do you want to add?

Yes. So Ankur, I think one of the reasons we didn't put -- get into some of the things we've been saying, and I'll repeat it for everybody on the call. I think, first, in terms of growth, clearly, given where we are in terms of the various presentation, in terms of what we have in terms of [indiscernible].

There is some background noise.

Yes. So in terms of the win rates, et cetera, what we believe is that, of course, that we are going to enter a period of acceleration, and that is borne out by some of the things we are seeing in terms of the trends and deal wins. To me, I think one of the -- most of the presentation did talk about what's happening in the marketplace in terms of digital transformation and that how it is accelerating. So I think from a perspective of growth, I think, clearly, that's the trend which we are seeing that there will be an acceleration going into the next year. I think on the margin side, I know there'll be a question on this, so I'll also repeat what we have said on margins overall that it is our intention to improve our margins from here. We are at about 14-odd percent in terms of EBIT. I think going into next year, we are targeting a 15% kind of EBIT, and that's the goal we have set for ourselves as a company for now. And that's something which we are well on our way to achieve. And if I look at our various aspects around portfolio synergy, around making sure that we are doing location-agnostic services, I think those are all leading towards that same direction. But we did specifically have a slide because I think this was more about illustrating how we are thinking about some of the biggest trends which are happening in the marketplace, which are causing some of these success stories to happen. And that's where I think the focus was on this presentation.

Sure. I appreciate that. Just maybe a couple of questions more from my side. One is on a very interesting presentation by Rajesh and by Sudhir on what you're doing on data and cloud. A couple of questions here. One is, do you see that a lot of your go-to-market on these 2 areas tend to be more horizontal, which means if you have a great success in telecom, it can be cross-sold to an enterprise client and the other way around? And number two, I remember, I think Sudhir mentioning you are open to monetization of data center for some of your clients. Does that mean you'll go asset-heavy on that side? And to what extent will you do?

So let me pick the second question first before I hand it to Sudhir and Rajesh, respectively. I think from our perspective, I think clearly, when Sudhir was referring to monetization of data centers, that is an intent of the customer. Now there are various ways to achieve that objective. And I think from our perspective, I don't see it as a material event which will move our balance sheet towards more asset-heavy deals. I think that's not what we are envisaging. As we go through that journey with customers, and I think the second thing Sudhir also mentioned and it came out in most of the presentations, I think there's also going to be an ecosystem player and each ecosystem partner will have to play a role in terms of where are the assets going and where are the services going and what is the mix of value between the 2. I think that's the way we are playing it. But Rajesh, I think, back over to you on the question on the piece around whether it is a horizontal play and is it portable across multiple verticals in terms of some of the offerings which we are seeing in the DNA space?

So Ankur, I think it's a good question, Ankur, that it is a horizontal. But when you look at the businesses, okay, the data model, which is the horizontal creates from a business perspective, a different data models, okay? And the paradigms or the machine learning or the paradigms, which happens on different set of data markets. I mean there is a commonality. A customer is a customer, a cloud is a cloud, a risk is a risk. But again, there are nuances, and that's how the businesses are differentiating on how they look at data and how we are able to use the data to create a user experience. So there, it's a horizontal accident. I have a use case have replicated across, but there are nuances of the domain and nuances of the business with which come in resolving. Does that answer your question?

Sure. That's helpful.

Thank you, Ankur. May I request Sandip Agarwal to come and ask his question.

Yes. Thanks for an excellent set of presentation by all the panelists. So I have one small question from maybe C. P. or other analysts. So when you see this disruption which has happened because of the pandemic and as C. P. very nicely said, the Chief Digital Officer is the COVID-19. So my question is that when you see the way your clients are now talking on spending in technology, what kind of sales -- is it a gap fill up, which has been void because of other priorities for last 4, 5 years where they should have spent on technology? Are you seeing that it's not only a gap -- or self-fulfilling exercise which may be achieved in maybe 1 year or 6 quarters over a systematic change in their attitude that they want to use technology as a means of doing business going forward? So that is question number one. And question #2, which I wanted to know, is that what we are understanding when we interact with a lot of experts globally is that some kind of cloud has taken over product components of digital versus what it was pre-pandemic. So what is your thought process on that and how we are strategizing ourselves towards the opportunity from the hyperscalers? So that's all those 2 questions from my side.

Sandip, I mean, if I answer those questions, and you know how I like to share stories, I could be here for a long time. So I'm going to request Vivek and Jagdish to take this question. But if you still need any more information, I'll chime in.

Okay. Vivek, you want to go first?

Yes, I was hoping you will. But I think, Sandip, when you start looking at, is there a catch-up, and that is what I gathered from your first question that is this a catch-up on spending and priorities for the first -- for a defined time frame? I think the way we see this, this is about acceleration on adoption rate. So this isn't a time-bound jump in demand or change in priorities for enterprises, this is about fundamentally altering the way they work and using this as an opportunity to go faster to do newer things, which they were not willing to try or businesses assume that they were too disruptive. It's a fundamental shift in mindset and hence, a demand scenario is probably going to be far more extended and prolonged than a onetime catch up kind of a scenario.

Sandip, the way you see the examples that we put together and kind of ask the questions, Rajesh as well there. The -- whether it is data analytics, whether it is cloud, whether it's human center experience, all of these, if you take a business use case, what the customer is trying to solve, whether it's a supply chain popular or a retail guy not being able to get all these customers to come to the store. Suddenly, this COVID-19, and that's why all of these need to be connected, Sandip, and that's why TechMNxt Now. And I think to Vivek's point, now more than ever, it's not a set of use cases of solutions that people will not resolve in these industries. These solutions are there in place and we where people are discussing it. What has happened now is people have realized that if you have to survive in the business now because the areas have changed, you better change it now. So that's why TechMNxt Now because 3 years later, what was going to happen? Customers need those solutions today and the guys who can provide it will be the leaders. That's the whole thought process around the whole question of the field that you are saying what has changed fundamentally. As far as your cloud question is concerned, I think it's at the heart of everything. So earlier, while it was a commercial play of saying, can I reduce my cost by moving things from on-prem to cloud. Now the cloud, for example, the example I gave you in fact, is being operational only if we had a digital clearing case, for example, and then digital clearing was a fantasy for like cool thing to do, for example, oil and gas or manufacturing or even telecom on the field rollout situation. Now it is no longer a cool thing to do only. It is the thing to do the value of business and cloud is at the heart of this in order for this. So cloudification, when Sudhir talked about everything becoming cloud or cloudification for everything, that's actually right now demand, and the opportunity is at 80% of workloads that have not gone to cloud. That's the opportunity. Did that answer your question, Sandip?

Yes. Very helpful.

Thank you, Sandip. May I request Sudheer Guntupalli to come and ask a question.

Yes. And to the management team, just a couple of questions from my side. Earlier, we were talking about some sort of portfolio rationalization, maybe exiting some low-margin geographies or low-margin service offerings. What is the progress on that front?

Yes, Sudheer, let's pick that up. I think from our perspective, as we look at it, I think we have started the journey. I think it's a combination of, I would say, service offerings, geographies and potentially customers. I think in terms of where we are able to not figure out a way where our long-term goals are being met, so something which is a journey in progress. We just started that journey. I think it will take the next 3 to 4 quarters for us to drive that through to its logical conclusion.

Sure, Manoj. And my other question is with some of the tailwinds we were talking about over the course of the presentation and some sort of growth acceleration we are hinting ahead, is it fair to expect, let's say, ballpark revenue growth upwards of double digits for FY '22? May not be a hard guidance, but directionally, do you think that's the right kind of a range one should be looking at for our sort of a business model and the portfolio?

So I think from my perspective, and I have always thought about it this way, I think in terms of the telecom portfolio, I think we will see an acceleration coming into -- going into the next year, even without 5G, is what we feel. And with the 5G, I think that -- and the timing is a bit uncertain, we believe it will happen in F '22. So to me, I think while we do not clearly see double-digit growth in telecom. But on the enterprise side, I think if the industry is this and the trends are that there is a strong momentum and a strong funnel, I think that's something which we would be targeting towards on the enterprise side, and which would then put us maybe slightly below double digit overall. But that's the way we are going to take targets and goals for going into the next year.

Sure, Manoj. And one last question from my side. In the recent quarter, actually, it was interesting to note that the BPO margins, segmental margins in BPO were higher than even pre-COVID levels. So do you think that's a sustainable trend, maybe that some sort of reflects some of the portfolio reaching we had done or it will recalibrate, let's say, in a couple of quarters from now?

So I think while BPO has had specific reasons, including, I think if you look at Q1 and Q4, we had some supply side constraints. We had some demand side constraints. And of course, if we look at the BPO business, there's a lot of cost around travel and transportation. I think those have all held. But I think I want to answer that question broadly at the company level rather than analyze it at the portfolio level, and that's where I go back to what I tried to say that our goal, our target for next year would be looking at that 15% kind of EBIT number. And that is, given the fact that we do expect some of the travel costs to come back and we do expect that there will be a normalization in terms of salary hikes and other employee-related costs. And the levers we have for that are more around things like, as I said, we have seen trend ends towards more in-sourcing, so our subcontractor costs are something which we are trying to work on. We're also trying to work on offshoring and making our services more location-agnostic. We're talking about a huge program to think about how do we make sure that our portfolio companies and work together in conjunction with us overall in terms of both the front end and the back end integration. I think all of those measures will help us as we go along into the coming quarters, and that's where I would like to leave it at a broader level than analyze each and every service line.

May I call upon Sandeep Shah to come and ask a question.

The question is in the initial remarks of Mr. C. P. Gurnani. We have said that TechM is into a repair phase. So what exactly does that mean? And will this need to reduce the volatility in the organic sales growth and the margins volatility, which all investors actually give us a feedback that the TechM's margin is really volatile, even the organic growth has largely been volatile? So will this repair phase will structurally address this concern as a whole?