Wipro Limited

welcome to Wipro Limited Q1 FY25 earnings 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 10-0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Deepak Bohra, Senior Vice President, Corporate Treasurer and Investor Relations. Thank you and over to you, sir.

Thank you, Yashashree. Warm welcome to our quarter one financial year 25 earnings call. We will begin the call with the business highlights and overview by Srinivas Balya, our Chief Executive Officer and Managing Director, followed by updates on financial overview by our CFO, Aparna Iyer. We also have our CHRO, Saurav Gohil, on this call. Afterwards, the operator will open the bridge for Q&A with our management team. Before Srivi starts, let me draw your attention to the fact that during this call, we may make certain forward-looking statements within the meaning of Private Security Litigation Reform Act 1995. These statements are based on management 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 factor are explained in our detailed filing with the SEC. WIPRO 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 available on our website. With that, I would like to turn over the call to Srimi.

Thanks, Deepak. Thanks Deepak. Hello everyone. Thank you for joining me and my leadership team for our first quarter results for the financial year 2024-25. Over these past 90 days, I have traveled across our markets, meeting clients, employees, and engaging with partners and stakeholders. With each conversation, my appreciation of our business has deepened And my confidence in our team has grown stronger. It's truly inspiring to witness the trust our clients have placed in Wipro. Additionally, I've been able to hone the focus of our five strategic priorities that I shared with you last quarter. I will provide you with an update on this shortly. But let me first start with the financial highlights for the quarter. In Q1, we did not see a significant shift in the demand environment. Clients remained cautious and our discretionary spending continued to be muted. Our IT services revenue for Q1 was US$2.63 billion, reflecting a sequential decrease of 1% in constant currency, which was within our guided range for the quarter. Operating margin was 16.5% and increase of 0.1% for the last quarter. Let me now provide you with some color on how our SMUs performed in quarter one and our industry sectors. I will begin with America's one, which delivered a sequential growth of 0.4% in quarter one. You may recall that Americas 1 had a good year in financial year 2024, with the health and technology sectors leading the way. We now see momentum in consumer and communication sectors also. Americas 2 had a sequential decline of 0.7%, but BFSI performed well, achieving a sequential growth of 1.4% in Q1. With a year-on-year growth of 12.1% in Q1, bookings in Americas too, we are optimistic about returning to growth in this market in the medium term. In Q1, we also maintain positive momentum in our Capco business, achieving a sequential growth of 3.4%. However, Europe and APMIA remain soft for us, with sequential declines of 1.4% and 4.2% respectively. Our pipeline in Europe remains healthy and our primary focus there will be on improving conversion. We are reviewing our strategy for APMIA and will keep you informed of our progress in the upcoming quarters. Among industry sectors, we had varied performance. Banking and financial services retained its positive momentum from last quarter. And we have now seen growth in this sector for two consecutive quarters. This sector grew 0.5% sequentially in quarter 1. Driven by deal flow, the consumer business grew by 1.6% this quarter. However, Manufacturing and energy and utility sectors continue to show weakness for us, experiencing sequential decline of 3% and 6.3% respectively. Moving to order booking, our overall bookings TCV for the quarter was 3.3 billion U.S. with large deal TCV of 1.2 billion U.S. Now let me update you on the progress we have made on the five strategic priorities that I outlined last quarter. One, if you recall, we discussed prioritizing large deals as a clear area of focus. We are driving large deal creation systematically across our client base. We are shaping these opportunities by proactively engaging with influencers and partners. As a result, our pipeline for large deals remained robust. Once again, we had a quarter where our large deal bookings exceeded US $1 billion. Our success in securing 10 large deals in Q1 was a key factor that made this possible. Let me call out two of the deals that we signed in Q1. The first is with a US-based communication services provider, where we were chosen for a five-year contract to provide managed services for select products and building industry-specific solutions. You'd have already heard about this in the media. The second win is in the automotive segment in manufacturing. A US-based OEM has selected us to streamline their global infrastructure services. develop a solution leveraging both automation and AI to improve user experience and reduce operating costs. Number two, our next area of focus, which I've called out, is to strengthen our relationships with our major clients and strategic partners. We are investing in our established strategic accounts and high-potential accounts. Our focus will be on these clients within our priority sectors and markets we have defined internally. We will further strengthen our capabilities in consulting, delivery and solutioning in these accounts. In addition, we are actively collaborating with hyperscalers and strategic partners to co-innovate and develop unique propositions for our clients. In fact, I would like to emphasize that even in an otherwise soft demand environment, our revenue from top 10 accounts have grown 1.3% sequentially and 3.8% year on year in constant currency terms. Another key priority I had previously highlighted is to develop AI-powered industry and cross-industry solutions using a consulting-led approach. Clearly, our goal here is to help clients transform their business and operating models using the power of AI. We are also actively strengthening and accelerating our industry consulting capabilities to support this. We continue to build cross-industry solutions that will deliver value to clients across our horizontal plays. Let me give you two examples of our recent wins in Q1. In the healthcare sector, we have been selected by a leading US-based health solutions company to help them comply with CMS guidelines. Our consulting-led, AI-powered industry solution will seamlessly integrate CMS provisions into billing and various other processes. This will simplify prescription cost management for all the members. Moving on to the second example, we are collaborating with a leading financial services company in North America to develop a GNI-powered assistant for wealth management to help portfolio advisors. Let me now shift to our next area of focus, which is building talent at scale. Our goal at Wipro is to attract, nurture, and grow a diverse talent pool. We have ramped up our upskilling efforts across various practices, covering both emerging and core technology areas. In fact, during quarter one, we rolled out iAspire, an AI-powered career development platform. iAspire offers personalized learning pathways and aids in the career progression for each and every one of our employees. We have already provided foundational training to over 225,000 of our employees and an additional 30,000 employees have received advanced AI training. With Wipro as client zero, we are utilizing our in-house AI expertise to develop GenAI solutions across all units and functions within the company. We believe this will help us boost not only the capabilities of our employees, but also make Wipro GenAI ready. And finally, we are driving execution rigor with speed helping client-centricity and delivery excellence. We are focused on nurturing innovation in our delivery capabilities by investing in our Lab45 AI platform and the Wipro Enterprise GenAI Studio. In fact, we are also incorporating various GenAI tools throughout our software development lifecycle to enhance both the productivity and quality of our delivery. In closing, I would like to say this. The initial climb is both challenging and exciting. I am pleased with the momentum we have built in quarter one. Across the company, I have noticed a fresh energy and renewed dedication towards achieving our goals. With the commitment and passion of our 230,000 plus employees across the world, I firmly believe we will seize market opportunities ahead of us and will continue to progress steadily one step at a time. Now on to guidance. As we move into quarter 2, we do believe that we are now in a better position compared to the start of quarter 1. For quarter 2, we are guiding for a sequential revenue growth of minus 1.0% to plus 1.0% in constant currency. We are confident that we can sustain our margins within a narrow band with an upward bias in the coming quarters. With that, let me turn it over to Aparna for a detailed overview of our financials. Thank you. Over to you, Aparna.