Wipro Limited

I will share with you the details of our annual results, as well as our fourth quarter performance. I will share highlights of our sectors, markets, and service offerings, and also an overview of the demand environment. And finally, our business outlook for the quarters ahead. And then we will open the floor for any questions you may have for us, okay? So we closed fiscal year 2023 with the strongest ever bookings recorded in a year. Our bookings in total contract value terms grew over 28% year on year. We finished the year with two consecutive quarters of total booking of over 4.1 billion U.S. dollars. Our revenue grew 11.5% year-on-year in constant currency terms, putting our full year revenue at $11.2 billion. Our operating margin for the year was 15.7%. Cash conversion was at 115% of net income versus 91% in the previous year. Our transformation journey continued in fiscal year 23. We made several strategic investments and acquisitions and added new capabilities. Whether it is our account strategy, large deal approach, or our sector and market mix, there's a clear and obvious difference between the Wipro pre-2020 and the Wipro of today. Our top accounts are bigger in size, We have a more diversified pipeline. And we continue to make bold investments in talent to support our future growth. Now, coming to Wipro's performance in the fourth quarter. Total bookings for the quarter were 4.1 billion US dollar. In total contract value term, quarterly bookings grew by 47% year-on-year in the America's One strategic market unit and by 33% year-on-year in Europe. Revenue for the fourth quarter was up by 6.5% year-on-year in constant currency terms. Sequentially, revenue declined by 0.6%. mainly due to the uncertainty in the market and the resulting slowdown in discretionary spending. Our operating margin for the quarter was 16.3%. That is 60% basis point higher than the full year margin of 15.7%. Our IT services profit was also highest ever in absolute terms. Our COO team under Amit has brought in new rigor to the way we approach operations, enhancing delivery, client experiences, and efficiencies. And we're already seeing the impact. Our utilization rates improved to 81.7% in Q4 from 79.7% in the previous quarter. Earnings per share, or EPS, expanded for the third consecutive quarter. We reported EPS of rupees 5.61 for the quarter. Now, turning to our sectoral performance, all four of our strategic market units recorded over 10% in revenue growth for the full year in fiscal year 23. In Americas 1, revenue grew 6% in Q4, 13% for the full year Growth was led by healthcare and medical devices at 10%, followed by consumer goods and life science at 8%. The Americas, too, market grew 4% year-on-year in Q4 and 10% for the full year. Energy and utilities revenue grew 8% during the quarter. Securities, capital markets, insurance grew 7% during the quarter.

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