Joining us today on this earnings call is CEO and MD, Mr. S.D. Shibulal; CFO, Mr. V. Balakrishnan, along with other members of the senior management team.We'll start the proceedings with some remarks on the performance of the company for the recently concluded quarter, followed by the outlook for the quarter ending June 30, 2012, and year ending March 31, 2013. Subsequently, we'll open up the call for questions. Before I pass it on to the management team, I would like to remind you that anything that we say, which refers to our outlook for the future is a forward-looking statement, which must be read in conjunction with the risks that the company faces. A full statement and explanation of these risks is available in our filings with the SEC, which can be found on www.sec.gov. I would now like to pass it on to Mr. Shibulal. S. D. Shibulal Good morning, everyone. Thank you for attending the call. I will start with some color on the previous quarter. Q4 was a difficult quarter for Infosys. It was very challenging quarter for us. We knew it going into the quarter a bit. We had adjusted our guidance in the beginning of the quarter to be flat or marginally up. During the quarter, we faced an unprecedented convergence of a number of events. Our guidance -- when we give the guidance as we have mentioned in the past, we have visibility for 95% of the revenue of the quarter, which means that we have to make up approximately $90 million during the quarter. The first 2 months progressed pretty okay. It was not exceptionally well, but it was on track -- barely on track, okay. In the third month, we faced with a number of challenges: number one was a set of contractual closure delays -- delays in closing contracts; number two was unanticipated down -- ramp-downs predominantly in the FSI segment in the U.S. This is not a single client-specific situation. It was a multi-client situation with multiple client ramp-down in a very surprising manner during the month of March predominantly. Then we had anticipated a bunch of ramp-ups in wins we had in Q3 and many of them got delayed.
So in that situation and the way it happened during the quarter and the time in which it happened -- in the time frame in which it happened, we were not able to make up the entire gap of $90 million of visibility we had in the beginning of the quarter. That led to a situation where we did not meet the guidance. We -- our guidance was $1.806 to $1.810 billion. We delivered a revenue of $1.771 billion.On the EPS then, we were able to deliver the numbers. The EPS guidance was $0.81, and we did $0.81. We were able to manage the expenses. We were able to manage the costs and delivered the EPS. So that is about the quarter. For the coming year, we have given a guidance of 8% to 10%. The event, which I talked about, happened predominantly at the end of last quarter, that means the later part of last quarter and many of them in March. There is, of course, an overhang of those events entering into this quarter. For the quarter, we have given a guidance of 0% to 1% growth. And for the year, we have given a guidance of 8% to 10% growth. We have not changed the principles of giving guidance. We have always believed that there should be [indiscernible] information between the external world and the internal world. On that belief, we have given the guidance. It is definitely a much more volatile environment today than in the past. We believe that this will be a new normal and this will be the normal in which we will need to operate. And even then, we have not changed the principles of guidance. We have given the guidance. Our visibility for the coming quarter, actually the current quarter, is, as usual, 95% and for the year it is 65%. And it is a statement of fact as we see it today. Read the rest of this transcript for free on seekingalpha.com