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Wipro (WIT)

Participants
Aparna Iyer VP, Finance, Corporate Treasurer and IR
Thierry Delaporte Managing Director and Chief Executive Officer
Jatin Dalal President and Chief Financial Officer
Saurabh Govil President and Chief HR Officer
Sudheer Guntupalli ICICI Securities
Moshe Katri Wedbush
Manik Taneja JM Financial
Dipesh Mehta Emkay Global
Nitin Padmanabhan Investec
Sandeep Shah Equirus Securities
Call transcript
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Operator

Ladies and gentlemen, good day, and welcome to the Wipro Limited Q4 FY '21 Quarterly Investor Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. Aparna Iyer, Vice President and Corporate Treasurer. Thank you, and over to you.

Aparna Iyer

Stanford. you, Thank welcome warm QX Call. Earnings A to very our

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

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

Thierry Delaporte

you hope morning I Good too. you Aparna, thank again to to have now the able have you really access definitely staying vaccinated and may everyone hope good be be not, quarter. I vaccine joining thank been good Perhaps you. or us evening for to It's but you of you some today. speak this if safe. to

our our as the we but government. in their India, as by set that share happy per just vaccination based the talking families employees for cost And we camps colleagues about guidelines organizing fact, In I'm vaccination not reimburse our to that, will well. of will campuses be in the for

stronger everyone to of and the entire team, year world. grit in are needed around tough we our ever than for much before. So perseverance and relief the more a resilient But thanks

momentum would in was last As our a quarter. we saw QX top of you performance the seen have built on

reported a the in sets well. robust [ph] revenues, financial [KLC] the quarter and bookings year great have This We in the as and solid stage execution next frankly, next growth for resulting margins. order

let some the the start revenue. more you me Now, right, give let's on results, details with

was Our reported which revenue growth is the the in is would top quarter I currency reporting finished we X% tell quartile volume by This XX pandemic, the year, and say that marginal this because fiscal the constant of a bounced during fourth only good of X.X% terms, years. a to growth in quarter in the and year-on-year. of the range. guidance X.X% decline at despite the year the first back, was our led of last steep quarter very best we have on pleased decline you results I'm terms the with,

at Now pretty is look environment the our demand. healthy. right let's The pipeline is robust. now overall And demand

we've fact, ‘XX that of ever the highest reported. the by grew our contract order in TCV total XX% booking year-on-year HX total second In is value half

we've all, say secondly, But You very led numbers may market increased would first the there's our has performance, ask reflect what leveraged well. we that close. of this large to have an able in the activity deals to I been

our acquisitions includes strengthened duration. two the that TCV previously should across $X during U.S., America, can, which We These deal service India. our Americas we've resulting the how billion. have billion a closed of And deal presence in USD including Europe, in announced a to quarters, in the revenue markets, M&A be quarter integral key have closed going we Latin about strategy. large is XX I and our to TCV acquisitions of over several an talked the that Australia, see offerings. X.X business last part our of mega deals, you'll local lead This over market

we've quarter, the in market, are also possible. exceptional very acquisition Capco. quite global transaction experts it's as in financial very the excited leadership ever strengthen hopeful We closing largest onboard our clear, our During remain services of capital of some significantly announced position early talent Capco This will that we space. this and acquisition as to domain

will seen We acquisition in our and footprint DevOps also based the quality services. growth cybersecurity, an This you Pac announced of the will in provider Australia our Australian that accelerate acquisition of Ampion definitely engineering have Asia region. and expand

and years age diverse strategic vibrant created community have the around a and Our world. talent acquisitions of new the mergers over

It's and Some a year-over-year. to point ambition XXXX, such fourth it, XXX increase previous X, brand, identity our integrating The as seven and have one of points mindset now acquisitions that of brands united and some XX%. retired individual is we April may was all you basis truly one we of one quarter the our allows Wipro. we wanted noticed our thereby us that acquired one operating margin the go-to-market during margin, on

utilization now promised operating being have released I'm highest XXXX. X, increments and XX% salary pleased promotions of we ever. shown consistent at improvement as to its offshoring Our our January and metrics effective covering with employees approximately share that

in in execution basis XX.X% financial our expansion an points resulted of with the rigor the has We year, margin year. for are and operating which full XXX of pleased also

first focus operating is Now the new that new speaks structure This November you that announced if I fact, remember in our organization model. we of in completed QX in quarter entirely 'XX. under had was what an

little in to So essentially, focus. market and ever we transformation the disruption undertook biggest company our of the no so

inclusive leadership results filled. build share we cadre our of settled a I'm But and is working local that spotlight of the imperative to kind that well truly team. existing new the to and is with say typical All gender that takes proud in Our industry. customer pleased firmly has have but ways joined executive now change are it's improve is diverse There senior not that on of of Wipro, positions been talent to time now so key brings are leadership that the we I'm the ethnic needs. my diversity. and really that our out, new team

be a Of course, moment take a progress made. more the we've needs to to note I done, but want lot to

the All Now, note sectors color significant is our let is markets, are constant to of our numbers there to business In we broad me America, across currency sequentially, our add performance. grew all growth of with therefore in based Important growth. showing underlying most some sustainable. which X.X% strong means for the ease reference. and traction

and a That a offerings, sector year. business in Our while next slightly in platform business deal likely certain grow led too, The Americas utility BFSI demand surge strong volumes. the manufacturing across for by In our volatile. to all is will is we the provide recovering, X% closures remain sequentially. is energy service

year. several Our back we've the European delivered growth markets Ireland, collectively had deals Kingdom have Benelux, a of through large X.X% grew Germany on sequentially. that and X.X% sequential the United of by

markets other highlight slightly to all declined in businesses Finally, exit is low that’s have frankly conscious some want quality what East X.X% the our the sequentially. a that due grown regions by in I collectively to of but market. Middle APMEA But the

global business digital experience quarter-over-quarter. offerings engineering by at looking the demand grew line was services. data which X.X%, data for by This and and lines, and business and led greater Now, engineering, our IDF constitutes applications, a global service

iCORE three line offerings. platform, infrastructure with business growing global other say, digital is That well. service services our by to cloud grew X.X% security all quarter-over-quarter and operations practice Our

XX now Another customers, our company. that indicator customers our top five, based our top grow is growth top how of ahead overall was of broad the to note well

of deals picture Now, let me kind give current of we you the of also are you gives business That winning. a sense landscape. the a

Telefónica was five in 'XX. signed best what of is which already One with deal OX, announced, examples the the February we year

buying through we truly of As customers a time what across believe will we assets. that showing is all illustrate almost customers represents And of patterns, seeing environment. IT look One, lot our now it for radical at the industries. I renovation the are this

strategies to transformation. effectiveness efficiency, IT IT very the overhaul positioned many the innovation customers speed, the to how a of change of across are and and the the Wipro this to bottom are serve to business approaches of growth, support experience. is there similar cost, significantly customer top spectrum the IT estate, goals well While

at the conversation is migration public the operating enterprise Cloud for fact, in or shift across of in is multi-hybrid the cloud percentage partnership computing cloud future. becoming chain. value or on well seeking the center cloud native is large applications, platform conversations. private customer Whether Wipro them the cloud in cloud focused innovating models as as of help are customer their infrastructure Second, and applications to

co-investing our our supporting we and while long-term Third, to them commitment their business demonstrating are for model. outcomes customers, funding value

in conversations innovation expect this transformational integrated, more the become we deals and greater more ecosystem, across require area. As

that has [indiscernible] European journey. partner data and that Wipro selected deal transformation mapping a location digital won have Another their with in we to company cloud and is

part of domain. next-gen As the apps probably big in we mapping set futuristic hybrid cloud operation engagements, centers that up and

market our AI to for doubt, recognize guided guidance next on enhancing growth talent and on are outside of organization, quality the and of the talent. our improved This that we And our have for user Capco a will are experience customer. lead for double-digit for war a of growth productivity We environment will X% and to year-on-year This rigor. for no improving the We revenue this quarter. in translate to focus reflects for home's agile and platform to X%, to XX% robotics leverage we a enable fully quarter, prepared Ampion. the are execution XX% finally, our operating DevOps the and fully outlook into increased we good we competing

talent investing are scale. building We at in

does in as the our measures to includes, promotion much not salary down it's 'XX. implemented have out growth. to Two, and cycles retain roll senior [indiscernible]. of interventions based the supply bonus not for chain parallel, our the This several of but talent are to In third in increases limited place one differentiated June well. slow colleagues pace skill diverse ensure across We deserved

growth. this Our are year. margins [indiscernible] and are detached is Wipro practicing that our basis. foundation momentum To the been will about are the on. All for crisis. that's financial final 'XX the markets I going new strengthening into the from solid say that optimistic for pleased years that that a business that reflect year-on-year we make has we summarize, starting be with point passionately momentum. current must business I important XX And today growing should would our the QX on a in climate on FY optimistic investment are the evolving And very the not It's we last but key

later. to But In you hand days, coming that on decarbonisation Jatin significant on will fully builds see our on to I the So to Jatin, make growth ambition roadmap. announcement for now the our incorporates and know fronts, his want you. us over efforts all some me the you over let comments more that these it ESG on financials.

Jatin Dalal

you Thanks evening a good to our good again, Once lot pleasure for and call. of Thierry you. us joining earnings host who are a to all great morning,

give a me performance. Let of summary our

our about, quarter of As reported X%. four sequential And in we X.X% Thierry X.X% guidance quarter before good comes delivered this where growth sequential quartile back range in X% the was two sequential. at that spoke of this delivered on three top a our X%. -- terms, quarters and the we In

tracking a are we as year. complete financial we overall good this So trajectory

execution able four quarter We last of achieve operating XXX expansion in about margin year. a XX.X% year was operating I'd the to of feel for this was speak deliver ETR. quarter We full quarter margin. is XX%, was the quite in margin up. services. for the were operating XX.X% year XXX compared that point And which IT well for points of kind full and delivered four to about basis we four basis Our this

settled For XX.X%, of was some year, couple delivered got XX.X% upsides of the in to XX.X% our the quarter that. of full four year our year getting net tax and the Y-o-Y. fiscal for of and matters compared grew quarter full FY But was ETR we growth in lower in on XX% our ETR ETR was for of XX.X we full income -- 'XX the 'XX EPS Resultant XXXX. because

little speak were We a four. about bit me every healthy in realization of Let XX.XX able to achieve ForEx. for a dollar quarter

we have for in not investments certain year of billion the are of hedges, and about we our for subsidiaries ended $X.X $XXX inflows for million sales normal hedges we ForEx about which were proceeds. made the capital As our had

range it quarter the executed billion. of -- that from we in remain But, $X.X in So, perspective, I have range we $X.X to four. capital historical up we certain protection as said, have our with that hedges billion topped

our quarter four, of slightly more April flows, against our fresh in POs have the little the the typically year, They by Let DSOs time go In flow. typically, in come in quarter as beginning what you issue the March. while into to you cash bill think three. about slightly a cash quarter me there and four, time up significantly in is lower, know, are a little taken slips POs, then collections should better those

to therefore, have in we typically compared higher DSO quarter So quarter a four slightly three.

that say that have year you see a pleased in So I'm of we improvement days by improved still in to strong to quarter But collection. one four our would compared impact. eight has DSO year-on-year, last quarter this about so effectively four, cash

have that the that other cash impact thing Second payout. also holidays of things we the because is few bank a and

We for in have India, paid this quarter. salaries in

impacted. any impact cash manner, P&L flow get does doesn't this Of course, but in

flows But we have very been that the generation. full to have pleased cash flow very say than lower would slightly robust what had I'm we year, like. So, for cash QX

percentage net flow percentage Our operating free income of is as and cash flow XXX%. as of our income XXX% is cash net

You of is is healthy December to four. compared X.X debt billion have of that look to end, come billion X.X Overall, it P&L, strong XX. reflective And the would seen March in we billion at quarter net end $X.X pretty cash and the of a balance buyback the end forward of have in have at a December much end sheet, we FY' course that of we down March. the and which has of our was that completed

to rates questions have X% exchange your Thierry release. guided of X% part We'll very for the highlighted happy our from opening as constant that remarks are as in mentioned currency as to here. his be take We press

Operator

[Operator much. Securities. the very ICICI you first from The question Guntupalli Thank Instructions] line from Sudheer is of

Sudheer Guntupalli

XXXX, integration is X% just timelines. contribution to METRO the guidance AG what expecting after X% in a June from change METRO? the you're clarification, Jatin, any And for

Jatin Dalal

thanks Sudheer, for your question.

specific guidance, ramp it's component up of out a large We chapter. deal happening or where to a are customer -- up contribution the ramp component the not breaking deal but is certainly of first from principal

Sudheer Guntupalli

Okay.

So the [ph] from up [different] purchasing? ramp

Jatin Dalal

Yes.

Sudheer Guntupalli

Yes.

on dues deal second in of into, further areas these Okay. question terms are comes what Thierry, to is are color the can if these add no and my which you wins, And comes and renewals the net into?

Thierry Delaporte

we've faster deals, on the performance front our organization. our if driving I or let's growth, at the say top should Sudheer mentioned that, look the it they look in so the of average key be. if is the what at you sales if activity the large accounts, organization, One are you the fact than are growing our accounts, like they which

fact offerings these leveraging through expanding we And our our new are position a offerings and are what account, reflection URLs, obviously, so that's certainly, the is or our in have them. strong different Besides and that doing in inside and we we or solutions two performance increasing in in new existing have through accounts URLs expanding, the new we had By we of solid position. more have reinforcing the -- have accounts of accounts Wipro don't our from that, number one organization, than very accounts. of a so generation that opportunities the supporting

last we've has last accounts over And would who the acceleration I so is few up as after six and new relationship. legs, you're really now say, but hunters wins to we've had say existing drive side, are growth, our able new some account the accounts, that picked growing are well. months two in months, from what driven to on existing frankly, to seen good hunters to over the be need you walk who right one you on going really farmers we And always need unique

And market. good reflection in the of activity so a that's the

Sudheer Guntupalli

have last my Yes. question Thanks, side, months some the past of changes we into been seen effect. Thierry. since One it over a and additions organizational organization. from leadership the had put changes few lot has time the in you And

company be the the of in employees satisfaction will color think the about you So helpful? any how levels, on organizational changes, taking do these changes, of the are terms that

Thierry Delaporte

the selected a can on XX really Sudheer, about we their in based if with employees organization call organize birthday.

know, really a a it's with get the how perceived. and of direction things at organization, know people feel also them, oftentimes but we So for junior to you good feel, connect lot also get And very but are are whom levels, obviously a in the return on getting taken.

organization hand, positive special. new good. the integrating of they're culture you welcomed to so very people leaders are organization confidence makes a know think those well. that the I over those very spirit Committee get obviously and warm the in a significant to the being level -- really with. senior being can say Executive a way they in really the five new and so in in people different of great by of joined And there's quite have of and join The system think we that on perspective I would say organization organization, the things of are and Wipro very very worked bringing energy different happening our and number level very are have they've as from pleased what's is you as it's also on-boarded way And I to to is, faces. the actively would And that also, tell rapidly really with new one the the we've better I change And ambition, months. the last three organization members roles. I this the in different values organization. they're Wipro excited but said team to the it

Operator

The next Campbell question of is Ryan line from Wedbush. from the

Moshe Katri

me? hear you Can Katri. Moshe It's

Thierry Delaporte

Yes.

Moshe Katri

from the the here growth questions there? the did during first, digital quarter mix up and rates follow of Couple disclose you

Jatin Dalal

have done. number not of we that have communication the shared part as that we Moshe,

Thierry Delaporte

take one Yes. maybe. that me But let

know becoming report more some the companies is I more are organization. And that is do and majority what percentages frankly. becoming is or lot digital where feel feel we approaching of blurred, that, it's continue other on what it's anyway So, we not. what what's the a to that we frankly, And

technology evolution not it's So the serving of works. really way the

drive what the to that So obviously cloud so is, we we dial-in inside offerings picked and growth. are each have really space on around doing more specific high

digits, look for give double cloud, of a right? cloud view quarter double Wipro, business If digits. to that's of high you the about it's the growing the you growing Now, a double on us, revenue at security's digits,

look is digits. experience, you this growing at customer If double digital

see solutions everywhere. doubt the question the tried is grows I pandemic that that and there equation, data. well transition one And we the the no growth, and So no your to There would from, rotation, to why as to and frankly, read, doubt say, in to is positioned are offerings legacy if the getting is, I acceleration accelerated cloud been or our digital this reason we we also that's because space. are of an

Moshe Katri

Okay.

So point? question growing, estimate, the if a I of asked which this bit regular from your or basis shrinking part the actually at differently, not is

Thierry Delaporte

shrinking by on. cloud business, services, on security revenue because non-differentiated infrastructure would by so replaced be your AV services is certainly will there that be cloud in be pressure data being will line. is, engineering, rapidly that definition, not and that asset on those this What weigh the are And a would cost

Moshe Katri

came from look annual which of quarter part logos? And Okay. the for at of part new from fiscal a And for renewals perspective from versus maybe year, way was to bookings an also there's actually the then this bookings the renewals? which

Thierry Delaporte

seen does tell say over Jatin, I in you six if tell opportunities, our is months that the usual accounts. bookings can pickup the have quarters, that, from, coming then of in in not we've of pick So, last the and would performance driven these not but account, versus renewals A a from of is or, new case. I existing me in we've the proactively growth come partners we up renewals what previous either lot other you fact,

sign the that tend the renewal say that would a let proportion in bookings would and at that would least not of I more, would billion TCV in frankly, quarters. typically But say, I I bigger I is X.X the coming there's And from than there so feel you would, we add. Jatin is what have to not previous

Jatin Dalal

texture about X.X, deal TCV additional terms give Moshe and -- And Absolutely, we the mean, of signed talk we that Thierry. large a as and this can billion not that articulated of the most only broken are To we of haven't correct, is has to this. color come. new I mean, we you have of mean, I additional but is, business in of we booked, have little broken the of data overall point, I how very there. color $X.X it renewal you down

Moshe Katri

have you have look here question confident, That's about for it? feeling color you sort prospects did transaction, you any final incremental more maybe great. then announced the Thierry, more and will And Capco the to time of less be since confident Are some helpful? at

Thierry Delaporte

and are We continuously, Levy okay? So, connecting Lance I are talking.

We the through are process. go different to all obviously steps complete to patient the

accounts. The it's opportunities and but We the business way, positive, for cannot, some the not to consider it's BFSI need outlook apply can done, trend specific identified I Capco view, deal tell you Wipro the the complete within There's list. it. reservation will, I connect positive. The the is happily process had a is of I sides to by that the long on to the -- positive, the defined timeframe time, on we

engage As clients to and/or the imagine, to to we position, can you our it are capabilities last we reflect what how serve to them as start over Capco and and team new expressing month, with with they're connecting start to can the impatience and more. talking on means absolutely leverage really them,

the of level I this never, side one this deal we moment one, well the And was sense and the for heard is of know, standpoint, I as was And strategy to we second, positive. the I no your Capco market is think our third, absolutely impact so, in thing view momentum running a at I've And I've shares and completion the on are, shared which mean, to the do. chairman get the process from terms feeling a right confidence, of my for everything leading well. point, to

So, hopefully for exciting soon outlook more to us. come but it's

Operator

from is Taneja next The from Financial. line of JM the question Manik

Manik Taneja

Yes.

So question staff to the senior about June. supply environment, spoken the regarding side from my is you giving when hikes

FY sense Just cycle wanted to on get the the 'XX? for some for exact staff overall

Thierry Delaporte

been the question. I've can understand the side, It's able not to referenced you supply, your sorry. I'm supply but repeat?

Manik Taneja

Sure. Thanks, Thierry.

to So cycle market? to the for question have is Any the the overall with do regards And delivery? lever on with are 'XX. for wage my trends roll Just based the to next one. seeing fact in retake the given question a industry for regards do FY towards to got out be few now, over was hikes customers we understand, you for to accustomed progression thoughts margin that plan will you that think wanted And more a staff the when as much question more scale the That's years? second number pricing whole offshore entire the pricing staff?

Thierry Delaporte

Okay.

one the take in the you me the compensation So question first let points, the I'll Saurabh, hikes two, on organization. the give evolution,

was So there for first that reduced to reduction Pricing, overall led I going a short-term. think is the where in lot to where, they pressure help say would the where [indiscernible] the no of discount time, them think are a tremendous don't there is in was of at has super this to to is, is, say, there. don't price. which seen if never a one, we next in of drive have would in have I think the -- on a but They've period for certainly I I I more times technology over think I on significant performance normal quarters. that be seen program, spend, have slowdown asked in what increase necessarily shock spend different clear there's the be it and IT. beginning of at but I've I fact, the going cost From very pandemic definitely, on don't even some price seen companies pressure. the was so there I evolution, is a an span the that industries, period, period anything the

technology you working because are is say solutions So service, price the right lot pay of transformation, what may spend. on to is, at a save if little in price, transformation are they course, what -- bit is right ready client would get stake than you the more if stake you a is that to the the are what potentially -- the differentiated in

talent, think want take maybe I first complement the second capabilities one. is, So the want clients question, pay. of to on best And the many to that you want clients the Saurabh talent. one the yes, offer The pressure but for right and frankly. years, end willing to day, what you the than the right at to They you there seen offerings, and is say, I we've you are for to more your can not a have, the have that would many, is requirement. pricing, sure own right when when a provide

Saurabh Govil

Thanks, Sure, Thierry. Thierry. Thanks.

on hikes overall wage for on Manik question So, your 'XX. FY

hikes to the we to doing effective for you -- calendar XX% it employees X the junior cycle we is our X balance given a explain Let QX. in me January have year, effective And of that people, this in June, of which are employees. a bit QX, normal

across bonuses We is -- couple will a are board, are doing for skill-based is the across you're for key one the skills, across that other bonus which the happening That skills of hot and things. we also organization where in doing make we in are sense company market to also June. want have employees. for you the cycle doing This the promotion today,

of for number a interventions are So happening people.

just given FY will cycle will we employees, we a 'XX, have we tell As back, for the junior regards normal three it call. take months

the you environment we the our skill, growth will know, organization. make intent and sure take a out your is answers But that not Hope a in it and when right supply we'll and high the have call is constraint competitive called to an be to that skilled to chain time we critical manage remain appropriate endeavor people question. As given. be our

Manik Taneja

for Saurabh, I and hikes conference, press by wage that the December the us of thank that industry. were mentioned ahead guess that in you were differentiated given you response. in

wanted some there? to get just thoughts So

Saurabh Govil

whatever what based seen on people differentiated given wanted -- of so given is in the the cycle, we that yes, much So to point increases our criticality, January. the have skill, more given than people we've to we and make, aggressive it I That's on what and have second for we the increases in January are what area have industry. performance people we believe in

Operator

question is the Dipesh from Global. The from the line Emkay Mehta next of

Dipesh Mehta

Thanks questions, a QX overall want largely for quarter, place, the to sense done. and of will of and be just the opportunity. because in you whether Couple last we indicated all, first team by rework leadership about get

So on if a largely and provide update transition behind perspective it can us. team overall is from you leadership some

on That progress progress over of manager And related. and account the on quarters. question Second areas made we is is, one I the mPower account few playing made global focus key very that last out think far look next question should of executives, the so how different. so

indicated you in billion take I some [indiscernible] X think for fiscal.

want I billion announced X.X or with block to compatible to it in we is which QX that number? So

Thierry Delaporte

Understood. Okay.

one, which me let first on organization. start is So the the

dimension and global X, have on inside organization P&Ls. three four by we So with two with sectors an P&Ls XX global and from supporting the geographies sector lines a four business rotated and model organization about January those yes, geographies P&Ls to

we that work simpler to the is with January obviously, objective we've would, by of the work at had like. to significant the We we realign to the much done new the will have the the much implied on ready the of that you And in And January consider would processes, this a do ago last that quarter, of new we shifted quarter been broadly we we've is to January, model February, by of X. by speed what end the model. that full and transition, probably a have redesign we end pretty employed organization model. whole about be on X. the everyone including if has leadership communication all [Indiscernible] the early said at people, organization on new be So the that's set a

the myself, also leaders their So very way and taken the been our by a role adjusted new the this people personally to work what the is spirit and produce, into want and reason the success speed successes clear as will and and the impressed clients. model, new one, mind organization jumped I'm together really there with for of to share we that together in my is work I've our

is market. seen there the a sales think standpoint, an on And been after absolute the that month. success. Second, in I it month performance from it's focus We've

operations, less on lot matters, internal spent is, a discussion P&L also, And so also, as with connecting whose many or and of on focusing internal between silos, less market, less leaders this like people and time a if less people not, and and clients maybe, frictions you focusing closing on deals about maybe more expected, but deals. lot less the but in our delivering

are is even us. the behind that's that's on organization. adjust need Yes, mid organization things of and we there change that the we absolutely there to normal. But are April, So is, grow. My view are

the it's setup us, working. and and is in the up For running new organization

the executive. second was on account Your point

this I So to are accountable say clients positive the implementing it definitely organization account that has in -- to people also it. more driving and your reaction, in the Because and in GAE are account when executive the try lot our scope would There it have part X. large accountability. QX, operations, but the on the operating certainly fact they January say, a satisfaction to good. because internally And to of accountability. are positive role. aspect showing are for in given accounts, of in we'll I more been our continue I do it's guess, of QX adjust the we global as that. growth way the more, in the the then this they would thing one clients journey, accounts more of want that in gives lot strong on a people, our to response client, And being but in change very also lot The been say the a a model and from easier The power really company, really developed are of executive, progresses is this front well, new a change sense very are front have to helped. we it's of the I a GAE that have is on responsibility, the change role as the this

bookings the clarification understood on is Third your point.

So the TCV for $X.X is performance billion the HX.

So in performance in semester. that for includes highest Wipro QX, QX a and indeed, ever this is the TCV

I did questions? Okay, to all respond your

Dipesh Mehta

and last and so billion large X.X this billion the on billion deal clarification part, everything. include X.X one X.X Also

Saurabh Govil

Yes.

large total is and is X.X So TCV X.X.

Dipesh Mehta

are are only is we for HX, for this full we And not setting fiscal? setting,

Saurabh Govil

only HX. right. This for is is That

Operator

from is question Padmanabhan Nitin Investec. line of from next The the

Nitin Padmanabhan

to begin of The first you or of close? Capco would terms tentative will to might sort be is, in able when of when assumptions and revenue would have question it any that provide you Ampion sort

Thierry Delaporte

We've end before of the it be will June. before and said end June of the

in is quarter, family, the a confident you we family. completed be that the process part not before but So through will this also end different the the of get they we're quarter. are process will will they to go end regulation So be of approval that it part This ourselves, where the before running of is the of that's, something different countries, have that right?

Nitin Padmanabhan

think while number in one I was we at like, recorded when the prior million. think And deals. secondly, And looking Metro XXX billion this I looks in $X.X quarter,

within said, we But X.X large deal suggested not had delivered sort You considering you billion. of of that be time, sort that, that. had actually deal, sort when you're may this a of replicable

that of we you you you something can that the underlying expect billion see large at allow on you basis, think see, to going a should these in and pipeline deals? forward sort think first pipeline sort from consistently? Wipro consistent forward, going be Now do half momentum from of that what Do based about a you've would on the achieved least

Thierry Delaporte

This very who of deals large This their certainly why building the help the pipeline. deal we really Difficulty] large and with is That's bring experience deal Wipro the are deals build [Technical team objective. tall and opportunities talents, will is this very, certainly across objective. us track those

deals in the We have pipe.

is close, number several deals certain And continue not so producing year. it's may systematically, have that we per ones, that a large still of but to want machine large the we to

okay, are there of the the we point think still we the X working to per will say in and speed acceleration process, I number we So where not deals engineers full are produce we year.

Okay, so that's the answer most [Technical can you. -- best that's give I Difficulty] the

Nitin Padmanabhan

So in licensing of the versus that prior what a you it the when are proportion deals at out there, larger becoming incrementally was year? deals is look cloud

Thierry Delaporte

of Wipro quarter of times several the company, going our company more business is to large business. is average of and is overall, a Cloud it about get the growing – of the than so proportion a

Nitin Padmanabhan

referring business. to apologies. out the split per se, was Sorry, licensing is which product into revenue cloud actually the I

if structures So understand larger to the there deal that deals licensing going, there, just are at the incrementally a becoming out trying in of was proportion look it cloud what in pipeline you past. versus the is

Thierry Delaporte

see is I numbers the but It not both differentiating will that but we here.

Operator

The from Equirus the Sandeep from next question of Securities. Shah is line

Sandeep Shah

three deals impressive. level changes, to wanted organizational post is that new closing mega of understand Just six months

driving in other driving? it some which is understand, something is largely Or to of wanted kind deals which is just Thierry, mega terms? of Or simplification, else things, wins? terms on it flexibility contractual also this So is operational the

Thierry Delaporte

respond are because proactively more larger past. enough that I legal in no. on engaging is just think opportunities, I terms attention something to your I didn't we to on question, it's to we pay no, approach No, maybe with so more hard strategically don't our the terms, clients it that probably mean, our commercial changed or we think

the these to And our really see their leveraging connecting understanding opportunities. of more crafting that's priorities, our and and term. the it's be so where with proactive in I clients, inflection result me, of at level us portion really our landscape expertise of the industry multiple and That's

Sandeep Shah

how So proactive has is what a year? material versus approach up, Jatin, with up a could deal you, whole? any proportion the accruals? up for the in what used could the a to sources Capco it And client through the of color? And through it internal for increase What pipeline And just mega pipeline, finance, a follow proportion be debt? shaping last is as follow more be been be into just resulting to question your

Jatin Dalal

No.

are works looking what now. for We really best options finalize at right and all we'll us

have what not the we position. the proportion? That’s be So finalized current yet would how

Sandeep Shah

question answer, first if you The can yeah.

Thierry Delaporte

there. getting I'm Yes.

I six on we nine with large more What a engagements we than evident, think more opportunities or the also these lot I interactions. clear, that, are large yes, certainly is are opportunities looking at the that we it's last our having in is -- in as what, we months. see deals had large clients generated probably And it's in before. were So pipeline said, that CXO so, deals, CXO certainly large that obvious these or the

in approach large two And two row for I as know guess, a at out, That's Is we the turn many, really deals, big up, frankly, have the building some Because, because more it very with systematic level so, machine. you it years yet? yes, into very larges in can I team. next winning ever, why deals that's experience a we picked [indiscernible]. seeing are to and hadn't by big strong that opportunities pipeline, deal quarters are confusing. this the take no, for in pipeline. in many starting produce a me, On results But enough it's to picked least happened, we

of think on it's definitely activity. focus In So, the my it. go-to-market result I our our,

Sandeep Shah

be it And on top would some and if just entering a pending last And margin seniors headwinds. a Capco pitch 'XX I FY on be on for correlated FY Jatin of question XXXX, come XXXX, wage it there hikes wage top portion margins of can will which consolidation of for of FY 'XX a a will FY there hikes. still in the

you give us can some model sustainable for So, FY 'XX. we which range can

helpful. be So, that would

Jatin Dalal

Yes, Sandeep.

in obviously, there about spoke and is share that, phrase and to Let length talent make at just here. me that we we investments it need in

investments new the creating make those also will the that, GAEs in and to more benefits it we growth expenses. our on of continue are fixed so, should solutions us synergies organizations, investment leverage faster experienced certainly talent, opportunities. to frontline operating projects, campus than But and be world into to for hires need We also, faster we the make. the mindful But gets. some rotate class of provides growth enables less hire our the deploy into that And

has a is that of we to we on -- date very And from something going that XX, than the around believe of things, through feel different we we XX.X certainly impact sort go able which Capco. FY commentary that we enlist, on will From And was with many the in of FY including our range sales together be our what that the 'XX, the time year we which synergies do consolidate So, sustainable. 'XX the which it then we and as them are would were in side, said there, standpoint, had at been. was be is a quickly depend Capco. addition, on there to dilution be a year will generate working what

right investment Capco, take, first the that the to dilution make will not that with So to but acquisition quarters. profitability of obviously related put the now, of, we plan, like we But the the to we accounting given anchors. in see. to from together, as endeavor intangible charge work about stay we'll we past you is but the take two to we way be are as year, have that our we incentive what need for of two in spoken And would seen those in that some have have will anchors well management hard; few that would executed X% have continue and dilution principally the these have last terms

Sandeep Shah

our So XX%. saying are be just a also Capco to after can you clarification, margin close

Jatin Dalal

we the impact No, addition, that that an we will in have Capco. point in, range was of operating Sandeep. My were

Operator

Iyer now Aparna that hand conference I last for the gentlemen, question. and Ms. comments. to was the closing over Ladies

Aparna Iyer

out free the the and Investor today. feel a night. Thank due day. case, In reach call team. you Relations all for to you please joining your good take nice to constraints, Thank questions to couldn't Have time we

Operator

Thank you very much.

Thierry Delaporte

you. Thank Bye.

Operator

on all for Wipro concludes and conference. you We disconnect that of and us Ladies now lines. your thank you gentlemen, this joining behalf may Limited