Wipro Limited

Ladies and gentlemen, good day and welcome to Wipro Limited Q1 FY26 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 and zero 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.

Yeah, thank you, Yashastri. A warm welcome to our quarter one financial year 2026 earnings call. We will begin the call with business highlights and overview by Srinivas Palya, our Chief Executive Officer and Managing Director, followed by updates on financial overview by our CFO, Aparna Iyer. We also have our CHRO, Saurav Govil, on this call. Afterwards, the operator will open the bridge for Q&A with our management team. Before Srini starts, let me draw your kind 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's 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 factors are explained in our detailed filings 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 Srini. Thank you.

Thank you, Deepak. Good evening, everyone. Thank you for joining us today. Let me start with a quick view on quarter one and the broader environment. We started the quarter facing significant macro uncertainty, which kept overall demand muted. Our clients prioritized initiatives with immediate impact, primarily focusing on cost optimization and vendor consolidation. And at the same time, they accelerated their AI data and modernization programs. We saw a clear trend of many AI projects moving to scale and production. We quickly aligned with these priorities, deepened our partnerships, and secured key deals. The large deals we closed this quarter and last quarter along with a strong pipeline, put us in a good position for the second half of the year. With that, let me now turn to our quarter one performance. I will start with key financial highlights and an overview of our markets and sectors. Aparna will provide further details on the financials in her remarks. Our IT services revenue for quarter one was $2.59 billion, quarter-on-quarter degrowth of 2% in constant currency terms within our guidance range. Our IT services margin was 17.3%, an expansion of 80 basis points year-on-year. In our markets, America has grew 1.5% year-on-year in constant currency terms, and we are continuing to see strong yield momentum here. Appian's revenue stayed flat. Digital spending in India, Middle East, and Southeast Asia kept the market resilient. Europe continued to face headwinds, and clients remained focused on maintaining their competitiveness in this environment. Capco grew year on year, driven by strong performance in Latin America. Turning to our industry sector, in PSSI, demand is strong and steady. Clients are modernizing their IT landscape with a sharp focus on ALA deficiency and transformation. We also want two mega deals here, which I will discuss later. In consumer and EMR, we are seeing a more cautious mode. Retail, CPG, and manufacturing have been most affected by tariffs. Even though discretionary budgets are tight, Outsourcing renewals are creating new opportunities to gain wallet shares. In technology and communication, we are seeing a clear shift towards AI investments. Clients are looking to innovate and future-proof their software and platforms. We want a large deal here that has the potential to become a mega deal. Healthcare continues to do well as clients invest in modernization and digital transformation. While payers are under cost pressures, the overall outlook for the sector remains positive. These priorities and shifts in client focus are evident in the strategic deals we have won in quarter one. During the quarter, we reported bookings worth $5 billion in total contract value, a growth of 51% year-on-year. Our large deal bookings reached $2.7 billion, up 131% year-on-year. This includes 16 large deals this quarter, including 2 mega deals. Several of these wins were driven by vendor consolidation, where we continue to build strong momentum. These deals reflect a good balance of extension of existing work and securing new business. They also highlight our capabilities, domain expertise, and progress in AI. Let me share three examples to bring this to life. My first example is a global banking leader that selected us as a strategic partner to transform technology across multiple business lines and enterprise functions. They chose us for our deep BFSI expertise and consulting-led approach. We will transform the digital ecosystem, modernize their cloud and data platforms, improve cyber resilience, and embed AI across the software development lifecycle, helping boost engineering productivity and reimagine core processes. Second, a leading global semiconductor company signed a multi-year agreement with us to modernize its entire product lifecycle. Building on our long-standing partnership, we will drive end-to-end engineering transformation from silicon design and system software to platform development and hardware validation. Our focus is on using AI and automation to accelerate development, improve quality, reduce costs, and enable agile practices. Finally, we secured a mega deal with a leading North American bank, extending a decade-long partnership. We will transform the technology across core banking, wealth management, and retail using our AI-powered global delivery framework This includes modernizing their cloud infrastructure, strengthening cyber resilience, and enhancing their digital ecosystem and enterprise applications. This will accelerate innovation, improve time to market, and deliver a more customer-centric experience for our clients. In fact, these examples highlight a clear trend AI is no longer a niche. It's becoming essential to how businesses operate at scale. At Wipro, we see AI as a force reshaping industries and amplifying human potential. We at Wipro are building an AI-first, AI-everywhere enterprise focused on solving complex challenges, accelerating delivery, and reimagining operations at scale. By embracing autonomous and agentic AI, we are transforming business models and how organizations work. In fact, our AI capabilities are integrated into both industry and cross-industry solutions. By combining domain expertise with AI, we are able to deliver value through solutions such as hyper-personalized wealth management and predictive industrial insights, to name a few. So far, we have deployed over 200 AI power agents using advanced technologies from leading hyperscalers. For example, these agents enable smarter lending, intelligent claims processing, and autonomous network management. We are equally focused on talent and training our team with the skills and mindset to thrive in an AI-first world. Building on these strong foundations and our continued focus on five strategic priorities, we are well positioned for the future. I would like to now discuss our outlook for the next quarter. While we are cautious given the macro environment, our strong order book, healthy pipeline, and focus on consulting-led, AI-powered, solutions give us confidence in delivering long-term value to our stakeholders. Returning to profitable growth remains our priority. Based on our visibility, we are guiding for a sequential growth of minus 1% to plus 1% in constant currency terms. Let me hand over to Aparna for a detailed view on our financials. Thank you again and over to you, Aparna.