Wipro Limited

Ladies and gentlemen, good day and welcome to Wipro Limited Q3 F525 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 then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Deepak Bohda, Senior Vice President, Corporate Treasurer and Investor Relations. Thank you and over to you, sir.

Thank you, Yashashwari. Warm welcome to our quarter three financial year 25 earnings call. We will begin the call with 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 Govind, on this call. Afterwards, the operator will open the bridge for Q&A with our management team. Before CME 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 securities litigation reform Act 1995. These statements are based on management current expectations and are associated with uncertainties and risk. which may cause the actual results to differ materially from those expected. The uncertainties and risk factors are explained in our detailed filings with 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 hand over the call to Srini. Thank you, Deepak.

Hello, everyone. Thank you for joining us today. Our best wishes for the new year. 2024 was marked by macroeconomic challenges. 2025 looks more hopeful and resilient. Our clients are cautiously optimistic and discretionary spending is slowly coming back. While cost optimization remains key, we expect significant growth in AI spending. We are committed to driving innovation for our clients by leveraging the transformative power of AI. Let me now turn to the financial highlights of the quarter. All the growth numbers I share will be in constant currency. Our IT services revenue for quarter three was $2.63 billion, reflecting a sequential growth of 0.1% and degrowth of 0.7% on a year-on-year basis. This takes us slightly above the upper end of our guidance. We ended the quarter with a TCV of $3.5 billion in bookings. Our operating margins came in at 17.5%, an expansion of 0.7% quarter on quarter, and 1.5% year on year. This is a 12-quarter high, and I want to take this opportunity to thank our delivery teams for driving execution rigour. Our Capco business continued to see improved demand. Order book grew by 9% year-on-year and revenue grew 11% year-on-year. In our strategic market unit performance, we saw steady growth in demand across Americas while Europe and apnea remained soft for us. Americas 1 grew 3.9% sequentially and 3.7% on a year-on-year basis. Growth was primarily led by health and technology and communication sectors. Americas 2 de-grew 0.6% sequentially and grew 1.2% on a year-on-year basis led by BSI sector. Europe Degrew 2.7% sequentially and 4.6% on a year-on-year basis. Apnea Degrew 2.1% sequentially and 8% on a year-on-year basis. Moving on, Three of our five industry sectors recorded year-on-year growth, reflecting the progress across key areas. Health maintained its momentum, growing 6.7% sequentially and 4.5% year-on-year. While BFSI de-grew by 1.9% quarter-on-quarter, the sector grew 3.4% year-on-year. Consumer de-grew by 0.9% quarter-on-quarter and grew 0.4% year-on-year. Energy, manufacturing, and resources grew 0.4% quarter-on-quarter and declined 8.7% year-on-year. Technology and communications de-grew 0.6% quarter-on-quarter and 5.3% year on year. I would now like to share some updates on our strategic priorities that we had called out. In quarter three, we closed 17 large deals with a total value of $1 billion across markets and sectors. I would like to give you two examples in this context. we won a vendor consolidation deal with a leading American retail and distribution company. As a strategic partner, we will transform their merchandising, sales, and supply chain functions. In fact, our AI-led approach across engineering, digital, infrastructure, and application services was crucial in helping us win this deal. My second example is a leading airline in the Middle East that has partnered with us for end-to-end technology modernization. As part of a long-term contract, they will design and implement a customized cloud-based solution to improve operational agility, and resource utilization. Again, using AI-powered industry solutions, we will enhance employee productivity and customer experience for them. We continue to focus on our large accounts in our core markets and priority sectors. In quarter three, we achieved a sequential growth of 7.3% in our top account, top 5 and top 10 accounts grew 3.7% and 1.8% respectively. We remain committed to investing and scaling our large accounts, demonstrating client-centricity by driving greater value, increasing wallet share, and expanding into new lines of business. I would like to give an example of this. A global technology company has selected us to create and scale a cutting-edge silicon platform for its mixed reality products. We will work with the client to develop a silicon chip to deliver high performance at low power consumption. We will integrate advanced features like AI, sensor fusion, and stunning graphics to enhance end-user experience. This is one of Wipro's largest core silicon engineering events. We have made good progress in our consulting-led, AI-powered industry and cross-industry solutions. This quarter, we had several successes across our industry solutions, including tear-in-a-box, wealth AI, and software-defined vehicle. Additionally, we also secured multiple cross-industry wins with our next-gen manual services and cyber-shared offering. At Wipro, we continue to invest in AI education. 50,000 of our employees now hold advanced AI certifications. Beyond scaling, we are also investing in AI tools and platforms across the software development cycle and our own internal processes. At Wipro, We are early adopters of agentic AI, which will be delivering impactful results for our clients. This technology goes beyond traditional productivity assistance. While many of these applications are still experimental, we see use cases emerging in areas like customer service and supply chain management. Building talent at scale is a key strategic priority for us. We remain focused in building a globally diverse team with a high-performance culture. While we are promoting strong internal talent, we are also bringing in top external talent. We are investing significantly in leadership development. In FY25, Wipro Leadership Institute would have trained over 600 leaders through a combination of in-house leadership sessions and programs curated with leading global institutes. Finally, I want to recognize the dedication of our employees during the holiday season in delivering business-critical programs, especially for our clients. Now a note on guidance before I wrap up. For the next quarter, we are guiding for a sequential growth of minus 1% to plus 1% in constant currency terms. With that, let me turn it over to Aparna for a detailed overview of our financials. Thank you. Aparna, over to you.