Wipro Limited

for today's conference. I request everyone to be on mute until we open up for Q&A 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 the camera until we open up for Q&A session. I will hand over the floor to Mr. Vipin Nair and request him to take it further.

Thank you, Neha. Good afternoon, everybody. And thank you all for joining. We'll now begin the press conference with opening remarks by our CEO, Thierry Delop.

Thank you and good evening, everyone. Thank you for joining us today. It's really good to be able to speak to you again this quarter. I hope you've been staying safe. Perhaps some of you may now be vaccinated, but if not, I hope you really have access to the vaccine soon. In fact, I'll start with that. I'm happy to share that For our colleagues based in India, we will be organizing vaccination camps in our campuses as per the guidelines set by the government. And we will reimburse the cost of vaccination for not just our employees, but their families as well. It's small, but I feel much needed relief in a tough year for everyone around the world. But thanks to the grit and perseverance of our entire team, we are stronger. and more resilient than ever before. As you would have seen, our Q4 performance was built on top of our momentum we saw in the last quarter. We have reported a solid growth in revenue, healthy order booking, and great execution resulting in robust margins. This truly sets the stage for the next quarter and the next financial year. Let me now give you some more details on the results. Our revenue growth during the quarter was 3.9% in reported terms and 3% on constant currency terms, which is at the top quartile of our guidance range. I'm very pleased to tell you that this is the best fourth quarter results we have reported in the last 10 years this was truly led by a very good volume growth despite the steep decline in the first quarter of the fiscal year because of the pandemic we now bounced back to finish the year with i would say only a marginal decline of 1.4 percent year on year now looking at the demand environment right now it's robust and our overall pipeline is healthy. In fact, our total contract value of order book in the second half in H221 grew by 33% year on year. That is the highest total TCD we have ever reported. You may obviously ask what has led to this performance. First of all, there is increased activity in the market that we have leveraged very well. Secondly, our numbers reflect the large deals we have been able to close. We have closed 12 large deals resulting in a TCV of USD 1.4 billion. This TCV includes a mega deal that we closed during the quarter in our America's market, which can lead to revenue of a billion dollar over the deal duration. I have certainly, you will remember, previously talked about how M&A is going to be an integral part of our business strategy. And you see that in the last two quarters, we've announced acquisitions across several key markets, including the US, Europe, Latin America, Australia, India. These acquisitions have truly strengthened our local presence and the service offerings. During the quarter, we announced our largest ever acquisition, Capco. This acquisition of Capco clearly strengthens very significantly our position in the global financial services market. We are really excited to onboard some very exceptional domain experts and leadership talent in that space. We obviously are full of closing this transaction as early as possible. We also announced the acquisition of Ampium, an Australian-based provider of cybersecurity, DevOps, quality engineering services. This acquisition will definitely help us to expand our footprint in Australia, but also accelerate our growth in the Asia-Pacific region. Our strategic merger and acquisitions over the years has created a vibrant new age and diverse community of talent around the world. Some of you may have noticed that on April 1st, 2021, we also retired some of our individual acquired brands and we united seven such previous acquisitions that by truly integrating everyone under one brand, one identity and one mindset and ambition that now allows all of us to go to market as one Wipro. Our operating margin during the quarter was 21%, a 340 basis points increase year on year. Our operating metrics have shown consistent improvement with utilization and offshoring being at its highest ever I'm really pleased to share that we released also salary increments and promotions covering about 80% of our employees effective January 1st, 2021. We are pleased with our rigor in execution, which has resulted in operating margin of 20.3% for the full year, an expansion of 220 basis points in the financial year. What speaks of our focus is that we completed Q4 in an entirely new operating model. This was, in fact, our first quarter under the new organization structure that I had announced back in November 2020. So essentially, we undertook the biggest ever transformation of the company, and so little to no disruption in our market focus. Our results bear that out. change text time, but I'm pleased to share that we are now well settled in the new ways of working with the spotlight firmly on our customers' needs. There is now a new cadre of leadership that has joined that existing executive team. All key positions have been filled, and I'm proud to say that my senior team is truly diverse. and brings to Wipro the kind of inclusive leadership that is not typical of our industry historically. But it's imperative that we build local talent and improve ethnic and gender diversity. Of course, a lot more needs to be done, but I want to take a moment to note the progress we've made here. Now, let me add some color to the underlying business performance. All the numbers are in constant currency for ease of reference. There is significant traction across all our markets, which means our growth is broad-based and therefore sustainable. In Americas, one, we grew 3.5% sequentially, with most of the sectors showing strong growth. Our deal closures will provide a solid platform for next year. In Americas, two, we grew 4% sequentially, led by a surge in volumes. The demand in the BFSI sector is strong across all service offerings. The manufacturing business is recovering while our energy and utility business is likely to remain slightly volatile. Our European markets have delivered a sequential growth of 3.7% on the back of several large deal wins that we've had through the year. UK and Ireland, Benelux, Germany grew collectively by 5.6% sequentially. Finally, our Asia-Pacific, Middle East and Africa market declined slightly. But that's due to conscious exit in some of low quality businesses in the Middle East market. But what I want to highlight is that all the other regions collectively have grown by 3.6% sequentially. Now, looking at our global business lines, the ideas global business line, which constitutes applications, data, engineering, grew by 2.1% quarter over quarter. Here, this was led by greater demand for our service offerings in digital experience, data, and engineering services. Our other global business line, I-Corps, grew by 4.3% quarter over quarter with all three service offering that is digital operating platform, cloud infrastructure services, and security services growing very well. Another indicator of how broad based our growth was is to note that our top customers, the top five, top 10 customers have grown well ahead of the overall company. Now, Let me give you a sense of the kind of deal we're winning. That also gives you a picture of the current business landscape. One of the best examples is what we already announced. You know, the five-year deal with Telefonica O2, which we signed in February 21. As we look at our customers' buying patterns, this deal really represents a lot of what we are seeing across industry. So let me share couple of observations with you here. Almost all customers believe that now is the time for radical renovation of their IT environment. While there are many strategies and approaches to a top to bottom overhaul of the IT estate, the goals are similar to significantly change the speed, the efficiency, the cost, the effectiveness of how IT support business grows. innovation, but also customer experience. Wipro is very well positioned to serve customers across this spectrum of IT transformation. Second, cloud is at the center of customer conversations. Cloud is in fact becoming the computing platform for a large percentage of infrastructure and applications in the future. Whether the conversation is focused on cloud migration or On cloud-native applications, on multi-hybrid public or private cloud, customers are seeking Wipro's partnership in cloud to help them shift their operating models as well as innovating across the enterprise value chain. Third, we are co-investing in business value and outcomes for our customers, demonstrating our long-term commitment to them while supporting their funding models. As deals become more integrated, transformational, and require greater innovation across ecosystems, we expect more conversations in this area. Now, another deal that we have won with similar contour is a European mapping and location data company that has actually selected Wipro to partner in their cloud and digital transformation journey. As part of that engagement, Wipro will set up next-gen hybrid cloud operation center and build very futuristic apps in the mapping domain. For that, we will leverage our home's AI robotics platform to enable a fully agile and DevOps organization, improving productivity and enhancing user experience for the customer. And now finally, onto our outlook for the next quarter. we have guided for revenue growth 2% to 4% outside of Capco and Ampere. This will translate into a year-on-year double-digit growth of 11% to 13%. This guidance reflects the environment we are operating in, our increased focus on the market, and our improved execution rigor. We recognize that we are competing for quality talent and we are fully prepared to lead the war for good talent. We are investing in building talent at scale. We have implemented several interventions to retain diverse talent. In parallel, measures are in place to ensure the supply chain does not slow down our pace of growth. This includes, but it's not limited to, promotion cycles across bands, skill-based differentiated bonus, and finally the rollout of the much deserved salary increases for our senior colleagues in June 21. Our margins in Q1 will reflect these investments for growth. Now, to summarize, we are pleased with the current business momentum and optimistic about strengthening that momentum going into the new financial year. All our key markets are growing on a year-on-year basis, and that's the solid foundation we are starting FY22 on. A final but a very important point that I must make today is on the philosophy that Wipro has been passionately practicing for the last 10 years, that our business should not be detached from the evolving climate crisis. So I want you to know that our growth ambition fully incorporates our decarbonization efforts and builds on our ESG roadmap. In the coming days, you will see us make some significant announcements on this front. But more on that later. For now, let me hand over to Jatin for his comments on the financials. Jatin, over to you.

Thank you, Theory, and good evening, good morning to all of you. You know, Theory spoke about our revenue performance. We are very pleased that we are in the top quartile of the guidance that we are given for quarter four. Let me speak about margins. Margins have been quite healthy despite the investments that we have made in frontline as well as the salary increases and promotion of our junior employees. Overall, we delivered 220 basis point expansion for the full year this year. If you see our ETR, ETR has been 21.8 compared to 20.2% in the last year. Our cash flow has been for the full year very good, 137% of net income and 119% of net income. We have completed our buyback this quarter, which was about 1.3 billion, and that reflects the reduction in cash that you see on the balance sheet, which is from 5.2 billion to 3.6 billion. Overall, we are very happy with our progress. We have guided 2% to 4% sequentially in the constant currency in the exchange rates that we have mentioned in our press release. We'll be very happy to take your questions from you.

Thank you.

request mukta to unmute your line and proceed with the question hi can you hear me very well i hope you're doing well and congratulations on a strong quarter uh theory let me come to you you know um i want to ask you of course about the the big capco acquisition and You did say that it will close in June. It's subject to regulatory approval. If you can give us a status on that, what the progress is on that. And, you know, consulting seems to have become a big focus for IT companies. We also saw the TCS management talk about it. So while Capco is focused on the BFSI space, can we expect more M&A from Wipro in other verticals? Or will you be doubling down on the BFSI space in the consulting business? And overall, if you can draw out your M&A strategy for FY22, Jatin, again, I want to ask you about Capco, how you will be servicing that acquisition, and what are the margin pressures that you're looking at in FY22? Of course, the Capco acquisition itself has a 2% margin valuation, but Infosys did talk about the fact that with normalcy returning in US, Europe, etc., there will be margin pressure. Can you just elaborate on that for us? And Saurabh, a little bit about, you know, the war for talent, like Thierry mentioned while he said before he'd be the leader in the war for talent. You know, are there concerns of attrition increasing? Is it 12% this quarter or do you see it increasing? And if you can tell us a little bit about the wage hikes and salary hikes. I think the salary hikes for senior employees have been announced for June. If you can throw more details on that. Thank you.

So, Mugna, thanks for All these questions, we'll try to not miss any of your questions. So I'll go ahead with the four questions I believe you gave to me. The first one is on Capco, the rationale for us is very clear. It's very strategic. It fits perfectly in our BFSI strategy. We know them well. We know the impact they have in the market. The complementarity with Wipro is absolutely unquestionable. And finally, the rationale is completely supported by the fact that more and more companies or clients are expecting partners who can really drive them, help them or drive them or help them driving the transformation. are end to end. And I think consulting capabilities are always very important. But not only consulting capabilities, digital transformation, domain expertise, absolutely critical to drive a true transformation. In terms of timing, Bogda, we think are progressing very well. And we are confident that we can close this deal in the time frame that was communicated earlier. Things are progressing as well as you could expect, frankly. Third is the fact that it's a trend that consulting is an important expertise to have, an expertise absolutely clear for me and you know i'm glad some of our competitors see the same for me there is absolutely no doubt for us at repo we are completely convinced that you know combining the power of consulting transformational skills applied to technology uh uh makes us stronger and finally you know will the mna charter will go beyond capco certainly we have a significant um acquisition to you know to integrate in our operations over the next months and so you can expect us to focus on making it a success of course uh but you know there is no doubt that what we are doing for bfsi uh will have to be done for other sectors as well with that to you jetting thank you

yeah thank you theory uh thanks mukta there has been some interest on how we will finance uh capco acquisition i must share that we have 3.6 billion dollars net of debt on our balance sheet even on 31st march uh so we are we are well funded overall but we have mentioned this and i will reiterate it that our funding for capco would be a combination of the debt that we will raise for it and internal accruals that we have accumulated over the years on our balance sheet. So that's how we plan to complete the acquisition. On your question on the margins for quarter one, yes, I think this is a quarter in which we'll have to make investments and theory alluded to that. in his speech. We will invest in frontline capabilities. We will invest in promotions across the board. We are investing in skill-based premium for some of the skills which are unique and scarce. And finally, the salary increase for our senior colleagues. So overall, this would play out in the story of operating margin for quarter one. But I think these are much needed investments and that would position us very well for the rest of the year.

Thanks, Jatin. Mukta, your question on the war for talent, as Theri said, and I must tell you that, as Theri alluded to, supply chain and will not be a constraint from a growth standpoint. We will make sure that we have a very efficient supply chain And from the industry experiencing, you know, there is a high demand environment. So obviously there is more demand for people and the right skills. So we are also seeing a higher uptake on attrition. We believe that, you know, it was, it has gone up by a percentage for us and we see a higher uptake, but we are taking enough actions. And let me try and give the detail on what actions we have taken. If you take three months back, you know, as we had called out in 1st of January, 80% of our employees got a salary hike. And these salary hikes are very, very, you know, differentiated and extremely aggressive salary hikes, which we have given. Second in December, in the last three quarters of the last fiscal Q4, Q3 and Q2, we paid a hundred percent variable pay to all our employees. I think that's the second data point. Third is for our junior employees, we did a promotion cycle in December. And we are again, within six months, we are doing another promotion cycle for all our employees. Apart from that, we are looking at, you know, as Jatin said, skill-based bonus as well as senior employees' salary increase. There are a number of steps which we are taking. Apart from the quality of work, apart from the aggressive hiring which we are doing, I think we are well-placed to make sure that we are able to manage this war for talent extremely well and enable growth in the current environment. I must tell you that our utilization rates are at a peak. We need to invest more. We'll be having a very robust hiring plan. We have onboarded a large number of freshers this quarter. We had cross-hiring of 18,000 people across the company this quarter. We have a very well laid out plan for next year. So every aspect, if you look at it from hiring people, laterals, freshers, you know, making sure we are making, promoting people, differentiating, you know, we are attacking every aspect of supply chain to ensure that we have no problem from a talent standpoint. Back to you.

Poonam, I request you to unmute your line and proceed.

Thank you so much for asking, for taking my question. Terry, firstly, congratulations for a good quarter and congratulations to the entire Wipro team. In fact, my question is firstly, in terms of the Capco acquisition, you did mention that it would be a combination of both debt as well as internal accrual. So if there's a breakup that you could help us with. Also, if I'm looking at the verticals, well, the BFSI segment has certainly done fairly well for you. on a sequential basis, but it is just 0.6% growth still on a YY basis. So more color in terms of the verticals, especially the traction that we are seeing over the next one year between the BFSI, energy technology, manufacturing. Where do you see more traction coming in? And also in terms of the regions, if you could give us more color in terms of how is the deal pipeline looking like, the nature of the deal, pipeline? Is it a combination of more large deals as well as the small deals? And when do we see Telefonica as well as Metro deal, you know, contributing to the profitability as well as E-revenue? So that's the question on the deal. These are the basic questions for mine.

OK, so Poonam, so I let Jatin take the first one on the financing for Capco. I'll come back for the overview on the sectors. trend, okay?

Sure, Terry. So, Poonam, the answer is very short and it reflects the position. We are keeping all our options open as we speak vis-a-vis this combination. So, frankly, we'll go with whatever works out best for the organization. That's the idea. Sorry, Terry, over to you.

So, back to your question on the trend per sector and where the demand is and how comfortable we are. You know, obviously BFSI is the largest sector for Wipro. It's a sector where we have been trending reasonably well over the last quarters, and I'm pretty pleased with what I'm seeing. We have a growing pipeline. There's a good demand. There's more and more transformational deals in the cloud space, on the digital customer experience side as well. And clearly, when I look at where the demand is and we have a nice pipeline, it gives even more confidence that the Capco Wipro combination will be pretty strong to address this market. If I look at other sectors, what I would say is consumer has been a strong sector for us and continue to perform well. Technology is a sector that is doing well. And, you know, ENU, as we've said, has been on the right track as well, you know, in smaller proportion. The sector's health has been a little patchy. And but the pipeline is building up here. So that's clear. And we know that these increased demand, in particular in America, in the health care sector, And so, you know, I would say positive here. And final would be the manufacturing sector. Sorry, the communication. I'll come back to manufacturing. Communication sector where we've had several quarters of, you know, so-so as we have a smaller base in communications. you know, the volatility tend to be a little higher. Obviously, closing the deal with Telefonica changed a little bit the picture, and so you should expect an upward trend in our organization. Looking at manufacturing, the final sector, very good pipeline. We also have significant large deals in that space, and we feel that, you know, Fact that, you know, potentially at some point in time, there will be an end to this pandemic crisis. I think the manufacturing sector will have a restart. We see that in a lot of the projects that they had stopped and that they start to relaunch again. So overall, demand is high, Poonam, and the pipeline is higher than it's ever been.

Okay, thank you. Rukmini, I request you to introduce yourself and proceed with the question.

This is Rukmini from Business Today. I have a question. Given that there have been so many acquisitions that Wipro has done in the last fiscal, And of course the sum of size that Wipro has never seen before, right? What do you think are some of the challenges that you might find in terms of integration of the acquisition that you have done and also what is a fair amount of time frame that you think would be correct for anybody to assess? Garden integrated into Wipro, thanks.

Okay. So, you know, yes, we've done several acquisitions in the last quarters and certainly an acquisition of the size of Capco is the new step maybe in the progression of Wipro. And certainly it reflects the boldness and the ambition we have in the BFSI sector. I think it's also clearly supported by the level of confidence that, you know, from a cultural standpoint, this integration will work. And you know, one thing I've learned over the years is that when you talk about integration, culture of companies matter a lot more than anything else, in fact. And so, because we are in the people business, So what I would say, you know, obviously, to make sure that, you know, this is working well, that, you know, the integration is successful. It's always about making sure that, you know, there's alignment between the different teams and that we are protecting the assets while we are aligning the different teams on the market. So not from a back end side, but more from a front end side, from a client, from a market standpoint. every time when we look at an integration we are approaching it from the market from the clients benefits it is working when we start to look at an integration from a back-office standpoint processes and systems driving the rest it's it's not working so you know we are obviously building on lessons learned from the past and experience to make it a success we have also structured a PMI function. We didn't have it in the organization before. We have now professionals who have joined the firm and who are helping us drive those post merger integration process with Capco, but also with the other entities acquired. And to be honest, this is how we've been able to merge, you know, seven, actually eight entities in end of March, since we hadn't done several years before. Your question about when will we be able to assess the success of the integration of Capco, I would tell you, you know, there's no golden answer, right? There's no right answer every day, I would say. Let's be clear, one is Soon, we will welcome the Capco team inside Wipro. We will drive this integration as a merger from a mindset standpoint, meaning it's not Capco that we are going to force into the we pro systems, but that is us reflecting on the strengths of the two organization and trying to, you know, seek alignment and, and whenever it makes sense, leveraging the best of both worlds, okay. And I fully realize the difference in size and in profile. But that's where know the the richness of the association will come uh the objective for the first year of capco inside the the family will be to make sure that we are delivering the expected level of synergies in terms of revenue and in terms of profitability so it's clear that you know there is a expectation on our side that we are going together to clients and driving new opportunities and that should give a good feel for the effectiveness of the integration. At the end of the day, it's in the market that the answer will be. So are we able to win new accounts? Are we able to win larger deals? it will be the real driver. The second one would be, if I'm looking at it from an outside perspective, is how able are we to attract top talent and retain top talent in the organization? And that will be also a reflection of the level of confidence from the talent on the strengths of Wipro and Capco together. to grow our market share in this market.

Thank you. Jatin, just want to understand when some of the costs come back, the expansion that you've seen in margin, is that sustainable for the next year as well? Thank you.

Thanks, Rukmini, for the question. We have been very consistent. We shared a range when we had our endless day in last November and we said we can sustain this margin and we always knew that we are going to have certain short-term benefits to our margins as certain spends which are normally present in our business are not present in short-term. But we remain consistent with our commentary that we made in November that, you know, at that point in time, our margins were around 19, 19.2 percent. And we say we can sustain these margins. What has been added to that is the Capco acquisition and that we have said that we see a dilution of about 2%. So this is the commentary which we have made so far on the margins and I don't see it any differently today. Of course, we'll have to wait and watch as the year progresses and what are the What are the new variables that get added to this scenario? But right now, we are consistent with what we have said in the past regarding our short to medium-term outlook on the markets.

Sajit, I request you to unmute your line, introduce yourself, and proceed with the question.

Good evening, gentlemen. This is Sajit here from Roomba Point. I have a couple of questions here. The first one for theory. Theory, in your speech, you did give us an indication of what is the kind of revenue which is expected for the full financial year at 11% to 12%, 13%. Can you give us an idea of is the Capco acquisition factored in as part of this revenue guidance that you gave in? And if not, what is the kind of expected expansion that we can see in the revenue growth As and when the Capco comes into the Wipro cold and it starts integrating with the financials there. Another question for Jatin is on the operating margin. I know you have spoken about it. You ended Q4 at 21%, full year at 20.3%. There is going to be a pressure because you have a wage hike which is coming in and Capco will also bring in some pressure. But is it fair to say that you will be able to hold on to the 20.3% which you ended the year with or is it going to go slip below that and go back to 18-20 band which you climbed in the last financial year. And finally for Saurabh, attrition is something you had maintained at 12%. But you've seen all IT companies talking about this pressure going to come in in the next few quarters for many of them. So Infosys jumping 500 basis points in the last quarter. You've been able to sustain it. But do you see attrition coming in a big way for you? And is the measures which you've already spoken about, like wage hikes, promotions and others, are they enough to put a curve on it? And what is the kind of hiring that you're expecting in FY22? If you can give us a color.

Sajid, let me start with your first question and let me clarify again one thing. What we've said is that, you know, we are communicating, we are guiding on, you know, the next quarter. We're not guiding for the entire year, right? But obviously it's an indication, right? So we are guiding 2% to 4% revenue growth, 2% to 4%. outside of Capco and Ampion for the quarter one, for the next quarter, right? That 2% to 4% sequential translating to a year-on-year double-digit growth of 11% to 13%, OK? So that is the guidance. That is what we are communicating. That doesn't include neither Capco nor Ampion. And obviously, when

when this deal will you know be completed then obviously we will talk again jetting yes thanks uh terry uh on on margins uh subject uh you know as i mentioned uh This 19 to 19.2% range that we had spoken at the time of our endless day is something that is sustainable in our business. Of course, we have had a wonderful year and quarter four, but as I said, we need to make investments so that our growth is well fueled by right investments. And one will not want to hold back on that. And in addition, there will be a 2% dilution of margin roughly as we integrate Capco as part of our P&L. And hence, 20.3% is a number for FY21 with the realities of FY21. FY22, we all have to appreciate, is a very different year. It is also not going to be same Wipro. It is going to be much larger Wipro, which will, after Capco integration, and it will have its new composition of revenue and cost, and therefore the margins would be different. So 20.3 should not be extended to two very different tiers and two different very composition of the organization. Saurabh.

Thanks, Jatin. Sajid, on your question of attrition, given the environment growth environment in the industry we see continued pressure we see attrition ticking up in q1 we believe that there will be pressure on us but our efforts which we have called out will help us sustain you know and control nutrition and not impact our growth agenda on hiring we will be going our campus hiring will be very robust we onboarded about 3,000 people approximately this quarter itself from campuses. We will be soon going for campus hiring in this fiscal. And our hiring in campuses will be much more robust than what we have done in FY21. We continue to hire laterally across the globe. We will continue to make investments in domain as well as in specific skill sets. So it's a very robust hiring across the globe, both people with experience as well as with the pressure from hearing schools. Thank you.

Swati, please unmute your line and proceed with your question by introducing yourself. Swati Murthy, please unmute your line and proceed.

There we can move if Swati is not there, we can move to the next person. Next question, please.

Sorry, I was not given the permission to unmute. I hope I am audible now.

You are, Swati? Yes, Swati.

Okay. So if you can give me a little more color on the fresher hiring, so would it be more than 12,000 he had called out last year, the fresher hiring to Saurabh and what about the lateral hire? If you can give me a little color on how much lateral hiring you had done in this quarter and what some color on what would be in the next year in FY22 and what skill based bonuses which we're talking about, could you give me a little more color on what or this, I mean what skills would these be and what is the quantum of bonus you're looking at? And my third question is about the recent issue with the Wipro and the Citibank, where the two Wipro employees were involved. I mean, has this impacted your relationship with Citibank as you find? And also, if you can, give me a little color on if you have put any process in place to deal with such issues.

A lot of questions, Swati. I will first take... answers on your hiring and the skill-based bonus, and then I'll request Jatin to speak on the litigation which we have undergone. So, Swati, we don't share exact numbers, but I can tell you that we will be much, much more than the number which we have hired from freshers last year. And that number, I don't know where you get picked up, but much more than 5,000 people. That's one. Second is, I'll give you an idea, we did a gross hiring of more than nearly 18,000 people this quarter, so fairly robust hiring planned in the coming quarters to meet the growth demand. On skill build bonus, these skills are in all the niche skill areas. It could be in cybersecurity, it could be in digital, it could be in AI, it could be specific domain skills. And depending on the individual, depending on the skill, it is not a cookie cutter approach. We are looking at skills which are differentiating and trying to bridge the gap for people from what the market gives and what these people for specific people. So we did the same for a group of people, a salary increase in January. And now we're looking at a differentiated skill bonus because those skills are very, very hot and they're much more in demand in the market. So that's the intent. So it's much more targeted. ring fencing of employees rather than, you know, making a broad-based, which we had done in January again. So, you know, that's the way we are approaching looking at retention in the coming quarters.

So, Swati, my answer is really two lines. We value very deeply our customer relationships with all our customers and we cannot specifically talk about any one customer relationship.

And just one thing, could you give me by when do you plan to dole out this bonus, this skill-based bonus to employees in June? Or do you have a different timeline for that?

This will start, it is happening at this peak, Swati. It's happening at this peak.

And the quantum, any quantum, because the wage inflation has been an issue. So if you can talk about the quantum of... As I said, it's a range, Swati.

That's why I'm giving you an average. It's a range depending on the skill and the individual and the location these people are. A lot of them are on-site, offshore, so I'm not giving an average name, but the intent is to, for certain skills which are high demand in the market, how do we bridge the gap and ring-fence these critical people, especially who are client-facing for us?

Thank you.

We have completely run out of time. Thank you all for joining and stay safe.

Thank you. Thank you all. Thank you, Ava.