Wipro Ltd (WIT) 2023 Q4 法說會逐字稿

Ladies and gentlemen, good day, and welcome to the Wipro Limited Q4 FY '23 Earnings Call. (Operator Instructions) Please note that this conference is being recorded.

女士們、先生們，美好的一天，歡迎參加 Wipro Limited 23 財年第 4 季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I now hand the conference over to Mr. Dipak Kumar Bohra, Senior Vice President, Corporate Treasurer and Investor Relations. Thank you, and over to you, sir.

我現在將會議交給公司財務主管和投資者關係高級副總裁 Dipak Kumar Bohra 先生。謝謝您，接下來就交給您了，先生。

Thank you, Yashashri. Warm welcome to our quarter 4 FY '23 earnings call. We will begin the call with the business highlights and overview by Thierry Delaporte, our Chief Executive Officer and Managing Director; followed by a financial overview by our CFO, Jatin Dalal. Afterwards, the operator will open the bridge for Q&A with our management team.

謝謝你，亞沙施裡。熱烈歡迎參加我們 23 財年第 4 季度的財報電話會議。我們將首先由我們的首席執行官兼董事總經理 Thierry Delaporte 介紹業務亮點和概述；接下來是我們的首席財務官 Jatin Dalal 的財務概覽。隨後，運營商將開通與我們管理團隊進行問答的橋樑。

Before Thierry 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'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.

在蒂埃里開始之前，讓我提請您注意這樣一個事實：在這次電話會議中，我們可能會做出 1995 年私人證券訴訟改革法案含義內的某些前瞻性陳述。這些陳述基於管理層當前的預期，並與不確定性和相關性相關。風險，可能導致實際結果與預期存在重大差異。我們向 SEC 提交的詳細文件中解釋了不確定性和風險因素。

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.

Wipro 不承擔更新前瞻性陳述以反映提交日期之後的事件和情況的義務。電話會議將被存檔，會議記錄將在我們的網站上提供。

Thank you. Over to you, Thierry.

謝謝。交給你了，蒂埃里。

Dipak, thank you. Hello, everyone. Thank you for joining our quarterly earnings call. Joining me from Bangalore today is our CFO, Jatin; our Chief Growth Officer, Stephanie; our Chief Human Resource Officer, Saurabh, and our Chief Operating Officer, Amit.

迪帕克，謝謝你。大家好。感謝您參加我們的季度財報電話會議。今天從班加羅爾和我一起來的是我們的首席財務官 Jatin；我們的首席增長官斯蒂芬妮；我們的首席人力資源官 Saurabh 和我們的首席運營官 Amit。

So on this call, I want to share with you the details of our annual results as well as our fourth quarter performance. I will share highlights for sectors, markets, service offerings and an overview of the demand environment, and finally, our business outlook for the quarters ahead. Of course, happy to also take on any questions you have for us.

因此，在這次電話會議上，我想與大家分享我們的年度業績以及第四季度業績的詳細信息。我將分享行業、市場、服務產品的亮點和需求環境的概述，最後，我們對未來幾個季度的業務前景。當然，也很樂意回答您向我們提出的任何問題。

Starting on FY '23. We closed FY '23 with the stronger favorable bookings recorded in a year. Our bookings in total contract value terms, grew over 28% year-on-year. We finished the year with 2 consecutive quarter of total bookings of over $4.1 billion each.

從 23 財年開始。我們以一年來記錄的更強勁的有利預訂結束了 23 財年。我們的訂單總合同價值同比增長超過 28%。今年結束時，我們連續兩個季度的總預訂量均超過 41 億美元。

Our revenues, they grew 11.5% year-on-year in constant currency terms, including our full year revenue at $11.2 billion. Our operating margin for the year was 15.7%. The cash conversion was at 115% of net income versus 91% in the previous year.

按固定匯率計算，我們的收入同比增長 11.5%，其中全年收入為 112 億美元。我們今年的營業利潤率為 15.7%。現金轉換占淨利潤的 115%，而上一年為 91%。

Our transformation journey continued in FY '23. We made several strategic investments and acquisitions, and we've added new capabilities. Whether it is our account strategy, the low-key approach or our sector and market mix, there's a clear and obvious difference between the Wipro pre-2020 and the Wipro of today.

我們的轉型之旅在 23 財年繼續進行。我們進行了多項戰略投資和收購，並增加了新的功能。無論是我們的賬戶策略、低調的做法還是我們的行業和市場組合，2020 年之前的 Wipro 和今天的 Wipro 之間都有著明顯的區別。

Our top accounts are bigger in size. We have a more diversified pipeline, and we continue to make bold investments in talent to support our future growth.

我們的頂級客戶規模更大。我們擁有更加多元化的渠道，並繼續大膽投資人才以支持我們未來的增長。

Now, coming to Wipro's performance in the fourth quarter. Total bookings for the quarter were USD 4.1 billion. In total contract value terms, quarterly bookings grew by 47% year-on-year in the Americas 1 strategic market unit and by 33% year-on-year in Europe.

現在來看看Wipro第四季度的表現。該季度的總預訂額為 41 億美元。從合同總價值來看，美洲第一戰略市場單位的季度預訂量同比增長了 47%，歐洲的季度預訂量同比增長了 33%。

The revenue for the fourth quarter was up by 6.5% year-on-year in constant currency terms. Sequentially, revenue declined by 0.6%. This is mainly due to the uncertainty in the market. And the resulting slowdown in the discretionary spending.

按固定匯率計算，第四季度收入同比增長6.5%。隨後，收入下降了 0.6%。這主要是由於市場的不確定性。由此導致可自由支配支出放緩。

Our operating margin for the quarter was 16.3%, that is 60 basis points higher than the full year margin of 15.7%. Our IT services profit was highest ever in absolute terms.

我們本季度的營業利潤率為 16.3%，比全年利潤率 15.7% 高出 60 個基點。從絕對值來看，我們的 IT 服務利潤是有史以來最高的。

Our CEO team under Amit's leadership has brought in new rigor to the way we approach operations, where we enhance delivery, drive client experience and efficiencies. And we are already seeing the impact on utilization rates improved to 81.7% in Q4 from 79.7% in the previous quarter.

在阿米特 (Amit) 的領導下，我們的首席執行官團隊對我們的運營方式提出了新的嚴格要求，我們增強了交付能力，提升了客戶體驗並提高了效率。我們已經看到第四季度對利用率的影響從上一季度的 79.7% 提高到 81.7%。

Looking at earnings per share. EPS is extended for the third consecutive quarter. We reported EPS of INR 5.61 for the quarter.

看看每股收益。每股收益連續第三個季度延長。我們報告本季度每股收益為 5.61 印度盧比。

Now turning to our sectorial performance. All 4 of our strategic market units recorded over 10% revenue growth for the full year in FY '23. In Americas 1, revenue grew 6% in Q4 and 13% for the full year in FY '23. There, growth was led by health care and medical devices at 10%, followed by Consumer Goods and Life Sciences at 8%. Americas 2 market grew 4% year-on-year in Q4 and 10% for the full year as well.

現在轉向我們的部門表現。我們所有 4 個戰略市場單位在 2023 財年全年收入增長均超過 10%。在美洲 1，第四季度收入增長 6%，23 財年全年收入增長 13%。其中，醫療保健和醫療設備引領增長，增長 10%，其次是消費品和生命科學，增長 8%。美洲2市場第四季度同比增長4%，全年增長10%。

Energy & Utility revenues grew 8% during the quarter. securities, capital markets and insurance grew 7% during the quarter. But we are seeing some softness in the banking and financial services space, no doubt, and in consulting due to the current macro environment. The bookings in terms of total contract value grew 27% in Q4. These are all year-on-year comparison figures, of course.

本季度能源和公用事業收入增長了 8%。證券、資本市場和保險在本季度增長了 7%。但毫無疑問，由於當前的宏觀環境，我們看到銀行和金融服務領域以及諮詢領域出現了一些疲軟。第四季度的訂單總合同價值增長了 27%。當然，這些都是同比比較數據。

Third market, our Europe market. Unit delivered a year on revenue growth of 9% in Q4, 12% for the full year. Growth in Europe was led by sales in Europe and Germany, which grew over 30% and 20% in Q4, respectively.

第三個市場，我們的歐洲市場。該部門第四季度收入增長 9%，全年收入增長 12%。歐洲的增長主要由歐洲和德國的銷售額帶動，第四季度分別增長超過 30% 和 20%。

Finally, revenues for the APMEA market unit grew at 8% year-on-year in Q4, and 10% for the full year. There, Southeast Asia grew about 25% year-on-year, and Middle East is growing in double digits as well. For the full year, bookings in TCV terms are looking healthy with 20% year-on-year growth.

最後，APMEA 市場部門的收入第四季度同比增長 8%，全年增長 10%。其中，東南亞同比增長約 25%，中東也以兩位數增長。全年來看，以 TCV 計算的預訂量看起來很健康，同比增長 20%。

Also have ambitious growth plan for India. In fact, you should know that we have significantly improved our quality of revenue in our state-run enterprise segment over the last couple of years. With that, we have decided to merge that segment with our IT services segment starting Q1 '24.

印度也有雄心勃勃的增長計劃。事實上，你應該知道，過去幾年我們國營企業部門的收入質量有了顯著提高。因此，我們決定從 24 年第一季度開始將該部門與我們的 IT 服務部門合併。

Now let's look at the performance from a service offering standpoint. Our iDEAS global business line grew 7% year-on-year in Q4 and 14% for the full year. Most of the service lines showed a healthy year-on-year revenue growth led by cloud transformation, which grew 22% year-on-year and Apps & Data grew 18% year-on-year.

現在讓我們從服務提供的角度來看看性能。我們的 iDEAS 全球業務線第四季度同比增長 7%，全年增長 14%。大多數服務線在雲轉型的帶動下呈現出健康的同比收入增長，同比增長22%，應用和數據同比增長18%。

Our iCORE global business line grew by 6% year-on-year in Q4 and 8% in the year '23 -- fiscal year '23. Digital operations and platform led the growth was 7% year-on-year for the quarter.

我們的 iCORE 全球業務在第四季度同比增長 6%，在 23 年（23 財年）同比增長 8%。數字化運營和平台帶動本季度同比增長 7%。

Against a weakening macro environment, our results underscore the efficiency and the effectiveness of our transformation and growth strategy. And how far we've come in just under 3 years. We are not only winning at a higher rate in the market, but the nature of the deals we are winning is changing. Today, we have 19 $100 million accounts compared to 11 in fiscal year 2021. We are winning large transformation deals, benefiting from the consolidation in the marketplace and expanding our relationships with existing clients.

在宏觀環境疲軟的情況下，我們的業績凸顯了我們轉型和增長戰略的效率和有效性。以及我們在不到三年的時間裡取得的進展。我們不僅在市場上的獲勝率更高，而且我們贏得的交易的性質正在發生變化。如今，我們擁有 19 個 1 億美元賬戶，而 2021 財年為 11 個。我們正在贏得大型轉型交易，受益於市場整合以及擴大與現有客戶的關係。

As an example, we expanded our long-term relationship with a multinational insurance company through a strategic transformation initiative. The growth-oriented initiative will enhance customer experience, simplify and digitize operations and lower the cost to serve as part of a 10-year partnership. In another example, Wipro was selective leading global professional staffing services provider to help them transform into a shared services product platform, operating model. The new operating model will help accelerate the simplification of technology, applications, infrastructure and risk management, here, again, leveraging cloud as a key enabler for business scalability and agility.

例如，我們通過戰略轉型計劃擴大了與一家跨國保險公司的長期合作關係。作為十年合作夥伴關係的一部分，這一以增長為導向的舉措將增強客戶體驗，簡化運營並實現數字化，並降低成本。又如，Wipro選擇性地選擇全球領先的專業人才服務提供商，幫助其轉型為共享服務產品平台運營模式。新的運營模式將有助於加速技術、應用程序、基礎設施和風險管理的簡化，在這裡，再次利用云作為業務可擴展性和敏捷性的關鍵推動者。

In many of these deals, we are bringing One Wipro capabilities together in brand new and innovative ways, including introducing a product platform mindset and combining experience platforms and operations to drive business outcomes.

在許多此類交易中，我們以全新和創新的方式將 One Wipro 的功能整合在一起，包括引入產品平台思維以及將體驗平台和運營相結合以推動業務成果。

Further, as market conditions soften, we are deploying advanced technology to help clients better manage cost and anticipate risks. We are building resiliency here and efficiency for our clients' businesses.

此外，隨著市場狀況疲軟，我們正在部署先進技術來幫助客戶更好地管理成本和預測風險。我們正在為客戶的業務建立彈性和效率。

For example, we've been selected by a leading North American financial institutions as a strategic partner for their Data as a Service platform to accelerate their cloud migration. We will leverage our data analytics and artificial intelligence accelerators to expedite this journey and bring cost benefits.

例如，一家北美領先的金融機構選擇我們作為其數據即服務平台的戰略合作夥伴，以加速其云遷移。我們將利用我們的數據分析和人工智能加速器來加快這一進程並帶來成本效益。

Our partnership strategy is yielding good results, as we continue to build capabilities jointly with our strategic partners and drive large complex deals. The share of partner bookings as a percentage of our total bookings rose from 25% in FY '20 to 44% in FY '23.

我們的合作夥伴戰略正在取得良好成果，我們繼續與戰略合作夥伴共同建設能力並推動大型複雜交易。合作夥伴預訂占我們總預訂的比例從 20 財年的 25% 上升到 23 財年的 44%。

We believe our new organizational model of 4 strategic market units and 4 global business lines will further improve our market position.

我們相信，由 4 個戰略市場單位和 4 個全球業務線組成的新組織模式將進一步提高我們的市場地位。

Organizing around our strategy, priority areas, cloud, enterprise technology, engineering, consulting, will give us the agility to adapt to changing market conditions, but also innovate even faster. One Wipro FullStride Cloud is a significant growth driver for us, no doubt. Now as a dedicated global business, it will accelerate growth, innovate with partners and clients and deliver on the promise of cloud, via differentiated futuristic capabilities.

圍繞我們的戰略、優先領域、雲、企業技術、工程、諮詢進行組織，將使我們能夠靈活地適應不斷變化的市場條件，同時也能更快地進行創新。毫無疑問，Wipro FullStride Cloud 對我們來說是一個重要的增長動力。現在，作為一家專注於全球的企業，它將加速增長，與合作夥伴和客戶一起創新，並通過差異化的未來能力兌現雲的承諾。

Our new enterprise suturing global business Line will combine our enterprise technology platforms and enable digital operations and security by leveraging data and artificial intelligence as well as immersive technologies, this GBL will build a distinctly forward-looking view into our clients' operational and technology needs.

我們新的企業縫合全球業務線將結合我們的企業技術平台，並通過利用數據和人工智能以及沉浸式技術來實現數字化運營和安全，這個GBL將為我們客戶的運營和技術需求建立一個明顯的前瞻性視角。

Let me now turn to our most important asset, our people. In a highly dynamic business and technology environment, building the right skills across our organization is more important than ever. Over the past year, we've trained over 50,000 employees in demand-driven skills. Next Gen Associates, formerly call freshers, continue to be a critical part of our talent strategy. The remaining of this group of colleagues is actually a reflection of their value to our business and of our commitment to their success.

現在讓我談談我們最重要的資產：我們的員工。在高度動態的業務和技術環境中，在整個組織中培養正確的技能比以往任何時候都更加重要。去年，我們對 50,000 多名員工進行了需求驅動技能培訓。下一代員工（以前稱為新生）仍然是我們人才戰略的重要組成部分。這群同事的留下實際上反映了他們對我們業務的價值以及我們對他們成功的承諾。

We hired over 22,000 Next Gen Associates in FY '23 even then the highest ever in our history. Our talent transformation efforts are yielding results. In Q4, we were recognized by Top Employers Institute as 2023 Top Employer in 11 countries. Actually, even securing a top 3 ranking in 5 of those countries. Finally, our attrition rates have been steadily declining throughout FY '23. We ended the quarter with 14.1% attrition.

我們在 23 財年僱用了超過 22,000 名下一代員工，這在當時是我們歷史上最高的。我們的人才轉型努力正在取得成效。第四季度，我們被傑出雇主研究所評為 11 個國家的 2023 年傑出雇主。事實上，甚至在其中 5 個國家中排名前三。最後，我們的員工流失率在整個 23 財年一直在穩步下降。本季度結束時，我們的員工流失率為 14.1%。

Now looking ahead, the macro environment continues to be challenging. Our clients, our industry and many sectors are impacted by the prolonged uncertainty in this economic environment. These headwinds are impacting our business and projections as well.

展望未來，宏觀環境依然充滿挑戰。我們的客戶、我們的行業和許多部門都受到這種經濟環境的長期不確定性的影響。這些不利因素也影響了我們的業務和預測。

For the next quarter, we are giving a sequential guidance of minus 3% to minus 1% in constant currency. On margins, we expect to be in the similar range that we delivered in recent quarters.

對於下一季度，我們給出的連續指導值（按固定匯率計算）為負 3% 至負 1%。在利潤率方面，我們預計將與最近幾個季度的利潤率保持在相似的範圍內。

So to summarize FY '23, we closed the year with the strongest ever bookings recorded in the year. Our revenues grew 11.5% year-on-year in constant currency terms, taking our full year revenue to $11.2 billion. Finally, our IT services operating profit is the highest ever at USD 1.7 billion for the year.

總結 23 財年，我們以有史以來最強勁的預訂量結束了這一年。按固定匯率計算，我們的收入同比增長 11.5%，全年收入達到 112 億美元。最後，我們的IT服務營業利潤今年達到17億美元，創歷史新高。

By most accounts, we closed our fiscal year at a significantly improved place than where we began. We are getting stronger operationally, taking a more futuristic approach to our solutions. We have the growth mindset and the right organizational structure and talent, giving us the resiliency for long-term success.

從大多數情況來看，我們結束本財年的情況比開始時有了顯著改善。我們在運營上變得越來越強大，對我們的解決方案採取了更具未來感的方法。我們擁有成長型思維、合適的組織結構和人才，使我們具備實現長期成功的彈性。

With that, let me turn it over to Jatin for his comments. Thank you.

接下來，讓我將其轉交給賈廷徵求他的意見。謝謝。

Thank you, Thierry. Good evening, good morning. Thank you all for joining this call. .

謝謝你，蒂埃里。晚上好，早上好。感謝大家參加本次通話。 。

Let me start with the revenue growth for fiscal '23. We grew 11.5% in constant currency terms. Our operating profit, as Thierry mentioned, was higher at $1.7 billion, and that was a growth of 1.2% year-on-year.

讓我從 23 財年的收入增長開始。按固定匯率計算，我們增長了 11.5%。正如蒂埃里提到的，我們的營業利潤更高，達到 17 億美元，同比增長 1.2%。

In quarter 4, our net profit was INR 30.7 billion, which was 0.7% sequential. We continue to have a very strong cash conversion. For FY '23, we converted -- operating cash flows were at 115% of our net income. We exited the year with $4.9 billion of cash gross of debt and $3.1 billion net of tax. As we exited the year, we had $3.8 billion of ForEx hedges. And in quarter 4, the realization rate was INR 81.63.

第四季度，我們的淨利潤為 307 億印度盧比，環比增長 0.7%。我們的現金轉換仍然非常強勁。對於 23 財年，我們進行了轉換——運營現金流占淨利潤的 115%。今年結束時，我們的現金債務總額為 49 億美元，稅後淨額為 31 億美元。當我們結束這一年時，我們擁有 38 億美元的外匯對沖。第四季度，變現率為 81.63 印度盧比。

I'll quickly talk about buyback details. As we have shared in our press release, the buyback quantum is INR 12,000 crores, including taxes, approximately INR 14,800 crores, which translates to USD 1.8 billion. Buyback price has been set at INR 445, and this is subject to the shareholder approval that we will duly undertake.

我將很快討論回購細節。正如我們在新聞稿中所分享的，回購金額為 1200 億印度盧比，包括稅費，約為 1480 億印度盧比，相當於 18 億美元。回購價格已定為 445 印度盧比，這需要我們正式承諾的股東批准。

As Thierry mentioned, we have also brought ISRE segment as part of the IT Services segment. And our guidance for quarter 1 includes ISRE, both in the base for quarter 4 and the growth that which we are projecting. The performance of quarter 4 was excluding ISRE, the guidance was given as such, and we have delivered within the guidance range, excluding ISRE in quarter 4.

正如蒂埃里提到的，我們還將 ISRE 部門作為 IT​​ 服務部門的一部分。我們對第一季度的指導包括 ISRE，無論是在第四季度的基數還是我們預計的增長中。第四季度的業績不包括 ISRE，指導是這樣給出的，我們的交付在指導範圍內，不包括第四季度的 ISRE。

With that, we are happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions) We have our first question from the line of Sudheer Guntupalli from Kotak Mahindra Asset Management.

（操作員說明）我們的第一個問題來自 Kotak Mahindra Asset Management 的 Sudheer Guntupalli。

Jatin, firstly on the guidance of minus 3% to minus 1% in constant currency. So what are the underlying assumptions here between the growth rates of our consulting book of business and the services book of business? I know maybe a little difficult to apportion it very precisely. But broadly, if you can give some indication as to what is the declines you are expecting in consulting? And ex of that, let's say, what is the rate you're expecting in services?

Jatin，首先是按固定匯率計算負3%至負1%的指導。那麼，我們的諮詢業務和服務業務的增長率之間的基本假設是什麼？我知道要非常精確地分配它可能有點困難。但總的來說，您是否可以給出一些跡象來說明您預計諮詢業的下降是多少？除此之外，您期望的服務費率是多少？

Yes. So Sudheer, as you know, we don't -- we will not be able to break this down between consulting and rest of the business. But I would request Thierry to give us color on overall business.

是的。因此，Sudheer，如您所知，我們無法將諮詢和其他業務分開。但我會要求蒂埃里為我們提供有關整體業務的信息。

Absolutely. So Sudheer, so let's look at different elements. First is -- one is the performance in bookings. What do we learn when we look at what we've done in Q4 or Q3, 2 very strong quarter of bookings. Among the highest one, actually highest on large deals, very strong performance, significant growth, 27% growth year-on-year. So this is clearly showing that we continue to see opportunity in the business that we win and that we are growing our backlog for the quarters to come.

絕對地。 Sudheer，讓我們看看不同的元素。首先是預訂表現。當我們查看第四季度或第三季度（這兩個預訂量非常強勁的季度）的表現時，我們學到了什麼。其中最高的，實際上是大交易中最高的，業績非常強勁，增長顯著，同比增長27%。因此，這清楚地表明，我們繼續在我們贏得的業務中看到機會，並且我們正在增加未來幾個季度的積壓訂單。

Second is, no doubt that there is -- if we look at some sector trends, there are sectors that have seen a little bit more of headwinds or seeing some more macro uncertainties. Banking and insurance, technology are sectors where we have seen slow down or cut in discretionary spend over the last weeks. But fundamentally we'll remain positive given the volume of business that we are delivering.

其次，毫無疑問，如果我們觀察一些行業趨勢，就會發現有些行業遇到了更多的阻力，或者看到了更多的宏觀不確定性。過去幾週，銀行、保險、科技等領域的可自由支配支出放緩或削減。但從根本上講，考慮到我們正在交付的業務量，我們將保持樂觀。

We are possibly waiting for the uncertainty to clear but the current guidance we are showing for the quarter reflects really the view. On one side, other sectors where there's growth, those sectors where discretionary spend is being cut and the performance on bookings.

我們可能正在等待不確定性消除，但我們當前顯示的本季度指引確實反映了這一觀點。一方面，其他增長的行業、可自由支配支出被削減的行業以及預訂的表現。

From -- you asked questions about consulting. So I will say the following. Yes, we have increased the percentage of our revenue coming from the consulting business over the last years. We've done it for strategic reasons. The strategic reasoning behind these decisions hasn't changed. And indeed, the acquisitions we have made have absolutely allowed us to have to transform, to change the game in our interaction with clients in those fields. Whether it is in the security space, in the SAP space or in Financial Services. And by the way, all these acquisitions in the consulting space have delivered performance that were ahead of the plan built at the time of the acquisition.

來自——你問了有關諮詢的問題。所以我會說以下內容。是的，過去幾年我們增加了來自諮詢業務的收入比例。我們這樣做是出於戰略原因。這些決定背後的戰略推理沒有改變。事實上，我們所做的收購絕對讓我們必須轉型，改變我們與這些領域客戶互動的遊戲規則。無論是在安全領域、SAP 領域還是金融服務領域。順便說一句，諮詢領域的所有這些收購所帶來的業績都超出了收購時制定的計劃。

Having said that, and I think it's in line with what we've said a quarter ago. We know that those business are early cycle typically feeling -- first, a reduction in discretionary spend, but also the ones bouncing back the fastest. And that's in line with this tradition. Last, if we are looking at the performance of these businesses compared to the market -- the consulting market, I think those businesses are holding pretty well as well. So that -- that's what -- that's the color I would give you on our guidance for Q1.

話雖如此，我認為這與我們一個季度前所說的一致。我們知道，那些處於早期週期的企業通常會感到——首先是可自由支配支出的減少，但也是反彈最快的企業。這也符合這個傳統。最後，如果我們將這些業務的表現與市場（諮詢市場）進行比較，我認為這些業務的表現也相當不錯。這就是我在第一季度的指導中給你的顏色。

Yes. And just one follow-up, if I may. So there is this question in the last quarter also as to why the strength deal bookings is not necessarily converting into revenue and forward-looking outlook. So does that also have to do with the fact that, let's say, some of this consulting book of business is where -- which is not discretionary in nature, it's where we are seeing a bigger pain especially in the current macro backdrop, and then given the geographies that some of these entities are opening?

是的。如果可以的話，只有一個後續行動。因此，上個季度還存在一個問題，即為什麼強勁的交易預訂不一定會轉化為收入和前瞻性前景。那麼，這是否也與這樣一個事實有關：比如說，這本商業諮詢書中的一些內容本質上不是任意的，而是我們看到更大的痛苦，特別是在當前的宏觀背景下，然後考慮到其中一些實體正在開放的地理位置？

What is clear, Sudheer, is that we are -- I don't -- we don't have any client's situation, any one event, any cancellation, any loss of client delivery issue or anything that would have played in this projection. So this is not that. It's really that on one side, you have the intense activity of the sales team driving wins and allowing us to obviously expand our position in those accounts. .

Sudheer，很清楚的是，我們——我不知道——我們沒有任何客戶的情況、任何一個事件、任何取消、任何客戶交付問題或任何在這個預測中會出現的問題。所以這不是那樣。實際上，一方面，銷售團隊的激烈活動推動了勝利，並使我們能夠明顯擴大我們在這些客戶中的地位。 。

And on the other side, you have decisions a very short term of the time, from clients to cut discretionary spend because we know that this is what they are doing in time of uncertainty. And so that's what we're observing. But so on one hand, we see the consequence of that indeed leading to the guidance we show for Q1, but also give us quite good confidence in our ability to rapidly bounce back in following months.

另一方面，客戶會在很短的時間內做出削減可自由支配支出的決定，因為我們知道這就是他們在不確定時期所做的事情。這就是我們所觀察到的。但一方面，我們看到了這一結果確實導致了我們對第一季度的指導，但也讓我們對接下來幾個月迅速反彈的能力充滿信心。

We have our next question from the line of Sandeep Shah from Equirus Securities.

我們的下一個問題來自 Equirus Securities 的 Sandeep Shah。

The question is follow-up to what Sudheer has asked. I failed to understand why such a low correlation of a high book-to-bill ratio, which we have in December '22 at 1.5x, March '22 at 1.5x. So is it fair to say that the discretionary portfolio or project-based portfolio in the book has increased so materially that it is not helping us to convert the won deals into better growth as it is because Q3 was disappointing. Q4 was disappointing, Q1 guidance is disappointing. While the order book in all these 3 periods have been really heartening?

這個問題是 Sudheer 所問問題的後續問題。我不明白為什麼高訂單出貨比的相關性如此之低，22 年 12 月為 1.5 倍，22 年 3 月為 1.5 倍。因此，可以公平地說，書中的可自由支配投資組合或基於項目的投資組合大幅增加，以至於無法幫助我們將贏得的交易轉化為更好的增長，因為第三季度令人失望。第四季度令人失望，第一季度指導也令人失望。這三個時期的訂單量真的令人振奮嗎？

Yes. So Sandeep, thanks for your question. I will try and articulate this. There are clearly 2 engines or 2 legs to our revenue performance. The first is the new deals and the large deals that we sign every quarter. And as we have shared, that growth has been very robust. That growth has been for FY '23 across geographies, the largest was upwards of 30%, but even the smaller of the 3 was 27%, across geographies, the growth has been very robust.

是的。桑迪普，謝謝你的提問。我將嘗試闡明這一點。顯然，我們的收入表現有兩個引擎或兩條腿。首先是我們每個季度簽署的新交易和大交易。正如我們所分享的，這種增長非常強勁。 23 財年各個地區的增長都是如此，最大的增長超過 30%，但即使是 3 個地區中較小的一個也只有 27%，增長也非常強勁。

And the deals that we have won is converted into -- converting into revenues. But the second leg of our growth is also a lot of discretionary work, which continues to happen in project extension mode from our customers in an ongoing manner. And as we articulated, there is a pause in some of the discretionary work.

我們贏得的交易將轉化為收入。但我們增長的第​​二站也是大量可自由支配的工作，這些工作繼續以項目擴展模式從我們的客戶那裡持續進行。正如我們所闡明的，一些可自由裁量的工作暫停了。

This discretionary pause is around reprioritization of where the customers want to spend their money in a changing macroeconomic backdrop, which is quite, I would say, which is quite common in our industry. And that is having an impact for us in quarter 1, and that's sort of a quarter of adjustment that we see. And that's what it is.

這種酌情暫停是為了在不斷變化的宏觀經濟背景下重新確定客戶希望把錢花在哪裡，我想說，這在我們行業中很常見。這對我們第一季度產生了影響，我們看到這是一個季度的調整。就是這樣。

I would argue that, in fact, the deal wins that we have had in the last 2 quarters, in fact, increases our ability to extend some of these volatilities, which has been coming through the discretionary side. And our focus will remain to continue to push whatever we can do to improve our deal win trajectory.

我認為，事實上，我們在過去兩個季度取得的交易實際上增強了我們擴大部分波動性的能力，而這種波動性是通過自由裁量權方面實現的。我們的重點仍然是繼續盡一切努力來改善我們的交易獲勝軌跡。

Lastly, if I see the backlog that we are carrying, is definitely reflective of the success in the deal wins that we have had in the last few quarters.

最後，如果我看到我們所積壓的訂單，這絕對反映了我們在過去幾個季度取得的交易成功。

So, Jatin, is it fair to say 1Q to be the last quarter or you believe it all depends about how macro shapes up? And if macro content continues to remain muted post 1Q, this phenomenon may continue where pause on discretionary will keep impacting us despite we are firing on the deal TCV numbers?

那麼，Jatin，說第一季度是最後一個季度是否公平，或者您認為這完全取決於宏觀形勢如何？如果第一季度後宏觀內容繼續保持沉默，這種現象可能會繼續下去，儘管我們正在對交易 TCV 數據進行射擊，但酌情決定的暫停將繼續影響我們？

Yes. So Sandeep, the fact remains that the macro remains reasonable. As all of us know, it is not in a very adverse scenario. Especially in U.S., you see that the employment rate continues to be good. Inflation continues to come down. There is a reasonable growth assumption for 2023 and 2024. The interest rates have potentially picked, it may go a little more up, but there's certainly not another 3 percentage point increase that we are seeing on the horizon.

是的。所以桑迪普，事實是宏觀經濟仍然合理。眾所周知，情況並不是非常不利。尤其是在美國，你會看到就業率持續良好。通貨膨脹繼續下降。 2023 年和 2024 年有一個合理的增長假設。利率可能已經回升，可能會進一步上升，但我們肯定不會看到另外 3 個百分點的增長。

So macro environment remains reasonable. Now what has happened in previous quarters is that there has been certain events, which has led to a greater cautiousness in client spending than what it was existing before beginning of quarter 4.

因此宏觀環境依然合理。現在，前幾個季度發生的某些事件導致客戶支出比第四季度初之前更加謹慎。

And we have to see how does this situation pan out for next couple of quarters? If there is no more situation of an adverse nature, I think the growth could come back. If there is something else, it could get worse. So right now, I would say it would be too early to call that Q1 would be the last quarter. Like you, we will also watch what happens very closely.

我們必須看看接下來幾個季度這種情況會如何發展？如果不再出現不利的情況，我認為增長可能會恢復。如果還有其他事情，情況可能會變得更糟。所以現在，我想說，現在說第一季度是最後一個季度還為時過早。和您一樣，我們也會密切關注發生的事情。

And just the last question. In the opening remarks, Delaporte has said that we would like to continue with current margins in a range going forward. So is it the commentary for 1Q or for the whole of FY '24? And don't you expect that current level of margin is still lower on a Y-o-Y basis so there could be more upside potential on a Q-on-Q basis on margins? Or that is too optimistic to assume looking at the soft growth for a year in FY '24?

還有最後一個問題。德拉波特在開場白中表示，我們希望繼續保持當前的利潤率在一定範圍內。這是第一季度的評論還是整個 24 財年的評論？您是否預計目前的利潤率同比水平仍較低，因此環比利潤率可能有更大的上升潛力？或者，對於 24 財年一年的軟增長假設是否過於樂觀？

So Sandeep, you are right, it is the revenue volatility, which is of importance right now. And given the current revenue volatility, we have said we'll keep it around the ranges that we have seen in previous few quarters. And that would be our endeavor. But our focus would be to get back to a growth momentum as early as we can.

所以桑迪普，你是對的，收入波動是目前最重要的。考慮到當前的收入波動，我們表示將保持在前幾個季度的範圍內。這將是我們的努力。但我們的重點是盡快恢復增長勢頭。

We have our next question from the line of Mukul Garg from Motilal Oswal Financial Services.

我們的下一個問題來自 Motilal Oswal Financial Services 的 Mukul Garg。

Jatin, I just wanted to briefly understand. Has there been any changes in thought process in terms of how much cash on book U.S. will be holding. The buyback quantum has been quite substantial. And you guys, if I look at how much cash you will probably be left with, including incremental cash, which will be generated, it will be a bit lower than the employee expenses you guys incur on a quarterly basis, while this used to be one of the defense maybe a few years ago and might not be really valid. But with this kind of a buyback, how the overall thought process is over the next few years in terms of either business investments or inorganic acquisitions?

Jatin，我只是想簡單了解一下。關於美國將持有多少賬面現金的思考過程是否有任何變化？回購金額相當可觀。你們，如果我看看你們可能還剩下多少現金，包括將產生的增量現金，這將比你們每季度產生的員工費用要低一些，而這過去是其中一項辯護可能是幾年前的，可能並不真正有效。但是，通過這種回購，未來幾年在商業投資或無機收購方面的整體思維過程如何？

Yes. So Mukul, as you rightly called out, we will -- by the time we complete this buyback, we will still have $1.5 billion of cash net of debt on the balance sheet. Also, as you know, we continue to generate healthy cash flows every quarter, anywhere between $300 million to $350 million. So we will continue to generate cash even as we go. .

是的。因此，Mukul，正如您正確指出的那樣，當我們完成這次回購時，我們的資產負債表上仍將有 15 億美元的淨債務現金。此外，如您所知，我們每個季度都會繼續產生健康的現金流，金額在 3 億至 3.5 億美元之間。因此，即使我們繼續前進，我們仍將繼續產生現金。 。

The reason the buyback is at a particular size is to make sure that we align with our payout strategy that we have articulated, which is 45% to 50% they are broadly aligned with that number. Also the fact that we are doing it at an interval of roughly 2 years and 1 quarter, and that the fact that buyback is lumpy by design, and you can't have it at a frequent interval, we felt this was the right size to go for.

回購處於特定規模的原因是為了確保我們與我們闡明的支付策略保持一致，即 45% 至 50%，他們與該數字大致一致。此外，我們以大約 2 年零 1 個季度的間隔進行回購，而且回購在設計上是不穩定的，而且你不能頻繁地進行回購，我們認為這是合適的規模去做。

Right. So Jatin, just to again clarify on this. Whether you don't think that the thought process about holding a certain amount of cash on books, to either take care of expenses or inorganic investments is something which is valid in this environment. And I'm just also trying to understand given that the macro environment is relatively tougher, this also would imply that down the line, your ability to kind of go with a similar sort of cash on to shareholders will also be impeded. So how should we think about this, the capital allocation from next year onwards?

正確的。 Jatin 再次澄清這一點。無論您是否認為在賬面上持有一定數量的現金以支付費用或無機投資的思維過程在這種環境下都是有效的。我也試圖理解，鑑於宏觀環境相對嚴峻，這也意味著，你向股東提供類似現金的能力也將受到阻礙。那麼我們應該如何看待明年以後的資本配置呢？

So our strategy for capital allocation remains what we articulated, which is 45% to 50% of our net income over a block of 3 years, and we feel we will be comfortable with that. We, of course, have evaluated the cash position at the end of this buyback and the need for us, either for expenses or for inorganic opportunity, which could come in our way. I think we would be well covered with the capacity that we would have. And again, I would just reiterate saying this is lumpy, and I can't have it at a frequent interval. And hence, we have worked for the size that we have won.

因此，我們的資本配置策略仍然是我們所闡述的，即在 3 年內占我們淨利潤的 45% 至 50%，我們認為我們對此感到滿意。當然，我們已經評估了本次回購結束時的現金狀況以及我們的需求，無論是費用還是無機機會，這可能會阻礙我們。我認為我們擁有的能力足以滿足我們的需求。再次，我想重申一下，這是不穩定的，我不能經常吃它。因此，我們一直在努力爭取我們贏得的規模。

Understood. One question for Thierry. And again, Thierry, on the consulting side, while the business obviously will rebound once demand picks up. In the meanwhile, is there some portion of that business, which is relatively more resilient in nature? Or do you think if demand environment remains weak, you can see a continued moderation in the consulting revenues over the next maybe 1 or 2 quarters?

明白了。有一個問題要問蒂埃里。蒂埃里再次強調，在諮詢方面，一旦需求回升，業務顯然會反彈。與此同時，該業務是否有某些部分本質上相對更具彈性？或者您是否認為，如果需求環境仍然疲弱，您會看到未來一兩個季度的諮詢收入持續放緩嗎？

I think the -- we're observing the evolution of the consulting business. There's a lot of activity on the consulting side for deals around -- transformational deal, cost optimization deals where way we are building business case and so on for clients. I think there's quite a bit of activity. We are seeing also a very significant demand in some areas. I mentioned security in SAP, for example, where we've made an acquisition with rising few months ago, we have a very significant demand and the business continues to be good.

我認為——我們正在觀察諮詢業務的演變。諮詢方面有很多圍繞交易的活動——轉型交易、成本優化交易以及我們為客戶構建業務案例的方式等等。我認為活動相當多。我們還看到某些領域的需求非常大。我提到了SAP的安全性，例如，幾個月前我們收購了rising，我們有非常大的需求，而且業務持續良好。

In some sectors, in particular, banking, Financial Services and technology there's a more -- there's more slowdown coming from a reduction of discretionary spend. To your point, we consider that this is temporary and that will -- it will bounce back rapidly. Because in most of my interaction with our clients, it become more and more evident that they have a lot of programs that they still want to drive. They've been able to postpone or wait a little bit while to better understand the evolution of the macro environment, but there's also some pricing need from the market and from the business, sorry. So I think it's -- we should see a rebound.

在某些行業，特別是銀行、金融服務和科技行業，可自由支配支出的減少導致經濟放緩更加嚴重。就你的觀點而言，我們認為這是暫時的，並且會迅速反彈。因為在我與客戶的大部分互動中，越來越明顯的是他們仍然想要驅動很多程序。他們已經能夠推遲或等待一段時間，以更好地了解宏觀環境的演變，但抱歉，市場和企業也有一些定價需求。所以我認為我們應該看到反彈。

We have our next question from the line of Surendra Goyal from Citigroup.

我們的下一個問題是來自花旗集團的蘇倫德拉·戈亞爾（Surendra Goyal）。

So just wanted insight on how the Jan-Feb-Mar quarter progress? Did it get worst towards the end of the quarter, which prompted you have an unusually low first quarter guidance? And also any vertical you have that's within the broad comment. Any insights would be really appreciated.

只是想了解一月、二月和三月季度的進展情況嗎？臨近季度末情況是否變得最糟糕，導致您的第一季度指導值異常低？還有廣泛評論中的任何垂直領域。任何見解將非常感激。

So on the first question, Surendra, the -- no, I don't think we can say that it's gotten any worse in the quarter. We believe that it's still positive. And so that's for the trend. Frankly, clear that it certainly did not get worse towards the end of the quarter. Sector-wise, I mentioned them, right? This is a Financial Services market. This is technology market. Actually, 2 markets where technology is key, where investments are required, where there's always been demand and where I would say, talent is always in need. So to balance with the temporary slowdown on discretionary spend again.

所以，關於第一個問題，蘇倫德拉，不，我認為我們不能說本季度情況變得更糟。我們相信這仍然是積極的。這就是趨勢。坦率地說，很明顯，到本季度末情況肯定不會變得更糟。就部門而言，我提到過它們，對嗎？這是一個金融服務市場。這就是科技市場。實際上，在這兩個市場中，技術是關鍵，需要投資，總是有需求，我想說，總是需要人才。因此，為了平衡可自由支配支出的暫時放緩。

So if these things were stable to getting better than overall how do we reconcile the usually low first quarter guidance? Because, again, just to kind of maybe put it in context the 2 businesses, which you have added on the discretionary side, my sense is that they wouldn't be more than 10%, 12% of revenues. So are we saying that those businesses are totally falling 15%, 20% sequentially. Is that what it is? And again, I don't want share numbers, but any thoughts would be appreciated.

因此，如果這些事情穩定地好於總體情況，我們如何協調通常較低的第一季度指導？因為，再一次，只是為了將其放在您在可自由支配方面添加的兩項業務的背景下，我的感覺是它們不會超過收入的 10%、12%。我們是說這些業務環比下降了 15%、20%。是這樣嗎？再說一次，我不需要分享數量，但任何想法將不勝感激。

Yes. So Surendra, the -- there is always the lag of intimation versus revenue reduction in our business. So while you continue to get intimation through the quarter, but the impact really flow through as quarter comes to an end, and you are seeing it now more profoundly, I would say, than what you saw in quarter 4 because it's not that overnight, you see a reduction in revenue. You get an intimation about a pause and after 15 or 21 days, 2 to 3 weeks is when you see the actual effect of the pause.

是的。所以Surendra，我們的業務中總是存在著暗示與收入減少之間的滯後。因此，雖然您在整個季度中繼續獲得暗示，但隨著季度結束，影響確實會顯現出來，我想說，您現在看到的比您在第四季度看到的更深刻，因為這不是一夜之間，您會看到收入減少。您會收到有關暫停的暗示，並在 15 或 21 天后，即 2 至 3 週內，您會看到暫停的實際效果。

And Jatin, on that, since I have you, could you just share some color on what percentage of your portfolio in the fourth quarter, would be consulting oriented that you would have added in the last couple of years. And the reason I ask that is that part of the portfolio would obviously have seen some pressure over the past few quarters. I mean broad thoughts, I know you won't share a number, but any broad thoughts?

Jatin，關於這一點，既然有你，你能否分享一些關於第四季度你的投資組合的百分比將是諮詢導向的，你將在過去幾年中添加的內容。我這麼問的原因是，在過去幾個季度中，投資組合的一部分顯然會面臨一些壓力。我的意思是廣泛的想法，我知道你不會分享一個數字，但是有什麼廣泛的想法嗎？

Surendra, I don't think you should draw any conclusion that the discretionary spends are coming from consulting only. I don't think it's the case at all. Again, as I was saying, there are some areas of consulting where we are growing really well. There is demand in -- I can tell you there is a real nice growth in the security space, for example. So there's nice growth in a consulting SAP business we acquired and so on. So this is not -- and even in Financial Services, we have areas where we are growing well. And so there is discretionary spend also across the organization. It's the reality.

Surendra，我認為您不應該得出任何可自由支配支出僅來自諮詢的結論。我認為根本不是這樣的。正如我所說，在某些諮詢領域我們發展得非常好。例如，我可以告訴你，安全領域確實有很好的增長。因此，我們收購的 SAP 諮詢業務等方面取得了不錯的增長。所以這不是——即使在金融服務領域，我們也有發展良好的領域。因此，整個組織也存在可自由支配的支出。這就是現實。

We have our next question from the line of Manik Taneja from Axis Capital.

我們的下一個問題來自 Axis Capital 的 Manik Taneja。

My question was an extension to what Suren just asked. Unlike for the peers, we have seen some decrease in our revenue growth from Europe. So is that largely a function of the consulting piece? Or is something else as well?

我的問題是蘇倫剛才問的問題的延伸。與同行不同的是，我們在歐洲的收入增長有所下降。那麼這很大程度上是諮詢部分的功能嗎？或者還有別的什麼？

No. So Manik, the answer is no. In fact, our -- first, our Europe business is actually holding pretty well, okay? So we've done a solid quarter. There's good business going on. Again, I would be a little more cautious on the BFSI side, but most of the sectors are holding well. If we look at that we've closed in Q4, very solid performance from our European business as well. So no, don't draw any conclusion between consulting business and performance in growth.

不。所以馬尼克，答案是否定的。事實上，我們的——首先，我們的歐洲業務實際上保持得很好，好嗎？所以我們已經完成了一個堅實的季度。生意很好。同樣，我對 BFSI 方面會更加謹慎，但大多數板塊都表現良好。如果我們看看第四季度的業績，我們的歐洲業務也表現非常強勁。所以，不要在諮詢業務和增長績效之間得出任何結論。

We have our next question from the line of Girish Pai from Nirmal Bang Institutional Equities.

我們的下一個問題來自 Nirmal Bang 機構股票公司的 Girish Pai。

Now, Jatin, today, if you look out into the rest of FY '24, do you see growth picking up in the second half?

現在，Jatin，今天，如果您展望 24 財年的剩餘時間，您是否認為下半年增長會加快？

Yes. So, Girish, thanks for the question. One would -- one certainly hopes that the growth picks up in the second half, but you know we don't guide for the full year, and environment continues to remain uncertain. So we are not calling out that specifically. But I spoke about this, with the macros are reasonable and current cautiousness are led by events, and it all depends on how next few months go.

是的。所以，吉里什，謝謝你的提問。人們當然希望下半年經濟增長加速，但你知道我們不會提供全年的指導，而且環境仍然存在不確定性。所以我們並沒有特別指出這一點。但我談到了這一點，宏觀經濟是合理的，當前的謹慎態度是由事件導致的，這一切都取決於未來幾個月的情況。

Yes. Agreed. Girish, my view on that sharing, I mean my perspective on this, obviously in line with what Jatin says is, again, look at the performance in bookings. This is real stuff. This is real deals that we've won, and it's several quarters where we are performing well. We have also a very good outlook in bookings for this quarter. So we are positive. Just assuming that the cut in discretionary spend will slow down, growth will be back.

是的。同意。吉里什，我對這次分享的看法，我的意思是我對此的看法，顯然與賈廷所說的一致，再次看看預訂的表現。這是真實的東西。這是我們贏得的實實在在的交易，而且幾個季度我們都表現良好。我們對本季度的預訂前景也非常樂觀。所以我們是積極的。假設可自由支配支出的削減速度會放緩，增長就會回歸。

Stephanie, hold on, Girish. Since we have also our Chief Growth Officer, Stephanie with us. Few words on the -- on what you're seeing in the market.

斯蒂芬妮，堅持住，吉里什。因為我們還有首席增長官斯蒂芬妮。關於您在市場上看到的情況，只談幾句話。

I think, Thierry, after 2 very strong quarters of bookings was -- if we look into this fiscal year, we continue to have a very robust pipeline. We still have a lot of very large deals in the pipeline. So I'm still very bullish that our growth strategy will continue to work. And once our clients start spending more in discretionary spend, we'll see that growth go through.

我認為，蒂埃里，在經歷了兩個非常強勁的季度預訂之後，如果我們回顧本財年，我們將繼續擁有非常強勁的渠道。我們還有很多非常大的交易正在進行中。因此，我仍然非常看好我們的增長戰略將繼續發揮作用。一旦我們的客戶開始增加可自由支配支出，我們就會看到這種增長。

Yes. Thank you, Stephanie.

是的。謝謝你，斯蒂芬妮。

On the discrete, you kept referring to discretionary spend being put off, and outside of consulting, what constitutes discretionary spend, if you can give an examples, say, in BFSI or some of the sectors?

就離散性而言，您一直提到可自由支配支出被推遲，在諮詢之外，什麼構成可自由支配支出，如果您能舉個例子，比如在 BFSI 或某些行業？

So Girish, I would give some example. Certainly, on our application side, some of the feature development or extension of digital work that the customer has already carried out and would rather wait for the next step to perform, then pursue it as if there was no change in environment. Those extension would have gone through. We are seeing a pause on that. If not customer is not wanting to pursue it. It's just a pause before they decide where they want to spend their budget for '23.

Girish，我想舉一些例子。當然，在我們的應用方面，客戶已經進行的一些功能開發或數字化工作的擴展，寧願等待下一步進行，然後像環境沒有變化一樣繼續進行。這些延期本來就會通過。我們看到這方面的暫停。如果不是，客戶就不想追求它。在他們決定 23 年的預算花在哪里之前，這只是一個暫停。

Lastly, salary increases, would the quantum be the same and the timing be the same as you did in FY '23?

最後，加薪的金額和時間是否與 23 財年相同？

Girish, we gave our last salary increase in September of Q2. So we'll be looking at the salary increase in Q2. And it's too early for us to comment on the actual increase.

Girish，我們最後一次加薪是在第二季度的 9 月份。因此，我們將關注第二季度的薪資增長。我們現在對實際增長發表評論還為時過早。

We'll keep you posted.

我們會及時通知您。

We have our next question from the line of Dipesh Mehta from Emkay Global.

我們的下一個問題來自 Emkay Global 的 Dipesh Mehta。

A couple of questions. First, about the divergence between deal intake and revenue. I think earlier participant also try to get sense. Whether we are seeing any material delay in project start or subsequently restructuring in these sizes? And whether we do, let's say, any restructuring or deal cancellation happen, when we report next quarter deal intake, whether we net it off or we won't net if off? .

有幾個問題。首先，關於交易量和收入之間的差異。我認為早期的參與者也試圖理解。我們是否看到這些規模的項目啟動或隨後的重組出現任何重大延遲？當我們報告下季度的交易量時，我們是否會發生任何重組或交易取消，是否會扣除或如果扣除則不會扣除？ 。

Second question is about EBIT margin related outlook. Now if I look at utilization also makes a 10% (inaudible) in the last few quarters. utilization also seeing improvements. So how one should look your EBIT margin outlook? And how one should build optimal level of utilization also?

第二個問題是關於息稅前利潤率相關的前景。現在，如果我看看過去幾個季度的利用率也達到了 10%（聽不清）。利用率也得到改善。那麼，人們應該如何看待您的息稅前利潤率前景呢？以及如何建立最佳的利用率水平？

Yes. So I would respond to the first question, and I'll request Amit, our Chief Operating Officer, to speak on the utilization. We do have a process whereby we systematically look at when if a fixed price project has got restructured or has got extended early, that we reduced the booking, which was earlier covered or shown as booked before we booked a new bookings through that. So there is an adjustment that we make for our fixed price projects.

是的。因此，我將回答第一個問題，並請我們的首席運營官 Amit 就利用率發表講話。我們確實有一個流程，系統地查看固定價格項目是否已重組或提前延期，我們減少了預訂，在我們通過該流程預訂新預訂之前，這些預訂已提前涵蓋或顯示為已預訂。因此，我們對固定價格項目進行了調整。

On the utilization, what I would like to add is, as per our strategy, we want to continue to stress on internal build up talent as opposed to buy up talent. And as a result, we had higher talent, including the Next Gen Associates. And the focus in the current quarter and the future quarters will be to make sure that whenever the demand comes in, we first give priority to internal fulfillment. and while we have already seen some improvement in utilization, we will keep pushing it more aggressively to get much more out of it and staff projects from inside.

關於利用率，我想補充的是，根據我們的戰略，我們希望繼續強調內部培養人才，而不是購買人才。因此，我們擁有了更高的人才，包括下一代員工。本季度和未來幾個季度的重點將是確保每當需求出現時，我們首先優先考慮內部履行。雖然我們已經看到利用率有所提高，但我們將繼續更積極地推動它，以從中獲得更多收益，並從內部為項目配備人員。

So broadly, I just wanted, what would be the optimal target range, which, let's say, company trying to achieve from a utilization perspective? And also whether you still believe it is further scope for expansion?

總的來說，我只是想知道最佳目標範圍是多少，比如說，公司試圖從利用率的角度實現這一目標？您是否仍然認為還有進一步擴張的空間？

Yes, there is a further scope for improvement.

是的，還有進一步改進的餘地。

Yes, it always dangers to set a precise target for utilization because, Dipesh, if you remember, for example, what we did about 3, 4 quarters ago, if you remember, we had a quarter where we had a lower operating margin. And the reason we did that is it was a conscious choice because we knew it was an investment for the following quarters. We wanted to develop capacity and then including a significant boost of our Next Generation Associate program, which we've done. And so typically, when you do so, your utilization is going down on quarter 1, and then you are building it back up.

是的，設定一個精確的利用率目標總是很危險的，因為迪佩什，如果你還記得，例如，我們在三、四個季度前做了什麼，如果你還記得，我們​​有一個季度的營業利潤率較低。我們這樣做的原因是這是一個有意識的選擇，因為我們知道這是接下來幾個季度的投資。我們希望發展能力，然後大力推動我們的下一代助理計劃，我們已經做到了。因此，通常情況下，當您這樣做時，您的利用率會在第一季度下降，然後您會將其恢復回來。

As we stand right now, for sure, we are aware, although we are improving utilization, as you can see versus previous quarter. There's still room for higher utilization, and so we continue, but we are also making sure that it's not restraining our ability to grow when required.

正如我們目前的立場，我們當然知道，儘管我們正在提高利用率，正如您所看到的與上一季度相比。仍然有更高的利用率的空間，所以我們繼續，但我們也確保它不會限制我們在需要時增長的能力。

We'll take our last question from the line of Gaurav Rateria from Morgan Stanley.

我們將從摩根士丹利的 Gaurav Rateria 那裡回答最後一個問題。

First question is for Thierry. On discretionary spend, the projects that are on pause, what gives the confidence that it would not eventually translate into budget cuts, but it will eventually come back? So if you could highlight nature of some of these projects, which gives you confidence that it will eventually come back?

第一個問題是問蒂埃里的。在可自由支配支出方面，即暫停的項目，是什麼讓人們有信心它最終不會轉化為預算削減，但最終會回來？那麼，如果您能強調其中一些項目的性質，這會讓您有信心它最終會回來嗎？

Yes, that's a good point. That's a good point. So a couple of points. One is I think what I've always tried to do with Jatin, when we are looking at the projection is we really try to keep a very fair look at the macro environment. And if you remember back in October, we started to talk about a certain level of volatility that we could fill in the market. And I think, let's be clear, Gaurav, everyone -- not everyone in our industry has felt it, it's the reality, right? Look at every growth trajectory. There has been a change in the market environment that probably started somewhere in Q3 for us and then materialize in Q4.

是的，這是一個很好的觀點。那是個很好的觀點。所以有幾點。一是我認為我一直試圖對賈廷做的事情是，當我們考慮預測時，我們真的試圖對宏觀環境保持非常公平的看法。如果您還記得十月份，我們就開始討論可以填補市場的一定程度的波動。我想，讓我們明確一點，Gaurav，每個人——並不是我們行業的每個人都感受到了這一點，這就是現實，對嗎？審視每一個成長軌跡。市場環境發生了變化，可能從第三季度的某個時間開始，然後在第四季度實現。

Second is, as always, what do we see in our pipeline and in our deals. One is the pipeline reducing. Yes or no? Second, are we winning more or less and what kind of deals? And from that standpoint, we get a lot of comfort, right? We are feeling rather good because, frankly, we've won nice deals, large deals, and we feel that although until it's signed, it's not won, but we feel good about what we are seeing in our pipeline for Q1.

其次是，一如既往，我們在管道和交易中看到了什麼。一是管道減少。是還是不是？第二，我們贏得的交易是多還是少，以及什麼樣的交易？從這個角度來看，我們得到了很多安慰，對嗎？我們感覺相當不錯，因為坦率地說，我們贏得了很好的交易，大筆交易，我們覺得雖然在簽署之前還沒有贏得，但我們對第一季度管道中看到的情況感到滿意。

And finally is indeed the fact that sometimes discretionary spend may happen more or less unexpectedly, if you like, and because we have a very close connection with our clients, we can -- we completely understand the need they have to do that in some cases.

最後一個事實是，有時可自由支配的支出可能或多或少出乎意料地發生，如果你願意的話，而且因為我們與客戶有非常密切的聯繫，我們可以——我們完全理解他們在某些情況下必須這樣做的需要。

We feel that the level of uncertainty that we have felt is -- we don't see it as deteriorating any -- in any way ahead of us. And so the perspective is more into a result of some of these programs, if you like, or a reacceleration. Again, we are in March -- in April, sorry, in speaking with our clients, they have priorities to deliver. They have targets to deliver. And they are very conscious of the fact that they need talent in order to drive those actions. And so that's how we are reading it, Gaurav.

我們認為，我們所感受到的不確定性水平——我們不認為它會惡化——以任何方式出現在我們面前。因此，如果你願意的話，我們的觀點更多地是這些計劃的結果，或者是重新加速。再說一次，我們是在三月——四月，抱歉，在與我們的客戶交談時，他們有優先事項要交付。他們有要實現的目標。他們非常意識到他們需要人才來推動這些行動。這就是我們閱讀它的方式，Gaurav。

Second question is for Jatin. So last year, our ability to get the margins back to 17% range got impacted due to supply side challenges and our investments in building the pressure capacity. So with some of these things already behind us, and attrition issues coming down. We have kind of covered quite a bit of a journey in our fresher induction program. Do you think that margins going back to 17% is a reasonable target to assume? And will it be more like a fiscal '24 phenomenon? Will it be more like a little bit more medium-term target?

第二個問題是問賈廷的。因此，去年，由於供應方面的挑戰以及我們在建設壓力能力方面的投資，我們將利潤率恢復到 17% 範圍的能力受到了影響。因此，其中一些事情已經成為過去，人員流失問題也隨之減少。在我們的新生入職計劃中，我們已經經歷了相當多的旅程。您認為利潤率回到 17% 是一個合理的假設目標嗎？它會更像是“24 小時財政”現象嗎？它會更像是中期目標嗎？

So Gaurav, as you know, we don't guide on margins for the year or definitely in a range, but we give an indication. The current challenge we have is, you are right, it is not on the supply side. I think we have done very well in quarter 4 in terms of improving utilization, improving the way we induct our Next Generation Associated into our projects. .

所以，正如你所知，Gaurav，我們不會對今年的利潤率進行指導，也不會明確在一個範圍內，但我們會給出一個指示。我們目前面臨的挑戰是，你是對的，這不是供給側的挑戰。我認為我們在第四季度在提高利用率、改進我們將下一代相關技術引入項目的方式方面做得非常好。 。

The challenge in quarter 1 is around the volatility in revenue that we'll have to mitigate as we go through the margins. And therefore, we are seeing around the range that we have delivered in previous quarters, previous 2 quarters. But right now, our focus would be to get to revenue stability, and then we could work through the margin (inaudible)

第一季度的挑戰是收入的波動性，當我們達到利潤率時，我們必須減輕這種波動性。因此，我們看到的是我們在前幾個季度、前兩個季度交付的範圍。但現在，我們的重點是實現收入穩定，然後我們可以解決利潤問題（聽不清）

As there are no further questions, I would now like to hand the conference back to Mr. Dipak Kumar Bohra for closing comments. Over to you, sir.

由於沒有其他問題了，我現在將會議交回給 Dipak Kumar Bohra 先生進行總結評論。交給你了，先生。

Thanks. Thank you all for joining the call. If you need any further clarification information, please feel free to reach out to Investor Relations team. Have a nice day. Thank you.

謝謝。感謝大家加入通話。如果您需要任何進一步的說明信息，請隨時聯繫投資者關係團隊。祝你今天過得愉快。謝謝。

Thank you. Bye.

謝謝。再見。

On behalf of Wipro Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

我謹代表 Wipro Limited 結束本次會議。感謝您加入我們，您現在可以斷開線路了。