Wipro Limited

Ladies and gentlemen, good day and welcome to Wipro Limited Q2 FY27 earnings conference call. As a reminder, all participant lines will be 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, sir.

Thank you, Yashashree. Good evening. Warm welcome to our Q2 FY27 earnings call. We'll 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 via CFO Aparna Iyer, We also have our CHRO Saurabh Govil 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, he 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 for 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 the transcript will be available on our website. With that, I would like to turn over the call to Shini.

Shini, over to you. Thank you, Abhishek. Good evening. Thank you all for joining us today. This quarter, demand... Anil Raibagi Madhav, Anurag Behar, Malay Joshi, Subrahmanyam, Saurabh Govil, Rishad Azim Hasham Premji, Jasjit Singh Kang, Amit Kumar, Rishad Azim Hasham Premji, Jasjit Singh Kang We continue to see strong momentum. Clients are focused on cost optimization, legacy modernization, and scaling agentic AI across their enterprise. Digital native and new age firms are driving demand in our technology sector. Investments in custom silicon designed to manufacture and physical AI are creating opportunities We also see growth emerging across AI model ecosystems, from model training and evaluation to execution. In EMR sector, we have seen some good wins in previous quarters, and those deals are ramping up. This sector continues to gain traction Across markets, specifically I would like to call out BPS and Engineering. In consumer sector, we are seeing good traction in CPG travel and transportation. Our recent new wins and revenue from OLAM deal have also supported our performance in this sector. However, healthcare in US Anil Raibagi Madhav, Anurag Behar, Malay Joshi, Subrahmanyam, Saurabh Govil, Aparna Iyer, Nagendra Bhattacharya, Srinivas Pallia, Sanjeev Jain, Amit Kumar, Rishad Azim Hasham In quarter 2, our IT services revenue stood at $2.61 billion flat sequentially and up 0.6% year on year in constant currency. Our operating margin for the quarter was 16.5% and improvement of 0.5% compared to last year. Within our markets, 3 of our 4 SMUs Srinivas Pallia, Sanjeev Jain, Amit Kumar, Rishad Azim Hasham BFSI, Consumer and EMR Apnea maintained strong traction, growing sequentially and year on year. Growth was fueled by consumer, tech and comms. Coming to deal wins and pipeline, this quarter we closed $2.6 billion in total contract value and signed 9 large deals. Our bookings reflect a healthy mix of new businesses and expansion of existing engagements. Let me give you an example of a consulting-led AI power transformation deal. A global financial institution engaged Wipro to accelerate its transformation through an AI-enabled operating model. Through this engagement, will modernize software development, drive greater efficiency across the lifecycle, and scale AI-powered ways of working, resulting in faster execution, broader AI adoption, and an agile operating model for our client. This win, among others, including a large deal in energy last quarter reflects growing impact of our consulting-led strategy in originating larger opportunities. Beyond large enterprises, we also see strong traction in deal wins and pipeline in the mid-market segment. These organizations understand that AI can be a force multiplier in scaling capabilities and redefining their competitive landscape. As an example, a global mid-market consumer products company selected us to accelerate their technology transformation by establishing an AI capability center in India. Through this engagement, we will scale engineering and technology operations to support ERP modernization, cloud native platforms, and AI capabilities for our client. Outcome will drive innovation, improve engineering productivity, and strengthen global delivery model for our client. We are beginning to see tangible returns from our strategic investments Made in recent quarters. Mindsprint has strengthened our position in food and agriculture, opening new market opportunities. Harman DTS has boosted our engineering capabilities, helping us win new logos and deepening existing client engagements. We will continue to make these investments even when they create near-term margin headwinds. They enhance our strategic position, expand addressable markets, and build a stronger foundation for future growth. In April, if you recollect, we launched our AI Native unit to help clients transition from traditional delivery models to AI Native enterprises. We are making rapid progress. With over 2,000 engineers, including FDs, forward deployed engineers, we are seeing growing success in outcome-based deals and driving non-linear growth. This investment is already delivering results. Let me share a few examples. One, an SLM deployment for a major US retail bank. Implementation of an AI-powered digital plant for one of the largest petrochemical companies in the Middle East. And three, an enrollment and billing SLM deployment for a leading US healthcare payer. In addition, we also built industry-specific SLMs for wealth management, insurance, Healthcare, Aviation, and Asset Intensive Industries. Combined with our AI agents and orchestration platform, these capabilities enable us to transform virtually any business workflow into an AI native workflow, helping our clients unlock new levels of productivity Anil Raibagi Madhav, Anurag Behar, Malay Joshi, Subrahmanyam, Saurabh Govil, Rishad Azim Hasham Premji, Jasjit Singh Kang, Amit Kumar, Rishad Azim Hasham Premji, Jasjit Singh Kang and Design to Manufacturing. In fact, these services and solutions position us well across the full AI value chain and help us capture opportunities that extend beyond traditional technology spend. With that, let me share our guidance for the next quarter. Q3 for us. will remain impacted by seasonal furloughs. We are guiding for a sequential IT services revenue growth of minus 1.5% to plus 0.5% in constant currency. Despite a challenging macro environment, our business remains resilient. We are very encouraged by emerging opportunities across markets. AI will expand new growth avenues and accelerate demand for higher value transformation. Signs of this are already evident in the momentum we are seeing across our new AI services. I will now invite Aparna to share details on our financials. Thank you. Go to you Aparna.