WIT Wipro

Aparna Iyer Vice President and Corporate Treasurer
Thierry Delaporte Chief Executive Officer and Managing Director
Jatin Dalal Chief Financial Officer
Stephanie Trautman Chief Growth Officer
Sandeep Shah Equirus Securities
Vibhor Singhal Phillip Capital
Moshe Katri Wedbush Securities
Diviya Nagarajan UBS
Sandip Agarwal Edelweiss
Sumeet Jain Goldman Sachs
Call transcript
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Good day, ladies and gentlemen. We wish you all a very happy New Year. Welcome to the Wipro Limited Q3 FY 2022 Quarterly Earnings Conference Call.

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. conference Ms. the hand now over to I Aparna President and Corporate Treasurer. Iyer, Vice you you. over Thank to and

Aparna Iyer

Stanford. you earnings you, warm Thank Wish welcome a XXXX to very and our QX call. all a terrific

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

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

Thierry Delaporte

evening, Aparna, us thank Good you very for everyone. joining you Thank much. today.

COVID-XX it’s now, spreading This to and of globe, the new and are purpose, First, investor are I’d analyst and one year community. rapidly. friends this starting with and we the the our would But New like of hope wish the nonetheless. a in Wipro, momentum unexpected. health to really a success At wish Across Happy you like variants wasn’t damper all every Year. and lot to of a virus we

vaccines I let’s stop say virus. help spread and your mask colleagues take to of Wipro, this As the at up, our all

helped solid have in fifth operating of sustained operating delivered the dedication consecutive must health revenues, and acceleration And excellent taken margin one Now, I thank of integrity to achieve want bookings, that I results growth to Strong a the employees well-being in this. we every to quarter I us cash who clients despite their flow. pandemic, serve to performance. while our the really passion, These our to reflect continuing and will. was and see attend colleagues and have the glad inventiveness. time say with our

the our revenue was financials, our we this at terms during rate currency year, of XX is nearly months XX% at had quarter times This grown the constant have the Looking faster In than have average X% years. year-on-year. the first growth and six XX.X% last growth in nine year-on-year. at in we

business growing because is quarters We over XXXX. that our in up and of now, November X% followed have strategy abilities through for and been on our established for was consistently frankly, execution improved five this

Our broad growth of most across our our to sectors. continues service all and be based offerings key markets,

XX quarters We actually have and past. added To what in took a have in new months. a nine proportion the in added three past us the on of sense net XX,XXX you base, basis about give quarters we employees

Now, looking robust. to environment forward, be the continues demand

pipeline Our and our growth bookings all our rate, reflect that. order

Our large our and medium all healthy business pipeline shows across lines. mix fact in deals a of

of portfolios. well the annual midsized deals, the is, best We represents value. our as see Order in demand small as terms of rapid also which expansion grown continue on measure in a in of frankly, year-to-date existing books, expansion contract to has and accounts, growth environment which basis market XX% really our

dramatically. win the to booking I rate contract deals range. is bookings that stands improved In in for think fact, ever, highest have $XX in increase million $XX out the What has our XX% total value and in QX we our been year-on-year a saw order the the market million

the a our this reflection cultural expanded also pushing, impact clearly are I feel shift our of well rate our basis have we for a strategy, it’s on as client’s and being our For we been has the business. as This XXX reflection points. year, services of is now win recognized

we of the seeing benefit As of are pipeline. large Capco’s expected, new our edge consulting -- consulting in

data, We are transformation in engineering cloud in now winning transformation services, and security. digital

Our turn continuing have businesses. to in us them digital clients are place who trust their into

in continued On on the announced aggressively tips. two of M&A front, completion two pursue to the two of We strategy acquisitions we our QX. completion acquisitions, have

and regulatory transformational its security The environment security cyber of the enterprise. that and and on first cloud the business the definitely their and digital for compliance leaders changing recognized capability Edgile security transformation security is that helps consulting Edgile, focuses unique information for very enabling on identity. provider one cloud cyber deep risk modem is by risks and line secure understanding

business that will intelligence, acquisition This headquartered service The whose capabilities and of integrations. include products, integrator completed course, second Wipro’s was Services. acquisition we system, capabilities management Solutions, of expand a warehouse FullStride e-commerce, LeanSwift Infor U.S. of digital transformation, chain, system Cloud the supply ERP,

top grew now the Europe, all XX%; grew grew across XX%, respectively, X, on strong will services and and XX% two business sectors life we showing colleagues for Americas provide margins many globally talent. grew are QX, media, LeanSwift very right, XX.X% communication, we XX% science salary offerings will colleagues September, information from welcome and of terms. our at for XX% and acquisitions these In X.X%, These details I So XX% into in excited increases we on growth; capabilities an ahead XX%, were Americas quarter some invest are final market, service consumer and year-on-year delivered Wipro an our our self-transformation, healthcare we heavily at sequentially, range devices year-on-year and grant two-month and sectors, and margins markets new our to always. Edgile goods that after itself. in we frankly incremental stated XX.X%. of and and equity in colleagues, of our about continue so senior impact year-on-year. medical in XX%; and of with On operating grew covered as

value in Now, XX% looking The annual by $XX with bucket we terms of was strong of Americas in at million book overall a The year-on-year. BFSI X, year-on-year contract the grew $XX million. increase to and across over led good growth XX% order grew bookings manufacturing.

pipeline outstanding XX% had range. of deals delivered European has the XX%. and Our several year-on-year largest momentum above quarter Germany, our Europe The Benelux an accelerated the XX% and growth doubled, grew $XXX grew business market Benelux large almost on U.K. in business has this million our has [ph] year-on-year.

We well. business were turnaround sure where we ago, you it’s are how am know as a year great here. are up shaping so frankly our I European story confident about a they with

looking with pillars market growing year-on-year. mind, of the the APMEA XX% my acquisitions, sequentially. our existing relationship. in our coming at one growth, this key And this excluding definitely all booking market TCB major But should year-on-year support healthy, growth Finally, the our is our agenda quarters. grew All in XX% and our markets in Of course. terms are are to of the grow strategy of in deepen account large other

at So that. look let’s

Our top XX% five year-on-year. customers grew

a more I we XX This more lines. we big customers and last significant new believe customers bracket XX shift, months, $XXX a believe in have than will top bracket. two seven offering service in In have is added nine than we year-on-year. global million standpoint, one the the customers the grew business continue. Our million From that $XX XX%

of year-on-year. grew a showed line business global growth. XX% iDEAS sub-practices Our Most the healthy

Our engineering four and quarterly at compounded rate grew X% than in grew year-on-year last more QX of business XX% quarters. a in over growth the

sub-practices Again, business in iCORE most by grew grew line too. year-on-year. on digits global XX% Our basis a year-on-year double

with XX%. Our digital growth operations the led and platform

continue this. partners industry-leading us and and in leading visible now, our We resulting in expanded to platform driving market. is We edge strengthen our also the application because solutions invest go-to-market partnership with market in hyperscalers in in players. the Wipro with fact therefore with cloud more of approach and

with on vertical are proactive both solution our and campaigns We development horizontal partners and solutions. driving

All in of of this wins. increasing an resulting number multi-partner

grew highest that with our market is bookings year-on-year. going to This together order Our result a XX% were partners of ever. the

XX% cloud basis. and pace on revenues also grew the an grew at Our year-to-date of ecosystem accelerated

give processes, a oil and Now, Brazil let winning. deals you won are service a sense strategic of of kind their areas. large GDP One, a the Leveraging we and market. American Latin FullStride quality is of gas company their implementation now based Services, from to business engagement services Cloud increase a IT me this the Wipro transform significant in we to implementation service now

financial Wipro here value design U.S. Second, their the its thinking has headquartered increase domain leverage services to transformation to obviously, and and will the methodologies, in capabilities core portfolio. contract for technology improve us client. functionality a agility, business banking transform the bring retailer institution of awarded

now focus success worth examples biggest more but sharing, So, factor, on like to talent. our I’d

than ever. more building focus world-class Our remains talents on

Well, quarter We to -- surprise slowdown us. few not shared for talent the that a I no FY you say for had It’s the almost quarters. campus have that you expect more I will constraint we previous is of from worked our reality XXXX to fresh been onboard in very is more different a to we attrition on hard that I attrition that if most course industries. with only versus across are last skill after course, the about ensure year. never XX% growth.

diverse had on and we rate XXXX, having moderate our our committed to However, expected embarked next now attrition quarter. we confident more local creating and in leadership of a QX to in more we vibrant feel stabilized When team. transformation

count. We have every on progress made

XX% India points. been growth Our which that have our by relevant the nearly leadership XX in strengthening closer executive so. presence outside global our to office are improved of the and The and has senior moved frontline roles, It’s also leadership locations has customer-facing leadership account to clients. note in hires percentage of

senior doubled. do improved are have but in of in percentage proud Wipro far. we last has more the work a the XX thus change in leadership here, gender I ethnic Without am diversity we leadership seeing to diversity months, the pretty XX nearly our Over by points doubt, and have we

inclusion are a reaffirm clear. we our urgent works of diversity, more to priority. industry, like our and company and beacon of topic, all a very within employees committed Now, our at it’s safety kinds that the all to change even topmost current -- health that I’d for remain is being and and On respect

the rapidly COVID-XX virus, vigilant. With variant remain Omicron spreading of very we the

work globally over the four proactive strong at fully to dose one we our decided As are with to of our vaccinated next measure, and doses. vaccinated XX% a our with globally the offices vaccine belief are of have recommended two employees It’s for XX% now the weeks. close

momentum. in Our in plans client of to employees our with our our calibrated course, return as vaccinated fully and great agility hybrid and are preferences the of dedication safety with both Same a sustainability office said, That great will mind. urgency, continued in efforts context be keeping always. the evolving have we of clients our to continuing situation, employees with to even service topics model for

You again very, may has in we consistent to our change a Wipro our included row, very this Index know and is Climate take footprint in in carbon for the been testament ecological ongoing efforts area. time Sustainability Dow Jones seriously. and the something a XXth

for of have next our will the translate last growth a demand quarters our quarter, X%, to XX% to outlook XX%. robust over two this. path on year environment we be reflects which of revenue X% the for growth summarize, Finally, continues full to and growth guided to To into

his me stay will sustaining Jatin, am so and welcome right? shared had I far course on priorities displayed, you. for On with strategic I November on let have momentum to growth the in over Jatin we the you the We financials. that of confident comments note, with

Jatin Dalal

Thierry, you I joining will for very and call. details. thank you financial our quickly earnings much, all the summarize Thank

year-on-year we rupee a on terms. you XX.X% on have As in basis rupee know, -- the revenue grown

or between in Our margins constant quarter three range. narrow stable and have a remained quarter two

a improved to at Our our effective ETR grown actually quarter basis. has or three. from on earning per tax year-on-year XX.X% in share rate has Overall, XX% X.X%

DSO revenues had result, a as improved cash as billing, in our and also a in performance percentage performance as strong as have and days both have have our of We well improved. collection, revenue a strong unbilled

realized quarter of is press dividend as for the per of cash press release recommended net The X% operating would of Directors had income. four in read and at X% mentioned exchange quarter an you currency rate has billion $X.X constant ForEx end billion of as $X.X XXX% net INRXX.XX exchange INRX our our cash. for in December XXst our press $X.X interim the Our we of of have we of the share, hedges and At of had three, We growth -- billion cash release. of and were three. to in guidance an rates are which flows the quarter in Board the

your be you. very will take We happy Thank to questions.


unmute sir. Securities. go line question our ahead. your Moshe from much, Securities, Moshe your We from Instructions] from your Katri line is Wedbush unmute please unmated, Moshe very line side first from [Operator Katri the from Katri, take proceed. of and side question. Wedbush is the you line and Thank Please unmuted, with proceed your your please

there’s Securities. we move Please next line As Equirus of from to from no question Shah Sandeep response, the go ahead. the

Sandeep Shah

opportunity. Yeah. the for Thanks

we Just of terms two exceeded whole. we of base. and a last of in the quarters, at as actually upper I a are guidance midpoint By have do guidance end that’s question the this quarter, agree the the high a

impacting as I bit a guidance, a so. a growth is smaller if to faster on is looks basis at like So high whole, whole, the to current it deal deceleration which are X.X% in decelerating is organic rates, a the say, tenure, look fair it even deal is some it conversion, growth, a and X.X% it wins quarter as

Thierry Delaporte

this No. Hi. Thierry. Sandeep, is

really deceleration of see not I So our do any growth.

I we done been think guiding quarters consistent for X% what we we have between the guided in is, and last have and X%, have that. few

any you go no there’s little by but go you down, mean. little trend would go real a Sometimes that up, a down

We haven’t lost clients.

We or abruptly any on. so haven’t terminated deal

We grow. continue to

and in basis. guide that done performance on that a XX% Keep we with quarterly performance obviously, the best This ever last on in continue fabulously next for is because to us are quarter. X% growth year. have confidence bookings, the We also, we tracking X% over the mind frankly, can to gives

in the company, the company imagine of So quarters. transformation four the

to you five that actually have overall of If a the added go we back of -- base. Wipro in the quarters, revenue third the time

the we has -- is XX continue company it by that the trend in and we increased to have of the So going growth kind I had five forward, same see a third think And by frankly. quarters.

Sandeep Shah

growth Yeah. turned Wipro This we helpful. is journey really And of that also the has acknowledge around.

smaller that, may Just this a Thierry, large on in So, terms you ratios, with mentioned be successfully the of further to organic growth, depending acquisitions efforts too the already as turning on growth the one time keep also media around of to margins, a why than that, terms around question whole. your not of organic has has improving another a you rather open we Wipro by improving the Why return which where sized whole? as easy organic acquisition, growth come doing you focus difficult being when and era, are when growth? in much in in you are come of too because is taken turned in terms the interviews, inorganic for

Thierry Delaporte

That’s actually…

Sandeep Shah


Thierry Delaporte

two Sandeep, it’s different Yeah. things.

the focusing The our a never growth mixing compensate Those growth as not every strategy. different inorganic of are to and acquisition help on jump is two organic gain be seen our Edgile areas. are consulting And organic okay. expertise and to We When with and make market do and like in strategy speed us accelerate it will expertise some that. accelerate tracks. growth organic we on The way driving are strategic the units to in the to Edgile, drive on -- cybersecurity an business strategy growth. in for area. business is focus M&A brings

strong have practice. cybersecurity a We

We Buffomante. this us by leader, to allow that able is We and good this business have growing very very it will feel Tony in have impact market. led strong a business, consulting a adding by be have well, bigger a that to

it’s to compress expertise to and is but bring M&A. so don’t we really are for not that’s seeing we it reinforce organic time, It’s growth. compensate And how strategic, and have

Sandeep Shah

of Jatin, even in think quarter, terms this just XX a to I margins, EBITDA look been last And Thanks. being we if in last decline has question bps. quarter versus the bps at margin, XX XX to, close Yeah. bps,

So six now four terms than as quarters rather the the of potential? margin next well potential of XX.X%, continuing in pressure as over the be and or may we is out of believe could are downside we question demand a additions which call continue upside a outlook, or doing which tailwinds band because may which there we XX%, growth, quarters, has the medium-term you as

Jatin Dalal

So, Sandeep, Jatin here.

we our We changing think be this to change should going for are have to a be, range like the will pressure remain the there could it. dynamic there that quarterly we own margins with be no year the scenarios is that variation, -- and business pattern maintained previous two on is This years, year and is sustainable is and going we of but and ground. to excitement its and points pragmatic

the around And we two we will that is first wages growth the current and change. is clearly bit have also And and through spoken we done have a priority in work months say very we in So invested always it decent talent. Fundamentally, alongside us the of utilization. as these no the despite band maintain additional try about. flexibility little and that we there margin have and is a for in job quarter, that we impact two,

As about some investments on have sort two operating which narrow been quarter, the four to previous you gives these it’s cost see, additional us a range X.X% beyond. on in for margins. side, remain growth and able headroom we in of Despite from change can quarter

year, sort we the say comes, to would will manage but be every our a as a remains. range -- I So going need it’s year, of midterm dynamic it quarter to

Sandeep Shah

Thanks best. all the Okay. and


Please the Singhal go line Capital. of Thank you. from ahead. Vibhor The from next question Phillip is

Vibhor Singhal

for Hi. evening, sir. Thanks taking Yeah. Good my question.

flow environment the overall the are demand question was deal really and my that seeing. we So on

months. are clients the deals last There months we the that have deals what in with by few of and are is tenure also smaller sized far and into calendar nine between kind that hearing we those the very to deals news have I a of lot been those think evidence impact. well. increased And smaller in the are years, breaking six last seen deals hearing as last suggests We that, XXXX sized anecdotal

So ability, to does couple that I mean, over overall a the to years? have how are we and question. is does Thanks. strategy the more of similar deal those up also impact of that pattern our basically how I competition, in our flow seeing that grow deals, win next follow after impact difficult And there kind a more

Thierry Delaporte



the deal. on overall take large So that I one structure the of will

So, what, are So of actively clients program, are in not design moment not every at very one are execution the they is transformation phase, industry are obviously, driving the are getting it in they building roadmaps, clients large they -- the -- it’s done. okay? not in

they to progressing So the want and results. they see are

And negotiations let’s for a going and client and ahead roadmap or legal that or months, years how going uncommon line. go will along the not are it’s adjust so feel indeed three lengthy years that, we than five XX with rather roadmap, months six things see building

indeed the if this But It a change we as Frankly, as often -- we our to be $XXX mind, the at and way. the a not but chunks it’s having you five big bang. doesn’t opposed with to deal same a million we pragmatic so, as transformation it’s That’s they times deal are structure clients phased and times, a developing day, -- see end opposed for solution It going all of times X to a And it’s large happen. approach driving go okay. or big way $XXX the we willing are Phase long through sign as same. mean It’s doesn’t that fine client, the in to having one. able to about contractualized million with at program are client like observing with to really the us.

Vibhor Singhal

it. Got

in to smaller of more believe there would you companies, chasing would smaller it you number say, So pressure affordable, on but the in us let’s cost marketing present -- large be believe which that terms don’t compete of say, with deals aren’t probably higher, probably a the and deals let’s is more be, anyhow? do difficult maybe a

Thierry Delaporte

deal to just think when frankly. a more perspective mature gives are going are they a to I five speaking, the little you years a know for seven over time our bit well. But going your you of bit believe or frankly very are a No. and define years, little and it I don’t clients as so, really way that we that, investments. well project

and larger the a program, structuring bigger it are the Phase able plan. And larger that we it’s so Phase when a we in structure X or a in of X are transformation to way of and building context

So think, day, of at upside dramatically we the standpoint, from sales And the downside. it changing has its downs. work. a I its it’s It think, and not the ups I end way has and

then you one year to sign regularly, you able back do But changing you that adjust to have needs not come possibly it little five the also. deal a negotiation years the If over maybe to for do are bit to time you are when table a later.

drives it more the a So for partner. flexibility play the that client for can like

are think, all on not deals sold chunks teams deals expecting in or am and our same they I as too I concerned at to mindset. am ones big I at look the work to about in it I So, whether that. with those tend

Vibhor Singhal

it. Got question Thanks in question. Jatin, just one detail. it. that answering for quick Got

on by our se? sheet, dividend we any -- basically of basically have future mentioned return balance $X.X in either outlook buybacks shareholder cash billion You increase in announcing around on per or

Jatin Dalal


articulated block of that net So, XX% shareholders. we for of to the years sure a will our we return have continue to over income

have over know returned You the even higher years we last two that amount.

current For and Directors share one have about I with the recommendation of of spoke the dividend it. quarter, Board ahead gone per

is around we dividend all income, based that. under cash would any heard proposal feel you there need additional and standpoint. next we or from Right such to with really quarters decision of announced And sheet now our cash strategic see about active the we beyond on But and we -- consideration, need is an is distribution of come share. Our proposal the that use net cash otherwise few on two now buyback. the don’t aspects, we approach the whenever have to dividend the you over have that have other quantum on second balance INRX the investment no XX% -- per of gone right interim have for action we

Vibhor Singhal

it. Got wish the my lot taking best. Thanks you questions Thanks for Okay. all a and guys.

Thierry Delaporte

Thank you.


Moshe Thank Please ahead. from next is from Securities. you. Wedbush The go Katri of line question the

Moshe Katri

Hey. question. Thanks taking to Year my New Thierry Happy for and [inaudible] you

Thierry Delaporte

Thank Thanks. you, Moshe.

Moshe Katri

A couple of things.

you is there be in XX% more question to one then new the it TCV. renewables? it That’s important, mentioned capital. of this logos other because my we wanted and Is First, a just focusing And obviously increase slice way number by versus the is growth? to drive higher renewable will part on piece

picture So cross-selling about are it can you a to the when that’s we Capco, perspective, from happens are a kind to terms focusing to be about we so obviously, growth big deal? a contributions integrating maybe of talking where of normalizes, maybe for the fiscal bit i.e., you Capco, not kind big on guidance, on going from in annualizing is And Thanks focus You color. analyzing long-term are of talk good are mid-teens XXXX? from -- perspective? but initiative the number a what a

Thierry Delaporte


Okay. All right.

deals on you projection, so, Moshe, have type to on around So, will go margin go take ask two question Stephanie, question okay? and on we the three will I I one ahead… want question to Stephanie closed. of Capco

Stephanie Trautman

Thanks, Thierry.

Thierry Delaporte

with … one? number

Stephanie Trautman

you. Thank Sure. Yeah.

areas new really So and also a we logos within seeing client. renewables, mix existing are of also but new

We energized transformation in their of large described, the placing deals. cases smaller on are a trust growth So that some it’s Thierry transformation as mix clients new we seeing. lot am that chunks of major and see in and by some initiatives, in initial is of I Wipro

as clients continue mix continue to are but it’s to of business, so us adding think well to in parts their new bringing organization. us as of also new into I place trust healthy the existing So clients, a renewing they transform,

So accounts, also a lot new driving that’s our but adding growth our of in logos. what’s existing

Moshe Katri

Thank you, Stephanie.

Stephanie Trautman

you, Thank Thierry.

Thierry Delaporte

the eight of it’s the Capco question, wonderful a been is been Moshe, on it’s since teams months working on that, first Capco, what acquisition well. can -- frankly, what are to and The year. now say actually I

aligned. have We

We the built have governance large accounts. on common

of be a together. We on at opportunities site have and worked Wipro, Capco

We won never deals a we story quarter, had have previous up in deal that the this a really one we would of of nice quarter, really beginning this won without typically very and very the deals have nice significant quarter, transformation we shaping other. some

with the of market. attention and really with to Capco the am the I are I performance of leaders organization pleased with Capco team am a way Wipro the the I great, sensing. the engaging pleased very the pleased There’s team. am larger So with I the would and is been me Capco made success to continue will adopting team the deliver I Wipro we I think a To have warm the about there’s for it feeling say, not and team. it a day a single and one decision result.

will promising, but and to want is difficult I months, you perspective, frankly, more to very reflect performance from solid you Capco know, again, have say, it’s will month. eight obviously, would So, after every it

to third about in a me time if -- where some you point we in at terms your on point margins, margin. I understood know want going up. are it’s you because voice broke of for But Your question well, least at

You year that, XXXX. fiscal we the yet I guided the What not is guiding guiding pretty our quarters at mentioned we fact consistent XX% been yourself for we that, around last have would about are margins, look if six say over XX.X%, we band margin narrow of announced then and our guided our between ever and have and since attention came margin. on on to And XX% this was and level Capco. impact X.X% maintain Capco’s focus we between a X%. and We you

from expecting where I we So are anything would changing not from now. be that standpoint, Moshe,

Moshe Katri

Capco from XXXX, annual contributions revenue And in the in also that respect, fiscal annualized.

use the question growth of So, growth rate for is, and whether fiscal range of as rate because XXXX that… right will the beyond mid-teens normalize kind should here we and

Thierry Delaporte

rate. Growth

Moshe Katri

Exactly. annualizes. it’s …the Exactly. fact that

Thierry Delaporte

again, Growth have we rate, look, communicating. been

X% X% for for to are that growth quarter-after-quarter has this guiding can anymore. tell numbers have the quarters. Obviously, you It’s We maintaining Capco been normalized. we last on already I guidance impacting QX. those not

on communicate read… are have we know, little quarter-after-quarter, practice to a you again But we to the will made have patient. -- As a so be you as

Moshe Katri


Thierry Delaporte

us, going major are quarter not are we this to X% …read X% quarter seeing market. are saying, in we the for change -- we and

Moshe Katri


Thierry Delaporte

performing And well. we are very

Moshe Katri

much. very you Thank

Thierry Delaporte

You are welcome.

Moshe Katri

Thank Good luck. you. you. Thank


Thank you. The ahead. next UBS. question is of from go the from Diviya line Please Nagarajan

Diviya Nagarajan

wish a New in have questions I try for angle. all different Thanks taking and from comment think, kind Thierry, you question Happy you parts, but it of different answered and my this Year. a if you

surprises shared of We it doesn’t you the reported, last the some a quarter. just three kind -- seasonally if strong weak you that of So surprises. don’t see your think, at I or look peers quarter pretty really those seen have

already from just -- So or Was in don’t that that are fairly a about those had it behind we the least of should think why far was far? come earnings through? mix it at this, issue I Wipro’s some surprises how season perspective, peers your you seen many so wondering so ramp-up in beat broad-based because your us, have we is revenue from

Thierry Delaporte


three You know, we you a right? are X% Diviya, between certain guiding been guiding feel on for and in are quarters. X% some giving -- because, that, between a have and It’s level, four bracket, and quarters, X% X% you ways, when I X%, on

reality the at hitting market managing we quarter. guidance we The are business, and are we our the at of really we top trend is of seeing when to the will do trying reflecting are the you portfolio at beginning are are month the looking and next the guide, our what looking same. a that, are that then expecting If end you the is we

I and day, I And the the accurate. so, cannot X%, I fact more at of I to when be guide X% end X% that unsatisfied do be cannot the with

Diviya Nagarajan

I of think, surprise the have I view from with point from I demand during quarter the [inaudible]… more with, the come some coming others was that seems of to think

Thierry Delaporte

Yeah. Yeah. But demand hasn’t changed…

Diviya Nagarajan

those, a if a wondering advantage was of I surprise. from such that portfolio anything inhibited Wipro kind of is taking demand

Thierry Delaporte

massive you Yeah. another, had that, have but one is typically a some Diviya, one when not have, quarters. not it’s revenue in -- -- have do suddenly this big do or it some incumbent have this we deal, mega necessarily thing other quarter in have your is one quarter not that if a you bump that and one you you growth so clear sign maybe deal, shop mega that

the difference, a The of last you with difference performance what if the in with, it year METRO. a add a example, than done this done little $X So for year, strong have we have lower look sales. year, we deal inside ago exactly let’s say, it did in was we QX at performance billion a but a

performance on a So, outside more actually, the as and comparable this was a but coming of it from less was coming or therefore, same little large a TCV different. standpoint. number, number to But very the deal large deal, the lower,

right? mega in with even performance used done consulting ACV, what do deals a the think of mega have have ago. without year on we sales $X.XX we more a at quarter to than billion a probably way the that, top, -- turned done look you of I we have what’s given every XX% type into we we on so comes deal quarter, And that that the engine recurring if have more deals is

Diviya Nagarajan

enough. Fair enough. Fair

Thierry Delaporte


Diviya Nagarajan

at you question to a will start manageable I but where types? these attrition say from are feel again, -- and that point be come think you the it eventually here off you a do to Just more on are you you like on find attrition, have

Thierry Delaporte


to or continue continue with will and of I that slightly I decision -- them. focused what first it I with the our to the will rather organization topic, connect the claim victory Again, because level markets. employees stabilize, But with to the might Diviya, feel I is much we an we will improve. as ask, if is on stay of and keep very news. two other on we actually eye what employees all, can was and think ago, don’t when I as you on this really a are that, if -- situation and quarter QX, So, I don’t this seeing it of on and it be which in cautious, moderate definitely I attrition of employees want moderate lies good Diviya, tend think, saying, But believe was the not -- I to our

I more So little I was am on quarter optimistic that. that a ago

Diviya Nagarajan

year. Thank wish the all and best Perfect. you the for you

Thierry Delaporte

you. Thank


Sandip from Thank ahead. from Edelweiss. the Please next you. line is The go Agarwal question of

Sandip Agarwal

a for my good everyone everyone, and Good Hi. to start Happy New evening, thanks wishing taking with Yeah. would question. I Year and like health.

you four or your that journey this or think trends five technology Number the even clients They in everyone the very excited strategic or when simple on XX%, that journey So, five-year, and have we technology your number this be have matures, What with on for two, revenue do just link and So the you it transformation see revenues continuing? is journey would sense question. a see environment, -- that am one? if their been consultants want you years when the clients will when of see technology engage to that, But behind towards has the have you it what do going When sense do how the years, if transformation three XX% clients, generate Thierry, more to platform. what do current front? years, that? started. think digital sense XX-year a So you already technology is has journey. global technology your more more we very, forward before to asking Do begun has more and check, see we the How XX%, you your I where mean, speak to, keep is very spend I all, journey will what process thought of will reached? be? for our is just for through do how that? you that that I is channel understand long

Thierry Delaporte

opportunities, and CIO. topics there critical that cloud years technology example, ago, every transformation with were and moment years and new because it, an office to was and clients be Today to be if back is CEO have infrastructure thing discussion on service organizations the not The happening that organizations. multiple with it office The to Sandip, it the to issue. agile, able three more a CEO the to even be attention remember journey the industry to connect are cloud best be discussions focus for -- way a Sandip, to solutions, is is would considered develop to of cloud I have four that or today. is to inventive, across our much -- was generate drive at -- back be proceed is I the as because

seen company So has reached cloud say think XX% a transformation. I don’t have that yet that, it of can the I

obviously, and on solutions be the we the behind. that there hyperscalers, the AWS, will of is still platforms are the not a coming the big is to opportunities it big the do, able growth us. us, we are next To ahead think they million I cloud world help are to on least, so the producing of think they early in my have a in are I cloud the give but feel little to -- more play it ServiceNow, a are of power massive data stage years and the That’s cloud look their a billions point that that going I in or cloud. over very the clear the the and am The the percentage, of cloud Google, at very massive across we be wave today, we it’s, at I and very at them data. more is five -- industries because need us we we okay? know this we of that the we Microsoft, when are leveraging SAP, develop and data whole role vertical Then transformation what

Turning companies there’s level of started and them decisions, lot requires a -- and policies to first drive because it’s but work into complex, in systems in it on companies these to have very processes alignment of the it, insight still and of complexity.

to I last -- organization organizations realize to developments and engineering. topic a that taking by data-driven invest a nothing leverage companies helping one is for third are last we to their for product huge way And is them to for mean, -- the one, immense. I is clock transform the the is but is need ticking become more develop, one because just us. processes the R&D the technology leveraging so in to hot And

will driven be So looking be have and very we forward, years. next hard by talent I market in very, think, that the a will

Sandip Agarwal

luck Thanks. Thanks quarter. for best and for that you everyone. the current detail of Thank answer

Thierry Delaporte

you, Thank Sandip.


Thank of the Please you. is go Sachs. The Goldman from ahead. question line Jain Sumeet next from

Sumeet Jain

taking everyone. Yeah. New Hi. Thanks my question Year to Happy and for

given closed? you the guidance of inorganic, X% what and of spilt First have can recent to acquisition all, organic X% you into already

Thierry Delaporte

when to -- and from of driving don’t -- part we difficult end that, they we No. they join We don’t it’s organization, this we one. the do they because and because are do that. of no are do at driving that, because business, organization day the We very day, usually the -- synergies are

we very I reporting, So to you not are want Jatin, are separately. large But those acquisition, reporting are unless add we think, not something?

Jatin Dalal

Yeah, Thierry.

share the did we announced when acquisition them. we about So details the

will you So am stayed a be success number market, -- the indication. we guidance, have that. sure able But not way would from the we components. the am two with in indication the I I both sure you some manage the hence good and on our it internally you can and gives perspective, we break From one into down to

Sumeet Jain

so you joined Right. I call That’s for ACV Right. No. disclosed this your number TCV a [ph] helpful. bit And the have quarter? secondly, and late,

Jatin Dalal

the nine we haven’t on No. ACV first the that for speak did months number, quarter we and aggregate -- is basis in Sumeet around did $X.X and we conference. the was the details press about number, shared which quantitative disclosed about growth that an it, we which for XX% three did billion the

Sumeet Jain

as no basically ACV? this TCV terms or So in of per disclosure for quarter

Jatin Dalal

for that shared that the I the first that had -- just nine shared was of months we growth -- year. number first was for quarter number The we year The three. Yeah.

Sumeet Jain

pretty coming quarters if been Got sales it. it. at EBIT your I Got the as your down look had a percentage sharply. expense of two lastly, last And margins, D&A for

why So should one what kind of percentage -- as one reasons a sales going any expense expect forward? and of D&A

Jatin Dalal

of amortization. should Sumeet, as the at from number down are -- is reduction because an way leads which last of for the the to those over Xst two take the not coming as is amortization amortization, look we acquisitions that some lines happened It’s our when January. My step is you suggestion base, of tenure getting you which quarters suggest. has a two appreciate some can then of uniform it that, reduction, in we over to integrated prior end So which That of their capitalization. are you more of QX have would

you that that. for bit, a stepping they as with see -- will acquisition over accounting up their So schedules number the come would intangible do because they

QX So future. your for base build a be should model for good to you

Sumeet Jain

Jatin a and for Thanks Got and the best lot, Thierry, it. it. Got future. all the

Thierry Delaporte

Thank you.


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

Aparna Iyer

Stanford. of must that We to take been many have for have results simultaneously you, today. you understand as that you had been multiple hectic it very Thank have attend announced

call. thank you joining the all for So

Stay not have the and you see reach team. do healthy we Relations quarter. questions, further you. will hesitate If and you safe Investor to stay Thank to out next

Jatin Dalal

much very all. you Thank

Thierry Delaporte

you. Thank


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