Happiest Minds has seen a decline in revenue from one of its largest customers due to a revision in their investment plans, leading to a decrease in R&D and technology budgets. However, the company expects the revenue to stabilize and potentially grow in the future. In terms of EduTech, there are multiple areas seeing traction, but the higher education segment is still uncertain due to declining enrollment rates in the US. To mitigate this risk, Happiest Minds has diversified its customer base across segments. The company has also seen strong demand in the analytics and AI space, and plans to continue growing its headcount in these areas. Operational utilization levels are currently affected by overall market conditions and new campus hires, but the company expects to absorb most of these people into new projects as business momentum increases. There are no further plans for headcount additions next year. Subcontracting expenses were around 7.6% of revenues this time.