Hi, sir. I just wanted to know like are there any positive developments which you might have seen, whether in the form of better competitive positioning of Satyam or in the form of new areas or say an increase in the pipeline that you might be seeing?

Ram Mynampati

Well, this is Ram Mynampati here. We strive to create a differentiation in the market that is an endeavor that we are continuously in pursuit of. Clearly there are known factors that would put Satyam ahead of many organizations but what we have been able to put together now in light of the acquisitions that we have made, whether it is big strategy, whether it is S&V, and a few acquisitions that we made earlier, we are in a position to address the entire value chain, all the way from consulting to BPO, in a much more integrated and seamless fashion than what we were able to do before. That opens up new set of opportunities that perhaps we were not able to pursue and we are also able to create enhanced level of intimacy with our customers, in light of these added competencies. I believe that that position is competitively better particularly in the embedded customers that we are dealing with. But probably the only thing other than the maturity of service offerings that clearly is at a much more improved state today than in the past in light of the renewal focus that we have on solutions. But beyond that everything else is specific to the opportunity and the markets segments that we are operating in and then the other strength are well publicized. Our geographic footprint, our Asia pacific presence or enterprise business solution These are all competencies that would give us significant strengths in their own right but what we have been able to do is build on top of that in creating holistic solutions in a seamless fashion.

Shekhar Singh – Goldman Sachs

Sir like during good times we were under the impression that in case the cycle turns there will be more of off shoring to cut costs. Now that the cycle has turned and we are seeing like okay clients under immense pressure to cut cost, are you seeing clients actually talking about shifting business offshore or in terms of increasing the engagement that they have with you and if so like, are we specific in terms of which area, which geography, how many employees, etc?

Ram Mynampati

It is true that in theory we should work in favor of offshore and it should be helping realization of better cost savings in the near-term. While we do see discussions taking place arising out of the need to try create ‘greater cost out’, but what we also see hesitation because of the uncertainty in the market. Organizations have to reach a positional stability and the attention is diverted to issues that are probably not directly related to cost savings and perhaps related to level and stability. So we would see a bit of that coming into place but I agree with you that when the situations stabilizes, the immediate focus would be how to explore greater cost savings to leveraging the off shore to greater extent.

Shekhar Singh – Goldman Sachs

But currently, none of the clients are actually talking in.

Ramalinga Raju

Yeah, they are talking, they are talking. I am saying that maybe the speed with which we have made decisions is somewhat hampered by the environment that they are operating in.

Shekhar Singh – Goldman Sachs

Sir, lastly just want to know, versus your MNC competitors, if you look at the five years, Indian companies growth rate has been three times to five times of those competitors. But in the current scenario has there been a change in the competitive dynamics because of which you might actually end up growing at a pace slower as compared to some of your MNC competitors?

Ramalinga Raju

Again it is a hypothetical situation because the changes that we have seen have happened in a very rapid fashion. We have only two or three months into the significant changes that we are witnessing. I am not so sure, whether we know enough about the dynamics, and the impact of the dynamics in the relative competitive positioning of Indian players versus MNCs. But, I would argue that the essential elements that made us look more attractive remain the same today and at least it would remain the same for some time to come in my opinion.

Shekhar Singh – Goldman Sachs

Okay sir thanks a lot.

Ramalinga Raju

Thank you.

Operator