Infosys (NASDAQ:INFY) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call.
Nitin Mohta – Macquarie Capital Securities: Thanks for the opportunity. I just wanted to understand, if I look at the low end of your guidance, the growth is going to be quite similar to what we have done in fiscal ’13. How do I look at that disconnect? Was this the commentary on discretionary spending better in CY’13? Also if I look at the last six months, the deal wins and the new logos that you have added, I would have assumed that would give us more confidence for next year. So just your thoughts there.
S. D. Shibulal – Co-Founder and CEO: So I think the first point on the discretionary spend, actually what I said was that the higher discretionary spend in calendar ’13 in two – only in two areas, RCL, that is retail and manufacturing. There are challenges in other areas, so I will note that the discretionary spending is going to be higher in FY ’13 and calendar ’13 all around, that is one. Now we have seen a volatile eight quarters, for various reasons, whether it is volume or whether it is revenue productivity, we have seen in volatile eight quarters. So even if you look at this year, let’s take a look at the years just passed. We are given a guidance of the 8% to 10%, our volume grew 8.8%, but our revenue only grew by 4.5%, because we lost revenue productivity of 3%. So the volume landed right where we thought it will land and we had assumed the flat pricing in the beginning of the year when we gave the guidance, but the volatility in the revenue productivity created bumps. So in Q3 the volume was 1.5% up and the revenue productivity was 1.8% up, it contributed towards 4.2% growth, whereas in Q4, the volume is up actually more than Q3, 1.8%, but we had a situation where we to get revenue productivity down of 0.7%. So if you look at the last eight quarters it has been pretty volatile for us, because of the portfolio, because of the environment. So we have taken a (indiscernible) the safe approach to the guidance and broaden the guidance itself from 6% to 10%. It is true, at the lower end the guidance, the growth will be only 0.5%, but at upper end it will be 0.2% quarter-on-quarter. Given all the information we have at this point, we are confident of meeting the guidance. Where exactly to end, we will see as we go along.
Nitin Mohta – Macquarie Capital Securities: Thanks for those comments and if I can squeeze another one, I understand it’s been a tough environment to operate and just the volatility around the business flow because of service offering. Are there some of them which are more difficult as you see now? Was this three months ago? Just in terms of volatility and uncertainty if you can point out or highlight which are the areas which are causing it to be as a difficult proposition to call out the future?