Good day, ladies and gentlemen, and welcome to the ExlService Holdings Inc. Q2 2013 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded. I'd now like to turn the conference over to your host, Mr. Charlie Murphy, Head of Investor Relation. Please go ahead.

Thank you, Ali. Greetings, and thanks to everyone for joining our second quarter 2013 financial results conference call. I'm Charlie Murphy, Head of Investor Relation. With us today are Rohit Kapoor, our Vice Chairman and Chief Executive Officer; and Vishal Chhibbar, our Chief Financial Officer. We hope you've had an opportunity to review the second quarter financial results press release we issued this morning. We have also updated our investor fact sheet on the Investor Relations section of EXL's website. Some of the matters we'll discuss in this call are forward-looking. Please keep in mind that these forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, general economic conditions, those factors set forth in today's press release, discussed in the company's periodic report and other documents filed with the Securities and Exchange Commission from time to time. EXL assumes no obligation to update the information presented on this conference call. During our call today, we may reference certain non-GAAP financial measures, which we believe provide useful information for investors. Reconciliations of those measures to GAAP can be found on the press release. Now I will turn the call over to Rohit.

Thank you, Charlie, and thank you, everyone, for joining us on our second quarter earnings call. The agenda for this call will be as follows: first, I will discuss our second quarter performance and a few recent business highlights; second, I will provide an overview of the demand environment across our businesses and give color on our updated outlook for the second half of this year. I will then turn the call to Vishal for more detailed commentary on our financial results and outlook. Following this, we will be happy to take your questions. Second quarter results were slightly better than expected on a constant currency basis, with constant currency revenues being $1 million higher than on a reported basis. As expected, revenues were flattish sequentially. Modestly better than forecasted volume growth in our outsourcing business was offset by a sharp depreciation in the Indian rupee versus the U.S. dollar and weaker-than-expected project-based revenue in transformation services. In the second quarter, EXL expanded its capabilities in several key delivery locations. We added clinical operations management delivery capability in Kochi, India, supplementing our strong clinical presence in the Philippines. Our new center in Cebu in the Philippines had a solid start and adding to our existing and rapidly growing delivery centers in Manila. While the growth of our transformation business was somewhat subdued in the second quarter, we are encouraged by the fact that our Decision Analytics business grew 5% sequentially. This sequential growth was driven by new client relationships in health care and growth in existing client relationships in banking and financial services, particularly some of the large relationships we won last year. We are encouraged by the momentum we see in this business in the second half of the year. Since our earnings call, EXL has had several accomplishments…

Thank you, Rohit, and thank you, everyone, for joining us this morning. In the second quarter, EXL reported revenues of $116 million, up 7% year-over-year and flat sequentially. On a constant currency basis and excluding previously announced low-margin planned transitions, revenue grew 11% year-over-year and 1% sequentially. Foreign currency translation had a negative 1% impact on year-over-year and sequential revenue growth. For the first half of the year, we have generated solid revenue growth in both of our line of business lines on a constant currency basis and excluding client transitions. The outsourcing business grew approximately 16% and transformation services grew approximately 10%, with an overall growth rate of approximately 15%. In our outsourcing business, revenues grew 10% year-over-year and 14% on a constant currency basis, excluding client transitions. Year-over-year growth was driven by expanded relationships with existing clients in insurance, healthcare and utilities operations management, as well as by the acquisition of Landacorp. We continue to penetrate our key relationships with new service offerings. Our sourcing revenues are flat sequentially as negative foreign currency translation offset expansion with existing healthcare customers in our URAC-accredited facilities in the Philippines. In transformation services, revenue was down 2% year-over-year and up 1% quarter-over-quarter. Year-over-year growth was negatively impacted by delays in project-based spending, particularly in process reengineering consulting and finance transformation. Modest sequential growth in transformation services was driven by 5% sequential growth in decision analytics, fueled by new clients in healthcare and business services, and existing clients in banking and insurance. Offsetting sequential growth were delays in project-based spending in our finance transformation practice. In the second quarter, gross margin of 36.3% was down 260 basis points year-over-year and 80 basis points sequentially. Year-over-year margin decline was driven by annual wage increments, capacity underutilization in our transformation services business and setting…

[Operator Instructions] Our first question comes from the line of Edward Caso, Wells Fargo.

I'd be curious how your approach is on utilization, both in the outsourcing side and in the more people-oriented, the transaction-oriented or transformation side of your business. What are the decision factors in either adding capacity or adjusting your people count, which, I guess, on the discretionary side is more sort of in the local market?

Sure, Ed. This is Rohit. The outsourcing business, typically we have a very strong visibility into our revenues many months in advance, and we typically will plan to onboard our physical capacity infrastructure, as well as employee capacity, pretty much to meet the requirements of the demand as it gets finalized. And there, the process is pretty much done on a just-in-time basis. However, on the transformation side of our business, the market demand for our services is volatile. The engagement pattern requires us to be agile and flexible to be able to ramp up or ramp down at short notice. And therefore, we do maintain surplus capacity both in terms of physical infrastructure, as well as in terms of our available talent pool to be able to address client demand opportunities. As you would know, for us in the transformation business, we have been making investment, both in our physical infrastructure, as well as the fact that in the first half of the year, we actually added incremental people resources to cater to the demand that we would expect to get from our clients in transformation. That demand in transformation did not materialize in the second quarter, which is why we had a lower utilization in the transformation business, and that led to lower gross margins of our transformation business. We do expect that the demand in the transformation business will pick up in the second half of the year, and our utilization rates will improve in the second half of the year and also improve our gross margins in the transformation business.

To add to that, just in terms of our utilization rate, from Q4 of 2012, the decline was about 10%, and we expect that, that will be made up in the second half -- that we expect the utilization rates will go up in the second half.

Is there -- is the utilization issue isolated to a few accounts in the transformation side? So is it movement by a few accounts or is it more broad-based than that?

The project-based revenue in transformation, let me give you a better color on it. As you know, we've got 3 service lines within our transformation business. We've got decision analytics. We've got operations and process excellence. We've got finance transformation, which constitute the entirety of the transformation business. For us, the operations and process excellence business line, as well as finance transformation, are entirely project-based revenue. And there, the utilization will go up or down based on the demand for our services. The subdued demand that we saw in Q2 was across multiple clients that we saw, and it wasn't concentrated with a few client relationships. In decision analytics, we are converting more and more of our revenue streams to annuity-based revenue streams. And there, the annuity portion continues to grow nicely, and that the decision analytics business, as we said in our prepared remarks, actually grew 5% quarter-on-quarter, which is a nice healthy trend and we'd expect that trend to continue into the second half of the year.

A little bit -- final question, it's a little bit bigger question. We're hearing some chatter that maybe the opportunity to outsource IT now is getting more mature, and therefore, clients are looking to other parts of their SG&A to seek cost savings and then this, in turn, would therefore drive BPO business in general. Is that a fair view of the world? And is that good news for you guys?

Yes, Ed. Certainly, when you take a look at the pipeline and the level of activity from prospective clients and existing clients, that certainly seems to have stepped up over the last 12 months or so. And I think, some of that may be driven by the fact that clients are looking for additional cost and economic levers and therefore are looking at business process outsourcing in a much more strategic and significant way. I do think the demand environment is terrific for companies like EXL, and we hope to benefit from the demand that is out there.

Our next question comes from David Grossman of Stifel. David M. Grossman - Stifel, Nicolaus & Co., Inc., Research Division: Rohit, perhaps you could just go back to the revision to revenue. Can you help us understand how much of that relates to contracts that are already in hand, that may be ramping at slower rates versus business -- new business wins that just didn't materialize during the quarter or materialize, at least in your view, and won't materialize in the second half of the year?

Sure, David. So as you know that we have revised our revenue guidance down to $475 million to $483 million. At the midpoint of that guidance range, which is $479 million, we would be approximately $16 million lower than the low point of our guidance range previously. $6 million of that is due to foreign exchange entirely, and $10 million is on account of slower ramp-ups, as well as a decrease in project-based revenue. We would attribute the majority of that to project-based revenue declining and the slower ramp-ups -- we did not expect that number to be very significant. And the impact in terms of our guidance is only $1 million to $2 million on account of slower ramp-ups. The balance $8 million to $9 million is entirely due to project-based revenue. And you can see that in our transformation revenues that have been reported in Q2, they continue to be weaker than what we would have expected, and we also expect them to be weak in the second half of the year. David M. Grossman - Stifel, Nicolaus & Co., Inc., Research Division: So can I ask you -- as we think about what has to happen in the second half of the year, as we look into 2014, given the ramp rates for BPO et cetera, in terms of the -- I understand the transformation business is going to be more difficult to predict, given its project-based kind of characteristics. But in terms of the BPO business, do we need to see -- what should we think about in terms of bookings in the second half of the year to sustain that targeted growth rate of kind of 15%-plus organic growth, if you will, in the BPO business?

So David, I guess there are 2 parts to my answer to your question. One is pertaining to the second half of 2013. For that, we know -- we think based on the guidance that we've given, we don't really factor in any incremental new client wins that are necessary for us to meet the guidance that we've provided for the second half of the year. What we have is already the existing wins that we've got, the ramp-ups with our clients that are taking place, the new client relationship that we won with EXL Landacorp using the CareRadius platform and a growth in our transformation business in the third quarter, which is basically our strongest quarter seasonally. And based on that, we would expect to meet our guidance for the second half of the year. For 2014, it will be critical for us to win some more new clients, particularly in outsourcing, and that's something which we would be continuing to look at and focus on. We think we've got a strong pipeline. We are well-positioned in a number of these pursuits, but we do need to convert some more of these in order to have the same level of growth rates that we've enjoyed in the past. David M. Grossman - Stifel, Nicolaus & Co., Inc., Research Division: Sure. As I recall, there were perhaps were 3 or 4 fairly substantial deals in the pipeline at the end of the March quarter. Could you give us perhaps a few more details on kind of the progress with those contracts, as well as any other new contracts that may have come into the pipeline since then?

Yes. I think first off, it was good news that we had these large deals in the pipeline. And even today, on an ongoing basis, we continue to have several large deals in our pipeline even today. The progress on those deals that we spoke about at the last quarter, they have been -- a deal with an existing client, which we have won, and that's something which will ramp up. However, it will ramp up slower than what we had previously thought. And so some of that ramp-up will take place in the second half of this year, and the rest of it will take place in 2014. We have lost a couple of those deals, and we have replaced them with additional new deals, where we are in the final stages of decision-making by the clients. There has been one deal where the client decided not to move ahead with that particular opportunity. And therefore, if you take a look at the broad mix, we won one deal, one deal was taken out by the client themselves and was not given to any service provider and 2 deals we lost. And at the same time, we replaced those 2 deals that we lost with 2 other larger and substantial deals into the pipeline. David M. Grossman - Stifel, Nicolaus & Co., Inc., Research Division: Okay. And then perhaps, Vishal, I just want to make sure I'm clear on some of the below-the-line adjustments. I think you said that you'd have about $3.5 million to $4 million FX losses in the second half of the year. Did I hear that right?

Yes. $3.5 million to $4 million for the second half at the exchange rate of INR 59. That is correct, David. David M. Grossman - Stifel, Nicolaus & Co., Inc., Research Division: Right. And a mid-20s tax rate?

Yes. Mid-20s tax rate would be our expectation now. David M. Grossman - Stifel, Nicolaus & Co., Inc., Research Division: Right. And can you give us some color perhaps on the stock-based comp and amortization as well?

Stock-based compensation would be in line with what we have in the first 2 quarters, so -- and the amortization will also be in line with the numbers which we have in the first 2 quarters.

Our next question comes from Joseph Foresi with Janney Montgomery.

I wonder if you could talk about what has changed on the part of clients as far as decision-making that caused the lack of a pickup. And then, is there a new growth rate we need to start thinking about for this business heading into '13 or '14 knowing that the growth rates have moderated? Or is this just a timing issue?

Sure, Joe. I think on the project-based revenue, it is an area which will always remain volatile. It will be based on clients' agendas for transforming their operating processes and their back-end systems and processes and it's tied to that. It is difficult to -- for us to be able to provide color on when that will pick up, or when that will go down, because it just depends on the industry verticals, the type of clients that we service and based on the individual decision-making of each of those clients. The fundamental core business for us, which is our outsourcing operations management business, the annuity-based analytics services that we provide and the technology platform businesses that we have, I think those continue to perform well and those are well positioned. These are stable businesses, which have recurring revenues and they grow on an annual basis. And I think the demand environment, as I characterized before, continues to be strong out here. I think in order for us to be able to get any upside, certainly the project-based revenue will need to pick up quite substantially. Or if there's an acceleration in some of the large platform-based deals, I think that's another area that could result in the revenue growth rate accelerating.

Great. So I mean, what was the change in the project-based stuff? Do you believe that it was based on general macro trends? Or is it more customer-specific? I'm just trying to get at what we should be looking at in order to kind of figure out whether there will be a pickup there, or whether it will stay kind of where you put it on the guidance side?

Joe, our sense is because this was across multiple clients, that it was not customer-specific, but rather how clients are choosing to address some of these opportunities themselves. There does seem to be a much tighter control over discretionary spending. And certainly, clients are choosing to cut back at this point in time on some of that discretionary project-based spending. I think the other aspect is, typically, a new regulatory change would prompt some of these decisions. And in the last few quarters, we haven't seen any further regulatory changes take place, so I think some of this is getting back into a more stable mode of operation.

; Okay. And on the pipeline, can you put that in historical perspective for us? Because it seems like the hiring is increasing, which is usually linked to demand. Are we just talking about timing? And how large is that from a historical perspective?

Our pipeline today is probably the largest that it's ever been. And from a historical perspective, it's grown substantially. As compared to 12 months ago or 24 months ago, the size of the pipeline is up by at least 100%, and that's very, very meaningful for our business.

And a last quick question for me, just building on that, any change in win rates or pricing? Are you seeing more competition from the larger players? I'm just trying to gauge what your probabilities are of converting that pipeline.

The competition from other peer group companies, as well as from some of the IT players, continues to remain high. There hasn't been that much change to the competitive landscape and the competitive index over the last 12 months or so. I think in some deals, we have seen pricing pressure, and we've seen competitors price aggressively. But it's been pretty much the same story for the last few quarters, and no real change out there. In terms of our win rate, if you take a look at the win rate over the last 12 months, we are pleased to have our win rate in some of the deals that are with our existing clients. With new clients, though, we are again very happy with the deals -- on the smaller-sized deals. And on the large-sized deals, there are very few data points, so it's difficult to take a look at that, and we'll have to assess that over the longer-term period.

Our next question comes from Manish Hemrajani of Oppenheimer. Manish Hemrajani - Oppenheimer & Co. Inc., Research Division: Just digging a little bit deeper into the pipeline. Can you probably give a little bit more color on the pipeline between project-based versus outsourcing?

Sure. The pipeline for us, Manish, is strong across both outsourcing and transformation, so that includes annuity-based revenue, as well as project-based revenue. For us, the annuity-based revenue is far more important, because that's a much more critical determinant of future growth rates of our business, and that continues to progress well. It's well diversified across industry verticals. It has got significantly enhanced in size and scale, and we are delighted to see some larger-sized deals are coming to the pipeline on an ongoing basis. The project-based revenue pipeline also is strong, but the conversion rate out there by clients is not that high. And sometimes, clients put out those deals but really don't go ahead with those projects, and that's, I think, what's happening in today's environment. Manish Hemrajani - Oppenheimer & Co. Inc., Research Division: What is your win rate on the project-based pipeline?

Our win rate where clients take decisions is pretty much in line with our win rate across the portfolio, and it ends up being between 25% to 33%. Most of the slowness of our project-based revenue is because of clients deciding not to go ahead with their projects. Manish Hemrajani - Oppenheimer & Co. Inc., Research Division: And of the $8 million to $9 million hit that you have on the top line for the year from project-based revenue, is any of that pushed out? Or most of that is largely canceled?

With the project-based revenue, most of these have a sales cycle of 60 to 90 days and a project duration of, again, 60 to 90 days. There can be slippage from one quarter to the other quarter, but I think now that we've seen this happen with us for 2 quarters, our expectation is pretty much that it's not a backup of demand that's taking place, but rather it's a permanent removal of these deals from the pipeline. And we'll have to get new deals, which are in the project-based pipeline to justify [ph] in order for us to be able to build up this revenue again. Manish Hemrajani - Oppenheimer & Co. Inc., Research Division: Compared to the last 3 years, revenue growth obviously have been challenged hopefully [ph] . What longer-term plans do you have in place to get your revenue growth back on track?

I think there are a number of things for us. There are new industry verticals and horizontals that we've consciously made investments in, which we think will provide opportunities for future growth. The finance and accounting horizontal is one large area where we specifically took actions, and we've experienced volatility in this particular horizontal. We did the acquisition of OPI, as you know, 2 years ago, and we have had some client transitions take place in this particular horizontal. But at the same time, our skill sets and our capability and our relationships have been significantly enhanced. And we think strategically, despite the client transitions, this positions us really very well for future finance and accounting opportunities. And that's a big part of the market that we'd like to play in. So I think we are well positioned, but we certainly have experienced volatility with this vertical. The same thing is true with the project-based revenue in our transformation line of business. As you know, we typically lead in with our transformation line of business to get entry into new clients and expect to get follow-through revenue with these clients in outsourcing and in operations management. I think for us, the transformation business, even though it's project-based, is a small percentage of our overall portfolio, but it provides us the critical entry point into our client relationships. So even though it's volatile, it is a necessary part of our overall business model, and we continue to make progress out there. Manish Hemrajani - Oppenheimer & Co. Inc., Research Division: Got it. Last one for me, attrition rate picked up this quarter. Is there something we should be reading into that? Or is it a typical rise force of [ph] wage hike?

On the attrition rate, as I mentioned at the end of our first quarter earnings call, we would have expected to see an uptick in attrition. Typically for us, Q2 has a higher attrition than Q1, only because of the wage increments that take place on April 1 typically in India and the Philippines. And because of the wage cycle, there normally is an uptick in attrition. There's nothing now that we would read into the attrition rates. If you take a look at our attrition rates year-over-year, they have been coming down, and we are really happy with the fact that the attrition rates are down in 2013 as compared to 2012 and previous years.

Our next question comes from Rahul Bhangare of William Blair. Rahul S. Bhangare - William Blair & Company L.L.C., Research Division: Just one question for me. Rohit, over the last couple of quarters, you had spoken about adding salespeople. Could you just talk about how those salespeople are ramping as compared to your expectations?

Sure, Rahul. As you can see from our sales and marketing expense, we've actually been investing and increasing our investment in sales and marketing over the last several quarters. We've invested much more significantly in our marketing function and in order to be able to reach out to many more influencers, advisors, analysts and expand the pipeline. At the same time, we've also invested in hiring more salespeople and client executives to manage both the acquisition of new customers and manage our existing accounts. I think the new people that we've brought on board are actually performing quite well. We have made investments in salespeople, particularly in the health care industry vertical, in decision analytics and in finance and accounting. And we can see that the pipeline has improved in these verticals quite significantly and substantially. We now look forward to these salespeople converting and closing some of these deals and we'll hopefully get to see that over the next couple of quarters.

Our next question comes from Paul Thomas of Goldman Sachs.

Could you reconcile your commentary that you expect stronger volumes in the second half and the slower business ramp during the same time frame? I'm just trying to gauge what the risk is to second half guidance.

Sure, Paul. For us, the ramps that we would expect in the second half of the year pertain to the deals that we won with our existing clients in the first half of the year, as well as some new client wins that we've had where they're going to start out with smaller-sized project pilots. For us, we also expect the transformation business to increase in the third and fourth quarter. Typically, the third quarter is the strongest quarter for us, for our transformation line of business, and we would expect that seasonality to play out for the second half of the year. So most of what we are guiding to for the second half of the year is something which is visible to us, and we have a high level of visibility into our revenues and into our guidance.

Okay. And then on the contract ramp-downs, any change to what you had anticipated previously? Is the timing still the same?

On the client transitions that we had previously announced, as we mentioned earlier, one of our clients had transitioned out in the first half of the year. We were expecting the second client to transition out by the end of the third quarter. With the second client, there has been a partial ramp-down in the third quarter, but we now expect the final and full ramp-down to take place only by end of the year.

[Operator Instructions] Our next question comes from Tim Wojs of Baird. Timothy Wojs - Robert W. Baird & Co. Incorporated, Research Division: Just I guess one, just a housekeeping question. How much was Landacorp in terms of revenue in the quarter?

Landacorp was about $4.5 million or $4.4 million in this quarter. Tim, the Landacorp revenues were about the same as in Q1, which is about $4.4 million. Timothy Wojs - Robert W. Baird & Co. Incorporated, Research Division: Okay, that's helpful. And then just I guess, you guys have historically used the cash for acquisitions on your balance sheet. Have you guys thought about maybe doing some sort of buyback? Are you guys still really just focused on acquisitions for cash usage?

So our fundamental belief is that we can better use the cash by doing acquisitions, and we continue to take a look at target companies that we can acquire and integrate into our service offerings and add to our capability set. We've got a pretty strong pipeline of target candidates in our M&A pipeline and are actively pursuing that. We do think there is a tremendous opportunity. At the same time, in certain pockets where we've got a strong interest, the valuations have run up and some of these acquisitions have become very expensive. So we want to be able to get the right company at the right valuation and make sure that we do a well-thought-out transaction and use the cash judiciously. But we would be looking at doing M&A rather than stock buybacks at this stage. Timothy Wojs - Robert W. Baird & Co. Incorporated, Research Division: Okay. And then just on the existing volumes, and I know you talked about some slower ramps, but just in terms of almost like same-store volume metric, how are existing volumes trending with just your core client base?

Our existing client portfolio continues to perform very well. And we certainly do see a rotation in the growth rate among some of our existing clients, but they continue to perform very well. Keep in mind also that most of -- not most, but a fair portion of our existing clients have taken on the FX risk themselves. And therefore, on a reported basis, the revenue actually comes down when the rupee depreciates. However, the underlying volume of the client business has actually been increasing quite nicely.

Our next question comes from Kunal Tayal of Merrill Lynch.

My first question is what percentage of your cost base today is denominated in the Indian rupee and how much are you hedged for?

Nearly, I think 48% to 50% of our cost base is in Indian rupees. And we hedge our cost base on a progressive basis. So on the short-term basis, nearly 80% to 90% of that cost base is hedged.

Understood. And what would the quantum be if we're going a little bit ahead in calendar '14 and '15?

I think for '14 and '15, we hedge around 65% to 70%. For '14 and '15 would be around 55% to 60%.

Got it. Second question, Rohit, on the 2 new deals that have entered your pipe, the large ones, can you talk about the nature of the work here? Is it substantially different than some of the other large deals that you have had in the pipe so far?

No. It's pretty much the same. We have had a large deal enter the pipeline in finance and accounting. And at the same time, we've got deals there in our core verticals of insurance and travel. And I think it's pretty much the same kind of lines that we would target on a traditional basis.

Our next question comes from Mayank Tandon of Needham. Mayank Tandon - Needham & Company, LLC, Research Division: Most of my questions have been answered. But Rohit, just to probe the competition a little bit further, can you talk about the competitive landscape between the pure plays on one hand and then from the large IT integrators who might be now dabbling more in BPO, given the lower growth rates for the core IT business?

Yes, Mayank. So I guess as we've been saying for the last couple of years now, the IT players have been playing a lot more aggressively in the BPO space and have been competing particularly with their existing client relationships. I think what clients and prospects are now understanding is that they understand the differentiation between the value proposition of an IT player versus a pure-play BPO player. And depending upon what their priorities are and what type of transaction they're looking to do, they quickly gravitate to which side they'd like to have this business placed in. Typically, the BPO business, they'd like to have that placed with a pure-play BPO provider and we are seeing validation of that with some of the decisions that are being taken where we see pure-play BPO service providers continuing to win a large majority of these deals. In a relatively fewer number of deals where there's a strong technology complement, they do prefer to go with the IT provider, and we see that decision-making take place in their favor. Mayank Tandon - Needham & Company, LLC, Research Division: When companies think about BPO, do they also think in terms of multivendor program like they do on the IT side? Or do they tend to focus more on exclusive players as they consider outsourcing?

I think in the BPO, it's a lot more exclusive than it is in IT. In IT, it's maybe typical for the clients to have 3 or 4 large-sized providers and a couple of niche providers as well on the IT side. Whereas on BPO, it typically is either one or at most 2 players that they might go with, and it's far more concentrated in terms of the number of providers that they'll use than it is in IT. Mayank Tandon - Needham & Company, LLC, Research Division: And Rohit, finally on Europe, do you see opportunities in that market now coming up? I think from the IT side, it seems to be picking up. I'm just wondering if on the BPO side as well, there's some pent-up demand, given some of the challenges in the region.

We're certainly seeing a lot of demand in Europe. However, what we see is the European operations of our U.K. and U.S.-based clients are taking the lead in terms of outsourcing some of their European operations. We see less opportunity and demand from traditional European companies. That is changing, but I think that change is happening slowly and gradually. But for all U.S. and U.K.-based multinationals operating in Europe, they suddenly seem to be looking at that portfolio on a very active basis.

And with no further questions, I'd now like to turn the conference back over to Mr. Rohit Kapoor for any closing remarks.

Thank you, operator, and thank you, everyone, for joining today's call. As said previously, we think our business is well-positioned. We think we would accelerate our revenue growth in the second half of the year. We look forward to our execution in the second half and building into a strong momentum for going into 2014. Thank you, all, and we'll see you at the next earnings call.

Ladies and gentlemen, this does conclude today's conference. You may all disconnect, and have a wonderful day.