Wipro Limited

Good evening, ladies and gentlemen. We thank you for participating in today's conference. I request everyone to be on mute until the question and answer session. If you want to ask any questions, please choose the raise hand option in the toolbar. We also request you not to turn on your camera until we open up for the Q&A session. I will hand over the floor to Mr. Vipin Nair and ask him to take further.

Thank you, Neha. Good evening, everybody. We'll now begin the press conference with opening remarks by our CEO, Thiru.

Good evening, ladies and gentlemen. Really wishing you all a very Happy New Year. It's an absolute pleasure to speak with you today. Last year, we witnessed some very unprecedented times and now with improved vaccine prospects, we are filled with optimism for 2021. And we are very hopeful that It will be a better year for the society, for the businesses, our clients, and for us. I'm also quite happy to share with you that effective January 1st of the new year, we have gone live with our new organization structure. Let me now give you an update on our Q3 performance. I must say I'm pleased to share with you that We have had a second consecutive quarter of strong performance with healthy growth in revenue, acceleration in order booking, expansion of margins, a sustained lower employee turnover, and solid operating cash flow. The revenue growth of 3.9% in reported terms and 3.4% on constant currency terms is at the upper end of our guidance. Our growth was the highest in 36 quarters. The growth in revenues was broad-based across sectors and markets and led by a surge in volumes. We expanded our operating margins during the quarter by 240 basis points to 21.7%. this again is the highest we have achieved in the last 22 quarters the expansion was led by driving excellence in operations and focusing on improving the quality of revenues several operating metrics are at our all-time best including offshore mix utilization attrition and optimized subcontracting Our overall order booking for the quarter grew also double digit on a year on year basis. The order book was strong across sectors and service offerings and had a good mix of both large and small deals. We closed 12 deals with over $30 million TCV and the TCV booked of these deals was over $1.2 billion. We also closed our largest deal ever in continental Europe with Metronome. All of this was achieved while implementing the biggest transformation that the organization has seen in recent years. To me, it's a testimony to the steadfast execution capabilities and a committed one Wipro team that we have in place whose relentless efforts are paying off. Now, let me provide some color on the underlying business performance. There is significant traction in markets across all our key geographies. We saw good order booking across major geographies in US. The gross funnel ad was very healthy and the order booking grew double digit year on year. We have consistently converted some of the large deals in Europe. which has resulted in Europe growing faster on a year-on-year basis at 1.4% in constant currency terms. We see demand in Europe being particularly strong, driven by acceleration in adoption of cloud, digital transformation, and driving efficiencies in the core, leading to optimized costs. Now, From a sector view, I'm pleased to report that we had all cylinders firing. Five out of seven sectors grew over 4% sequentially. Consumer sector continues to trailblaze on the back of solid deal wins. Growth in financial services is driven by demand across all sub-verticals led by demand in digital operations, in cloud infrastructure services and digital transformation. The momentum in energy and utilities was led by utilities. However, we are beginning to see a ramp up in demand in oil and gas customers and encouraged by the deal wins we had. Technology bounced back this quarter with a Healthy growth despite the furloughs, communications and manufacturing continued to build on the momentum. Healthcare and life sciences performance was aided by a seasonal uptick in our health plan services business. Now, let me share, give you some example of some of our wins in digital operations and cloud infrastructure services space. Wipro has won a multi-year, multi-million dollar engagement from a US-based mortgage lender to provide customer service to the lender's rapidly growing retail mortgage client base. Wipro will leverage its best-in-class mortgage centers in the US and in India business operations services and application development to power the customer's aggressive growth strategy. Another example, a US-based multinational food manufacturing company has awarded Wipro a strategic multi-year global managed services contract for cloud and infrastructure, service desk and IT service management, As part of this engagement, Wipro will also provide end-to-end infrastructure services, including multilingual service, site support, workplace optimization, cloud on AWS, cross-functional coordination and tools, ServiceNow ScienceLogic in particular. In addition, Wipro will consolidate all infrastructure projects globally. The clients are definitely embracing the transformation of their IT estate and are moving away from traditional IT models and adopting business technology operations model and shifting the discussion to overall TCO. Second, our clients are investing significantly on digital business solutions. Customer experience transformation programs are becoming front to back initiatives, including core transformation, and not just on an omni-channel experience. Third, clients are moving beyond the lift and shift of the workloads to the cloud to exploit the automation and native capabilities, and we are helping them link this directly to business goals. partnership with our strategic alliances to create joint solutions are leading to wins where we are helping clients transform their IT and create business solutions. Let me give you a few examples. With Metro AG, the leading global wholesale food company, we have signed a five year and 700 million with the intention to extend up to four additional years for potential spend of one billion dollar strategic digital and i.t partnership with metro wipro will deliver a complete technology engineering and solutions transformation program for metro as it positions itself as a wholesale 360 degree provider in the trading cash and carry hotel restaurant and catering food industry Wipro's transformation program will encompass cloud, data center services, workplace, and network services, along with application development and operations to provide an integrated, flexible, and robust digital infrastructure. Partnering with Wipro allows Metro AG to simplify and streamline the IT landscape. and critically gives them access to innovation and the best digital practices. Another example, we have been chosen as the transformation partner for a bank in the UK to reimagine their customer journey and transform to be more a digital relationship bank delivered with cloud-first architecture. Our cloud studio continues to build and leverage industry and horizontal patterns, enabling us to deliver business outcomes rapidly. Another example for a leading healthcare provider, we have leveraged AWS containerized solution to deliver complex data application in four months to meet their year end regulatory requirement. Now, On our outlook for Q4 21, we have guided for a revenue growth 1.5 to 3.5%, which reflects the current demand environment and considers that we will deliver this in our new and improved operating model. The last 90 days have been very busy for us as an organization, but The good news is that we are moving in the right direction. The team is in place and our focus now is only on growth and on accelerating the momentum. In our Analyst Day commentary, we had said that we see margins sustainable in medium term. As you have observed, we have delivered significant margin expansion in Q3. Growth remains our top priority. We have begun to make investments in our frontline sales and domain specialists. For 80% of our employees, we completed the promotion cycle, effective December 1st, and we will also be rolling out salary increases for them, effective January 1st. We have also announced 100% viable payout for Q3 and Q4, which will make it three consecutive three consecutive quarters of full payouts. Our margin for Q4 will have headwinds of these investments, but will still remain elevated. To summarize, I'm very excited by the acceleration in business momentum we have seen this quarter and optimistic about the year ahead of us. With that, I hand it over to Jatin. for his comments on the financial performance for Q3 21. Jatin, over to you.