Reported profit after tax fell 11.7% YoY to Rs. 960cr despite strong revenue growth and margin expansion, impacted by a one-time labour code expense of Rs. 590cr. The company delivered a steady performance on the back of robust execution of its AI strategy, workforce upskilling initiatives and expansion of strategic partnerships. The management remains focused on launching next-generation platforms and industryspecific solutions, as well as enhancing operational efficiency and diversifying its global footprint. Ongoing investments in digital transformation and advanced analytics are expected to support growth, although the pace of improvement will depend on broader market dynamics and client adoption. However, we remain cautious on the rapid...