�Use of various types of foreign currency forward and options contracts to hedge the risks associated with fluctuations in currencies �Appropriate policies and processes for the use of financial derivative instruments consistent with our risk management strategy �Software products to monitor, manage and report the exposures on a daily basis Commoditisation of offerings/value proposition Increased competition from Indian and global IT players could result in pressure on pricing and commoditisation of low-end services �Broadening the Company's service offerings and targeting increasingly complex deals �Investing in brand awareness promotion �Focusing on innovation initiatives for better productivity through continuous improvement in processes, systems, methodologies and capabilities Gross margin deterioration risk Increased competitive pressure in India for the pool of available talent has been driving employee costs higher.