Wipro Limited

Ladies and gentlemen, good day and welcome to Wipro Limited Q4F526 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 then zero on your touchtone phone. Please note that this conference is being recorded and the duration for today's call will be for 45 minutes. I now hand the conference over to Mr. Abhishek Jain, Vice President, Corporate Treasurer and Head of Investor Relations. Thank you and over to you.

Yes, thank you. Warm welcome to our Q4 F526 earnings call. We will begin the call with the business highlights and overview by Srinivas Palia, 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, and our Chief Strategist and Technology Officer, Hari Shetty, on this call. Afterwards, the operator will open the bridge for Q&A with our management team. Before the series starts, let me draw your attention to the fact that during this call, we may make certain forward-looking statements within the meaning of the Private Securities Litigation Reforms 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 uncertainty 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 Shini.

Shini, over to you. Thanks, Abhishek. Hello, everyone. Thank you for joining us today. Geopolitical and policy disruptions have become the new normal. Despite these headwinds, IT spending has shown resilience. Cloud, data, and AI continue to attract investment as they provide infrastructure for future growth. Client priorities are shifting with spending decisions increasingly tied to outcomes. And at Wipro, we continue to make decisive investments to navigate the AI first world. With that context, let me now turn to our performance in quarter four and for the full year, FY 2025-26. All growth numbers I share will be in constant currency. Our IT services revenue for quarter four was $2.65 billion reflecting a sequential growth of 0.2% and degrowth of 0.2% on a year-on-year basis. Our operating margins came in at 17.3%, a contraction of 30 basis points sequentially. Order booking for Q4 was at $3.5 billion, which is a growth of 3.2% sequentially and a degrowth of 13.9% on a year-on-year basis. We had 14 large deals totaling $1.4 billion this quarter. For the full year, IT services revenue was $10.5 billion, reflecting a year-on-year degrowth of 1.6%. Our operating margin was at 17.2%, an expansion of almost 15 basis points as compared to FY25. Now to our strategic market unit performance in quarter four. America's one delivered sequential and year-on-year growth driven by strong performance in consumer, technology, and communications. The healthcare sector was impacted by seasonality and policy changes. Americas too declined sequentially and on a year-on-year basis. The BFSI sector was impacted by delayed ramp-ups on some large deals that were closed earlier this year and by certain client-specific issues. Europe grew sequentially and has remained flat on an year-on-year basis. We see good traction in the UK, specifically in the BFSI sector. We also see strong deal momentum in Germany. Apmea grew sequentially and on an year-on-year basis. Growth is driven by Southeast Asia. We are seeing traction in the BFSI technology sector. and communication sectors. We are encouraged by the momentum we are seeing in the Apnea region, both in performance and bets we continue to make there. A strong example is the strategic deal we announced recently with the OLAM Group, expected to exceed $1 billion in contract value with a committed spend of $800 million. This is one of our largest engagements to date in Apnea. In this quarter, we also closed several strategic engagements. Let me highlight two examples with global technology leaders who drive AI at scale and how Wipro is partnering with them. In my first example, a leading global technology company has engaged Wipro to help run and improve its frontier AI models. Wipro will manage the end-to-end operation of these AI models from training, governance, and evaluation to domain-specific validation. In fact, this engagement will be done to a specialized global delivery platform. We will make these models more accurate, reliable and safe while ensuring they can be deployed and managed at scale. In my second example, we have been selected by a leading global semiconductor company to provide engineering services that accelerate product development and manufacturing across its complex hardware platforms at locations distributed globally. We will support the entire engineering lifecycle from product development to performance testing analysis before final shipment is made by our clients to their end clients. This will help our clients achieve faster resolution management, higher yield, and improved governance with AI-driven analytics and automation. As intelligence becomes industrialized and widely accessible, we are making a deliberate strategic pivot to stay ahead. As you might be aware, we have launched a dedicated AI-native business and platforms unit to expand beyond a services-only model to a services-as-a-software approach. This unit will operate with dedicated leadership, focused investments, and a distinct operating model to accelerate enterprise-grade, authentic AI solutions. This unit will also incubate new AI-led businesses through an invest-build-partner approach in addition to collaborating with Wipro Ventures and our partner ecosystems. Together with core services, this creates a dual-engine model driving transformation at scale while building AI-native platforms that differentiate services, enable repeatable deployments, and unlocks non-linear growth. With that, let me move on to our guidance for the next quarter. In Q1, we are guiding for a sequential growth of minus 2% to 0% in constant currency terms. Thank you. I'll now hand it over to Aparna, RCFO.