Discretionary spending revival could be delayed due to macro uncertainties key markets and geographies will be detrimental to the IT services sector. Until Q3FY25, gradual recovery in demand was visible within certain pockets; however, all this could change quickly with inflationary trade policies further escalating uncertainties among global enterprises, and requiring them to revisit budgetary spends. Discretionary small-size deals are most likely to get Additionally, we believe cost-focused AI programs that have achieved some level of maturity would get infused into large deals and provide some respite to ACVs. We believe the cost + AI theme would playout meaningfully in the...