Wipro Limited (WIT) 20 Jul 222023 Q1 Earnings call transcript

Ladies and gentlemen, good day and welcome to the Q1 FY2023 Earnings Call of Wipro Limited.

As a reminder, all participant lines will be in the listen-only mode. And there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. and President Vice Iyer, Corporate Treasurer. Aparna and you over to ma'am. you Thank

Inba, Thank call. welcome to very our warm you, a QX FYXXXX earnings

will operator Executive management with Thierry call by with our followed begin our and Dalal. overview the We by Afterwards, bridge Jatin overview Q&A the by business financial Delaporte, open and team. Officer highlights Chief CFO, Managing will Director our the for

your factors certain and Before The call attention statements forward-looking explained let Thierry date materially after draw to to this of make may with me made Over any that uncertainties statements are detailed filings not meaning risk will Reform we fact website. transcript the events Wipro current based update of may available obligation Litigation differ you, archived The to call on with from associated expected. be on cause the risks, Act our forward-looking circumstances uncertainties and are These the SEC. our reflect Thierry. will in within which during does be actual Securities the undertake management's to conference starts, Private and and the the filing. and to expectations XXXX. are statements, those results

Aparna, QX everyone you earnings thank Thank and our you. Hello for call. joining absolutely evening. good

the of performance, Let years what lies leading me of two financial and excited today us. both for I'm first for have owner our tell company you show humbled had that humbled as and you I speak ahead this to to now exactly excited, incredible to

discussions markets, outlook the environment, the I say services of offer and pullback on for view for well having slowdown quarters ahead. I'm robust the the and look as some macroeconomic that. us. business you are the environment for always As with as I'll our the expense has I there no details must of is and demand our we sectors, on offerings, with share IT or been at customers, also Despite order for bookings if uncertainties service pipeline, our a The demand thankful

fact growth high to Our in High at are good actually digital, cyber pretty like like pace. we services like be overall a cloud, winning or pipeline an it is seeing services and interest deals rotation FullStride going by to focused all renewed our our bookings continues engineering than to at as Services, security are of strong we to believe are definitely areas growth this attributable from clients. high is our Led accelerate. half Cloud areas. these today more strategic time And

cloud doubled. engineering XX% in up for booking solid. and are year-on-year services bookings literally the bookings were Our Overall, quarter now very

were XX% in terms. of TCV past. key at The bookings large Total in a Contract upwards and Value the XX% of in ACV, four it with of deals in I've plus markets transformative Annual scale, pillar of nearly these grew grew grew and terms, you, almost this that, growth. shared we of they to quarter, share the I this bookings large is our I'm which for know our provide, that pleased excellent X.X last example, Xx but showcase we to our and majority capabilities are XX% Our Contract Three year-on-year. are Value, tell deals did, opportunities year-on-year TCV you billion quarter, term, year-on-year new. Well, the what

year-on-year. across at during all plus We in terms revenue grew X.X% constant Our markets. quarter currency year-on-year XX% was the XX.X% growth and and

remember Wipro's In during will SAP we Rizing talent the SAP become partners heavily cloud is for net of in ambition quarter. extension new but and the for Rizing to you leading the acquisition in consulting the line of world such Rizing talents Wipro last of are FullStride strategic firm, Cloud strategy acquired growth completed Services. quarter. practice, a year. We SAP. consulting investing to we global reinforce a also one plans capabilities, our cloud with added We our our the and XX,XXX support probably critical

XX% Our in strengthen anticipated position partner QX XX%. also and operating we've will particular margins But drive inorganic us as investing made solutions we accelerate double on were XX% as a accelerated and now grew strategic transformation are constant All further our Europe, quarter service markets, by markets to will growth for in believe the right. and clients. margin for efficiency and our fresher’s as operational capabilities Americas structural a own our our in bets because details bottomed offerings IT on currency diluting some lower we top our on at investing for to two and markets This terms. XX% at digit we with have the is our at we in reference presently and The that sectors. X.X% I provide in by help are and growing agility. out, finer year-on-year

details. quarter XX% in the we Americas in each grew all In growth. through strong go sectors with Let's X, year-on-year these regions showing of

the year-on-year quarter, XX%. technology and During platforms XX% communications, services and media grew grew information products and

at those year-on-year QX. the grew a recording growth performance terms year-on-year sector services in of nearly two in total contract in Americas value XX% grew This nearly Financial X. book each led Now let's look order XX% QX. We XX% and year-on-year. manufacturing,

at look let's Europe. Now

at and of by Ireland, UK European delivered Benelux Europe XX% XX% year-on-year over the business grew in and growth year-on-year. quarter all Our gone Southern a

have and the Our pipeline here is in market. won robust large many deals we

booking terms year-on-year. grew contract at XX% order total value Our

the in QX. robust also to strengthen APMEA terms particularly at said were business year-on-year. the part XX% our of value order in continuing very strategy remains at but relationships The and did contract quarter year-on-year our during growing regions Finally, well We that the priority. XX% as total here Australia Asia, client bookings were it grew overall Southeast top

markets but are partner are them mentioned We go do to pivoting us with relationships clients, new bringing strong strategy by have existing earlier, digitize a investments grow business their and transformation as to we technology allow key to not And looking our on deepening market created clients help I this. only in segmentation to our to also our who for business.

and XX% grew we segment more top constant have months, now top than $XXX year-on-year XX year-on-year, we in As XX, million so clients doubled look If a clients last in our result, our clients XX our XX. in terms. currency to the both grew XX to five from XX%

eight added than also XX clients the last segment the more in We in XX just months. million

business our And global grew second and three, which grew QX. year-on-year; Now was engineering GBL service our ICO two, from year-on-year iDEAS and consulting, in growth over QX. offerings by line, digital our led XX% experience, in standpoint, XX% one XX% global domain business services, line year-on-year; grew a This which grew then XX% year-on-year. XX%

new to You Improved this of areas and the performance comes employee growth will against in about fueling backdrop XX% in high experience customer – ICO. certainly talked these I year-on-year appreciate earlier. a rotation with cybersecurity are growth QX. to that definitely the services And growth portfolios accelerated led of

Our customers differentiator. want traditional one Leading end-user I human resource with and us call, our of such business services to what outsourcing. key would services, computing solutions reimagine, as has been

market tremendous help our Together And healthcare sales allows with opportunities days, partners. our hosted cloud. Our Microsoft's one opportunities first role, There legacy closely full with are the example, clients large we for of and energy across Wipro to help infrastructure cloud our the together stride transform summit working to and partners our of transform cloud. teams. their Last to our in business. during XX us full increase strategize committed to we several cloud our featuring as was month, partnering we ecosystem Microsoft, around to grow clients ever stride a to orchestras in new

our is we services services. engineering an portfolio grown Wipro and combining services. showing having AI, We of that Now, in the say the capabilities edge, engineering are launched such AG probably at has four Engineering X% compound our already have In consistency the enable in growth. cloud true past this This capabilities and as our silicon which here is IoT scale. stack I will our And we in a edge over also innovate growth engineering rate our leader know this services design. by impact of Industry clients full engineering the to depths extends quarters, at XG, engineering week can the market. X.X, of

company mobility engineering chosen has demand them their SDV these around development leading the team of on Wipro as technology global to software an days. applications, high extension of support example, For vehicle defined

also won design U.S.-based system We with multiyear a across services products semiconductor globally. leading engagement of VLSI provide a operation and variety a to

of engagement applications, in I on. a will a We semiconductor used Wipro such very share as learning, I deep standards required will journey to examples management, as before chips and AI. U.S.-based Wipro Fund as Services, a transformation a companies. roadmap cars, a talent computing, client's one in visualization, couple the digital high technology digital leading strategy range Stride performance design workforce. Full create Administrator, of self-driving move assist for aim, leading the help meet one quality well strategic the of entered cloud transformation energy services, with multi-year as world's will also who including and agreement the migration, quality of Cloud has a provide Wipro process with engineering, contract of

employees will XX share for talent countries. the firm of we landscape. XX,XXX now plus I'll reimagine a the across employee view Here, experience our

XX,XXX shared line fresher had about freshers we have in with I In a talent our remember that may QX. earlier than intake. more towards strategy You shift onboarded in

attrition has XX% of subject are reality. down continued talent? quarters QX, trailing moderate, three right. I was we it our want expect consecutive we And ahead. to In where to employment months on further Now, the improvement XX that the basis. moderation of share on retention in in That's to

are says. off. Our paying believe, talent That's it investments, I what

effective XXXX increases year. If a moving of eligible you will July, September and to which this in promotion those be all recall, for salary we cycle, quarterly announced actually

Before I next the quarter. will an share I outlook close, for

for which precise guidance we to to currency be XX.X% in will X% to constant markets a all of terms. this very growth double year-on-year With for year, XX.X% in In QX, guided let's have our clear revenue growth be QX, XXXX. X% will are grow digits in for to of, summary, on fiscal comfortably We growing. translate

our our of for the comments. With now our high. to you. it We I'll are million XXX an must I Jatin clients, bookings strong, I'm his optimistic hand have at over Thank doubled rest say about that, is all-time strategic year. pipeline very order the

Thierry. Thank some points. I'll you, share data

net a terms. delivered XX.X% profit As currency we of year-on-year constant you in grew billion. ₹XX.X We know,

was Our ETR XX.X%. quarter the for

net had income the $X.X into you hedges one the for net billion the that's balance As basis and we XX billion $X.X gross sheet as on was a ETR. rate the operating of exchange industry cash XX% of at converted On have quarter, of trailing know, we flow. XX.XX. had The $X.X balance our We billion. end of And realization cash quarter leading cash of on sheet.

X%, to our X% As quarter the And mentioned, of are happy for Thierry on. have revenue given we'll mentioned a robust which press from in here your rates, two to we take release. very at guidance exchange question be

and we Moshe Instructions] Thank question the [Operator Securities. you ahead. much. the line question-and-answer Wedbush from session. will Ladies now is begin very of go Our from Please gentlemen, first Katri

Hey, on job Thierry, question thanks great attrition for now big on that doing a Capco's speak. picture as a here. you and we congrats just anniversary

the point going So at had. we you've about that obviously terms Thanks Maybe on you that not a the on initiatives. in road? fill are to you Capco some How get areas growth to focusing lot. can that some you try are from spoke this gap do down in the detail And contributions on high get strategy. you different some of and color that of

Moshe I question. your hi. answer I hope And will

Your voice little muscle. a in came

got But Capco. that. understood I asking were you about I certainly hope I So

we family one it’s the actually few say ago. an of I frankly, growth can celebrated the We ago, market, quarter-after-quarter. Capco really remarkable. the the after Wipro any a always develop the final, the absolute about started in So to our success year slow connect team play has two BFSI bookings this quarters of deals. one the tell way been not in has but has Capco with maintained integrated weeks performed Capco. clients business with was down attrition is the you The continued focus strong. or Capco not last Wipro very solid. thing obvious, acquisition this go-to-market anything extremely Capco and year Capco performance to involved early one growth key seeing to been has in and team in of to And acquisition. the much increase frankly, has year, Capco it a been strategy role after right. the common into acceleration has our has on of The was are way been seen

pipeline is the again, strong. This quarter,

So, Capco not is And but the one from the we there are we are comes more I think by one, built clients, aspect, typically it’s these know that sometimes what with consulting is slowdown, it seeing. exposed business of when this relationship quality one. a

that fact to transformation. it’s their the Second digital connected truly

they topic. to of And drive I opportunity, And looking transform, of and who challenges the certain the well. opportunities we to objective geared much are not third, are sometime very of so, improvements are shift to these a the with think is of type Capco on volume more clients as but but right still the productivity seeing address of

Moshe, So and performance. at is solid the the well Capco is contributor a day to going end of very our

growth And seen? follow year-over-year talking Thanks a you’re you’re guess, moderating QX? as comfortable able that going again, So to to up, in I about that that QX that more lot. a growth be sustain not comps the just be, you’ve you the anniversary seem are I’m that versus acquisition,

The yes. answer is,

Thierry. Thanks, right. All

You’re welcome.

We’ll Mukul Financial you. the ahead. from line from Thank Motilal a Garg Please Services. next question go take of Oswal

evening. Yes. of I good probably broader a Hi, Thierry, consulting would add piece. onto kind

you risks Because, you consulting to revenue past experience If Wipro, slows have even you preparing gets there times. work at for what business? two compared bit a demand, to down is pace the a quite lost the of macro generally recent are optimization us chunky for added piece, during that suggest to environment, cost in years, advisory which are out of highlighted up the faster all weaker which generally the this the you,

both forward had assumption? question wage cycle? you have play highlight also looking other I over other cost besides what do next can promotion just post consulting Jatin. quarterly see from help quarters? you the take one if think been cycle it how just, levers immediate can the for Jatin, hikes to are two would margins business the up that as, right the you growth to aspect, And just, shift managing after to the QX, utilization, how you is what mentioned out well Thierry the a the or weight I in that a be should year, out as great? the So, which have, limited, you next we over

Mukul, So, the first and Jatin. take let so question mic pass the I’ll to then, me

of consulting with that looking have a our business. right? at our I but the business At So, your question connected we suspect much was technology that different consulting consulting, component is capabilities technology very Wipro, specific to really really not important. So, broadly business, business actually uncommon is the and of combine consulting it’s the proportion

Okay, is significant.

interest get, that, the our market, that the not just listening day, is reinforced said, driver like what say rate you what connection a lot given And country have that like we when of the or world, of this, what are to are clients is landscape, think transformation. I knew the those when I two but it, is because the for I’m hear you, let’s And on same speaking those analyst, It And clients, we selling one, So obviously two to a we potential changed every implications are are about they clients. on environment, important the learned is call different every with a the then, I economy last learned war potential the type they standalone the signs, side have, consulting reality what single our discussions as inflation, again, companies, the center. the say conviction mean, not journalists like in one between But of on environment. it last I pay also start single another, seeing, macro us mean, side, a clouds have we that hearing. business with business. either right? macro to day. a they technology or they have about to years, over we years, to during have attention you, technology, they they

to improve business some new might or Mukul develop drive possibly cost the now, company think and focus happen driving is or what have we to that’s – happened models on to completely that capabilities they are But and the program cases have. solutions that drive Now, gains business. were might I experience, where going productivity more more running fitting with reduce of in our

We to are indeed improve them helping technology leveraging transformation their drive and productivity. the

They They So an developing at go-to-market with our the strategy. teams. of part our They’re are of winning technology deals the end together. is day, in consulting opportunities the pipeline. integral are working

have we the the the already at Wipro we and question If working look Capco. SAP the business, of about first team you team If rising several Capco, on where was leads rising talk together.

have more last the in than months. had We XX XX wins joint

is this really so driving And growth. what’s the

are That is okay? performance good and I and high the to I’m to right today, the ready are we QX, with to So always. I you want at booking should want be market clients. as applying But don’t for now, see, predict and the solid cannot extremely one different engagement I vigilant say, when time even continue speak end, us we observe telling end sides, extremely solid what the react all by I confirm day, there our we that of arrogant. stay and to on be to

is So level confidence solid. two? Jatin of and on forward growth our going question

Thanks, Yes. Thierry.

help levers. Mukul, margin the improve So articulate levers here six let I us from will, on, me that I me can see let

it visible is, before, utilization, is data is in sheet as first know, clearly you and The freshers. including

away peak around are what the you will X% So from, excluding utilization. freshers, see

So, that’s first.

subcontractor moderate than, than which subcontractors, lever, we of travels provide own accumulated borders typically us your forward. should additional And will amount of is particularly be and XX% higher – difficult, subcontractors going your than about quarter as Second, all for more the to because able of employees. every that certain and have cost us

So that second. is

and Third, fresher the pyramid most and lever improvement. is, important

you more we of pyramid XXXX and another FY be fresher’s double, are that that know, hired As double hired and than through our which the means FY big the moving XXXX, we up structural lever. of in pyramid have FY more through we correct will a XXXX, base would people consistent to than double, ability in improvement the hire

attrition and the power. In have that last lever, in can The position is the ourselves one pressure differently. on only hand fact, seen we very lever The reduce that to which XX months. is fourth cost our ability pricing

in agile and very cyber there space different rates in the in acquisition us differently of managed puts very example, would a traditional what consulting reflect of see For a Wipro. services business security, the you than

for than right services, invested areas is the price, we better pricing is are that in. where to heavily, we definitely cloud ability another work our much come and on area So there traditional

fourth. that’s So the

that a the because itself, So scale similar similar as that leverage about the are go is line but liver. is of biggest in as and our work we are replacing certainly with the spoke structure aware the simply all operating you growth you are paying And lateral of is when finally, the on cost and of we attrition the and should one as and structure us fifth should revenue. attrition XX% cost to XX%, premium similar back, experience, growth comes capability you impact give moderating through, as not a up

superior sufficient the business our are margin guide to a position want levers. standpoint. a from second do not there for believe are levers that not to I there in to structurer So back

Thank you.

side. if can from you quarterly my cycle, part that’s you. all the hike the shifting clarify Just promotion to wage on Thank after

any making not are shift. We

we will for said have areas increases the investment July, promotions we wage these are from the and on given September, give first and quarter first two. We have of

you. Thank

Thank you.

go Kumar from of Paribas. Rakesh is Please question from next the line Our ahead. BNP

margin the team, couple my My to in previous XX% that for on evening, first next your have below for good and of taking guidance future about and Hi, XX.X% thank commentary a question. where question you for was of earlier you quarters foreseeable quarters. margin on talked

to and So second macro expect half do we XX.X%? to those the our in get headwind in business context back potential as where XX% about band specifically By the commentary of the on do we of stand well? when

Rakesh for question. So your thanks

productive on the over that acquisition in right. from is absolutely of those quarter, travel one and to like purposeful last facilities, some point back XX% investments are made which because guided for we be the of those in importantly on, of and range were investments be to IT XX the utilization, more – That of two range XX.X% and before, about here subcontractor was from percentage bottom. business the few And the dilution then made. before. apart You percentage where areas the we period ourselves from of come roughly that far invest a the of been will We coming expenses agile, and of month have point, were we and time, say this back operating point investments so. Rizing the the for more and three have X.X% make also say or a the I planning spoke to basis efficient, We half beginning But would we a made quarters. been comprises in to nearly away some we for spoke is fact endeavor that about internal our and

every will it quarter. calibrate However, we

back. are window, not by when – We giving we’ll when a or time come

I For will we spoke quarter talent. that have to invest specifically, two in before

will making, at today. the two. So we whatever invested comment two, into making in beyond we rather get it’ll a gains that talk And efficiency that, quarter end back than are quarter the of business beyond

Thanks, question acquisition. Jatin second My was the that. around for Capco

the also capability, the rationale we BFSI help of Capco the had of growth should acquisition delivering start comes strong time will consulting give one Capco and us that with in was BFSI at a So it us scale vertical. which the and in

hasn’t the we few last growth, but has quarters per vertical outperforming the doing se. been reasonable the it have all BFSI seen Over been industry

so something have is what the which happy BFSI with the to seeing from that still or yet So far? it we achieved acquisition we are space, in benefit we are approve

the XX% very always are you like, think accounts. us reality I but also of always more but if for term driven not is growth, of in expecting in term converting And BFSI business only today term and we’ve growth growing of we in that our year-on-year. visible that is those is Rakesh, what positioning in volume, is

larger increased have accounts. of number the We

we the nature increased And the our to or relationship changed were than on strategic nature able initiative them of our we have lot have We the with more in clients. with a work past. more are we

think it’s more I we and do can absolutely, more. So certainly, we will continue do to

if We I on say have is we impact our a reinforce more year-on-year XX% continued I would frankly, even say. the to setup to accounts. a decent it’s trigger larger after that not you is can year a But – growth, think really like success, a

you and I’ll but you. get Thierry that. back have follow Thank questions, for I more you. Thank

Thank you.

Our of line Securities. Please is Shah next the from Sandeep go from Equirus question ahead.

And [ph] Yes, is is Agile opportunity. one YoY companies the by basis, down employee of IT gone it and this on per look revenue despite as thanks a X% of a for revenue like If role. in metrics services. yielding acquired Capco, the Rizing at I just the high

I a whole. reasons utilization not gone down, the partly fully are that agree what So the for same? explains but has as do

are has your traditional higher it some a Is what pricing So views? business pressure?

No.

Sandeep. hi So,

me answer Let question. that

I realization mean, in be offshoring And is one continues trend Wipro, third very is realize the overall offshoring that, trend to favorable offshoring when you If Wipro. the trend, you favorable would to India. see to

coming out I in IT standpoint am realization are not has seeing employee pricing price power definitely down. from terms concern services for of any that discounts. So where our we a giving played

I could would a play. fact think In it little be of bit portfolio

added I strength believe adjust fact, that you see because you a there we have will if offshore, would for In Capco.

Agile, which are design. Rizing, higher by are realization significantly are We added business we generative added

Okay.

in like of Capco well as me? Thierry And Okay. comment terms Rizing are companies, just can as the we about hear which the consulting you – and acquiring

Sandeep. lost may, you few We then you… and you Capco seconds We a – heard we for

Yes.

Just yes. a follow-up question. Yes,

your Thierry and the slightly these question company Capco is issue like and Just a to of terms follow-up comment consulting consulting in sensitivity regarding businesses. higher Rizing, macro for

slow the cost and in believe terms management slide. believe we these we margin if company of of running attrition And company? try both how Rizing this can you So to in margin, you manage we Capco in flexible high a whole, are this a have of as happens, as within if a the risk well down companies

you I tell one thing.

consulting levers to but obvious in in which area. our to continue Rizing, business. have We component of lot to in Capco, margin to is pull this develop business And particular have more improve the we that offshore also do the to of the a

you we certainly certain nothing of work So also business think, now. we’ve I think it. something? But obviously will Jatin, want very, between Rizing rest, And for very the synergies add do we for a volume it’s Capco, triggered so cost continue to I this will for well. those for new, to on aspects as

one have want businesses. governance of businesses to for through small able been to these to phase other. right long the are downs. These period carry seen they themselves I are where make Thanks, the of large profitability a They’re of additional have Thierry. with not point and is amount They ups in existence Only management time.

we downturn, down quite years structures we well. the right even there I’m able remain line, now see don’t optimistic the we So – if that to cost anything, manage quite two would is but a be

Thank you.

is Please Our the go Padmanabhan Investec. ahead. Nitin from next from question

Thanks for opportunity. evening. good Hi, the Yes.

you So had. growth this of the based dealings and pipeline itself on that you've are time pretty on the kind bullish

Just this quarter that just Or anything anticipated that surprise? productivity a from Is broad benefit standpoint growth would percent. you the earlier this the color saw is sort Just that a it something wanted or was vertical organic help? specific cycle you weakness? it on around some annual what the was thoughts considering a and of given

here second guided because middle and of Nitin we've the I'm been We've mix large had closed deals. When that a XX all growth things. the deals. sectors. across and to across and over every nature off. of have ago. quarter quarter you I medium a done good a said, the have have and and another the had just this the that X% we you deliver in not just have what X% markets business. a have a or a that reflect when for or would see And X%. X% could little had in less are guided paying of reflecting one of quarter delivering deal a And quarter deal small six more made delivering honestly this. bookings said We've guidance in in any deals, expect X% itself. X% deep of – the have one, we six middle doesn't the said slowdown business, see QX just X% less, the on of we more you right speaking in term to efforts we we row, guidance then guided QX the quarters deal, the an we frankly it's sometimes north for It mean, our type in also, between think bookings it's and for QX starting of a of of X% we for we And necessarily more. little XX less that for say we little wrong previous little quarter sometimes and the we in what you you two is was of We've confirming delivered said you well is of QX, – we guidance. investment north and we not a trend done we in all so guided have our profound, to X% six it performance if bigger large a deals, last above than the In early quarters is And I quarters We are really performance in the I and one-quarter,

And so is performance a you when with the think I are that's account-by-account combine like X% indeed on of our visibility we backlog strong add X%. you the have of QX to we quarter, how guidance rather that the coming you booking for if that

was process QX the question that context of have for the this of that should a was seen with down the of in and sort terms Wipro, Actually come historically Sure. thought the we acquisitions always seasonality. weak that

by come was, slowly sort the down it a in has stay sort aspect then is to to was I thinking what it QX. QX. forward more here nitpick sort a I terms basis we've of on seasonality that should reduce understand to trying trying was of – going for of than bit, of Although from only, and

seasonality the for especially fatality of all QX I is of to aspect or growth. – seasonality is the companies. actually it, QX challenging I don't QX. necessarily don't the some there I'm I'm QX the not a see think is Nitin

QX. don't, So I a rationale that, that. season don't and understand any that a between I game is assume really behind don't assume no, No, QX don't think the and there

I business by well done deals, bookings in at that think very we flow medium deals. okay. We the time and that large had delivered in quarter. mostly of it's QX, driven less had but it's, are smaller that it every said We was had

the that little and more of we and a larges of growth for that's is volume are volume driving know we I larges all QX. seeing what think the

That's helpful. Sure. very

I to shifted wage Jatin quick increase were – the cycle Jatin September Just question one for may? starts if September.

the So the by – it. it's as been it that's a think should I it quarter would've this shifted was same exactly what if way if

be will October, broadly a December quantum So the same? quarter for the be And November, full of of will impact that. increase

want something increase XX I because shifting think we our is and increase there, in us increases is misplaced giving the which closer the will had from of quantum as little XX Saurabh are is be after on salary that last September months. we will year, of wording months environment. last our it is The to remind determine of the to gauges But what he all date that I

population, – it not it than is for of the more not a shift majority is So a population company. majority

standpoint. And quarterly in promotion, implication mind the can Nitin of build from promotion real a by to of compensation a if yearly keep some on from it I what fact that also cycle now a Jatin moving just said, cycle has

Thank much best. you all and helps. really so the That Sure.

Thank you.

you. Thank

next of ahead. Our Rateria line Morgan Stanley. from question is Gaurav Please from the go

question. for Hi, thanks my taking

a have of couple I So questions.

compared How go being for giving was performance, how our because improved for of of very Wipro? market deals, ratio in led pretty So The think the the of we or in macro large large the is the related these gross pretty about cable? XX changed win past quarter? down strong things one-by-one. margin contractual I'll how in overall much terms that; question to has should anything because profitability coming much strong by is deals last of much are And that

Okay.

it Growth I'll Officer. head to Chief over our Gaurav Stephanie, So

in questions. large the certainly and the also more. also we're Thierry. large in pipeline deals we We've thank overall. these deals tremendous our is that you, but and for and closed seen market Thank And creating quarter in The opportunities, winning both your momentum Gaurav you,

are So up. win rates our

a Our strategy team of in lot seeing the large off, paying to momentum the invest is and deal we're in market.

outcomes margins transformational where pressure as But more our we we're terms commoditized delivering in services on deals lot on of can value nature type margin for we clients price a we of and seeing our more for opportunity. therefore compete actually those. are In are

bit to a as – and portfolio deal. delivering as for pivot we seeing outcomes in orchestrator a as those anticipate position clients an of we ourselves margin it's continue our in So our mix our our well now, better but improvement right as

for you that. Thank

question second The on Europe. is

overall Europe I a You XX% growth, of was than about XX%. blocking couple regions more think talked but

tagged So the there a there. overall regions were of that clearly couple down growth

factors related Wipro or the were the a what it So back is something drove is phenomenon? specific again that external the involvement to more

it but I was understood. that? sure Europe, not I know what I'm was about

of regions... Couple Yes.

fabulous for in QX a in very chime as as region strong us. was Gaurav, remains a – mentioned you From its growth commentary muted year, The which seeing which the are reason last growth only just first theory of was let onwards. that meeting a Europe in place from is clarification a Europe me here. opening standpoint had slightly well April

remain So for as that quarter Europe quarter the including seen muted, how in we Europe – And the are reason wins at Europe deal base to one the climb was on. confident seeing but you that's very have mean, I we two. out little extraordinary a will pan

Thierry I point. the Gaurav, Hey now understood

look in level you step at And another, you at of a gross a one quarter So at, two deal you year-on-year quarter look if misleading, because data therefore, when region, per kicking compared points, or change. a Europe, with you it's slightly next suddenly Europe, challenging is have at it’s Metro quarter a the But of like, and of sometimes look quarter. of if the performance XX% the the baseline. performance growth this

So growth what sequential Europe as well. for it’s from term in of is solid. QX we And solid see

our he our days and the of had with perception discuss so over was here, signs on see his in And of on. doesn’t we two no and the So, peer, Head the down also our the last had quite of nice Europe the to slow board opportunity that we has him QX, Europe opposite, at level think volume won beyond. given of and for deals again, has pipe new I one in And deals, for team frankly. QX, he his he a moment among in there’s QX good optimism the market the the

it. Those my questions. all lot. you. Thank are Got Thanks a

Welcome.

you. Thank

go from Dipesh the of ahead. Please Emkay from Our line is Mehta Global. next question

starting decent Thanks Yeah. of growth clarification. with for congrats Couple opportunity acceleration and questions first for the outlook.

achieving should Jatin think medium we earlier QX, margin be indicated term I we expression. our by

answered, kind of those normalized should is not one. was sure maintaining of earlier, trajectory? So, in margin outlook what by we the question question you you I have we QX, That are one when

provide generation if last played is question And this sense out you question cash some about Second iCORE even look fairly about weak, cash revenue. generation. is quarter, can about there. what If I

quarter-on-quarter, is of cloud This the is service line. quarter pretty cybersecurity part it despite

So, what if some playing sense, provide out is can there? you Thanks.

Sure.

did four, back get. continue operational we me whatever in going salary that timeframe into we’ll So, rather particular be it. to invest quarter have calibrate before. a let from range say not I basis, and on, are by you out particularly the or telling we to upwards, on will efficiency but we here clarify than the quarter quarter two, on that. promotions particular a that is guide I say it And that mentioned What Dipesh, that we’ll We’ll around we’ll increase. quarterly gains a you bottomed

we that as press since well call. was earlier made in conference, in the the that So have commentary part of earnings as

from presence operations bit we’ll catch reasonably been has two. cash, business, large of up HPS question it yes, we it is but on on also second a cash quarter slower question quarter there which have iCORE enrollment reason, purely our very that’s four, while business which in, growth, standpoint, confident has quarter digital not moderation business and our quarter iCORE of continued moderation in business, on infrastructure your the a through business. were through there in is Your sees slight did a a part our that And are a on We of which seasonality And and enrollments cybersecurity open well. do DOP open it of momentum one that little in there. therefore, to had great a the our

Thank Understand. you.

Mr. Agarwal, We’ll take ahead unmute please question Edelweiss. and Sandeep from ahead. your Agarwal of our next line could Please Thank go you. question? you with go the your Sandeep line from

thanks the evening, and opportunity. Good for

demand for doesn’t the our worst seeing but we the very probably on reiterate adjustments have So, times side are one I outlook do the the behind, exciting. acquisitions, look we question while, still – that, you have if

it there best So building you of or in is things and That part are versus long-term talk very there change to important amount two pan wait part believe to to is earlier in now from how mindset one it’ll is in regarding be challenges there their macro see them the is back, some your and in, they fear, think conservatism, perspective macros? invest sense that, clients two, because my a which – investing of the in tremendous is is you which of in for despite question. technology. that they out a that you the for years substantial watch that, when the And technology do

Or of it market the again, think share maintain rather mind their their efficiency are going So costs you forward? of to, on to as their market comes that when growth expense. grow dominance than share and

So what is assessment? your

the with Sandeep, Okay, so let so clarification. me start

saying? So, you this guidance saying, not conservative grows our is to are quarter exciting coming for X% and what X% is you’re

conservative, equation. when adjust I’m little saying for it we the looks

trust, sure to and go I we do we’ll you. for this that. will our think guidance, But, surprise Sorry with best for

there Okay? didn’t we any We never the worst was actually, that Sandeep, we’ve say that behind, was didn’t say worse. said

demand the the think And with – that we we every to are, are seeing continue in have that market last connected are I seen saying day. that good. we be there we quarter’s

in digital transformation. have talent, market that’s talking and we engineering This is, technology, we that data, of said. is outlook frankly, about, cloud, expertise, capabilities, term services, the are areas for there cybersecurity demand So what in

plenty opportunities. have We of

Okay.

be in So that don’t are I trying realistic guidance. again neither to our is, are we being, we think

Okay.

We’re being not trying to be overly conservative, not optimistic.

Okay.

way So guiding. of it’s a not definitely

Okay. okay? Is that

Yes. now clients that are I bit [Technical macro more your Difficulty] the just wanted little given to thinking current okay. how a That’s understand

spend because respond in have, reality, no See, it’s of different difficult clients intention few in different to absolutely London a visiting the ago, I visible. like has, Sandeep this equation the to in technology. one week always to company, speaking but different minutes reduce I largest insurance So the to industries, think what’s markets, CEO. was He

to discussion, that’s ever are So I what think in that, looking our why So drive? the the more, the the we In outcome, to our fact, clients. in cost of about at concern discuss, the in it is no way I proposals structuring They, point believe right? really time we they’re for is what technology. did going

productivity that in into We XXX% a focus is investment current the technology in are see on there I programs growing immediate attention, are doesn’t getting the gains. with mean their the mind. of But when environment. can they think It this impact macro of

That’s you. Thanks. Okay. very helpful. Thank

welcome. You're

closing we Ladies hand Aparna conference Ma’am. I to would and you. over like a comments. to that gentlemen, you. for the as Over question. Thank last to Iyer take Ms. now

the Thank joining for call. you all

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lines. Thank conference. you. Thank now this Wipro Limited, behalf And you concludes us. you disconnect that joining On of for your may