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

Good morning to all of you. We last met in November 2021 when we were still in the hybrid mode. So it's really, really nice to see such a large turnout today. Yes, thank you so much for traveling from wherever you are, your offices, homes. Welcome once again. We truly appreciate your presence here. A big, big thank you to all of you who've joined us online as well. I'm told there's a huge gathering there as well. So thank you so much. Stay tuned, stay connected because we've got a lot to hear from the tech and leadership today. So before we begin, a few routine instructions, the agenda, I'm sure all of you have it. It's in your folders. Please don't -- we have the Q&A at the end of the session. So do hold on to your questions until then. All presentations, as always, will be uploaded on the Investor site, so you may download them from there. We have an experience zone right outside. Some of you may have already visited it. If you haven't, do join us there during lunch. We've got some cool solutions and immersive technologies for you to experience. And yes, last but not the least, I would request all of you to take a couple of seconds to put your phones on silent. Yes. So the last 1,000 days have been a true test of human resilience and human kindness. We fought on one hand and cared for on the other. Today, we believe it's time to go beyond. Our theme this year is about rising beyond, and the TechM leadership today will share with you how we are doing that for our customers and our customers' customers, making them more resilient, more relevant. So without further ado, let me invite our MD and CEO, C.P. Gurnani, for the opening remarks.

Thank you. I don't know if I've clicked it so many times, it has probably gone to the last slide. That's what you really wanted, right? Okay. So hi. Good morning, everybody. I'm going to start by answering one of the questions that Yogesh had asked me yesterday night. It was almost like he wanted me to do Vicky Kaushal and answer his question, how is the Josh? So -- and then -- well, that was Yogesh in his euphoric style. And then Kamaljeet, in his usual, reserved, but very direct, where do you think economy is headed? I knew that next question is where is Tech Mahindra headed. But Kamaljeet, I get all the messages, and I will only repeat what I said yesterday that I've never seen so much certainty about uncertainty. The mood changes almost every morning, depending on whether it is buying off, laying off yesterday or whether it is somebody else declaring an investment somewhere. So I've been in 3 conferences in the last 2 months. January end was in the World Economic Forum. Most of you read the newspapers that Europe was not negative. Most of you read the newspapers, and it said U.S. fear of recession could be not so bad. And then I went into a conference in Saudi Arabia called LEAP. I mean I've never been to a conference where a visitor was asked not to come in because their conference -- the whole exhibition center was full. And they sent verbal notices, there were 170,000 people in that conference, which is not the most popular conference in the world, but 170,000 visitors and I mean, again, trillions and billions of announcement. Then the third conference was -- I mean some of us have just barely made it. If Manish Mangal is sleeping, I mean, please don't blame him. He hasn't slept for the past 5 days. Because out of that Mobile World Congress, again, record turnout, record enthusiasm, people continuing to come up with more industry future-ready solutions. So I think in a lot of ways, the backdrop, as I see it, is -- there could be some impact because, ultimately, 1 day, there is an organization, which lays off. The second day, the organization does not sign a large contract. But in my opinion, this delay -- and I'm going to take feedback from all of you that this could mean a delay, this could mean a pause button. But overall, our experience interacting with customers around the world is -- innovation, digital and business transformation is still a very huge conversation. And more and more we engage, we realize that the corporates around the world will continue on that agenda. Now in this backdrop, as you all know that for us, rise means rise for an equal world, which includes diversity, which includes inclusiveness. Rise for us also means rise to be future-ready. And as you see through the day, you would realize that Tech Mahindra has been becoming bolder about being future-ready every day. And you would see that some of the bold bets that we are taking, whether it is product and platforms or whether it is cocreation of -- with the customers, it is all about being bolder and being future-ready. Think about it, all those acquisitions that we did, ultimately, they became part of the digital fabric that has served our customers. And I'm sure as the day unfolds, you will meet a few of those entrepreneurs who created those companies, and they're going to talk about how they have integrated into the Tech Mahindra service offerings. So clearly, for us, the biggest strength of the company is 1,279 customers, 1,279 people that we engage with, and we help them rise beyond all this doom and gloom, all this from resilience to continuously being relevant to their customer base. That's what drives us. That's what engages 158,000 employees around 90 countries and around the world who are energized to continuously deliver value to our customers. Just a quick reflection. I think it's been a great year. I think it has been -- the last few years have been good. And I'm fully aware that in certain areas, there is a lot more to be done. None of us is complacent here. When I look back -- again, as I told you, it is not only 1,279 customers, it is not only 158,000 employees, but we probably have one of the most stable energetic leadership teams in the whole industry. We have one of the best culture when it comes to -- some of you should talk to people like Hasit Trivedi, who is the head of our AI practice, who joined us from another company; Dilip Keshu, who came from Mars -- no, moon. I don't know. Dilip came from somewhere, right? I mean he calls himself BORN. Or Mark, who is from BORN. I mean please do talk to them because, clearly, the culture, the desire to do better, desire to openly talk about the fault lines, I think that's what makes me proud because all of us have built a beautiful company, and these results are just an indication. I mean I know CTL and Jagdish will take you through more of this and about the Enterprise business, that Q3 for us was $1 billion. And Vivek will share with you during the day on how the acquisitions have brought in a strength for us to deliver $1 billion per quarter in Enterprise. Similarly, when I was with Manish Vyas and -- M and M, Manish Mangal also. So Manish Vyas and Manish Mangal, we started talking to a few people at MWC. And they actually came in and complemented us that, guys, do you realize while 5G is still work in progress, you guys are delivering almost $1 billion per year from the 5G ecosystem or the 5G services that you have? So again, clearly, we continue to do well. And in a way, shareholders are also being rewarded because beginning of the year, exactly a year ago, I had shared with you that we are going to take a pause on acquisitions, not because we didn't want, but we have not changed our strategy. It is just that in this uncertain market, the valuations would have been unrealistic, and there was no point in going and making that effort in that choppy market. We had also shared with you our capital allocation policy. And to demonstrate that, the Board authorized me to declare INR 18 interim dividend. So company continues to be conscious of capital allocation, their acquisition policy and very determined about improving our profitability and operations. On the growth side, we are doing reasonably well, and I'll share that with you in a minute. This is a chart, which I borrowed from one of you. I mean, clearly, they have come in and shared with me that we are not doing that great because we are number -- third in the growth metrics. As I told you, the Tech Mahindra leadership team is determined. We are going strong. We had hit a few speed breakers. And most of you know the reason of the speed breakers. The Tech Mahindra was primarily in telecom. In telecom, we ended up in 90 countries because our customers were in 90 countries. We didn't have that much of a base at that point of time. And when you address the top 2 or top 3 telcos in each country, you're constantly working with an industry, which has had its own challenges also. I think -- I mean, over a period of time, we have changed the portfolio mix. We have been working very diligently. We have already brought the portfolio mix to 41% of telecom, and the balance, 60%, approximately from Enterprise business. More important is I think what you would see is that the company continues to grow strong because, to some extent, they've built in our resilience also. The resilience that we built in is for our customers that they will benefit when they want to do global expansion because we are in 90 countries. They will benefit because that reach that we got through telecom into an Africa or a Latin America, some days, I can tell you that currency fluctuations does bother me. It's not that we are always that happy or [indiscernible] about all these countries. And we are obviously optimizing on that area also. We are also becoming -- we are asking a lot more questions. And again, Rohit will share with you that while investments and growth is on the agenda, divestment is also on the agenda. So again, top 3, happy that my technology team -- I don't know whether -- the birthday boy, Nikhil Malhotra, is he here? Anyway, the Head of Innovation, Nikhil, Hasit, Rajesh, [ Jodu ], all these guys, I mean, they have made sure that we continue to focus on our technology. We have taken bets in the past. And I'm going to share with you -- rather, the panel will share with you a lot more what has made Tech Mahindra so successful. Just a pause here. A pause is we spoke about what brought us to this point. The pause is now to say what is it that we need to watch out, what is it that we need to know, how do we take into account the top industry trends? And what is Tech Mahindra response to all of this? So when -- we didn't ask ChatGPT. We ask this question to ourselves, what is the future of tech services? It became very, very clear that one of the areas we could do better is on focusing a lot more on alliances and partnership. Our revenue, which is influenced by alliances and partners, is approximately 30%. Industry average is at 40%. So when these 5 future trends came in, we immediately knew which area we need to focus in. And it's no secret. I mean 30% to 40%, where is the delta going to come from? Focusing on hyperscalers, focusing on cloud, focusing on cybersecurity. And again, I'm going to encourage you to talk to Maninder, go and talk to Vineeth Rajagopal. Both these guys are here. They will share their experiences and how 30% to 40% journey would take place. On the business transformation, as you go through the experience zone and when you talk to Kunal, he would remind all of us -- Kunal is officiating as a Chief Digital Officer of the company. I mean he is at 4 designations, Chief of one office, Chief of -- Chief Build Officer, Chief Solution Officer that he's now -- at the moment, he says, all right, if there is a solution, you want me, and I'll make it happen. So thank you, Kunal, for being part of the management team. So the point here was very simple that we looked at our business portfolio. A lot of our business was cost transformation. Then the portfolio started shifting towards digital transformation. This is where people like Manish Vyas and Jagdish Mitra came in and said, if the proposal does not have AI inside, if the proposal does not have -- and again, I'm telling you this is a pre-generative AI format, which is, I call it, AI linear growth and now AI exponential growth. So they had come up with this -- that every proposal, every customer engagement, we will look at AI insight. And we have our own platforms. We have developed platforms, which are -- and we have also work in partnership with others. So the point was very simple, digital transformation to us always had an element of data sciences, always had an element of cloud edge computing, always had an element of AI. Now the question was, how do you do business transformation? And this is where I have to give credit to Dilip. Dilip actually 1.5 years ago, we were talking to a very large prospect in Dallas. And Dilip said just before the presentation was being made, he said, can I turn the whole presentation upside down? Can I convert this pitch not to the IT folks? And can I make this pitch to the CEO and CFO? Can we all look at the CEO, CFO insights and then start the presentation -- I said little [indiscernible], little gutsy. I mean we're talking to the CIO, and we are saying is, we are going to do a CEO presentation. We're not going to talk technology. We are going to talk business to them. But the fact is -- and CTL who is leading that pursuit from our side would remember today, it is going to be our top 10 clients or it'll become top 10 clients for us globally because we discuss business transformation. So that is what is now becoming a habit where you start relating to the business benefits, when you start relating to how a business would be transformed. Similarly, Kunal was in front of a pitch in Nordics. A physical security company now changing their business mix where the business is going to change from not only physical security, but to various other parts of the securities, which is perimeter as well as digital. And that transformation, we are doing it with the client. So I think, again, a lot of focus on these emerging trends, and we tried to self-score ourselves. I think we are in a good shape. I'm constantly reminded by my own leadership that one of the areas that we probably need to do differently. Obviously, the need to do differently is more on operational metrics and yield management. So what you're seeing a slide is more like an internal slide where focus is on execution, focus is on operations, focus is on productivity, focus is on efficiency. And the reason we are doing it is very simple, that when we look at geo mix on 1 day, we are very proud. The other day, we also say, these geos, are they relevant? When we look at sometimes some of our service offering mix, we start questioning, is it subscale? Is it relevant? Sometimes when we look at our own outreach programs, then we start questioning. So the basic point that I want to reassure each one of you is we are conscious of the vertical. We are conscious of subvertical. We have now got analytics at almost like the top 600 account level where we know how do we make our customers successful and how do we make ourselves successful in that whole paradigm. Strategy-wise, whether it is people strategy or technology bets, I think we are doing reasonably good. Where we are going to put extraordinary focus is on productivity and efficiency. And all 4 go together, there is nothing which says one part is exclusive. It has to be focused on people. It has to be focused on process, technology. And we are going to put -- we have put all of this together. We have a Chief Transformation Officer -- Ateet is here, and he has put all these 4 together. And we have definitive goals and a definitive direction. Next, do it now. Why not yesterday? I know you've been hearing me for a little while. So I'm going to now request a few others to come in and join me here. I mean, guys, I'm not trying to surprise all of you. Some of you are definitely being surprised. And I'll tell you the reason I'm putting it is many of you have asked me this question last night, what is the future of BPS? Because we have a very strong BPS practice. Does this generative AI change the way BPS will execute? Some of you have asked this question, what is XDS? What is the role of BORN in XDS? Is it -- will it continue to remain a growth engine when there is a slowdown? Third one asked me that you invested in networks. You invested in 5G experience labs. You set up labs in -- for 5G. You were the first one who went and acquired a software SDN company called Altiostar. How does that pan out for you? I think what I'm going to do is I'm going to quickly invite Biren, Dilip, Manish Mangal and the engineering practice -- again, a key focus area -- Abhirup. I mean you guys can come up on the stage. Why don't you share your perspective on some of the questions that were asked to me yesterday night? Is that okay, Biren, Abhirup, Dilip? Why don't we start with Dilip? Dilip, as I told you, I was there for a very short while yesterday for the dinner. I'm sure you picked up more conversation. We have been talking about BORN and XDS being one of the most successful acquisitions and how it has helped Tech Mahindra serve existing customers of Tech Mahindra also. Maybe you want to give your perspective.

Yes. Big pleasure. My name is Dilip Keshu, as you know. I'm not from Mars. I live in Austin, Texas. It's been an incredible year. We have about 1,000 Tech Mahindra clients. And the big question was, can we sell to them? Because these clients have worked with Tech Mahindra to build and run systems. But I've seen proof that they'll work with us to imagine the future through innovation. So I'll give you a couple of statistics that might impress you. Two of the largest luxury brands in the world are now signed with us this year. Four of the largest retailers in the world have signed with us. Two of the largest telcos have signed with us. We won 30 awards this year, 4 Webbys, which is like the Oscars. We have created a studio to do VFX Metaverse transformations, and we won our first contract with one of the largest studios in the world in LA. So it's been a spectacular year. Our work has been amazing. And I'd like to say one last thing. We are like the yeast that you put in flower. And if the economy gets strong, the warmth of that growth will make us like bread. And I think everyone want to eat our bread. So watch out for the space, watch out for XDS, you'll see our growth. Thank you.

Manish, 5G networks -- I'm sure you remember the analyst calls. And I'm sure the questions you know, and this is the first time, the only exam where you know the questions beforehand.

Thank you, C.P. Good morning, everyone. My name is Manish Mangal. I run the network business in TechM. So as C.P. earlier said, I just landed from Barcelona this morning. We met with at least 100-plus CXOs in there. There are 3 fundamental things that is on top of each one of their mind. Number one is this whole idea of 5G and open networks is real. They are invested and mandated to do that now. Second is they really want to drive an automation as their primary narrative. And the third is 5G and the monetization of 5G and how they can do it. So I'm very happy to share that almost every one of them have said that they see Tech Mahindra as a very critical partner in every one of their network initiative. And that's not because it has been by accident. It's because we have been very systematically evolving our portfolio. If you remember, we were kind of a field services company before. Now we have evolved into a full stack services company for all of these CSPs. We serve more than 100 telcos globally. Last year itself, we added 42 new logos, especially in the enterprises, because of the necessity for 5G monetization by the CSPs. So very happy to share that the investments in 5G and experience that we have been doing is paying off for us. And as we look at the future, really us becoming a critical part of each one of their network initiative, I'm just excited about that one. And I think growth is tremendous because connectivity for them has become like an oxygen. And now everyone is investing into that one. So C.P., with that, back to you.

Thank you, Manish. Biren -- as most of you would remember from the various interactions we have had together, BPS has been my strongest growth engine in the last 2.5 years. Even the last quarter, they grew about 9% quarter-on-quarter. Clearly, the question that some of you wanted to Biren and me to answer was, is there a speed breaker somewhere? And I'll let Biren handle this.

Thank you, C.P. Thanks for the kind words. I think we've had a good run. In fact, if I just reflect on the last 8 quarters, we've added more business in these 8 quarters than the 8 preceding years. Last 12 -- year-to-date, we've added $700 million in TCV, which has been the highest ever. And I think there's still headroom for growth, right? As of date, I have 3 verticals within BPS, which are above the $100 million run rate mark. There are 2 that are knocking the door. So there's obviously scope for expansion there. We're leading with CX, but all the other portfolios are growing. And I think I'll come back on -- up on the stage later and talk a little bit about them. If I just look at the top 200 accounts, I think my presence is only in 50% of them. So there's a lot of work to be done there. But yes, very proud that we've been considered one of the fastest-growing BPO businesses in the world. Regarding ChatGPT in specific and generative AI, I think I was explaining to somebody that we have to consider generative AI as a 6-year-old. It has a lot to learn and learn from humans. By the time it comes to define the future of societies, future of work as well as future of businesses, I think there's some time to go. So in the near term, I don't see major impact on our business, particularly on the BPS side. But in fact, there is an upside because, as I said, most of the generative AI investments right now require human in the loop, which means the bots need to be trained, monitored, corrected, disciplined. And a small step here and there can result in large market cap vanishing, as you must have read in the news. So in fact, we're already seeing traction on the high-tech side because we are engaging with large service providers who want to train their bots. So yes, I'll come back later, but thank you for...

So Biren, a quick follow-up question. You acquired a few companies. How well are you integrated? And what is the punch you are getting in your go-to-market?

Yes. So let me cover off all of them one-by-one. So we acquired Perigord Life Sciences, which is an artwork and labeling management company. I'm happy to say that earlier in the month, I announced that actually, that team is taking over my entire life sciences business, and that's the vertical, which is heading towards the $100 million mark next. What we've done since the acquisition is expanded the service offering significantly and are cross-selling that both to TechM customers as well as Perigord customers, right? Similarly, we acquired a work-at-home company called Eventus same time last year. And they've grown at almost 3x the industry rate in the last 12 months, particularly driven by synergies because their work-at-home practices as well as platform, we've taken it to our existing customers as well as open new logos there. On Eventus, which is a CX tech company, we've again seen a large amount of synergies because they were primarily U.S.-focused, and our customer bases in the rest of the world have actually benefited from their offerings. But at the same time, there's been a large downstream benefit where we've been able to convert their consulting customers into our managed services customers. So really happy with the traction, but there's a lot of work yet to be done, C.P.

So thank you. Thank you, Biren. I know we have, in the past, shared with you, for us, acquisition is not only for capabilities, but it is also to extend our family to serve our customers. Biren came in as part of the acquisition. And today, he handles the largest amount of human capital for the company. So thank you, Biren. One of the prime focus areas for us is Engineering Services. We have taken a lot of bold calls in that area, both in product native engineering and in digital engineering. So I'm going to invite Abhirup to share his 2-minute perspective on where we are headed.

Thank you, C.P. Hi, everyone. My name is Abhirup, and I'm from the magical world of Engineering Services. So we come to office with one simple goal in mind, how do I help my customers to design their products and platforms better and quicker? So whether it's the car that you drive or the air crafts that you fly in or the health bands strapped on your wrist or the fancy dispensers that you use for your favorite soft drink, the mobile handsets that you use or even the consumer products that you use at home for your daily chores, there is a little bit and more of Tech Mahindra in each and every one of them. In fact, 85% of the 5G devices in U.S. are now assured by Tech Mahindra. And we helped a leading European OEM to register 250% growth in the India-APAC region through 7 blockbuster programs that were engineered end-to-end from this very campus that you are in. And we beat all the COVID disruptions and made sure that our customer launched on time. So that's an incredible feat, which I'm very proud of. So we are a force in the industry. We're a recognized force. So we have the higher rankings in the industry. Whether it's the Everest top 20 or the Zinnov top 10 digital engineering company or the leaders of IoT as for HFS and ISG, we are a credible force to reckon with. The past few months have been very interesting for us because we expanded our global delivery channels. We expanded our Fortune 10 clientele. We won the first Metaverse development engineering program. We started our first software-defined vehicle journey with automotive silicon consortium. We deployed our large fleet management software with a commercial fleet in North America, and we are now engineering the first cognitive city of the world. Our group is very uniquely positioned. There are 3 forces at play. On one hand, we have these decades-rich experience on verticalized domain technology for physical product building, the actual products that you use. Then we have our expansive knowledge in terms of connectivity, 5G, connected platforms and all that we do for the connected experience. And now we have our AI, our cognitive thinking and all the skills that we have on the future technologies. Now imagine all these 3 forces playing together, we are at the confluence of a sweet spot through which we can create the perfect phygital experience for our customer. So physical plus digital, and this is what our customers are looking for. So for FY '24, it will all be about how we deliver these phygital experiences to our customer in the best way possible. We see growth in 5G and video processing, in autonomous systems, in electrification and several more. We are going to work with PE-backed sales, and we're going to do more of portfolio synergy, and we are definitely going to expand more on the entire partnership ecosystem to make sure that we have a wonderful canvas to play on. So the future is very bright, and I can assure you that we are ready to rise. We're absolutely ready. Thank you, C.P.

Wonderful. Thank you again. Thank you, everybody. What I just did was that I reversed -- since [indiscernible] had said she's going to do Q&A at the end of the day, I just anticipated a few questions, and I brought our leaders in. But what I wanted to, again, bring you back to this slide that Tech Mahindra leadership, based on your feedback is now focused on improving our execution index. And there are many small changes that are happening to make that happen. On one side, you saw the leadership. The other side, you will see the one office, which means bringing all the portfolio companies, all the acquisitions, all the competencies, bringing them together into one office and being more unified face in front of our clients. Obviously, we survive, we do well. As you all know, all our success stories have always been -- Manish Vyas starting a part of his U.S. journey or rather most of his U.S. journey by serving only one customer. So one office, one customer focus, bringing and rallying each one of us together, that is what has changed in the company. And I know when Rohit takes you through some of the metrics, he will be able to show you that those metrics, why they would work and why they are working. I'm going to actually skip a bit because I had a lot of help by other people to help me on a few slides. But again, just to summarize it, for Tech Mahindra, we are committed to remain customer-centric, client focused, bringing all the competencies and acquisitions together so that we can give them more relevant, more meaningful solutions. We are definitely going to create 2 new streams of business. None of them is new. They are all work in progress, but we are going to share with you in great detail today what we are doing on products and platforms. We are going to share with you in great detail what the bold bets we are going to take on co-creation with the customers. And as I said, they've been work in progress for the past few months. So in a way, when CTL comes and talks to you about co-creation with customers, he is going to share with you where we are headed, what we have achieved. Similarly, Manish Vyas is going to cover our product and platforms. I know a few of you have given me views that the services company has no business to be in product and platform, and we will answer that question also because clearly, we do note that this feedback has come to us. We have always been listening. We are not doing anything in a desperate hurry, but we are definitely determined to take 4 bold bets because Tech Mahindra is poised to be a better company, continuously driven by our 5 Ps, which is the purpose, passion, care for the planet. We have a separate session on sustainability. Now the 2 other Ps that we have added which is performance-driven, and products and platforms. So thank you, guys. Thank you. It's being a beautiful morning, and thank you for coming here.

Thank you. Thank you, C.P., for that. And I now request our CFO, Rohit Anand, to give an update on our company performance, and followed by Vivek Agarwal's session. Thank you -- on our acquired companies.

Thank you, Vrinda. Thank you, C.P., for the lovely start to the day. Good morning, everybody. Glad to be here. It's very, very nice to see so many people turn up. It's our first, I would say, a big event where we are sitting in front of each other without a mask. So good to see everybody's faces here. So I'll just talk a bit about how -- what -- start with the report card. So maybe that's the first thing. If you can -- somebody can put the slides on? Yes, thank you. By the way, Manish is here? Yes. So Australia won. Okay. So it's not working? So what I'll do is talk about our financial update, operation -- progress we've made on the operations side, as well as I'll invite Manish -- sorry, I'll invite Vivek to talk about the M&A journey, we've shared that with you last year, as well as an annual process given the investment we've had. I want to make sure we give you a latest update on the performance on the M&A side. So starting off with report card, right, which is favorite from a finance perspective. What did we tell you last year when we met and through the year? These are the few things that we had articulated. We had said -- we had made certain investment in the business in our large deal capability, be it on some of the competencies we got inorganically, some of the organic competencies and the investment we did on the solutioning side, right? Based on that, we said we're going to up our run rate on the large deals. We're going to be a $700 million to $1 billion range. We were earlier at a $300 million, $400 million range on a quarterly basis. So this is something we thought is sustainable, looking at the pipeline and the processes that we had. As you have seen the year gone by, we've achieved this metric and been in the range throughout the year. So that's been the positive. On the revenue side, we had said we'll be double-digit plus. We had given indication around how the growth will look like for us. When you look at the journey, it's been in that direction. Last couple of months or quarter has been more influenced by the macro environment. You'll see some sluggish growth there. But overall, when you look at the year, look at YTD, within the ballpark that we had mentioned. So positive in terms of what we said. EBIT is one area where we've -- and I'll talk more about it, why, where we are, and what were the reasons. Some of these are conscious investments we did for the long term. Some are market trends that impacted much more than we anticipated. And hence, I'll give you a walk on that. So that's one area where we need to improve. In terms of our M&A journey, we had communicated to you, if you recall, end of FY '22, we had invested close to $1 billion in multiple acquisitions to build our competencies. And we had said that our focus for this year is going to be integrating all those competencies, right? So we've kept our focus there. And in terms of allocating capital to anything new, we had said we'll stay away from it as C.P. explained, and focus, given the huge investment, on integrating all of this, right? So that's something we've continued to be on trend. And then capital returns, C.P. spoke about it on the interim dividend. But generally, we'd articulated to all of you that our policy is whatever we generate in cash minus the M&A we'll return back in terms of dividend to our shareholders, right? Given not much investment in terms of M&A over the last 12 months, we continue to look at that math and make sure that we follow the policy as we move forward. So again, an area that we are on track on what we communicated to you. What I'll do is talk a little bit more on all of this and how we got there, where are we headed, in the next few pages so that I can elaborate more. When you look at last year, what we said, we are also looking at how the trend has been for us. So if you look at some of these metrics, I'll go one by one. I already spoke about large deal TCV. We were averaging around $400 million, $450 million over the last 4 to 5 years when we analyze the data. There were some ups, there were some down. But as a systemic process, like we've executed in the last 8 quarters, we have been in the range we had articulated. So we've almost upped that run rate 1.8x, right, what we were. So below that, there's a lot of investment that's happened and competency investment that we did, solutioning investment, our investment in refreshing the sales commercial team across different geographies, all of that is the underlying reason why we got here. So that's one big piece. Second, when we look at our quarterly kind of growth rate CQGR and compare that with FY '16 and '20, which is the blue graph, with what's been the trend in the last 8 quarters, you see that has grown from 1.4% to 3.2%. Some of it is also reflective in the market, but it also required for us to inherently rehaul a lot of areas within the organization. And that's what reflecting in this growth number. EBIT is one area I spoke to you about, we've improved, but there's still a lot to do, and I'll take you through the walk. When you look at the payout from an FCF to PAT perspective, what we're generating from the business, we continue to drive that better. From a payout perspective, when we compare 5 years number to last 2 years financial year, we've increased our payout ratio from 49% to almost 88%, right? That's a significant uptake. And then from an ROCE perspective, you see an expansion of 60 basis points in the 2 data periods, right? So from a metrics perspective, we are looking at this constantly. Our endeavor is to keep on getting better. And we will make sure that as we move forward, we show the progress on all of this. So this is margin walk, right? I just wanted to explain this a little bit because this has been a constant discussion, and one metric where we wanted to explain more what's happened, right? So when you look at our drop in margin from last year to this year, I kind of break it down into 3 buckets, right? The first bucket is where we articulated that we invested significantly in our competencies through M&A, through inorganic route. Now that helps us a lot, and you can see that, right? Our large deal wins are better. Our discussions with the customer are more sticky. We're able to offer more differentiated value in terms of business transformation. So all of that is helping us long term to build credibility. Our competencies around cloud, digital engineering, high-tech, BPS, XDS is much more significant as it used to be. Now that investment in short term, and I explained it to some of you in our discussions, comes with some accounting charges, right? We have a customer relationship that gets amortized to the P&L. We have certain earn-out cost that gets charged to the P&L because of which had an impact when we look at last year to this year financial, right? So that's one part of the bucket. Second part of the investment that we did was we wanted to change the business from a long-term perspective. We wanted more sustainable, long-term, sticky revenue. And we said one of the things that we got to up is large deals, right? That's why you see so much investment that we did in our solutioning capability. M&A is also helping us there. And then the whole commercial rehaul that I spoke to you about. So with that, as you would know, a large deal typically comes with a cycle time where the first 18, 20 months requires a lot of investment, transition, transformation, and then the uptick on the margins happen. So it's a nature of cycle, if you will, that we'll start earning as we get matured on those deals and gives value, right? So that's an area, again, we decided is an investment we got to do. The third bucket is something where we call it a value gap where last year, it was unprecedented times, right? The supply side market was very, very hot. You saw wages rising like anything. So you would have a replacement, which will come at a 30% to 50% more expensive rate than a person leaving. So when you look at wage increases or inflation, typically, you would see the trend to be 1%, 1.2%, 1.3%. That almost doubled or more than doubled, right, last year for most of the peer set including us. We made a lot of effort to offset it. We spoke to you about our initiatives on pricing. We ran that like a war room. We got significant price upticks. We drove a lot of productivity measures, and I'll talk about some of those productivity metrics to you. But between both of them, we couldn't still offset the impact on wage and inflation, right? It was not enough. So that was the third bucket where we had a value gap erosion. So between the 3 of these areas, 2 of them, which is long-term investments and one which was driven by the way market was, our margins got reflected in what you see from a reporting standpoint, right? Now the way to look at this is the first 2 buckets will come back as we move forward. And as we talk about our journey in the future, there will be the drivers to expand margin. And we'll continue to look at productivity as we move forward, and I'll talk about the long-term walk for you. But this is a way at least we internally discuss and we make sure that we keep on looking at these levers. Now again, when you look at operating metrics, which was the last bucket I showed to you on the previous page, these are some of the areas that from a last year to this year perspective, we've performed on. So utilization, if you recall, we had said we had done some investment in hiring freshers last year. Our utilization will ramp up as we move through the year and from 83% we executed or we are at 83% to 86% now, right? So that's an area we continue to improve on. From an offshoring perspective, we continue to make a lot of significant inroads in getting more and more offshoring, but as you do more and more large deals, it comes with typically high on-site population. And as you execute them, as you get the large deals in a maturity state, which is what I explained to you in the margin walk, this will also keep on improving more, right, versus what you really see here. In terms of attrition, this has been a tremendous effort. Last year, if we recall, we were getting into a phase of inflation across the industry, ranging from 25% to 30%, 32% for peers. This is one area where we made a lot of internal investments, efforts, initiatives. And now the attrition for us is -- in terms of leader of the peer group, we are at 17%, and this will continue to go down. The market is also easing now. So I think this is one area where we are really, really happy with the way we've made internal efforts. In terms of subcontractors, this is, again, a metric which we had articulated to all of you guys. Because of COVID, various other reasons, we had exceeded where we want to be from a comfort zone perspective. We feel we can get a substantial reduction in this as we move forward. So this will continue to be a lever for us to drive margin expansion in the next 4 or 5 quarters to come. In terms of way forward from here -- so this was what happened in the past, how we did last year. The question is, what's the strategy for us as we move forward to execute our critical go-forward metrics? So if you look at -- very simple, 4 pillars of our strategy. Drive organic growth, that's what we're going to focus on. We're going to drive margin expansion, and I'll show you how. We spoke about the value that the portfolio is creating in terms of synergy. And we -- I'll just invite Vivek to talk 3 or 4 pages to share our journey in the last 12 months and even 2019 onwards, how our M&A strategy is working for us, right, and what's in store in the future. So just -- I'll take it one by one. From an organic growth standpoint -- and we'll do a little bit detailed session on some of that. C.P. already mentioned to you, CTL will talk about customer co-creation projects, which is the new growth areas. We will talk about large deal wins through our panel discussions that we have as well as account expansion. But broadly, these are the themes that we have. We'll continue to execute our large deal wins. We'll continue to penetrate deeper in our accounts that we have. C.P. spoke to you about the 1,200-plus accounts we have. We have a differentiated strategy for each of them. We have more competencies to offer. So if a particular account is being catered predominantly by IT services, we have a very strong practice on XDS. We have a very strong practice on network. We have a very strong practice in BPS. So we have multiple competencies to now offer the same customer. Those customers anyway trust us with what we've delivered with them. And hence, there's easier pitch for them to get more and more business and more wallet share. So that will continue to be an important strategy as we move forward. We'll also talk about the new growth areas. Product and platform, Manish will talk about, and then CTL on customer co-creation. Even in alignment with our growth strategy, one thing we've done internally, we've increased -- we did a lot of investment through M&A in 2022. As we look into 2023, we've increased our share of internal investments. And as we look forward, we'll continue to drive that more in terms of investing in the competencies and changing nature of the business. So if you look at the pie chart, it just shows you where were we spending money on, and these are more internal investments. We were building competencies. We were doing little bit of investments in product and then co-investment with customers were a smaller share. As we move forward, FY '23, FY '24, we continue to do more and more work, which is very, very interesting, with our customers. And these are very, very innovative areas, very advanced areas, where we're investing in co-creation. So we'll talk more about that. And similarly, the whole potential we have in product and platform business is tremendous. We have already a established practice. As we invest more in that, we'll see -- we'll show you the path, what is in store from a growth perspective. So these are 2 messages here. One, internal investments increasing overall, so that long-term nature of the business gets more sustainable. And then second, a mix in investment into newer areas so that we are more aligned with the new digital strategy. This is the margin walk I'd shown in the last discussion also, what drives and what potential we have. So we already spoken about FY '22, '23, so I won't talk about that. But as we look forward into the next year and the year forward, you see we have a lot of levers to work on. C.P. spoke to you about one element, which is, while we'll continue to invest in the business we will also make sure that we are divesting areas which are nonstrategic which are not giving us the value and don't cut the return metrics for us, right? So we will divest to further invest in the business so that we create headroom for us, right, from a growth perspective. We already spoke about some areas we discontinued FY '23 in quarter 2, and we have a similar pipeline which we'll continue to act on and constantly update you. We will -- we have a lot of headroom on operating efficiency. You saw some of the metrics I spoke about on subcontracting, offshoring. A lot of automation opportunity in all of the deals we already spoke about, C.P. mentioned. Kunal and the team is working on how do you get more automation each and every large deal that we've built, right? And that's where the team is getting integrated to get the benefit. So we'll continue to work on that. Some of the large deal transition will help us in terms of maturity as we get better. And then from a long-term perspective, C.P. mentioned, we keep on looking at our geography mix, we keep on looking at our vertical mix, we keep on looking at our competency mix. Example, digital engineering, right? Digital engineering, we're investing more and more because we get better yields in that competency, right? So as we grow more and more of that business, our margins will get better from a mix perspective. So again, we have a road map for the next 2 to 3 years on expansion. We keep on looking at it every week, every month, every quarter, and we will continue to execute on these metrics and update you on a regular basis. But this is something that, as C.P. also mentioned, is the most important area for us in terms of driving better operations. On M&A strategy, I'd like to invite Vivek. He'll give you a roundup. In continuation of last year, we spoke to you about our investment. We'll talk about how these companies are doing overall as a portfolio as well as maybe talk about top 2 or 3 investments and how they specifically are behaving. So Vivek, request you to take next few pages.

Thanks, Rohit. So as all of you know, and C.P. and Rohit have spoken about that last 1 year, or about 1 year, we haven't done new acquisitions. So we've been focused on performance, integration. So next few pages, I'm going to walk you through what we're doing right now. This is a slide which is very similar to what we shared last year. Our acquisitions are based on certain themes where we've tried developing and scaling our capability across high-growth areas. That also aligns with how we've integrated these businesses within the core of the company. And the integration has been at many levels. It's been around integration of client accounts, account teams, how we go to market, back office and systems and processes integration. And lastly and most importantly, we've been focused on portfolio integration, which is on saying what does the combination of these businesses with our core create additional and incremental value for our customers. And as we walk through these slides, these are some numbers very similar to what we shared at the last event. We've deployed about $1.2 billion of capital in our acquisitions over the last 5 years. This is cumulative numbers over the last 5 fiscal years. And just from a performance perspective, since the time we've acquired these businesses -- and these are stand-alone numbers only, and I'll talk about synergies separately. These businesses have continued to grow at 4.3% CQGR, which is close to 20% annualized growth rate, which is reflective of the capabilities and the service offerings, which came into our portfolio as part of these acquisitions. And we've expanded our margin since acquisition of 90 basis points. So largely, when we put our business cases together as a portfolio, both from a revenue growth perspective and margin, the $1.2 billion of investment which we've made is on track to deliver the returns, which we anticipated on the acquisitions. A very quick update on the 3 biggest transactions we did in the last couple of years. This has been the most significant capital allocation from our perspective. It's about 50% of what we've invested in. And this is -- I'm not going to read all of it because the slides will be available, but just I wanted to largely say on revenue growth, synergy and our integration, we are on plan. There have been hiccups. I don't want to call out. Especially the largest acquisition we did was CT Co, if you recall, the business had an operation in Belarus and because of the war in the region, we had to shutter that operation very early after our acquisition. I think we've gotten behind that. The business is focused on not only growing organically, and I think we are on track to deliver its top line numbers, short-term impact on profitability, which is behind us because of the war and the needing to shut down a set of operations. And we are driving global synergy. We're driving synergy in the insurance space. And more importantly, we're driving synergy from our global clients for digital engineering solutions delivered in that part of the market. DigitalOnUs and Allyis are 2 other acquisitions in the digital space and the high-tech industry. One help build and scale our cloud capability and our global delivery capability around cloud. And the second one is focused on hyperscalers and helps deliver engineering solutions for the high-tech industry. Again, on plan, except a little bit of slowdown in the high-tech industry is impacting the Allyis synergy revenues. But on a stand-alone basis, we're doing well. I think the only other point I want to remind is all our acquisitions and the business cases are based on stand-alone. And I think anything we create on synergy is additional value creation in our evaluation. This is largely the process we've been following, a consistent standardized playbook and approach on how we are going about integrating our acquisitions. Synergy, big focus area for us in terms of how we look at it. There is a lot of joint account planning across our existing clients, clients which come through the acquired businesses. And a significant amount of focus in creating the right solutions with the combination of capabilities. What you will see in a number of sessions later today is real examples of how that synergy is working and where we have brought capabilities together. So I'm not going to talk about specific examples here. But a large part of our large deals, what the numbers you saw from Rohit and C.P. spoke about it, now have a significant combination of and contribution from the capabilities through our acquired businesses in all our proposals. Rohit?

Thank you, Vivek. So we'll keep this part which Vivek just spoke to you about as a regular feature of baiting you at least during this event because we want to make sure that from our capital committed perspective, you get a flavor of how this is going, right? That's very important. Just to wrap it up, from our perspective, the fourth area, which is capital return, we had committed to it. We will continue to stick on to the policy we've communicated. And I'll reiterate any free cash flow that we generate minus the M&A goes back in terms of capital return to shareholders. That's what we articulated. And over a period of last 3 to 4 years, the ratio has been -- 64% has been returned back. The rest has been invested in M&A. So that's the indicative range we had given as well. When you look at comparison of last few years to last 2 financial year, you see our payout ratios up from 50% to almost 87%. Our interim dividend, we -- C.P. mentioned about was up from INR 15 to INR 18 per share. And we'll make sure that our cash required for the business is optimized and everything beyond that as per this policy. So all in all, wrapping it up in terms of our recap of strategy, we'll focus on organic growth, drive margin expansion, drive value from our investments in organic side so that we get the right synergy and then make sure that we stick on to our capital return policy that we've communicated to you. So thanks for the time. Vrinda? Thank you.

Thank you, Rohit. Thank you, Vivek, for this insightful number crunching. So for our next session, you may all recall that we've been constantly innovating and investing in our platform strategy. We've had tremendous success in the last 12 months, and we're making a big pivot around the strategy. I would now like to invite Manish Vyas, who for the past 12 months, has been spearheading operations for most of our service lines like BPS, networks, engineering services, BORN XDS, and Comviva, besides of course, the CME. He will share our learnings on how all these capabilities come together and more importantly, our plans around platforms and products. Thanks. Over to you, Manish.

Thank you, Vrinda. Morning, everybody. So good to see you all. Thank you so much for being here. And -- yes, we will indeed talk about CME business also. I know we've had chats yesterday evening, and all of us do want to talk about how are we doing, particularly with the telecom business. When Jagdish comes on stage later with our vertical heads like Dhanashree, we will indeed talk about that. We will also speak about a little bit more during the breaks. And we've already had some chats. One word, yes, we are extremely excited about that business. But to Vrinda's point and how C.P. pointed out earlier, over the last 12 to 14 months, C.P. entrusted in me the responsibility to assist and supervise and help our lines of services. BPS with Biren; BORN XDS with Dilip; Comviva, our product business, with Mao; Network Services, of course, with Manish Mangal, our engineering business, most of it. And I'll tell you what I did, I just did 2 things. One, because of the -- and you heard some of those leaders here, the rock stars and stalwart that they are and their businesses are, I just left them alone. But the second thing I did is I just learned from it. Particularly on how these businesses were innovating every single day in their own unique innate way to try and add value to their respective customers through our own IP, right? So that's -- that was very essential as a learning through that process. C.P. stood here and asked and said that we'll be addressing a question that why should we be in the platform business. I hope at the end of these 20, 30 minutes and during the conversations that we will have, we'll be able to hopefully move the needle on the convincing aspect on 1 or 2 things. One, I don't think it's an option. It's a mandatory thing. It's a huge differentiator for a company like us to continue to innovate on our IP, on our platforms, our product business, and we continue to invest in that, number one. Number two, I think we owe it to our customers. For 30 years, we've been working with these customers, now over 1,250-odd customers. The amount of learnings we get from them, we derive from them, the value that we have delivered over a period of time, there is unbelievable amount of IP that we have collected that we need to take advantage of and provide value back to the same customers that we work with. And the third, I think as the pandemic may have induced this -- whatever you call it, the talent war, right? But the pandemic also induced one more thing. I think it's clearly that this -- the new normal model of delivering service, I think, is here and will continue to stay, right? It's a nonlinear model. It's a model where you -- some might even argue it's more like a service that will be delivered like a software and not Software as a Service as well. More of that, as we unveil and look at our overall approach, our strategy and, most importantly, our success in what we have achieved in the platform strategy over the last 12 months. And hence, why should we all be very excited as we go and dive deeper into this business? First and foremost, I truly believe that this is indeed a nonlinear growth opportunity for us. Some of the statistics that -- or the advisory words that we keep hearing from people that we talk to in industry are pretty compelling. It's very clear that companies that have continued to invest in platforms have a much better chance to grow at a faster clip. Number two, the one thing that we have always been doing is we've always said we are 2-mile wide and 10-mile deep. And that's all about creating that stickiness with each of our customers. Platforms and our ability to work very closely with them at a core IP level improves our chances, this industry's chances to continue to get a much higher degree of repeat buys. Third and foremost, I mean, Rohit stood here and spoke about that little cross in terms of improvement in EBIT. But clearly, this is not going to -- this is not the only lever that we have. Obviously, it's a -- you need lot more. But this is one lever and one area which clearly can drive a better yield because this is all about doing lot more with lot less, right? And that's why the platform business is equally strategic. As far as our right to win is concerned, it's very clear, right? The 1,250 -- and Sameer, this may be an older slide, you may want to take a look at that. Do you want to change it? Or else I can keep going because the change was just there. So I think the key -- before we look at what we have achieved and how we go from here, I think let's try and understand what exactly is a platform and what are the building blocks of a platform, why do we call this a platform, and then a product strategy. So that we are not leaving any of you confused about what our strategy is. So our platform strategy is built on a large swath of code base that we call as our innovation hub. So think of this as one single massive piece of software that is centrally sitting and helping the entire company, all our customers, all industry sectors, all competency units, all pillars and business units that you saw. It helps them drive their IP development here on that one particular code base. What that innovation hub really has are about 4 layers right? It has a lot of utilities, whether it is managing how do we integrate with cloud, how do we integrate with from a DevSecOps, from a security, secure code-based standpoint, how do we build data and insights, right, at a very foundational level, how do we ensure that there is a very common experience layer in terms of managing all channels of engagement for our customers with their respective customers, and of course, drive very basic use cases in terms of personalization and hyper automation. But the fourth important thing that we have is a set of capabilities that we will -- that we have built that are essentially around things that can be repeatedly used multiple times across different levers. So you take 1 industry vertical, you take a set of capabilities that solve a very specific functional problem or a very specific technology problem. So just to go back to this slide so that I explained this better. We do not sell what you see as layer 1 and layer 4. That's not monetized. We don't sell that as a license. We don't ever tell the customer that this is what you're buying. That is what we build all our products on top of. What we sell is what you see at the right at the top, which is the modular platforms. That's monetizable. But how we monetize that and why those are differentiated is based on the 4 layers at the bottom. I hope that's very clear. So the question is, what are those -- the top layer really that you see, which is the modular platforms as we call them. This is what it is. Essentially, our platform strategy is all about empowering the C-suite of any enterprise in any industry sector, right, all the verticals that we serve to solve 3 primary problems, right? We spoke about MWC, all we heard from the customers there, all innovation that we saw and what we presented were also in these 3 areas. When CTL comes later or when Jagdish and teams and Kunal come here, ask them this question, they will also be talking about the same thing, and that is to solve 3 fundamental inherent problems. Number one is to continue to automate and help take cost out and simplify the operation. So there are -- there is IP that essentially will help us to try and take cost out, improve the optimization, improve the efficiencies of any operation, whether it's a CIO or a CEO for that matter. Two, it's about building the new stack much faster. I was telling somebody last night that 10 years ago, to put a new BSS system in telecom alone would have taken 18 months. We just finished a rollout in Singapore, it took us 7 months. And mind you, we lost 2 months -- the very first 2 months because of some change in the organization on the customer side. So in a sense, it was done in 5 months' time. What has changed? What has changed is because the underlying software that is available with us now, we were able to bridge that gap from time to market, time to realize the potential of that software much, much faster, right? And the third is all about monetizing, monetizing the assets or participating in the revenue cycle for the customers. So when we look at platforms, when we look at our product strategy, when we work on top of those 4 layers of innovative software that we have, it is, in a sense, to drive value for our customers in these 3 segments, right? I hope that makes sense. So let's try and unpeel this onion a little bit and try and look at what we have done over the last 12 months before we take a step forward, right? And it's been a phenomenal year from the progress that we have made with each of these individual products and the modular platforms that we have built on top of the underlying architecture, right? Let's take netOps.ai. It's still a story that has -- that is evolving. We just won about 7 customers at this point. Seven of our existing customers are now on the netOps.ai platform. We announced 1 such deal only last week -- or 2 weeks ago on 23rd of February, where the entire network automation for rolling out and for managing the maintenance of an existing installed base of a network is going to be driven through the netOps.ai platform, right? It's all about shifting left from reactive, preventive, maybe predictive maintenance more towards cognitive, right? Blue Marble is since -- after a long time, we finally have a brilliant story of creating a SaaS-based BSS platform to take the industry bigwigs head on in this space, right? It's about 18 live customers as we speak. Outside in the experience zone, you will see 1 platform called UDxP, which is a unified experience platform, where we have combined capabilities of 3 things that we have: Blue Marble, MobiLytix, which is a CVM platform and BORN XDS' capability from a user experience standpoint and have created an entirely different outcome for a challenger telco, right, in one part of the world. I mean the capabilities that these platforms now bring I think are second to none in the industry, but it is -- but the best news is we've just begun. Our journey has just about begun. On the sustainability side, and Sandeep Chandna is here, we can all talk to him a little later. We believe that from the whole sustainability and ESG standpoint, the addressable market is still evolving, still large at this point in time. We have started working very, very closely by leveraging our data AI abilities of that foundation hub and starting to address and work with some of our key customers from a smart data acquisition standpoint. This is where the platforms and our capabilities come into force pretty nicely. If you were to ask me that who addresses the network field force automation. The instant answer can be network services. And yet, it is Biren and his team that basically looked at the data science that we were producing inside the BPO business and created YANTR.AI to disrupt how the field is automated, not just in 1 industry like telecom, you can imagine any industry out there whether it's the health care industry, the logistics, distribution. It doesn't matter anybody who has a field, and we just launched it about 5 to 6 months ago, this platform, and already have 3 live customers very early. And yet, the biggest right to win we have is the fact that the access rights that we have to the customers and the proximity that we have with them, relationship-wise, we can always go and say, "Hey, take a look at this. This potentially solves a problem and can solve this problem on a very repeatable, very consistent basis again and again and again." In the core cloud infrastructure space, I think what we have done over a period of time is we have created this technology and platform called Cloud BlazeTech. The addressable market for this is just massive. Again, our lens is very specific. We are looking at our existing customer base and going and attacking each of them in improving the speed at which we will be able to help migrate the workloads faster. The speed at which we'll be able to help them discover and do the assessments of what should go on cloud, what should not go on cloud much, much faster, right? We already have 30 customers, and like I said, 1,250-odd customers, 30 on this platform. I mean I wouldn't be surprised if by end of this year, next time we all meet, we won't have another 100 customers on this platform. AftEAZE, I think is -- you may have heard of something called warranties in the past. We've now created a more generic industry-wide program that supports largely manufacturing in the aftermarket space. But in a sense, the code base that we have can be used for any other use case where you're talking about solving problems of aftermarket support to any existing customer, whether it's an electronic, automotive or any other product that sits inside a premise for a consumer or a customer at that. A few more. MobiLytix, I think, is an award-winning platform that we've created around our customer value management. I mean this is something which is just evolving so nicely now. I think it's -- we have had CEOs of enterprises coming and telling us that they derive maximum consumer value or customer life cycle value through MobiLytix as a platform, right? I think that story continues to evolve extremely well for us. A very young story for us is Yabx in the cloud lending and the savings area. We've just hit about 1 million unique customers recently. And like I said, maybe the speed at which we are growing every single quarter, every 3 months, hopefully, we will be at about $10 million to $15 million ARR by end of this year. Small stories, but the potential that each of them have is absolutely phenomenal. Mobiquity is an older story for us, but now evolving quite nicely as the next phase of the software that we are writing on it from a digital payment standpoint, right? Somebody in MWC came over from Africa and said, "Do you realize that 70% of our GDP runs through the Mobiquity platform?" Because that country, that small African country relies a lot more on the mobile payment as a method of payments in their community. So the impact that each of these innovations in the past and going forward will make on our customers and our ability to add service layer on top of this platform and this modular product level, I think is just absolutely phenomenal. So if I say that platform going forward is an essential element to how we will differentiate as a company across industries, across our lines of businesses. I think it is something which is being derived based on the success that we have had in the last 12 months. We believe this business is poised to continue to grow much faster about 2x, at least in the next 3 years, maybe more, right? I believe I'm being conservative here when I say that because our base is not that small and yet not that big enough yet in terms of the impact that it will make. Most importantly, I think we have figured the conundrum. After a few years of R&D and experimentation in this space, we have now understood what does it take to build a world-class platform and then world class of products sitting on top of them. We have figured what problems do we need to solve as far as looking at all the databases that we have in terms of what are the projects, thousands of projects that we deliver, what do we derive from there. This is a new medicine that we are giving to an evolving set of problems as we go forward. And last but not the least, very soon in about 1 month from now, sometime in April, we will also be launching our Comviva 2.0 plan because, in a sense, the Comviva platform will own the entire platform strategy for the company. That does not mean that all product business will be done inside Comviva. We'll do it everywhere. But the core platform and the engineering capability for driving this initiative will be housed under that. We already have added significant leadership to that unit, right? I mean, Vineet is sitting here, he's adding the strategy piece to the platform strategy. He's come from one of the acquisitions that we did called DigitalOnUs. We've already acquired a Chief Growth Officer sitting in Texas to run the global sales for our platform and product business. We'll continue to look at that, but it's very clear. Our -- the overall technology road map of our platform strategy is very, very clear to us now. The success that we have had in the last 12 months gives us enough confidence that we know what it takes to continue to develop this. It's very -- it's also very clear that given the fact that the customers are asking us very pointed questions in terms of speed of delivery, cost of delivery and the business outcomes. I think for that very repeatable and very consistent patterns of results, I think it's important to lead off IP, lead off our product, not just through our people and processes. So I think this is a technology-led IP-led effort to essentially solve the same problem. And hence, if any of you still believe that this is a business that we should not be in, I think we need to understand Tech Mahindra at a very core innate level. And this industry at large it's not just a tech Mahindra story in my view, right? I hope that was helpful. We can have more conversations on this as we go forward. Thank you.

Thank you. Thank you, Manish. Our next session is a fantastic peep into the factories of the future, cities of the future and value creation of the future. I invite CTL who's President, Enterprise Americas, to share with us how we are scaling via strategic partnerships with our customers and leveraging digital technologies to enable our customers to win in the marketplace. Thank you, CTL.

Thank you, [ Wanda ]. Good morning, ladies and gentlemen. Interchangeably, Lakshmanan and CTL, both is me. So don't get confused. Delighted to be with all of you here today. I wanted to talk to you about how Tech Mahindra is co-creating with our customers and our partners and sometimes both to do 2 things. One is to address important industry problems, which have a huge replicability across the enterprise. And the other is to identify trends that are emerging, which we believe have a huge growth potential and the ability to tap into it. The idea is there are strengths that we bring to the table and then there are complementary strengths that our partners and customers bring to the table and how do we combine 1 plus 1 to make 11 happen? That's the story today. I'm going to talk to you about factory of the future, which falls under the Industry 4.0 classification. But before that, I want to talk to you about a couple of important industry trends that are taking place. The first one is the Western world has woken up to the fact that they are overdependent on China from a manufacturing perspective. There's a customer of ours, the single largest market in the U.S. 92% of the sourcing, mark my words, 92% of the sourcing is in China. So we did the work with them where we moved $1 billion worth of manufacturing outside to Mexico, India. We had all these places. The Western world now says that we'll have to move, which means there will be a whole lot of change in the supply chain, new factories coming up in multiple different places, and we hope if we are going to the first 3 decades, the last 3, 4 decades with IT, the next 3, 4 decades, we believe could be manufacturing. The second is President [indiscernible] got the infrastructure bill passed. It's going to be a $1 trillion investment into the U.S. economy. Obviously, [indiscernible] bridges, but they are also going to focus on moving manufacturing capability into the U.S. You must have all heard, Intel is putting up a chip manufacturing plant in Ohio. A Taiwanese company is putting a chip manufacturing plant in Phoenix. There's going to be a lot of government support to bring some amount of manufacturing back into the U.S. We believe that, that's another important macroeconomic trend that we need to keep in mind. And the third is what digital technologies have done. They've just swept the landscape in the last few years, AI, AR, VR, now Metaverse, quantum [indiscernible] they are making us -- making it easy for us to put together solutions that we couldn't have imagined we could do in the past, right? And with that, I'll go into the factory of the future. This is a partnership with a large automotive OEM. And we've implemented whatever I'm talking about -- it's a living lab at Chakan, and we've implemented this. It's working for all of you to see. We've implemented leveraging the telecom strengths that we have, we've implemented 5G in the Chakan plant, right? And so I'm going to take you to different parts of the plant. So just follow me as I walk through the plant. The first place is the paint shop, right? Now you have -- as you go in, there is XUV700 that's being painted. And the new vehicle that's coming in is a Scorpio. This computer vision in the plant hooked onto the 5G LTE network. The computer vision will now know that as the XUV700 goes and Scorpio comes in, this is a Scorpio. It will change the paint settings automatically so that the new vehicle gets painted and gets out. The second thing is flexibility. Everything about an auto OEM is going to be about flexibility. If you go to a body shop, you don't have dedicated plants now running each vehicle. It's flexible. You have XUV700 followed by a Scorpio followed by something else. And here, again, computer vision is at work. It figures out which of the product is coming in. And now to add to the complexity, all of you guys are becoming the screening buyers now, you can customize your own vehicle, which means if that customization comes as the vehicle is rolling in, in the assembly line, parts that are required at different parts of the assembly line automatically come in. The third concept that I want to talk to you about is called No Fault Forward. So you have conveyor belts. These conveyor belts are interlocked and tools. Now assume that I'm a worker in the factory, and I'm tightening nuts and I've not applied enough torque. The conveyor belt will come to a halt. Until I [indiscernible] or whoever the worker on the shop floor rectifies the fault. So these are intelligent lines, error-free lines and what it has done to productivity is just amazing. Earlier, it used to be tested by tuning on the engine for 25 minutes. Every engine for 25 minutes. Just imagine the gasoline that's getting burned. Today, because of this, they stopped testing engines all together, it's not required because you're so sure that what you're rolling out is fantastic. Now as you look at the factory, the idea is to come out with a single platform, which will provide services. Again, with computer vision if someone has to wear a hard hat in a particular place, and they take the hard hat off. Immediately, computer vision will send a message across, a warning. So that, that incident gets corrected. So you're making the plant a safer place. You're making the plant a more productive space. You're making a more cognitive space. It's just amazing what digital technologies are doing to transform this operation. So from a tech perspective, we have always been very comfortable connecting the shop floor to the top floor. So you have SAP systems. You have MES systems. You connect wire all and make it -- that's been our sweet spot. Now in collaboration with the automotive OEM, what we are now doing is we are moving into the plant. We are using our technology, edge computing, a whole lot of tech -- the manufacturing operations end-to-end, right? And so we are very thrilled about what we're seeing, what [indiscernible] here to make production lines flexible and automated, look at the market potential here. This is estimated [indiscernible] spend. My colleague, Abhirup, said, we know the physical world. We love operating at the intersection, which is physical, right? This is an example of how we can make this happen. And look at the value creation here. It's just amazing. Zero defect, there's a 70% [indiscernible]. Now the beauty of digital technologies is in thin air, you're putting statistic [indiscernible] right? And so why we believe that everyone will adopt it? It's simply because it speaks for itself. There's more. In this plant, we are using [indiscernible] energy to manufacture an SUV than they did 5 years ago. That's the statistics, right? And so -- the other thing is you see the last item here, 2,000 machines that are connected. So you have the sensors. Sensors are bringing data in. We are doing advanced analytics in the background and the machine is talking to you 24 by 7. It's telling you, I'm not well. So you provide intervention services, you lengthen the life of parts with a great sustainability [indiscernible] this is a great sustainability story. And what happens here? You provide preventive maintenance, predictive maintenance. And what is the end result? Productivity goes up. All this, ladies and gentlemen, it's not a PowerPoint, it's a living lab at Chakan and Rohit can arrange a tour for you to visit the plant to see all of these. The next thing that I want to talk to you about is how we are co-creating with an automotive OEM from an electric vehicles perspective. You take [indiscernible] to OEM, I'm talking not just automotive, heavy trucks, everybody, there's an explosion happening on the electric vehicle front. As we talk, there are factories that have been set up, both brownfield and greenfield for manufacturing EVs, for manufacturing batteries. And we believe that we are in a -- you heard Abhirup talk about what we are doing in the electric vehicle space. I would strongly encourage all of you to visit our booth here where they brought the e-axles for you to see, right? And so we are -- I think when this explosion on EV is happening, I believe that we are very, very well placed, right? Very well placed, how? We can do this entire value chain. Top Hat design. You know we acquired Pininfarina, which is one of the leading industrial design houses, automotive design house, right? So Top Hat design, then moving on to manufacturing and supply chain [indiscernible] is a very complex space, and Tech Mahindra has deep expertise. We got control. We invested in a company called i-TEK, which does RFIDs. So if you go into a warehouse, managing the warehouse interconnected to RFID, having a controlled dashboard, these are all already created, right? And then doing the interior design and then the platform, the e-axle in particular. This is at the heart of EV propulsion. And we have configurable from e-axles from 50 kilowatts to 150 kilowatts. And we believe that we can bring everything on this platform tightly coupled together to deliver great results. Now how to go to how we are [indiscernible] engineering construction space, right? And they told you that in setting up in Ohio [indiscernible] is up for them. Can you hear me now? So this is what these people are doing, right? They set up complex plants. And the way they operate today is they will -- it takes multiple years for them to get a huge LNG plant or a data center for Google or something like that setup, and they hand it over and walk away. So the value prop here is how can TechM and this EPC major come together to deliver a range of high-end digital services, like I described in the factory of the future, right? And we get into this plant and provide this entire range of services, providing preventive maintenance, predictive maintenance, safety, everything that I talked to you about and create high-end digital revenue, which comes at good margins and stay embedded within these projects for years. Now why this partnership? Because the automotive space doing the OT work, not the IT work, the OT work. That is what the partner, the automotive OEM major we are working with, they are bringing in that expertise, and we are learning along with them. This EPC major is a big player in the oil and gas space. So they're going to bring the domain expertise from an OT perspective, right? And combined with our expertise, right? And so different industries, we'll go into process every other industry. So develop factory of the future and just amplify it, take it further, deeper, right? And the advantage is this is a firm that's been in business for 100 years. It's got a blue-chip customer base. And we have complete access to this customer base. It reduces our time to market, and I'll tell you why it's so important. We -- someone asked me if TechM is a runner, what kind of a runner are you? Do you run sprints or do you run marathons? And we run marathons. For us, a new deal could take 8 to 9 months to 12 months to open up, we would spend $1 million in pursuit. So if you have a great solution like the factory of the future, and then you tie up with this EPC major and open up their customer base, reduce their time to market while parallelly every day, as you talk about the factory of the future, you're investing in it, you're learning and you're getting better and better and better. The distance between you and competition is getting wider and wider and wider. That's what excites me most about this space. Now I'm going to talk to you about another exciting thing. I just love this technology. Augmented reality, virtual reality is going to transform the way we live and work. The way our children go to school, the way they are going to -- the way education is going to come. I'm so excited with this technology. It's affordable. It's easily, mountable. And I'm going to talk to you about how it's transforming the way an automotive customer of ours delivers service. Now this happened during the pandemic. You buy a car. The car develops a problem. You take it to the mechanic. The mechanic would replace whatever. You drive back, right? That's the fairy tale. In 2%, 3% of the cases, the problem in your car is so complex that the dealer mechanic can't solve it. At that time, the automotive OEM has to have a subject matter expert fly in to fix the problem or the car has to be shipped back to a central place. Just imagine the cost, the pain and the pandemic, people were not able to travel. So what we did here was to put a solution together where the dealer mechanic -- the concept is, I see, I see what you see. That's the concept, right? And so the SME sitting wherever would wear the glass and the dealer mechanic would be wearing the intelligent glass upfront, and sitting remote, the subject matter expert can guide the dealer mechanic to fix the problem. So hands are free. They can bring up spreadsheets, they can bring up diagrams and guide the dealer mechanic to resolve. 80% first-time resolution. That's the impact of this technology. And when you do this successfully -- we did it with 15 dealers first, 15 dealers. Today, this is deployed with 4,000 dealers worldwide, China, Taiwan, Europe, U.S., everywhere. And I just looked back and said, "My God, what is the scope of this business?" The scope of this business is, in the U.S., there are 1.87 lakh technicians, 1.4 million repair jobs where tickets are open today. That is the potential. And you don't stop with this. You can sell -- this solution can be taken across all our verticals. Just imagine, there's a logistics company in the warehouse. You go into the warehouse. I talk to you about our supply chain solution, where we have a control tower, we have this RFID solution linked to all this can be AR/VR. Anywhere where someone has to maintain a machine, hands-free, this solution will work, right? And I'm going to ask you a your question so pay attention. We, today, have customers where we're billing $20 million a year on this service, multiple customers. So we started with 1 auto OEM. Today, multiple auto OEMs have bought it. And with every auto OEM, new features are coming in. One of the newest features that have been implemented is so exciting. When your car has a problem, there's a defective part. And when a defective part is taken out, they use this technology to validate whether the part can be repaired or has to be scrapped. Now the part gets shipped back to the OEM in whatever fashion, right? So there's a whole lot of cost incurred in transportation. Now all that will be avoided completely. The SME is sitting, and the central can say, "Don't even ship it, scrap it right away." So the trick question now. $20 million is the revenue. How many people do you think are delivering it? Take a guess. Pardon?

5.

5, You're at a different level. You're tougher than I am. Any other helpful second guesses?

15.

Okay, thank you. 15 People are delivering this. 15 people are delivering $20 million worth of service. I can keep expanding that. And a number of people have to add. What I love about this business is we are disconnecting revenue from people deployed. And we are delivering margin and every day, we are getting better at this job. That's what excites the hell out of me.

Hello, everyone. My name is Brian Jenkins, and I'm the Strategy Manager for the Ford Technical Assistance Center. My team and I were tasked with developing and launching the See What I See program, better known as SWIS for short. We knew from the inception of this program to be a global process and that we would need a partner that was capable of co-creating and launching a project that involved a high level of technical complexity while also scaling across the majority of our global regions. Our collaboration with Tech Mahindra has been a key factor in the success of planning and deploying the SWIS project. Tech Mahindra has provided Ford with a comprehensive turnkey solution covering all aspects of the rollout, including dealer enrollments, shipping, logistics, along with dealer activation and onboarding as well as dealer support. They're partnership has enabled the Ford team to meet all of our expansion targets, and we truly value the working relationship that we have developed as a result of this partnership. We're looking forward to the continued collaboration and success of the SWIS project as new use cases and opportunities for this technology present themselves. Thank you.

Thank you. Thank you. I'll move on to a partnership that we have, and this is in the public domain. This is a joint venture with Sumitomo, which is one of the world's largest most admired conglomerates. And this is to -- this joint venture with them is in the -- to address the Japan's engineering research and development market for automotive, which is expected to be about $50 billion. Why this partnership? You know Japan is a unique market, cultural, language skills that are required, access to customers, Sumitomo brings all of that. And I've already described the range of skills that Tech Mahindra brings to the table from an automotive engineering perspective, right? And so we believe that this is a great marriage of 2 partners who bring complementary skills to the table, right? And the deep talent base that we have to kind of scale and address the needs. Those are the reasons for this JV. And we believe that both of us bring the right credentials, the market is right, and we are very excited about this. Finally, I want to talk to you about a partnership that we have in creating a cognitive city and the few cities that have been developed, and these are all a trillion-dollar projects, right? And at the base level is a 5G plus, plus, plus network that connects the whole city, tourism, sports, hospitals, sports stadiums, residences, everything, right? And then a layer above is the data analytics layer because once you connect, everything starts talking. So the ability to bring this data to a data lake, harness it, do advanced analytics, makes decision. And on top of it is the AI layer where it will -- it's cognitive, it can take intelligent decisions, right? So that is conceptually what's happening within these intelligent cities that have been constructed end-to-end. Our digital engineering services, we will bring everything that we have at TechM. Our telco strength, our digital engineering strength, our edge computing, a whole lot of technology that goes into the background to create and make all of this happen, right? And so we are excited about this as well. And this is my final slide. You can't do everything in life alone, right? And we have to partner in order to get complementary skills together to be able to make magic happen. And 30% of our customers have been with us for 5 years or more. In many cases, we know more about the customer in parts than the customer knows themselves. And we are now tapping into that strength to understand what else can we do? Our customers know exactly what the problems are. The Ford solution that you saw, both of us brought it together. There was a problem, we sat down, we discussed. So we have access to a huge knowledge base, both with our employees and with our customers. And we're going to tap this. All this that I talked to you about just now, I think we are scratching the tip of the iceberg. There's so much more to come. and I'm excited, and thank you again for this opportunity.

Thank you, CTL, for that insightful session. We'll now break for lunch, and we'll be back, sharp 2 p.m. As I told you earlier, there is an immersive experience zone outside. Request all of you to please visit us, visit it and kind of look at the solutions that we have for you. Thank you all so much. [Break]

Welcome back once again to the post-lunch session, which usually is a very difficult session because of the food that we've eaten, and I hope all of you have eaten as well. Those watching us online, hope you've managed to grab your lunches as well. But yes, while the sessions normally are difficult, I promise you, today's session is going to be different because what they're going to be talking about is certainly going to keep you all engaged, excited and yes, hopefully enthralled. So 5 letters, we've heard a lot today, C-E-C-E-S. We've heard a lot about them, right? Now our next panel is going to demystify these words. And Shilpa Dhavale, our Head of India Sales, is going to lead the moderation. So requesting Shilpa to take over.

Thank you, Vrinda. Good afternoon. I know this is the post-lunch session as Vrinda said, but I promise that everyone sitting here on the stage is going to make it very insightful and interesting. I'm Shilpa Dhavale, Head of Sales, India. And it's my pleasure to welcome you to this wonderful panel discussion on TechM's investments on emerging technologies. It's my pleasure to also welcome the gentlemen who are sitting on the stage, Biren Singh, Business Head, BPS. On to my left, Manish Mangal, Global Business Head, 5G and NS; Kunal Purohit, Chief Digital Services Officer; [ Mark Alidi ], Global Chief Creative Officer, BORN and XDS; and Sandeep Chandna, Chief Sustainability Officer.

Before we understand more about each of these emerging technologies and the investments in them, let us go around the panel to get some expert insights on the markets that they all belong to their respective domains and the market. Let us start with Mark, if you could, Mark, share as part of the XDS group, what are the emerging trends that you think we are setting in 2023?-- why will understanding that play a very important role for us for our growth?

Thanks, Shilpa. I think one of the things we've seen happening to evolve is, I think CX is really evolving for what we say is human-centered purpose-driven experiences. And this is where I think during the pandemic, we saw that our clients and businesses have essentially, they've had to focus on suppliers. They've had to focus on employees. So it's not just been customers that they had to look for. And I think this is where, for us, it's vital that we really understand the data to really make informed decisions with that data to create experiences, what are we building? How is that data supporting it. So I think it's definitely a trend that we'll see in terms of I guess, yes, more human-centric designing for the human less is more. And I think simplifying some of the, I guess, quite challenging process or apps or websites. I think you really have to think about the human at the end of the day that's using it. And I think the next one is what we call hyper-personalization. So this is essentially where a lot of brands and again, especially doing COVID, they wanted to allow certain things that would happen either in store or in a car or automotive showroom, and allow customers to configure these. So I mean that products were actually changing in terms of manufacturing. So that a customer could go onto a site, they could essentially choose their color they could choose the dial of a watch, for example, they could lay out the interior for a car, for example. And I think more and more, I think, consumers, they want to be unique and they want to have that ability to adapt and change and create something for that for themselves. Another piece is we do a lot more as an agency or BORN XDS, an important part for us is actually the storytelling. And as part of that, if you're buying a product again that you might do in store, for example, where a sales associate may explain the product, explain the car and the values of that, it's very hard online. So this is where we're creating content that's educating the customer that's really surfaced at the right time and to enable them to drive conversion and go through their site. Similar with immersive journeys, I think Apple do a very good job when they launch a product, for example, of taking you from that e-mail through this beautiful experience online as you're going through the site. I think more and more of our clients and customers, they're wanting to do something similar. You should have that surprise and delight as you're going through a customer. And then the last one is data science and insights. Data has become key for us a business to really transform and make informed decisions with that data. It can make a huge difference. And I'll touch upon a couple of case studies where we've taken that data and really analyzed it and made a huge difference for that client. So here's an example for a large U.S. manufacturer where they were essentially marketing to a very much a male dominated market. And through the data, we actually uncovered that -- actually, 1 of the key influences was women. And it meant that we could actually change their whole marketing strategy, change all of the content that went through. And this made a huge difference for them because essentially, it's increasing revenue from just that key piece of data that they never thought about or had never analyzed before. And then the next one. Very similarly, this is quite a famous luxury skin care brand, predominantly marketed again to women. What they really missed and hadn't done throughout their online and digital journey is really thought about the male customer, the gifter. I mean this is a really expensive product, even $1,000 for a cream. But the fact that you can actually make so much revenue from someone gifting a particular product and then we are able to actually change the whole architecture of the structure, everything from navigation to really enable that male category, that male segment that they had never really thought about before. And they provided us loads of obviously research data, but it was only through the content that we discovered it.

Great. The luxury skin care brand does seem very interesting to me, of course. Moving on, Kunal, over to you. What are your views on the changing trends in the digital services? And how do you think that is going to be in terms of the market that we have?

Sure. Absolutely. And I think my answer manifests itself through the many demo showcases that you very passionately participated in, in the last couple of hours. And thank you for your time, inputs, feedback on all the demos that you saw. I think we have, over the last couple of -- over the last year, we have written significant amount of new code to create new solutions. As an example, 1.6 million lines of new code written, which is 3x more than what we have written in the last couple of -- 2 years before that. We have got inputs from market. We took inputs from customers as part of the Customer Advisory Board. that ensured that with the solutions that we are creating enables them to transform and create business outcomes rather than solutions which are not going into production environment. So that's the sum and substance of where we are investing significantly. Many of those examples you saw in those demos, essentially a few summary items are on the large cloud opportunity, we are not just helping enterprises migrate, modernize and monetize across the cloud stack, but we are also moving into industry cloud solutions, which means that we are able to bring technology components from this discrete technology together to create a single business outcome for customers in terms of either great customer experience, as Mark mentioned, or significant cost takeouts. We have also demonstrated a BlazeTech suite of offerings, which not -- which also help customers manage cost better. Our [ FinOptico ] solution is perhaps one of the leading edge solutions in that domain. So that's on the cloud side. On AI, data AI and Generative AI, quite a bit of discussion has happened since morning. A few things. We have created our own suite of offerings called amplifAI that help deliver amplify business outcomes for customers. Many customers have said that they would like to move away from creating business -- creating models to making sure that they are managed deployed at an enterprise rate level. And therefore, our platforms like Datamime, Gigworx helps create democratization of AI across the enterprise and scale AI. On the Generative AI side, we have created a platform that helps you not just understand the power of what Generative AI could bring into the enterprise, but also experiment, create use cases and across aspects of document, video, image and explore business cases that can improve productivity from 20% to 40%. And I'm sure you would have seen some of those demos as well, right? The third and more critical one is cybersecurity. We have moved away from looking at cybersecurity as an enterprise security to focusing as the cybersecurity market broadly. Focusing on threat intel, response to cyber attacks and also the enterprise side with significant new solutions. CP mentioned the partnership scale up. This is 1 area where we have significantly scaled our solutions with our partners and have been able to go to market significantly faster creating higher value, creating secure enterprises, enabling enterprises to move to the DevSecOps model. And last but not the least, which is the emerging technologies where we are significantly investing in technologies like metaverse, blockchain, quantum, we have a lab that enables enterprises to create use cases and then deploy them for sale in the enterprise. I think one example that we saw outside was how a large real estate company is using metaverse demonstrate a sample flat in the metaverse so that buyers don't have to go to a physical sample flat, and that demonstrates how the business model has changed. They can help potential buyers take decisions faster compared to actually going and seeing a physical sample flat. So that's an example of where some of the leading-edge companies are -- sorry, leading-edge technologies are coming together for us for solutions.

Great. That's a wide range of offerings that we have under this bucket, Kunal. Thank you so much for this. Moving on, Biren, BPS has been a huge success story for us this year and as it continues to grow, what would be the market trends or the behavior that you are actually anticipating? And how is it going to impact our growth for the coming years.

Sure, Shilpa. Thank you. I think that's a consistent theme you'll see across all the sections where we are betting big on CX. And so even for the BPS business, I think we lead with CX and so continue to demonstrate leadership there, if you look at analyst reports, et cetera, we're positioned as leaders, what we've done through acquisitions and through our internal investments it's stitched an end-to-end capability right from design of new CX journeys to -- if you have one, how do you transform that for better outcomes as well as operating them end-to-end in a machine-first way so that it's not just about putting more and more people to run your operations but using technology in a big way. And we'll continue to do that investment. That business is almost half of our portfolio right now. But what we've done very smartly is while CX is growing ahead of the industry, we have diversified our portfolio. And we've done that in a very, very smart way. One, follow the money. So technologies like metaverse and now Generative AI aware, for example, we're going after the picks and shovels that are required to make metaverse happen. And that's a lot of human in the loop kind of work that we are picking up along with technology-enabled business. Similarly, not many people know that almost 10% of the portfolio is actually consulting and CX tech implementation for our customers, which is extremely important as customers move their contact center and customer operations technology onto the cloud. And finally, I think what customers are looking for more of is a partner like us having a skin in the game when it comes to business outcomes. And that's been 1 of the key drivers for us both in terms of derisking the customers' movement from 1 supplier to the other, but at the same time, giving us opportunity to actually earn more margin as we deliver better outcomes for customers. So I think those trends will continue. And we're reasonably confident that we'll be ahead of industry growth in the coming years.

Great. Thank you. Thanks for that Biren. I am for sure, looking forward to leveraging all our BPS offerings as we focus on our India market and Indian customers. So we'll keep coming to you for that. Over to you, Manish. You are just back from our Mobile World Congress at Barcelona and really keen to know your thoughts on our -- on the impact of 5G on the markets on our business and growth strategy as we move forward and head into the new year.

Thank you, Shilpa. Good afternoon, everyone. Let me share my insights from the lens of CXOs, whether it's a CFO, CNO or a CTO. We have met with more than 300 of them in the last 6 months. And fundamentally, they bring down 3 priorities for themselves. And this is what they are challenging us to do. This is what they are focusing internally as well. Number 1 is simplify, simplify operations. There is a tremendous amount of complexity that has been built into the network over the period of time. And hence, if you really want to scale the future, scale new applications, enable monetization. It's very, very important to simplify the network and [ sloppishness ] today. So that's #1 priority. Help simplify the network operations, take the cost out of that so that we have the ability to invest. The second thing is modernized, and modernize the tech stack. While we continue to look for ways to simplify the entire tech stack from 5G, which is not just about a radio or a core network technology anymore. It's also about how those networks are managed. It's also about how digital stack is created on top of it to enable the experience for the customer. So 5G is really an entire stack from the bottom to the customer experience, hence, modernization of the full stack is a very, very important priority for everybody. And the third one is how do I monetize investments that I'm making in 5G. And that's been #1 theme across MWC recently, which basically suggests that while I continue to invest in 5G to create better customer experience for my consumers, how do I take 5G investments and generate new revenue opportunities towards enterprises. And we are very excited about these 3 themes because these 3 themes have been at the center of how we have been looking at our business as well, which means that what can we do to help take the network operations, build in AI tools to drive less people-centric operations, more automation and tool-centric operations. How do we help them bring 5G to life? Not only just to build a network, but also build the kind of use cases that allow them to monetize and take it to the enterprises. And you have seen some of that experience center outside. There is a whole lot behind that as well. But as I look at again, Shilpa, you asked the question, what does it mean? What they're looking to do is every CXO is looking to unlock the value of the network asset, which is there, they have made tremendous amount of investments by simplifying, modernizing and monetizing, and we are right in the center of those 3 initiatives by them.

Wonderful, Manish. I think the key themes that you talked about absolutely resonate with what we've been hearing has been happening at the Mobile World Congress as well and what everyone has been talking about. So that's great to know. Sandeep, over to you, what do you see as the market potential for our ESG and sustainability solutions? How are customers really reacting to all of this? And how is the market looking like?

Thanks, Shilpa. And very good afternoon everyone. Shilpa, before I go to your question and answer that. See, there are 2 or 3 facts which are really coming out. One is there was a perception that we would never see a climate change in our lifetime. So there was no urgency which was seen. But your city, Pune. If you remember, 18th of October last year, you saw the floods, we were discussing that. The place where I come from, Gurgaon, Delhi, we saw 49 degrees or 50 degrees around. Imagine if it is around 50, 55, what would be the things. So the perception across has changed that climate change has to be part of the Board discussions, have to be part in terms of urgency, what the companies are doing. And same is happening in terms of regulations. We have seen EU regulations coming in, SFDR. We have seen Indian regulation, we are -- most of you would be aware that BRSR is now very important for all of us. So while as a Tech Mahindra, as a Chief Sustainability Officer, we were doing a lot of jobs internally, a lot of stuff internally, which was recognized by the world. And then most of our customers came back and said that whatever you're doing, Tech Mahindra, whatever you're doing, can you do that for us? So that's a time when we thought that let's get into this. And we saw an opportunity. We simplified our offerings. And on 22nd September '22, we launched our offerings. This is specifically on ESG. And simple, no complications here. We said first step is baselining. We have put up a consulting offering there, saying that we will baseline help the customers do their road map. Now when you have the road maps, you would also look at what are the solutions that will help customers meet those targets in the road map. It would be net-zero. It would be social aspects. It will be governance aspects. So we have put up IoT-based solutions like energy management, we have put renewable energy management systems. So second bucket, which you are looking here is the solutions which are helping customers meet their targets. Norms getting very difficult, reporting becoming complex day by day. So we said Tech Mahindra is the only company in the world which is reporting on 4 or 5 frameworks that is TCFD, GRI, SASB SDG's, IR. So we said, let's leverage that. So we said we'll help our customers even with the reporting. And that's a last offering that we said. The deals have started flowing in, we have started working for a leading American bank. We are working for a government railway company. That's for energy management. So like this, a lot of these deals are really coming in on a regular basis. As I see the market potential, which is there on the -- which is almost starting, say, for the consulting itself, about [ 43.2 ] by 2026. The last, [ not ] the very important aspect is around sustainable finance. So that is the number which world is really looking at today. That is looking at almost about built $23,000 billion by 2030. So that's a number what we are really looking as an opportunity, and we are all geared up for it.

Thank you, Sandeep. So the market potential does look huge, and I think we certainly have to have sustainability in every discussion or every important decision that we are going to take. Thank you for that. Let's move ahead now to understand the investments that we are really looking at in each respective domain that you've talked about. And how it will really impact the go-forward journey of the emerging technologies that we've just talked about. So starting with you, Kunal, [ may be shed light ] on the key areas where we are looking to invest under your wide area of offerings and solutions? And how are we creating a differentiation in the digital business as per that.

Sure. And I think that define the challenge quite well that when you have a wide array of offerings and solutions that you take to a customer, you also need to ensure that in the delivery or execution, we kind of bring it together to create simplicity of execution, as Manish mentioned. And therefore, the customer can then have enterprise agility. So therefore, our investments, deep investments in building solutions is across 2 axes. Axis number 1 is what we discussed a few minutes back, which is solutions that tackle a business problem, whether it is using AI to solve a certain amount of business model challenges or using cybersecurity solutions to make the enterprise more secure. Axis number 2, however, is how do we bring all of these together in a delivery framework, in an execution framework that helps enterprises not just reimagine their new business processes. Two, delivering them at scale, managing platforms at scale. And not only that, removing redundancy and redundant processes to cut costs, make IT technology more leaner for the enterprise. So we created this framework, which helps us look at enterprises and opportunities across 2 axes, axis number 1 is the ability of the customer to be innovative versus looking at it from a standardization of processes perspective. So is an enterprise more innovative, more agile? How frequently are they looking at new ideas versus are they looking at scale, standardization and globalization? And the second axis was how frequently do they release products to market, are they doing it every week, every fortnight, every month versus they're looking at a quarterly, 6-monthly release. Based on that, we've created solutions that enable them to either do fast prototyping through our makers lab that helps them form a view of what's coming new, what could be tested. It doesn't necessarily go into production, but it kind of helps them understand the power of new technology to solve complex problems. And from there on, you kind of build agile platforms to help business processes or enterprise to scale globally. And last but not the least, the ability to merge IT, merge redundant process and make IT more leaner through automation, through better quality control and things like that. So this framework helps us bring all of this together. It also manifests itself in training our people, our engineers to understand what phase of the application or platform life cycle development, life cycle do they participate in and therefore what should be the approach to empathizing on the customer problem statement. And this helped us improve customer satisfaction levels by 20% year on year, it helps us bring more enterprise agility. And therefore, we continue to invest in not just the solutions also the framework to deliver tools to deliver faster and enable better collaboration across the enterprise squads and the teams that work together.

Great. Thank you, Kunal.This seems to be the go forward framework that we will just continue to execute. Biren, over to you, would you like to share some insights on the investments that you are looking to do as you continue the wonderful success journey that you've been witnessing?

Yes, sure, Shilpa. So I think the journey continues in terms of diversification. So earlier in the day, I mentioned I've got 3 verticals of scale above $100 million run rate. or 2, which if you look at the addressable market, there are almost 40% of the BPO addressable market, which is banking financial services and health care. I'm pleased to share that we've -- this fiscal we won a large deal in each 1 of those verticals, some were to continue to diversify and invest in those. But at the same time, one of the key opportunities we are seeing is productization of services. So the same service line being provided to multiple customers across multiple verticals, and we are creating products out of that so that we can deploy it at scale, add speed as well as deliver it efficiently for customers. With much more predictable outcomes, right? Generative AI, I think I see 2 big opportunities for us, and that has already hit our pipeline as well as what we are converting already. One is that all the partners on the conversation side, conversation tech side, are adopting large language models. We help our customers implement those platforms. And so that opportunity is coming as more and more customers adopt large language models, ChatGPT could be 1 of them. There are multiple others. And the second 1 is with the excitement around ChatGPT, all Generative AI companies actually have sped up investments as well as their targets for go-to-market. And that means the bots need to be trained quite a lot. They need to be trained. They need to be moderated. They need to be safe to consume. They need to get the right answers. And that's a human-in-the-loop process, which, again, is already a part of our operation and growing fairly fast. I just want to share that we've been doing that for 2 years. But just that the acceleration in the market is quite huge and we want to back in on that. Data operations, I touched a little bit about that, but say for example, whether it is building the metaverse or launching new products or services, our data from users is becoming a very key ingredient to how do enterprises improve their services and products. And so we have a large data practice and aiming to actually make sure that we lead with that, particularly with customers on the West Coast. And finally, Manish spoke about YANTR.AI. That's just 1 of the examples of the BPaaS kind of solutions that we are taking to market where we're first putting a platform or machine to solve the business problem, which is business outcomes for customers using machines. And then if there is a service at the end of that is offered as a bundle, on a consumption basis to our customers. You'll see more of that coming in, and that's where the investments are going. I think the general theme, even in the BPS business is about how do we generate non-linearity and not link it to the number of people we have, but at the same time, go after picks and shovels and really use speed as a differentiator because that's what customers are looking for. Shilpa, hopefully, that answers your question.

That's absolutely interesting and acceleration and speed seems to be the mantra after the YANTRA is what I can say. Great. Thank you. Thank you, Biren. Sandeep, over to you, if you can share, you did address the markets that we are looking at from a sustainability perspective. What kind of investments are we really looking at when we continue to build the momentum around this?

So what we exactly did was that we looked at what could be the future aspects of ESG, okay? I mentioned about the SFDR the EU regulations becoming very mandated, BRSR very important. Most of the companies in India are still looking for platforms or how the data would be collated, how the data will be reported. In fact, most of the CFOs and specifically, the company secretaries are the ones who are really getting impacted by this one. So for that, what we thought was a platform like i.Sustain, which Manish also mentioned in his presentation today. So that we thought was a major one. Now that platform is going to capture the ESG data, do the reporting. It will be used for net-zero data modeling. It will be used for signed -- it will be used for sensitivity analysis. It will be used for scenario planning. So it will be an end-to-end tool for ESG for a particular company. The second other aspect, which was really coming from a regulatory perspective is around climate risks. There is a framework called TCFD, Task Force and Climate Force Disclosures (sic) [ Task Force on Climate-Related Financial Disclosures ]. The risks which are coming for a company, those have to be disclosed for a company in a way where the strategy will become an important aspect. So what we have done is that we have thought this well through, and this i.Riskman, which we'll be launching in the next 2 quarters, would look at the ESG aspect and how it will impact the strategy of a company. And this will not only look at risks, it will also see that what are the probability of the risk, how those will be mitigated? And also what will be the financial impacts of those risks. I just mentioned in the start that the addressable market for sustainable finance is huge. But today, the platforms which are available for monitoring them end-to-end are negligible or are not there. So we have started that development, and that should be ready by next and by this year-end quarter. And this platform will help the banks, the leading finance agencies to do the end-to-end monitoring of green finance. That is the most important aspect. Before I end, Shilpa, what I'm really going to mention here is that today's digital within next 2 years is going to be the ESG. Today, we are speaking about digital. In the next 2 years, you will be speaking about ESG. Thank you.

Great, that was quite insightful and almost like an eye opener. Making robust platforms is going to be the way forward, and that's where the investment is going to be, Sandeep, it looks like. Thank you. Mark, over to you if you want to share the experiences around XDS that are going to be the go forward and the markets around it. And also, if there are any investments or -- our focus that we will be doing.

Sure. Thanks, Shilpa. I think from our side, I actually wanted to show some examples actually of our work. And let me say this is where I think I think it was mentioned earlier this morning in terms of digital -- sorry, physical to digital. I think this example here is where we've actually taken from quite a famous luxury brand, and they want to take an experience that was in store that we've been doing for over 100 years, and it was essentially for someone to go in and choose and buy an engagement ring, they could choose the metals, the material, they could learn about diamonds and the educational part, which is the 4 Cs that make up a diamond, which is cut and clarity. And I think what we did here is take that, that physical experience and we recreated this online. And I think they really push us as a business or BORN XTS to be innovative as much as we can. I think this really allowed us to create, yes, this amazing experience for someone to go in, select, choose and really enjoy it. And I think the next 1 here is again where I talked a bit earlier about hyper-personalization. And this is an example where a lot of brands now actually having to change their product in terms of manufacturing. So you can see here, you can select typical colors. It could be a strap. And here, we're actually taking that next level, which is the hyper-personalization part where you can actually go into engraving. So it means that you can really do personalization, I think, online in a really lovely engaging way that you would have as you walk into the store. And I think things like you can see here in terms of the imagery and the rendering. This is the content. 5, 10 years ago, you couldn't do this. And I think now we're seeing technology where we can recreate products and imaging in such an immersive and informative way.

Okay. That's wonderful. The personalization does seem very interesting and almost the day-to-day products that we are going to use are going to be personalized, looks like going forward. Thank you. Lastly, Manish, over to you to really understand the kind of investments given our 5G journey, the market where we are headed would be great to know what kind of investments are we looking at?

Certainly, Shilpa. I discussed earlier on the 3 priorities for the CXOs and what we are doing. We invest in 3 things as well. We invest in human capital. We invest in partnerships, and we invest in platforms that makes life easier and solutions available for our customers. And we are directing our investments into solving these 3 priorities for the customers. In simplifying, we are really looking to help them shut down the legacy that they have been created for the long period of time. So we still have a legacy systems that are sitting into infrastructures that actually need to get out and make way for operating life cycle to be much simpler. So that's one of the areas we focus on. Second area is really around operations where [ knock, sock ], plan, design, build the anti life cycle of the network to really make that automation-centric and less people-centric, so that the agility of building new technology. What we are calling is the ideation to consumption from a customer perspective. An idea gets created somewhere. But by the time it gets consumed by the customer or the end consumer, we need to reduce and shrink that life cycle from 3 years, particularly, which is what the telco is too few months. And that's what we really focus on when we talk about simplifying. Modernization is really bringing in the new technologies, Open RAN, cloudification with a lot of cloud partners, bringing in the predictive AI and more tech stack that actually drives the new technology stack in the industry. So we are investing in that area to create that capability to help our customers rapidly modernize the tech stack. And the third is really modernization -- sorry, monetization, which take these capabilities of 5G and enable a variety of industry-specific use cases so that the new industries can be created, new revenue opportunities can be created. And we find ourselves at the front end center of that world because of our expertise both with enterprises where we are very heavily engaged in their digital and business transformation. And at the same time, we are engaged in their network transformation. So bringing IT and OT together, we find ourselves in a very sweet spot to help our customers monetize, which are the CSPs as well as enterprises. So I think if you look at how we are investing, we have invested into a platform called netOps.ai, which really enables the end-to-end life cycle of a network from plan, design, build, operate, maintain and run it on a day-to-day basis. Make it very easy, nimble so that it not only drives the cost out of a network, but also it helps take that smaller footprint, more nimble, more agile network towards enterprises give them a WiFi-like experience but build an open architecture on which a variety of new use cases can be created. And that's what we are excited about. We believe we have the most comprehensive set of offerings in the market. And this is what we've been working on. And the growth that we have seen this year in the last couple of years is testimony of our investments into these offerings have been in the right place, and we continue to look forward to do that in this as well.

Great. Thank you so much, Manish, for giving the wonderful insights on investments, 1 of our key areas, of course. This brings an end to our panel discussion here today, and it was absolutely interesting and thrilling to know the key areas that the market is moving towards as well as the investments that we are really looking to do as we move forward in our journey for Rise and Beyond. I hope all of you got a very good insight into the detailing that the gentleman have presented here. and hope that this gives you a complete understanding of our journey in our emerging technologies beyond now and the next year. Thank you so much.

Thanks, Shilpa and team for the insightful session. 30 years ago, we could start a journey of Rise only because it's a spirit of our people. Three years ago, we could battle against all odds again because the spirit of our people. Some things fortunately never change. And even today, it's the audacious, resilient optimistic spirit of our people that continue to make us proud and inspire us to Rise and go beyond. I now invite Harsh, our Chief People Officer and Head of Marketing to give us a glimpse of that win.

Thank you, Vrinda. Thank you. Good afternoon, ladies and gentlemen. We now come -- it's a pleasure to present to you the way we unleash the power of people. And CP started by talking about the 6 Ps and I think this is 1 of the most important ones, and our journey so far has been quite brilliant. If I rewind the year, there were many highs for us, but these 3 really stand out. The first one is engagement. And we touched on a big high at 4.58, whereas previously, the highest score that we ever got was 4.04. Add to it the fact that our internal fulfillment that was really around the 50 mark is now at about 71%. And last quarter, ladies and gentlemen, we finished at about 65%. And what did this result in? Attrition. This is something we are so proud of. Lowest attrition in our peer set at 17.3% last quarter, that is the 12 months annualized and 14.3% quarterly annualized. And this truly is remarkable if you put in perspective that this has been coming down for the last 8 quarters. Well, the world recognized our efforts, and it's not these awards that are really important. It's the fact that globally, people realized that we were doing something special, whether it was creating a preferred workplace, we were the most preferred workplace in Asia. India's most trusted company, Great Places to Work. If you look at diversity and inclusivity, the fact that we were a fourth year in a row in the Bloomberg Gender Equality Index. The Avtar inclusion champions fourth year in a row. Awards on HR Tech and that's special because these include The Stevie and Brandon Hall awards of the U.S. and many more. So the world really recognize how on the people front, it was a 360-degree high. So obviously, the question that we are very proud to say is what makes us different? What is it that clicks for us? And they are primarily many things, but I'll talk about 3. The first one, ladies and gentlemen, is our culture. And unlike many other organization, we have defined our cult in a one-line statement. There is no ambiguity. There are no PPTs of 350 pages. Our culture is defined as driving positive change, celebrating each movement and empowering all to rise. Essentially, it means we drive positive change in the lives of our customers and customers' customers. We have fun. We like to celebrate and we like to empower people on the ground. And this, to me, has been a significant differentiator. The second one is our fundamental belief that while technology is an enabler, movements of truth are always human. At the end, we use technology in HR in the people function to deliver what we call a human experience. You've seen facial recognition. You've seen our chat bot UVO in the past, our first marketplace of talent that is Talex and our first non-human employee humanoid, K2 that I have already showed last year. This time, I want to give you a small glimpse of how we use metaverse for hiring. And incidentally, we've also taken into induction. So just a quick video on the hiring metaverse. [Presentation]

So let's go back. Essentially, the idea is how do we use technology? Sorry, can you put the PD back? How do we use technology to make a huge difference in a human-to-human interaction. And ladies and gentlemen, the third and the most important differentiator, I would say, is Rise. CP started by talking about Rise. Everybody followed said, how do we make Rise come alive. Whether it is our 3 tenets of -- or accepting new limits alternative thinking and driving positive change. And the new refreshed version, which is more out there for the community, which is about rising for a more equal world includes climate change inclusion, ethics. The last panel you've heard, Sandeep passionately talking about the fact that you're going to be talking about climate change a lot more. Rise for future ready. Tech, increasing the tech quotient is all about customer-focused, technoogy and innovation. And finally, Rise to create scale and all of you have been talking about it, it's about entrepreneurship, scale and impact. This is truly a single most differentiator that we have. Apart from this, ladies and gentlemen, we also recognize the fact that the world around us is changing, the future of work is changing. People expect different things. What do they expect? Number one, flexibility. And ladies and gentlemen, mind you, flexibility is not where you work from and say, it's been misunderstood saying, oh, flexibility is work-from-home and work-from-office. It's also when you work and how you work. Those choices today are immensely important for talent. It's also about the fact that talent today is looking for purposeful and meaningful work, brands are just not enough. So earlier you used to join a big brand. Now people say, I want to do meaningful work. Thirdly, holistic well-being is important. Personalized career paths are important. We call it N is equal to 1 in Tech Mahindra. Which basically means each individual has a personalized career path, which is so important. And the last one is interesting. We've been talking about human-centered experiences, Guess what? Human-centered experiences have moved on to what we call life-centered experience. And Sandeep will be happy about life-centered experiences are nothing but inclusion of sustainability. And all of that at TechM helped us to create a very inclusive environment for all. When we started this journey 5 years ago, we said diversity and inclusivity will be a differentiator. Today, I'm proud to say that it has become not only a differentiator in the people function, but also in the business. We've developed multiple women leaders. And if you remember, even CP has mentioned that in his -- when he was speaking, we introduced many progressive policies and -- we were very proud to say that in India, the first sexual reassignment benefit has been availed this year, which is a huge step-forward for diversity. We have 12 LGBT active communities across the world. We do a lot of hiring on impact sourcing and in BPS, about 90% localization in 23 countries. Our customers love this, it matches with what they want to do and we've got many testimonials and I'm going to play 1 of them, which is right here. [Presentation]

So clearly, you see that our customers are equally excited about what our journey has been. I started by saying 3 different things, internal fulfillment ramped up from 46% to 71%. And this has made an incredible difference internally, not only to the fact that we've managed to optimize our cost but also effectiveness of the fact that we can replace a person much faster. How did we do it? Our internal-first initiative in sales, delivery and program management. Our policies, which are progressive with career acceleration policy, where we actually have a pull factor rather than pushing people for upskilling, we now incentivize them to come get upskilled. And then they do join a billing rate which is higher post their upskilling, they get a lot of benefits. Talex, which is our marketplace of talent, which can match jobs and then push you into the job. Now the important thing is we realized that just upskilling wasn't enough because when you upskill somebody, you also have to place that person in the new job, and that is what you see here very successfully done, and of course, the whole agility around bench management. We started our Tier 2 cities a while ago, we shared this with you. It's really grown, last year alone we added 10,000 associates, but 2 interesting things happened. One, our customers now said we will adopt these Tier 2 cities. And we have had various customers adopting these centers and saying, please hire for us in these centers, made a huge difference. And finally, we also said because there is academia around, we will establish centers of excellence in these cities. And these are niche skills. And imagine, while we were struggling for these niche skills earlier, we now go to these Tier 2 towns, and get the right skill at the right cost. When CP started talked about increasing the tech quotient of the company. He also talked about the fact that we want to have business transformation. Many, many programs that we run around technology and business leadership, Future Shapers, which is with Harvard and MIT for our top management; MALT, which is with Carnegie Mellon, GLCs, which are really a program with fresh graduates, B schools coming in. We have management training program, AIM Ascend, which is to build strategy to build sales and delivery roles and also we have Tribe, which is really in building technical capability. My final slide, as we look ahead, what is our focus areas. Our focus area, ladies and gentlemen, are continuing to building delivery capabilities, which are transformation. Our focus area, ladies and gentlemen, is enhancing productivity for the road ahead. And a lot of us feel is going to be uncertain, and therefore, agility here is going to be key. Creating a high-performance culture. Now how do we do that? We will do from goal setting to measurement to governance. And we have introduced many other tools for this improvement in fulfillment and using this further to optimize as we bill to our customers. And finally, and most importantly, we continue our focus on retention and dropping attrition on engagement, which will really continue to make us a differentiated employer of choice. So thank you, ladies and gentlemen, and I leave you with saying that this is coming from the fastest-growing brand globally. Thank you very much.

Thank you, Harsh. We now move on to our last session for the day. And this is where, finally, everything culminates, yes? Our industry or verticals is how we normally report our numbers. and you know each industry is going through change and transformation, and they are businesses as they compete to stay relevant. I will now invite Jagdish Mitra, our Chief Strategy Officer and Head of Growth and responsible for the Enterprise business to help talk through how and why we feel our industry service offering will continue to drive growth. Over to you, Jagdish.

Thank you. Thank you, Vrinda. Good afternoon, about 5 hours back, CP started the session for us. And he asked the question saying, how's the josh? I'm assuming that josh's still very high. Guys? Okay. Good. So what we'll talk about today is really about bringing together what we are doing in the industry verticals as we report our numbers through the industry verticals. One of the interesting things happened yesterday as we had a leading analyst here with us, not an investment analyst, but a business analyst. And his comment was more about how we've earned the right now to be able to tell our customers what the direction -- what is the direction they should be taking to be able to be relevant for the future, for their customers, and for the needs that their customers have. So today, as we talk through this, we'll primarily talk about what that relevance is, how are we creating this? And what's the TechM way of doing it. So while we talk through that discussion, I think key discussions primarily going to be about what we talked to you last year when we presented our 1 plus the 4 strategy, our 1 plus 4 strategy is obviously built around the fact that CME which is our largeest vertical plus the 4 key focus verticals that we are absolutely keenly investing in and building our growth strategy around. That discussion, as we had committed to you last time was about scaling our leadership in CME even further, and you'll be glad to know as you bring on the panel that the recognition now rounds across the world for a fourth time in a row from Gartner for us to be recognized as the top most in that quadrant. The other 2 we had committed to you was to make them a billion vertical the manufacturing and BFSI part. And the other 2 that we are scaling up as a differentiated play, as you know, is primarily around hi-tech and health care and life sciences. So this is our 1 plus 4 strategy focused primarily on it. I'll let the numbers speak for themselves because they talk about the growth, they talk about the recognition, and they also talk about the leadership positions that we have achieved in each of these industries. As we move forward, we talked about our 4 key or 5 key areas on which we have built our capability on Shilpa and the leaders talked about it, all our industry solutions are built around these 5 key areas: connectivity, engineering, cloud, experience and sustainability. This is the core of every solution that we build. This is at the core of driving business outcomes for our customers, and this is the core of driving ultimately value that we bring to them to be relevant for the future. As we do that, what is the TechM way? What does TechM bring in its own process of delivering these solutions to the customer? How are they the trusted adviser, how are we the trusted adviser for our customers? And that's the critical part of the discussion here. So while you talk about -- everyone will talk about use cases, everyone will talk about business alignment, and the other things like accelerators, working with hyperscalers across the board. The TechM way is the last column here, where we're bringing together cross-industry benefit. For example, we talked about Industry 4.0 and the solutions that CTL and Manish talked about. What we do, it used to be primarily focused on the manufacturing area. But if you look at what Industry 4.0 does or the future of factory does is actually applicable to CPG as much as applicable to pharma as much as is applicable to hi-tech industry. So from every aspect, we are trying to bring together the aspects of the vertical solutions that are horizontal in nature and are replicable. That's the only way we make sure that we are faster go-to-market. We have a better positioning in the customer base, and we're able to win much many more and more deals, which is what you saw in the last stage where you show the growth and the large deal wins that Tech Mahindra grew approximately about 40% year-on-year from what we were in our large deals to what we finished this year. As we start to do this, I want to bring together the panel on stage, which will primarily talk about how each of these industry verticals are driving the growth. And what are they doing to be able to make sure they are relevant. What are they making sure to be able to choose the right industry areas. What we heard from you every time when we've spoken about this, is, guys, we've got a wide portfolio of service offerings, focus, zoom in on a few and be the best. And I think what you'll hear from us today is exactly what we've done. So I'm going to call on stage our industry leaders, starting with Dhanashree Bhat for CME, Gautam Bhasin for BFSI; [indiscernible] for health care and life sciences; Ajith Pai for Hi-Tech and Debasis Bisoi for manufacturing. I have -- they have actually requested that they stand rather than they sit. So I'm going to let them follow their dreams that they are going to rise, as they say, and not wait for it. So the first 1 to you, Dhanashree, as the ladies go first. And I think a couple of things that I thought we should probably highlight as we talk about CME is this hugely proud moment that we have about being recognized fourth time in a row. So our largest vertical continues to grow and demonstrate leadership. But Dhanashree, while we do that, can you help us understand what we've done exceedingly well on 5G and our positioning there? What do you think is the future of that service offering? This is again coming from people who were there at dinner yesterday. And their questions were about you guys have done well, what's the future on 5G? And how do you see this take a turn for the year ahead and what's the opportunity for us?