Good day, ladies and gentlemen. And welcome to the Second Quarter 2011 Genpact Limited Earnings Conference Call. My name is [Erica], and I’ll be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of this conference. (Operator Instructions) I would now like to turn the presentation over to your host for today’s call, Mr. Shishir Verma, Head of Investor Relations. Please proceed.

Thank you, [Erica]. Hello, everyone. And welcome to Genpact’s earnings call to discuss our results for the second quarter ended June 30, 2011. My name is Shishir Verma, Head of Investor Relations and with me I have Tiger Tyagarajan, our President and Chief Executive Officer; and Mohit Bhatia, our Chief Financial Officer. We hope you had an opportunity to review our earnings release. If not, you will find it on our website at genpact.com. Our agenda for today is as follows. Tiger will begin with an overview of our results, our perspective on the current environment and an update on the integration of our Headstrong acquisition. Mohit will discuss our financial performance in greater detail and then Tiger will have some closing comments. Finally, Tiger and Mohit, will be available to take your questions. We expect the call to last about an hour. Please note that some of the matters we will discuss today are forward-looking. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such forward-looking statements. Such risks and uncertainties include, but are not limited to, general economic conditions and those factors set forth in our press release and discussed under the Risk Factors section of our annual report on Form 10-K and other SEC filings. Genpact assumes no obligation to update the information presented on this conference call. In our call today, we will refer to certain non-GAAP financial measures, which we believe provide additional information for investors and better reflect the way management views the operating performance of the business. You can find a reconciliation of those measures to GAAP, as well as related information in our news release on the Investor Relations section of our website, genpact.com. Please also refer to the Investor Factsheet on the front page of the IR section of our website for further details on our quarter results, which we hope you will find useful. This includes, among other things, geographic, industry vertical and BPM and ITO revenue details. With that, let me turn the call over to Tiger.

Thanks, Shishir. Good morning, everyone, and thank you for joining us on our call today. Genpact delivered a great second quarter with strong growth in revenues, adjusted operating income, earnings per share and cash flows. This growth was led by global client business process management and Smart Decision Services in line with the strategy we discussed at our recent Investor Day. We closed the acquisition of Headstrong during the quarter where the integration is progressing well and we have already signed five cross-sell deals. This quarter we increased the number of clients contributing $1 million to $5 million in annual revenues to $103, including $25 from Headstrong from $52 in the prior year quarter, giving us a great run rate for future growth. We achieved these results despite challenges in the global environment notably Japan and U.S. consumer facing financial services. Our business is highly diversified by geography, industrial and service offerings, so we were able to mitigate the revenue impact of these events through continued strength in other areas of our business, such as in Europe, Australia and China, as well as offerings in finance and accounting, insurance operations and Smart Decision Services. Here are the highlights. Quarter two revenues were $398 million, representing 29% growth year-over-year and 20% growth sequentially, with organic revenues increasing 15% year-over-year and 7% sequentially. Global Clients continue to grow with organic Global Clients BPM revenues increasing 22% from last year second quarter and 5% sequentially. And the Global Client ITO business is growing organically by 10% year-over-year and 8% sequentially. Adjusted operating income increased by 40% from quarter two of last year to $65.3 million, overall, AOI margin improved by 130 basis points, driven by improvements in costs, productivity and efficiency. Headstrong was AOI margin neutral for the quarter. Net income increased by…

Thank you, Tiger, and good morning, everyone. Today I will speak about our second quarter results in detail, including a summary of key highlights from the balance sheet and statements of cash flow. On a year-to-date basis, our revenues for the first half of 2011 were $728.2 million, up 22% compared to the first six months of 2010. Our adjusted operating income for the first six months of 2011 was $116.5 million, up 29% compared to the same period last year, representing a margin of 16%, up 80 basis points. Overall, the second quarter of 2011 was a very good one for us, where we saw growth in revenues, earnings and cash flows. Our revenues for the quarter were $397.6 million, representing 29% growth, with Genpact organic revenue increasing 15% year-over-year, including approximately 2% benefit from foreign exchange. Our business process management growth was 18%, driven by strong global client BPM growth of 24%. Our IPO business delivered 5% organic growth with our Europe IPO operations now stabilizing. Adjusted income from operations increased 40% to $65.3 million, representing a margin of 16.4%compared to 15.1% in the second quarter of 2010. This improvement reflected a better cost structure, favorable foreign exchanges compared to last year and timing of certain investments that are now planned for the second half of the year. The contribution of Headstrong was adjusted operating income margin neutral in the second quarter and this is expected to continue for the rest of the year. Our gross profit for the second quarter totaled $144 million and represented a margin of 36.1%. As in the first quarter of 2011, our growth margin in the second quarter were lower than last year, primarily due to investment in resources for new accounts, local delivery for new client win, growth in emerging markets…

Thank you, Mohit. In closing, the foundation of Genpact was built on a culture of driving operational excellence and efficiency to Lean Six Sigma, that’s in our DNA. As we look at our challenges -- as we look at the challenges our clients face today and in the future. There are three things that differentiate us from competition. First, we have built the signs of processes through our innovative SAP framework that cut across silos and an organization and drive effectiveness, generating business impact that can be three to five times the savings when compared to efficiency. Second, is Smart Decision Services, where we build insights from data and analytics to help clients make smarter decisions and run their businesses better. And the third is to actually implement the recommendations from the insight and run the processes for clients. It is the interaction of these three capabilities that allows us to deliver unique value to our clients. Our acquisition of Headstrong is off to a great start and while it’s still early days, we are focused on leveraging cross-sell opportunities in both directions, all Genpact’s services to Headstrong clients and Headstrong services to pre-existing Genpact clients. The combination of Headstrong’s deep domain and technology expertise coupled with our leading business process management and Smart Decision Services offerings is resonating with clients. The cross-sell pipeline for new opportunities is growing and we anticipate a typical decision cycle time for these BPM deals of approximately nine to 12 months. We delivered a terrific second quarter and first half of 2011, despite some concerns in the global environment the tragic tsunami in Japan and the slow recovery of U.S. retail banking and consumer credit. Thanks to the diversity and strength in most of our business. We continue to expand our global delivery capabilities and see good momentum. Therefore, we continue to expect full year revenue growth of 23% to 25% and adjusted operating income margins of 16% to 16.5%, which includes the contribution from the Headstrong acquisition for eight months. Based on our results in the first half, we expect to come in at the higher end of these ranges. With that said, [Erica], please open the floor up for questions.

(Operator Instructions) Our first question comes from the line of Tien-Tsin Huang with JPMorgan. Please proceed. Tien-Tsin Huang – JPMorgan: Hi. Great. Thanks. Great quarter here everyone. I wanted to, I guess, just ask on the revenue upside. Tiger, where would you -- what would you characterize the biggest upside relative to your expectations in terms of what you saw in the quarter?

Tien-Tsin, as I said, we clearly saw upside in our core finance and accounting particularly in Europe, Asia-Pacific. I’d call out Australia and Japan our insurance operations and of course, a broad range of Smart Decision Services reengineering both on the cost side, as well as the growth side for our customer and analytical services. Now that also offset, as I said, some of the softness we saw both in Japan, as you would expect, as well as retail, consumer lending in the U.S. Tien-Tsin Huang – JPMorgan: Got it. Thanks for that. I guess also early on the call, you mentioned that Headstrong would be I think margin neutral. Yeah, just looking at some of the past, I thought it might be a little bit dilutive there. Can you maybe help reconcile that or did I hear that incorrectly?

I’m going to have Mohit to answer that.

Yeah. For this quarter, Headstrong has been margin neutral as far as adjusted operating income margin is concerned, but Headstrong has been dilutive to net income and EPS by $0.01 and that is also primarily because in this quarter we took a lot of deal expenses. Tien-Tsin Huang – JPMorgan: Okay.

We do expect Headstrong to be marginally GAAP EPS accretive for the full year. Tien-Tsin Huang – JPMorgan: Good. Yeah. So there is no change there. Okay, I guess the last one from me, just there has been some announcements around late off in the financial services sector obviously a lot of concern, sounds like it’s not showing up here, but I’m curious with your Headstrong shown exposure to the capital markets side, have you seen any change or you watching things little more closely there given what’s been happening on the ground in the last few weeks?

Tien-Tsin, nothing -- we haven’t seen anything yet but as you rightly said the world is a different place these days. So we watch exactly the kind of events you’re talking about. These are very, very recent and in fact more recent than this call could have captured. So you’re absolutely right, we’re watching all events of this nature. Tien-Tsin Huang – JPMorgan: Okay. Very good. Excellent. Thanks a lot. I appreciate it.

Thanks, Tien-Tsin.

Our next question comes from the line of Rahul Bhangare with William Blair & Company. Please proceed. Rahul Bhangare – William Blair & Company: Hi. Thanks for taking my questions. Can you talk about the ramp up projects that were either pushed out last year, delayed and what other contributing this year?

Yeah. Rahul, I think we talked about this at the Investor Day as well. Most of the ramps that were pushed out last year have started getting executed now, not a single one of them got canceled. There were a few that got more elongated as these clients continue to break them up into what they now think are more logical phases, where they get pay back and then they are reinvested back. Other than that not a single one have got canceled as you’ve said and everyone of them is getting executed. Rahul Bhangare – William Blair & Company: Okay. And Business Process is a service, can you talk about maybe how many customers you have there and how Genpact positioned itself in the market?

Rahul, very early days for Business Process as a service, we have two or three customers where we provide Business Process as a service at the enterprise services level and that would be for example finance and accounting, HR operations. These are obviously companies where either they’re divisions of large corporations but in different markets that are starting up and therefore it’s easy for them to not get involved in legacy. One of the biggest challenges in Business Process as a service that you have to give up what you have is legacy, so if you don’t have legacy, it’s great. Emerging markets therefore are great opportunities for us to do this. The other area where we’re finding early traction in Business Process as a service is specific point solutions that are offered on the cloud. One of the great ones that we’re now beginning to see traction in is the small acquisition that we did called Akritiv that allows on the cloud collections and receivable management for business to business enterprises with strong reporting in MIS capabilities, but still very early days from our prospective offering large Business Process as a service. Rahul Bhangare – William Blair & Company: Great. Thank you.

Okay.

Our next question comes from the line of Dave Koning with Baird. Please proceed. Dave Koning – Baird: Yeah. Hey guys. Good job.

Thank you. Dave Koning – Baird: Yeah. First I just wanted to better understand, I think Headstrong just backing into the numbers had to be around $44 million of revs in Q2, is that about right?

Yeah. That’s about right. In fact, they were closer to $45 million.

Yeah. Dave Koning – Baird: Okay. Great. And then is there anything seasonal about Headstrong, meaning, if it contributed to do about two months this quarter, would that mean you just add another $20 million or something like that, so next quarter you’d think in the ballpark of $65 million just on a full quarter basis?

Yeah. I think one of the most important things, Dave, is to understand Headstrong’s Japan business. Now if you look at the way to think about this business in a normal year is that they do have like most businesses of this nature a ramp as you go through the yard. However, the fact is that Japan will take time to recover. We don’t know when Japan will recover and therefore we have to be prudent as we think about the balance of the year and the revenues from Headstrong, as well as from of our clients in Genpact as it relates to Japan. Dave Koning – Baird: Okay. And part of the reason, I’m asking couple of these questions is because it looks like through the remainder of the year, maybe there is some conservatism, but it looks like you’re kind of guiding towards a little bit of core organic deceleration from the 15% in Q2. I just want to better understand that. I mean, are you just trying to take a reasonably cautious approach or is there anything in there really other than that?

Yeah. So let me start by saying that, first of all, as Mohit said in his articulation of revenue. There is a 2% benefit that we’ve got through foreign exchange and obviously, as we think about the second half, we wouldn’t plan for that. And then, of course, there are clearly some known risks, I talked about Japan and retail consumer lending in the U.S. We actually don’t think it’s going to come back this year. And then, of course, I think you talked about prudence, the current environment I think dictates that we just remind prudent. Dave Koning – Baird: Yeah. Okay. And then, that make sense. My last question then just, in Q2 you had other income of $3 million, which was the same as Q1 despite having all the debt command for the Headstrong acquisition. I’m wondering maybe why you didn’t start going into an expanse mode there and maybe if we should start to expect that in Q3 given all the debt?

Yeah. This is Mohit. I’ll take that. See it is largely because of interest income and let me explain that. I mentioned in the last quarter call too that our interest income varies with the geographic distribution of our cash. For example, we are on much higher interest rate in India as compared to the U.S. And in quarter two of last year, the average balances in India were very low as compared to large balances that we had in India this time, in this quarter. Even within India, there has been substantive movement in interest rates over the last 12 months by well over 200 basis points. So all this put together give us a good upside on interest income in quarter two, which more than offset almost $1.6 million of interest expenses that I had to pay because of our acquisition financing. Interest was the main reason, they were some one times as I guess you should know we received some subsidy from China State government, which is not -- which is pass through, it’s also an expense and an income but it does show up in the other income line and that’s why you’re seeing the other income line inflated a little more than it should be. But this China subsidy will appear every quarter at least for the balance part of this year. Does that help? Dave Koning – Baird: That does, I mean should we just expect that they continue to be a positive income number the rest of the year, overall?

Well, to the extent of this $0.8, $0.9 million of China subsidy, yeah, to the extent of higher interest income as I said it’s a function of how long the cash stays in India and how long the cash stays is also an element of potential opportunities, acquisitions, et cetera, which we don’t know. But also you recall and assuming that none of these events happen then as of now, you should at least see it in quarter three because I do plan to remit some of the India funds to the U.S. in the fourth quarter.

Great. Thank you. That definitely helps.

Our next question comes from the line of Joe Foresi with Janney Montgomery Scott. Please proceed. Jeff Rossetti – Janney Montgomery Scott: Hi. This is Jeff Rossetti in for Joe. Nice quarter. I just wanted to see if may be you could, if there is any way to possibly quantify some of the cross-selling market potential that you see with Headstrong?

Joe, the early cross-sell opportunities are all around, primarily reengineering and analytics, shorter cycle, faster decisioning, risk and those we are seeing immediately, they typically tend to be like many of our early engagements in those $0.5 million at any given point in time and then, those could be scaled up. I think the bigger opportunity that we’re beginning to build up in our pipeline, as I said is BPM, Business Process Management, typical finance and accounting procurement, as well as broad back office operations for capital markets -- large capital markets businesses. Those take time to decide. We also, obviously will go through a cycle of decision making that at some point in time in some cases will get competitive given the nature and the size of these organizations. We think that by the time we get to next year and we start talking about 2012, we had said that in the medium-term Headstrong would be a 20% growth business in that term and we expect that to happen driven by these cross-sell opportunities. And of course, there are cross-sell opportunities in the reverse direction of taking IT from Headstrong into specific Genpact clients. Jeff Rossetti – Janney Montgomery Scott: Okay. Thank you. And I believe Mohit you mentioned that the SG&A might be coming up in the back half of the year. Just wanted to see, how you see that trending may be heading into 2012? Thanks?

Sure. The investments that we are talking about in the second half that would obviously increase the SG&A as a percentage of revenue are already as per plan and are baked into the 16% to 16.5% range that we are talking about, so they are planned. So, at least at the adjusted operating income margin level, you should not see any exposure. The investments will be largely on front-end on sales sources, on account management resources that we be hiring to manage some of our new relationships, as well as in some of the new geographies like Tiger mentioned, Brazil and other areas of Latin America and China that we want to expand in. In 2012, it’s too early to say. We haven’t done a detailed operating plan exercise for 2012. But likely mentioned to you in the Investor Day, our intent as a leadership team is definitely to invest back into the business even in the medium to long term.

Yeah. And Joe, to really hold in that medium-term and this is more about the medium term than just about 2012 to hold on margins flat and all opportunities to continue to drive productivity and cost, which we will do. Our clear objective would be to reinvest it back in the same elements and in other elements that will continue to drive growth in this business. Jeff Rossetti – Janney Montgomery Scott: Thank you.

Thanks, Joe.

Our next question comes from the line of Vincent Lin with Goldman Sachs. Please proceed. Vincent Lin – Goldman Sachs: Great. Thanks. I want to talk about [GEE] revenues during the quarter looks like it’s accelerated versus the first quarter quite a bit. I was just wondering your expectations on GE for the balance of the year, should we be expecting GE to be in line with your previous expectation, meaning a low single digit growth for 2011? Thanks.

Yeah. Vincent, if you look back on GE over the whole of 2010, what happened in 2010 was re-acceleration from almost no growth in the second half of last year. So, what we are finding in the first half of this year is really growth in comparison to that first half of 2010. In the second quarter, we also get the benefit as we always do almost every year of the IT business with GE coming back versus the first quarter. As we get into the second half of the year, that growth will then have to be against second half of last year, we don’t expect this kind of growth to continue. So, our original thinking that GE would be close to flat or very low-single digit should continue as it is. Vincent Lin – Goldman Sachs: Got it. And then, maybe just to follow-up on Tien-Tsin question on the banking and financial services sector, earlier, you talked about at the Investor Day that you are seeing some slowdown in terms of volumes in mortgage and also in the credit space, just wondering the expectations for the volumes how the equation for the balance of the year, how should we think about that?

So Vincent, I think we don’t -- we continue to see that softness and let me state very clearly what we are -- where we are seeing this. We have seen this in origination on consumer loans so that would be mortgages. We have also seen it in origination on credit cards and that kind of auto finance and auto leases. And then we’ve seen it in again delinquencies and therefore collections. Given some of the credit quality of new customers coming in as well as the fact that they actually roll over faster and pay back faster, we don’t expect that to change materially during the course of this year. So, we think softness obviously not only in revenue, but we are also seeing softness in our pipeline in those specific segments in the U.S. Vincent Lin – Goldman Sachs: All right. Thanks.

Our next question comes from the line of Arvind Ramnani with UBS. Please proceed. Arvind, your line is open, you may proceed? Arvind Ramnani – UBS: Hi, sorry, it was in mute. You’ll have communicated that Genpact typically does not see significant outperformance -- so can you maybe characterize the outperformance, was there one-time payment that boosted revenues or was there some unrecognized revenues that got recognized or did you see that kind of specific transaction volume despite that particular set of clients?

Not really Arvind, like Tiger mentioned earlier, the growth was real. other than the 2% benefit we got from foreign exchange, with good rates, the dollar weakening against the Euro, Yen and Australian dollar other than that, the growth came from global client BPM, from Smart Decision Services, from quite frankly renewed interest we are seeing in reengineering, enterprise risk and some of our analytics businesses.

So -- so Arvind, just to further reinforce, FX is the only thing and Mohit called that out, that we would count as, we don’t know how the second half is going to be. Everything else is all our regular businesses and as I said, we have some really good strengths in various parts of our businesses – that, we should see those continue. The reality of course is, as I’ve said couple of times, that there are segments in our business that are soft, but they are getting mitigated by the other parts of our business. Arvind Ramnani – UBS: Great. How are some of the gross selling opportunities progressing? Are there specific clients that are interested in expanding the services? And also, how are you equipping the sales team or the operational team to offer this wider set of offerings?

Arvind, your question is with reference to Headstrong and Genpact right? Arvind Ramnani – UBS: That’s right.

Yeah. So we’ve gone through a series of first, awareness, training and deep dives, particularly on Headstrong’s client management, account management and sales team understanding our business process management, analytics, reengineering and risk services, so that they can actually go and articulate that to their relevant client relationships they have. Those conversations, every time we’ve started having them have gone exceedingly well. That’s why we’ve seen five of those convert into complete deal signings that we are now beginning to execute on. We also have specific leaders who have moved into the capital markets business to actually own each of these service lines for capital markets and build them out, obviously, drawing on resources that we have in other parts of our financial services and other verticals. Arvind Ramnani – UBS: Excellent. Thank you.

Thank you.

Our next question comes from the line of Manish Hemrajani with Oppenheimer. Please proceed. Manish Hemrajani – Oppenheimer: Hi, good morning. Good quarter guys.

Thanks Manish. Manish Hemrajani – Oppenheimer: If you look at your, outperformance in the second quarter and look at where your guidance is coming, given where Headstrong contribution is, are you seeing something out there in terms of demand slowdown in DCM and IT services, which is making you take this slightly conservative stand on this guidance?

No, Manish. No. As I said, I think the first step to think about is kind of think about backing off 2% of that growth in the first half and saying that who knows that repeats itself and why should we plan for that repeat, FX. Then saying, that there is still Japan, which got mitigated this half and there is the retail consumer banking and credit products that we talked about in the U.S. which also got mitigated this half. We don’t see anything to believe that, that won’t happen in the second half, but we don’t know. We do know that the world is uncertain. There are enough things we’ve seen in the first half of pop up and I don’t want to go through all of those because they are all macroeconomic that we don’t know how our clients are going to get impacted. It just says that it is the right time to be prudent, so other than that nothing else. Manish Hemrajani – Oppenheimer: Can you remind us what was Japan’s contribution to Headstrong last year?

(Inaudible) 14%.

Japan’s contribution to Headstrong was about 12% – 13% to 14% -- of Headstrong’s revenue. Manish Hemrajani – Oppenheimer: Got it. Got it. Just one more housekeeping question as we move into next year, given that your tax rate is at 26% to 28% for this year and as more of the SEZs come into play later this year and early next year, how should we look at tax rate for 2012?

So, first of all, like I mentioned to -- in another question, we haven’t done our 2012 detail planning yet and they have lots of puts and takes and we’ll get there. But at a high level, in ‘012 the rates could marginally go up before they start coming down in the outer years. Our STPI tax holidays finished in March 31st this year, next year we should see the full-year impact. Headstrong is increasing our average ETR and we will get a full year impact of Headstrong next year. Both these events should have an upward pressure on the tax rates and they’ll be partially offset by our newer businesses moving to the SEZs, but like I said, we shall have to work that math. Manish Hemrajani – Oppenheimer: Okay. Got it. Thank you, guys. That’s all from me.

Thank you.

Our next question comes from the line of Kunal Tayal with Bank of America-Merrill Lynch. Please proceed. Kunal Tayal – Bank of America-Merrill Lynch: Hi, thanks. Just to better understand the increased demand on the F&A side, are there any trends as to whether this demand is more from the first-time adopters of outsourcing or is it just the existing clients who are now spending, update a piece of their budget on -- if any activities?

So Kunal, actually I would say there are three -- there are three types of clients that you can think about -- both those that you talked about in the third category. One is -- clients are just expanding their scope. More and more clients continue to expand scope, if they have done transactional work, they go into more decision-making finance and accounting. A lot of the clients also when they enter and typically these are clients entering for the first time into outsourcing and that’s the second category, actually don’t tend to do a complete all encompassing end-to-end complete global all of finance and accounting. They do tend to break it up, which is why sometimes deal sizes are little smaller than they used to be in the past. But there is the third category which is becoming an important category and I suspect as we go forward will become more important. Contracts that were signed in 2004, 2005, 2006 coming up for renewals and we are beginning to see those as well. Kunal Tayal – Bank of America-Merrill Lynch: Sure, got it. That’s helpful. And are there any other specific trends in the way your pipeline may have grown over the past one or two quarters on the hunting side versus the mining side, has the hunting side of the pipeline may be growing slower than the mining side because of, maybe, the macro?

So Kunal the way -- so I will answer the question in two ways. One, if you think about the range of services we offer today, they have a number of products and services particularly when it comes to things like Smart Decision Services, analytics reengineering, risk, technology particularly with something like Headstrong where the decision making cycle time is fast, the payback is actually fast and therefore our ability to hunt and get a new clientele is actually much quicker than earlier. Clients desire to get that payback and start driving not just costs takeout but also growth, it’s actually more than before. However, when we do get those clients in a hunting deal, they tend to be small in size to begin with. After that we mine that client. So to that extend if you see the mathematics, it will look as though we have more mining and less hunting. To some extent it’s driven by that. There is no question that when it comes to large financial services, retail banking deals, large collection deals, large mortgage origination deals those have slowed down. I mean there is softness in our pipeline, as I said, on those types of large back-office deals in retail banking as well as obviously, in the finance and accounting space I did say that clients tend to break up a large potential transaction into smaller pieces. Kunal Tayal – Bank of America-Merrill Lynch: Right. Thank you.

(Operator Instructions) Our next question comes from the line of Matt McCormack with BGB Securities. Please proceed. Matthew McCormack – BGB Securities: Yeah. Hi, just a kind of follow- up on all the questions on the cross-sell opportunity. You did mention that the real opportunities in BPM, however, that’s longer sales cycle in a competitive process. So, I guess and I would also assume, your contact that the client is going to be different and whoever Headstrong selling IT into. So, I guess, could you just talk about what’s the true advantage did that acquisition bring to the table in terms of those long sales cycle BPM deals?

Matt, when we did the acquisition we knew that BPM deals have a certain cycle time. We didn’t expect to be any faster than it is right now. We knew that -- as it is given. We also knew that we will enter these clients on the analytics and reengineering and both services very quickly. In fact, we believe we have entered them faster than we expected. The decision-makers interestingly in capital markets have a much closer connection between technology and process than in most other industries because these are not enterprise technology people, these are people who are technology people who are very focused on that trading platform or that FX platform or that brokerage platform, wealth management platform. And therefore the acquisition, one of the big drivers of the acquisition was our ability to use that technology and domain expertise to walk into the operating leader’s office and have that conversation. Often, it’s the same operating leader who also gets involved in the technology decision that Headstrong has been doing. Matthew McCormack – BGB Securities: Okay. Now that’s helpful. In terms of the attrition, the comment was made that 29% rate is expected to stay stable. I guess could you just provide a little information regarding why you are confident that it won’t increase?

Just one other, I just got one other point, Matt, on your earlier question. The reality is and we said this when we did the acquisition, we hadn’t seen capital markets BPM deals not just we hadn’t seen them actually having been done as many as compared to many other industries and we certainly had been invited. We’re now in the dialog, in conversations. In many instances right now, the only people in conversations for a number of these BPM opportunities in capital markets. So clearly, that was the rationale and continues to be the rationale of having acquired Headstrong. Attritions, if you look at the attrition for last year, as we drove more aggressively through performance management in the third and particularly in the fourth quarter of last year, we did have a spike in our attrition. We said at the beginning of the year that we will bring back a lot of the training. In fact, we’ve doubled training as we started the year and go through the year for a lot of our employees, including education at work and a lot of other programs and career pathing and that started bringing the attrition down Q1 versus Q4 of last year and now it’s stable. We think that will continue as we go through this year and we expect that to be the way it will play out. Our training budgets for this year are double than they were last year. Matthew McCormack – BGB Securities: Okay. Thank you so much.

Thank you.

We have no further audio questions at this time. I will now turn the call back to Shishir Verma for any closing remarks.

Thank you, everyone, for joining us on the call today. If you have any questions, please do not hesitate to reach out to me. Thank you, everyone.

Thank you.

Thank you for your participation in today’s conference. This concludes the presentation. Everyone may now disconnect and have a great day.