As mix incrementally shifts toward annuity revenue, we see headroom for further (i) utilization improvement, (ii) pyramid correction and (iii) reduction in sales intensity. In that context, the shift in business mix toward more of manage services should translate into headroom for (1) utilization improvement, (2) pyramid correction and (3) reduction in sales intensity. Pyramid correction and utilization improvement should be the key margin levers on the cost side, while right pricing for right services would be the key lever on the revenue front. Employee + sub- con expenses accounted for 71% of revenue v/s 66% for LTI (last three year In that context, the shift of business mix toward more of annuity revenue should translate into headroom for (i) utilization improvement, (ii) pyramid correction and (iii) reduction in sales intensity. However, the impact of this should be offset by correction in high yields (MTCL has 9%-10% higher revenue per utilized tech emp v/s LTI).