Wipro Limited

Ladies and gentlemen, good day and welcome to the Wipro Limited Q3 FY20 quarterly investor 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. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Ms. Aparna Iyer, Vice President and Corporate Treasurer. Thank you and over to you.

Thank you, Stanford. A very warm welcome to our Q3 FI20 earnings call. We will begin the call with business highlights and overview by Abid, our Chief Executive Officer and Managing Director, followed by financial overview from our CFO, Jatin Dallar. Afterwards, the operator will open the bridge for Q&A with our management team. Before Abid starts, let me draw your attention to the fact that during this call, we may make certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act 1995. These statements are based on management's current expectations and are associated with uncertainties and risks, which may cause the actual results to differ materially from those expected. The uncertainties and risk factors are explained in our detailed filings with ACC. Vipro does not undertake any obligation to update the forward-looking statements to reflect events and circumstances after the date of filing. The conference call will be archived and a transcript will be made available on our website. Over to your bed.

Thank you, Aparna. Good evening and good morning, ladies and gentlemen. First of all, wish you all a very happy new year. I am joined over here by my leadership team, and it's a pleasure for Us to speak to you all and share the results of the third quarter. Let me quickly provide an update on Q3, performance, our view of the demand environment and progress on our strategy. We had a strong quarter both on revenues and margin. Our revenues grew by 1.8% in constant currency terms at the midpoint of our guidance. On a YTD basis we grew at 4.3% in constant currency terms. In financial services, we saw a slowdown in our growth rates due to continued softness driven by macroeconomic environment. We however remain confident on winning the new deals that we are participating in and leveraging our strong capabilities in digital. We are pleased with our performance in consumer, which grew 12.1% year-on-year constant currency this quarter. and the sustained rhythm that we have built in this vertical on deal widths. ENU and communications continue to grow moderately. We continue to see recovery in manufacturing and are encouraged by the order book and pipeline. Health saw seasonal uptake in HPS as Q3 has open enrollment period, while the technology business was impacted both by furloughs and slowdown in spend in the semiconductor verticals. The overall demand environment has neither improved nor deteriorated from what I shared last quarter, but we see the same level of uncertainty due to the various geopolitical risks at play. We delivered a healthy operating margin of 18.4% in Q3 versus 18.1% Last quarter, aided by the depreciation of the rupee and some favorable movement of the cross currency. Now let me provide you a quick update on our strategy. Business transformation. In the past quarter, our customers across nearly every industry have chosen us to embed digital transformation within their business. It is no longer just about enabling new customer experience. It's about fundamentally changing a business and I'm pleased to share our wins which show how our customers are turning to us as trusted business transformation partner. In digital, our revenue grew 22.8% year on year and now contributes over 40% of our revenues. For example, we have won a service design engagement to define the future vision and establish the strategic foundation. for digital transformation at a bank in UK in the mid-market segment called Synergy Bank. On modernization, we continue to help enterprises through their business-first strategy with an industrialized approach in enabling our customers to drive business acceleration, customer experience, and connected insights. Our investments in Cloud Studio is continuing to pay off. We have accelerated cloud journey for our customers by migrating more than 39,000 workloads and 2,900 applications. A US-based semiconductor company has chosen Wipro to move its current engineering application infrastructure to the cloud. We will leverage our Cloud Studio offering to help the client become more agile, ensure faster time to market, and lower the total cost of ownership for the client. Our strategy on connected intelligence which covers data analytics, artificial intelligence and engineering is delivering good results. The engineering next set of offerings that I had talked about, we continue to invest in it and put the building blocks in place. We concluded the ITI acquisition this quarter. The acquisition will help us build momentum in industry 4.0 and IoT offerings and will enable us to have a new set of clients to create differentiated value. We have won a contract from the North American subsidiary of a global automobile company to deliver the next-gen in-vehicle infotainment software as part of our Engineering Next proposition. The fourth area is around trust, focusing on enhancing our cyber security offerings. We have created a dedicated OT and IoT security practice to address the changing threat landscape due to connected systems. We recently launched our 15th cyber defense center in Melbourne. As an example, Wipro has won a strategic contract from a leading US-based financial services institution to design and implement A more effective risk and compliance management process for them leveraging artificial intelligence. The rapid adoption of homes continues delivering significant service improvement in IT run services, testing as well as our digital operations business. Our effort savings in fixed price projects improved from 16.5% in Q2 to 17.8% in Q3. One of the large UK based global provider of financial markets data and infrastructure has selected Wipro for a data migration contract leveraging the contract intelligence capabilities of Wipro Homes. We continue to drive localization and now our US workforce is over 70% local. Enhancing campus hiring, deepening employee engagement, and making significant investments in training and skill development This is also reflected in the attrition rates which have improved to 15.7% for the trailing 12 months. In conclusion, we remain focused on deepening our customer relationships and converting our funnel, winning large deals that are due to close in this quarter. I will now request Jatin to give the highlights of our financials.