Wipro Limited

Ladies and gentlemen, good day and welcome to Wipro Limited Q1 FY27 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 start 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.

Thank you, Yashashree. Good evening and warm welcome to our Q1 FY27 earnings call. We will begin the call with the business highlights and overview by Srinivas Pallia, our Chief Executive Officer and Managing Director, followed by updates on financial overview by our CFO, Aparna Iyer. We also have our CHRO Saurabh 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 Srinivas 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's current expectations and are associated with uncertainties and risks. Thank you Abhishek. Good evening everyone. Thank you for joining us today.

Let me start with a quick view of the broader market. The macro environment remains resilient, but uncertainty continues to shape decision making. Technology investment has not slowed. They have become more focused. Clients continue to invest in AI, data, cloud, modernization. Cybersecurity and productivity-led transformation. Spending today is measured with more rigor and longer decision cycles. The AI disruption is expanding the market, not shrinking it. At the same time, conversations around AI are becoming more intense. As the tokenization landscape evolves, Clients are focused on net productivity and require a tighter linkage between investment and outcomes. Despite selective client spending, our pipeline remains healthy. We continue to see strong engagement across our market and industries. We are executing a consulting-led AI-powered strategy to help our clients reimagine and redesign their enterprise around intelligence. With that, I'll now share our financial performance. All numbers are in constant currency. Our IT services revenue for quarter one was $2.61 billion, up 0.9% year on year. and down 1.2% sequentially. Our IT services margin was 16%, a 1.2% decline year on year. In our markets, America has remained soft, declining both sequentially and on a year on year basis. We continue to see momentum in technology and communication sector and some good wins in the consumer sector. As we move into quarter 2, we are also seeing momentum build up in BFSI. Apnea's revenue grew sequentially and on a year-on-year basis. We are encouraged by the momentum we continue to see in this market, particularly in the BFSI and consumer sectors. Our Europe SMU grew year on year with strong traction in BFSI, technology and communication. However, energy, manufacturing and resources remain soft. We see a healthy pipeline across various regions in Europe such as UK and Nordics. During the quarter, order booking total 3.4 billion dollars and large deal bookings total $1.6 billion. Our order booking includes 13 large deals this quarter. Let me highlight two of these deal wins. A leading global animal healthcare provider selected us to modernize and manage digital operations across their Global Network of Hospitals and Clinics Using Bipro Intelligence, we will help transform service operations, improve productivity and enable predictive issue prevention. We are helping the client create a more autonomous technology environment. The goal is to improve experiences for clinical teams, Employees and customers while increasing operational rigour. In our second deal win, a leading European speciality chemicals company chose us to run and transform their complex application landscape, leveraging AI-led capabilities through Wings We will automate operations, improve delivery efficiency, and provide greater visibility through an AI-powered digital command center. The outcome here will be elevated service quality, higher productivity, and lower operating costs. Across markets and industries, we are helping clients reimagine operations by embedding AI at the core of their business, spanning both physical and digital worlds. In this context, let me share some examples of the work we are already doing with clients. For a global industrial manufacturer, we are reimagining finance and procurement through our links platform. Combining agentic AI, intelligent orchestration, real-time analytics, and AI-powered knowledge management to create a highly automated operating model. In my second example, with one of our healthcare clients, we are deploying multi-agent AI systems, reducing provider enrollment processing times up to 70% while automating their manual effort up to 90%. For a leading global technology company, We are improving the quality, reasoning, and safety of their next-generation AI models through expert-led data creation and AI evaluation. This is delivering significant gains in model accuracy and reasoning capability. With this, Life Sciences Client Our WINGS platform is transforming pharma coefficients from a document-centric, labor-intensive process into an AI-native safety operation. This is powered by autonomous agents and regulatory grid workflows. For a global energy leader, we are defining their enterprise robotic strategy and roadmap for physical AI. enabled autonomous operations. Collectively, these engagements demonstrate the breadth of Wipro's AI capabilities from strategy and advisory to domain-specific solutions. And the wins that I talked about also reflect a broader shift in enterprise priorities. In fact, interestingly today, Clients are looking beyond technology modernization alone. The focus is moving towards AI-enabled operating models that improve service quality, reduce operational complexity, strengthen resilience, and unlock sustainable productivity gains. And this is where we are well positioned. Let me now share a few additional updates. During the quarter, we closed the acquisition of MindSprint and quickly transitioned from integration planning to execution. While we continue to deepen our relationship with Olam Group, we have also started to see good opportunities in the food and agricultural sector. You may recall last quarter, we launched AI Native Business and Platforms Unit. Since then, we have moved decisively from strategy to execution. We are building multiple AI-powered industry platforms, developing new AI Native Business models, and forging strong partnerships across the AI ecosystem. We have laid the foundation to strengthen the team with specialized AI-native leadership talents and define our roadmap to establish clear priorities for the next phase of growth. As you would have been aware, we recently launched Applied AI Center of Excellence for Cloud Models powered by Anthropix. This strengthens our ability to help clients rapidly adopt frontier AI capabilities while maintaining enterprise-grade controls and governance. Capco, our BFSI consulting arm, won the AI Governance and Risk Excellence Award at the OpenAI Partner Summit. And our UK AI Lab won the OpenAI Codex Hackathon for an AI-powered banking solution. With that, let me shift focus to the next quarter. In quarter two, we are guiding for a sequential growth of minus 1.5% to plus 0.5% in constant currency terms. As we continue to navigate macro uncertainty, and geopolitical instability, our priority is to remain disciplined in execution, helping clients navigate complexity and creating sustainable value for all our stakeholders. With that, let me hand it over to Aparna to share financial performance in more detail. Thank you.