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.