Wipro Ltd (WIT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Wipro Limited Q1 FY25 earnings conference call.

女士們、先生們，美好的一天，歡迎參加 Wipro Limited 2025 財年第一季財報電話會議。

(Operator Instructions) Please note that this conference is being recorded.

（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 Bohra, Senior Vice President, Corporate Treasurer and Investor Relations.

我現在將會議交給公司財務主管和投資者關係資深副總裁 Dipak Bohra 先生。

Thank you, and over to you, sir.

謝謝您，接下來就交給您了，先生。

Thank you, [Yashashri] A warm welcome to our Q1 financial year '25 earnings call.

謝謝您，[Yashashri] 熱烈歡迎參加我們 25 財年第一季的財報電話會議。

We will begin the call with the business highlights and overview by Srini Pallia, our Chief Executive Officer and Managing Director, followed by updates on financial overview by our CFO, Aparna Iyer.

我們將首先由我們的執行長兼董事總經理 Srini Pallia 介紹業務亮點和概述，然後由我們的財務長 Aparna Iyer 介紹最新的財務概況。

We also have our CHRO, Saurabh Govil on this call.

我們的首席人力資源長 Saurabh Govil 也參加了這次電話會議。

Afterwards, the operator will open the bridge for Q&A with our management team.

隨後，營運商將開通與我們管理團隊進行問答的橋樑。

Before Srini start, 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.

在斯里尼開始之前，讓我提請您注意這樣一個事實：在本次電話會議中，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。

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.

這些陳述是基於管理層目前的預期，並涉及不確定性和風險，可能導致實際結果與預期有重大差異。

The uncertainties and risk factors are explained in our detailed filings with the SEC.

我們向 SEC 提交的詳細文件中解釋了不確定性和風險因素。

The Board does not undertake any obligation to update the forward-looking statements to reflect events and circumstances after the date of filing.

董事會不承擔任何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。

The conference call will be archived, and a transcript will be available on our website.

電話會議將被存檔，會議記錄將在我們的網站上提供。

With that, I would like to turn over the call to Srini.

說到這裡，我想把電話轉給斯里尼。

Thanks, Dipak.

謝謝，迪帕克。

Hello, everyone.

大家好。

Thank you for joining me and my leadership team for our first quarter results for the financial year 2024/25 for this past 90 days, I have traveled across our markets, meeting clients, employees and engaging with partners and stakeholders.

感謝您與我和我的領導團隊一起了解2024/25 財年第一季業績，在過去的90 天裡，我走遍了我們的市場，會見了客戶、員工，並與合作夥伴和利益相關者進行了接觸。

With each conversation, my appreciation of our business has deepened and my confidence in our team has grown stronger.

透過每一次對話，我對我們業務的欣賞都加深了，我對我們團隊的信心也增強了。

It's truly inspiring to witness the trust our clients have placed in Wipro.

見證我們的客戶對 Wipro 的信任確實令人鼓舞。

Additionally, I have been able to hone the focus of our five strategic priorities that I shared with you last quarter.

此外，我已經能夠磨練上個季度與您分享的五個策略重點的重點。

I will provide you with an update on this shortly.

我將很快向您提供最新情況。

But let me first start with the financial highlights for the quarter.

但首先讓我從本季的財務亮點開始。

In quarter one, we did not see a significant shift in the demand environment.

第一季度，我們沒有看到需求環境發生重大變化。

Clients remain cautious and our discretionary spending continue to be muted.

客戶仍然保持謹慎態度，我們的可自由支配支出持續減少。

Our IT Services revenue for quarter one was USD2.63 billion, reflecting a sequential decrease of 1% in constant currency towards within our guided range for the quarter.

我們第一季的 IT 服務收入為 26.3 億美元，以固定匯率計算季減 1%，接近本季指引範圍。

Operating margin was 16.5%, an increase of 0.1% for the last quarter.

營業利益率為 16.5%，較上季成長 0.1%。

Let me now provide you with some color on how our SMUs performed in quarter one and our industry sectors.

現在讓我向您介紹我們的 SMU 在第一季和行業部門的表現。

I will begin with the Americas 1, which delivered a sequential growth of 0.4% in quarter one.

我將從美洲 1 開始，該地區第一季環比增長 0.4%。

You may recall that Americas 1 had a good year in financial year 2024 with the health and technology sectors leading the way.

您可能還記得 Americas 1 在 2024 財政年度過了美好的一年，其中健康和技術領域處於領先地位。

We now see momentum in consumer and communication sectors also.

我們現在也看到了消費和通訊領域的勢頭。

Americas 2 had a sequential decline of 0.7%, but BFSI performed well, achieving a sequential growth of 1.4% in quarter one.

Americas 2 環比下降 0.7%，但 BFSI 表現良好，第一季環比增長 1.4%。

With a year-on-year growth of 12.1% in quarter one, bookings in Americas 2, we are optimistic about returning to growth in this market in the medium term.

美洲第二季的預訂量年增 12.1%，我們對該市場在中期內恢復成長持樂觀態度。

In quarter one, we also maintained positive momentum in our Capco business, achieving a sequential growth of 3.4%.

第一季度，我們的 Capco 業務也保持了積極的勢頭，實現了 3.4% 的環比增長。

However, Europe and APMEA remains soft for us with sequential declines of 1.4% and 4.2%, respectively.

然而，歐洲和 APMEA 對我們來說依然疲軟，季減 1.4% 和 4.2%。

Our pipeline in Europe remains healthy and our primary focus there will be on improving conversion.

我們在歐洲的管道保持健康，我們的主要重點將是提高轉換率。

We are reviewing our strategy for APMEA, and we'll keep you informed of our progress in the upcoming quarters.

我們正在審查我們的 APMEA 策略，我們將隨時向您通報我們在未來幾季的進度。

Among industry sectors, we had varied performance.

在產業板塊中，我們的表現參差不齊。

Banking and financial services retained its positive momentum from last quarter.

銀行和金融服務業保持了上季度的積極勢頭。

And we have now seen growth in this sector for two consecutive quarters.

我們現在已經看到該行業連續兩個季度成長。

This sector grew 0.5% sequentially in quarter one.

該行業第一季環比增長 0.5%。

Driven by deal flow, the consumer business grew by 1.6% this quarter.

在交易流程的推動下，本季消費業務成長1.6%。

However, manufacturing and energy and utility sectors continued to show weakness for us, experiencing sequential decline of 3% and 6.3% respectively.

然而，製造業以及能源和公用事業行業繼續表現疲軟，分別環比下降 3% 和 6.3%。

Moving to order booking, our overall bookings TCV for the quarter was USD3.3 billion with large deal TCV of USD1.2 billion.

至於訂單預訂，本季我們的整體預訂 TCV 為 33 億美元，其中大宗交易 TCV 為 12 億美元。

Now let me update you on the progress we have made on the five strategic priorities that I outlined last quarter.

現在，讓我向您介紹我們在上個季度概述的五個策略重點方面取得的最新進展。

One, if you recall, we discussed prioritizing large deals as a clear area of focus.

第一，如果您還記得的話，我們討論過將大宗交易列為一個明確的重點領域。

We are driving large deal creation systematically across our client base.

我們正在有系統地推動整個客戶群的大宗交易創造。

We are shaping these opportunities by proactively engaging with influencers and partners.

我們透過積極與影響者和合作夥伴合作來創造這些機會。

As a result, our pipeline for large deals remains robust.

因此，我們的大型交易管道仍然強勁。

Once again, we had a quarter where our large deal bookings exceeded USD1 billion.

我們的大宗交易預訂量再一次超過了 10 億美元。

Our success in securing 10 large deals in quarter one was a key factor that made this possible.

我們在第一季成功達成 10 筆大型交易是實現這一目標的關鍵因素。

Let me call out two of the deals that we signed in quarter one.

讓我列舉一下我們在第一季簽署的兩筆交易。

The first is with a US-based communication services provider, where we were chosen for a five-year contract to provide managed services for select products and building industry specific solutions.

第一個是與一家美國通訊服務提供商合作，我們被選中簽訂為期五年的合同，為選定的產品提供託管服務並構建行業特定的解決方案。

You already heard about this in the media.

您已經在媒體上聽說過此事。

The second win is in the automotive segment in manufacturing.

第二個勝利是在汽車製造領域。

A US-based OEM has selected us to streamline their global infrastructure services.

一家美國 OEM 選擇我們來簡化其全球基礎設施服務。

We will develop a solution, leveraging both automation and AI to improve user experience and reduce operating costs.

我們將開發一個解決方案，利用自動化和人工智慧來改善用戶體驗並降低營運成本。

Number two.

第二。

Our next area of focus, which I called out is to strengthen our relationships with our major clients and strategic partners.

我指出，我們的下一個重點領域是加強我們與主要客戶和策略合作夥伴的關係。

We are investing in our established strategic accounts and high potential accounts.

我們正在投資已建立的策略客戶和高潛力客戶。

Our focus will be on these events within our priority sectors and markets we have defined internally.

我們的重點將放在我們內部定義的優先領域和市場內的這些事件。

We will further strengthen our capabilities in consulting, delivering and solutioning in these accounts.

我們將進一步加強這些客戶的諮詢、交付和解決方案的能力。

In addition, we are actively collaborating with hyper-scalers and strategic partners to co-innovate and develop unique propositions for our clients.

此外，我們也積極與超大規模企業和策略合作夥伴合作，共同創新並為我們的客戶開發獨特的主張。

In fact, I would like to emphasize that even in an otherwise soft demand environment, our revenue from top 10 accounts have grown 1.3% sequentially and 3.8% year on year in constant currency terms.

事實上，我想強調的是，即使在需求疲軟的環境下，以固定匯率計算，我們前 10 大客戶的收入也環比增長了 1.3%，同比增長了 3.8%。

Another key priority I previously highlighted is to develop AI-powered industry and cross industry solutions using a consulting-led approach.

我之前強調的另一個關鍵優先事項是使用諮詢主導的方法來開發人工智慧驅動的行業和跨行業解決方案。

Clearly, our goal here is to help clients transform their business and operating models using the power of AI.

顯然，我們的目標是利用人工智慧的力量幫助客戶轉變其業務和營運模式。

We are also actively strengthening and accelerating our industry consulting capabilities to support this.

我們也在積極加強和加速我們的行業諮詢能力來支持這一點。

We continue to build cross industry solutions that will deliver value to clients across our horizontal plays.

我們持續建立跨產業解決方案，透過橫向合作為客戶創造價值。

Let me give you two examples of our recent wins in quarter one.

讓我給你們舉兩個我們最近在第一季取得勝利的例子。

In the healthcare sector, we have been selected by a leading US-based health solutions company to help them comply with CMS guidelines.

在醫療保健領域，一家美國領先的健康解決方案公司選擇我們來幫助他們遵守 CMS 指南。

Our consulting-led AI powered industry solution will seamlessly integrate CMS provisions into building and various other processes.

我們以諮詢為主導的人工智慧產業解決方案將 CMS 條款無縫整合到建築和各種其他流程中。

This will simplify prescription cost management for all their members.

這將簡化所有會員的處方成本管理。

Moving on to the second example.

繼續第二個例子。

We are collaborating with a leading financial services company in North America to develop a GenAI powered assistant for wealth management to help portfolio advisors.

我們正在與北美一家領先的金融服務公司合作，開發一款由 GenAI 驅動的財富管理助手，為投資組合顧問提供協助。

Let me now shift to our next area of focus, which is building talent at scale.

現在讓我轉向我們的下一個重點領域，即大規模培養人才。

Our goal at Wipro is to attract, nurture and grow a diverse talent pool.

Wipro 的目標是吸引、培養和發展多元化的人才庫。

We have ramped up our upskilling efforts across various practices covering both emerging and core technology areas.

我們加強了涵蓋新興技術和核心技術領域的各種實踐的技能提升。

In fact, during quarter one, we rolled out iAspire an AI powered career development platform. iAspire offers personalized learning pathways and aids in the career progression for each and every one of our employees.

事實上，在第一季度，我們推出了 iAspire 一個人工智慧驅動的職業發展平台。 iAspire 為我們的每一位員工提供個人化的學習途徑並幫助其職業發展。

We have already provided foundational training to over 225,000 of our employees and an additional 30,000 employees have received advanced AI training.

我們已經為超過 225,000 名員工提供了基礎培訓，另有 30,000 名員工接受了高級人工智慧培訓。

With Wipro as client zero, we are utilizing our in-house AI expertise to develop GenAI solutions across all units and functions within the company.

以 Wipro 作為零號客戶，我們正在利用我們的內部 AI 專業知識為公司內的所有部門和職能部門開發 GenAI 解決方案。

We believe this will help us boost not only the capabilities of our employees, but also make Wipro GenAI ready.

我們相信這不僅能幫助我們提升員工的能力，也能讓 Wipro GenAI 做好準備。

And finally, we are driving execution rigor with speed, helping client-centricity and delivery excellence.

最後，我們正在快速推動執行的嚴謹性，幫助以客戶為中心和卓越的交付。

We are focused on nurturing innovation in our delivery capabilities by investing in our Lab45 AI platform and the Wipro enterprise GenAI studio.

我們致力於透過投資 Lab45 AI 平台和 Wipro 企業 GenAI 工作室來培育交付能力的創新。

In fact, we are also incorporating various GenAI tools throughout our software development lifecycle to enhance both the productivity and quality of our deliveries.

事實上，我們也在整個軟體開發生命週期中整合了各種 GenAI 工具，以提高我們交付的生產力和品質。

In closing, I would like to say this.

最後，我想說一下這一點。

The initial plan is both challenging and exciting.

最初的計劃既具有挑戰性又令人興奮。

I'm pleased with the momentum we have built in quarter one.

我對我們在第一季建立的勢頭感到滿意。

Across the company, I have noticed fresh energy and renew dedication towards achieving our goals.

在整個公司，我注意到了新的活力，並重新致力於實現我們的目標。

With the commitment and passion of our 230,000-plus employees across the world, I firmly believe we will seize market opportunities ahead of us and will continue to progress steadily one step at a time.

憑藉著我們全球23萬多名員工的承諾和熱情，我堅信我們將抓住前方的市場機遇，繼續穩步前進。

Now on to guidance.

現在開始指導。

As we move into quarter two, we do believe that we are now in a better position compared to the start of quarter one.

當我們進入第二季度時，我們確實相信與第一季初相比，我們現在處於更好的位置。

For quarter two, we are guiding for a sequential revenue growth of minus 1.0% to plus 1.0% in constant currency.

對於第二季度，我們預計以固定匯率計算，營收季增為-1.0%至+1.0%。

We are confident that we can sustain our margins within a narrow band with an upward bias in the coming quarters.

我們有信心在未來幾季將利潤率維持在窄幅區間內並呈現上行趨勢。

With that, let me turn it over to Aparna for a detailed overview of our financials.

接下來，讓我將其交給 Aparna，詳細了解我們的財務狀況。

Thank you.

謝謝。

Over to you Aparna.

阿帕娜交給你了。

Thank you, Srini.

謝謝你，斯里尼。

Hello, everybody.

大家好。

Let me quickly summarize the financial highlights for Q1 '25, post which we can open it up for questions.

讓我快速總結一下 25 年第一季的財務亮點，我們可以在發布後提出問題。

Our IT services revenue declined 1.2% sequentially in reported currency terms, which is a 1% decline in constant currency terms.

以報告貨幣計算，我們的 IT 服務收入環比下降 1.2%，以固定貨幣計算下降 1%。

This is well within our guided range for Q1.

這完全在我們第一季的指導範圍之內。

We are also pleased to share an expansion in our IT services margins of 0.4% year on year and 0.1% quarter on quarter.

我們也很高興地分享我們的 IT 服務利潤率同比增長 0.4%，環比增長 0.1%。

We delivered 16.5% margins on the back of a tough revenue environment and even after continuous investments in talent.

在嚴峻的收入環境下，甚至在持續對人才進行投資之後，我們仍實現了 16.5% 的利潤率。

Improved utilization, fixed-type productivity and optimization of overheads have been the key levers at play.

提高利用率、固定類型生產力和管理費用優化一直是發揮作用的關鍵槓桿。

We expect to gain from the tailwinds of our operational rigor and are confident of being able to operate in a narrow band with an upward bias.

我們期望從嚴格營運的有利條件中獲益，並有信心在窄幅區間內向上傾斜操作。

We generated yet another quarter of strong cash flows.

我們又創造了一個季度強勁的現金流。

Our cash flows for -- of $479 million in Q1 is at 132% of our net income.

第一季我們的現金流量為 4.79 億美元，佔淨利的 132%。

With this, our current investments and cash balance now stands at $5.4 billion.

至此，我們目前的投資和現金餘額現已達到 54 億美元。

Our other income net of financing expenses grew by 21% quarter on quarter and year on year.

扣除融資費用後的其他收入環比和年增 21%。

Our accounting yield for average Investments held in India in Q1 was at 7.6%.

第一季我們在印度持有的平均投資的會計收益率為 7.6%。

Our net income of INR40 billion grew 6% sequentially, and our EPS for the quarter at INR5.75 grew 10% year on year.

我們的淨利潤為 400 億印度盧比，季增 6%，本季每股收益為 5.75 印度盧比，年增 10%。

In terms of other key metrics, our ETR is at 24.5% for Q1 versus 24% in Q1 '24.

就其他關鍵指標而言，我們第一季的 ETR 為 24.5%，而 24 年第一季為 24%。

Our hedges continue to be in line with our policy.

我們的對沖繼續符合我們的政策。

They are about $3 billion of ForEx derivative contracts as hedges at the end of Q1.

截至第一季末，作為對沖工具的外匯衍生性合約價值約為 30 億美元。

Finally, I'd like to reiterate the guidance for Q1.

最後，我想重申第一季的指導。

We expect revenues from our IT services business segment to be in that range of $2.6 billion to $2.652 billion which translates to a sequential guidance of minus 1% to a plus positive 1% in constant currency terms.

我們預計 IT 服務業務部門的營收將在 26 億美元至 26.52 億美元之間，這意味著以固定匯率計算，環比指導值將成長負 1% 至正 1%。

With that, we can open up for Q&A.

這樣，我們就可以開始問答了。

Thank you very much.

非常感謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Abhishek Bhandari, Nomura.

阿布舍克·班達裡，野村證券。

Thank you.

謝謝。

Good evening, Srini.

晚上好，斯里尼。

Srini, my first question is on the quarter gone by.

Srini，我的第一個問題是關於過去的季度的。

Most of the peers you have reported were kind of positively surprised by the integration during the quarter.

您所報告的大多數同業都對本季的整合感到非常驚訝。

While we have been reported the number, which is within demand, but just wondering lowering.

雖然我們已經報告了這個數字，這是在需求範圍內的，但只是想知道是否會降低。

So was there any incident in terms of no negative surprises for you?

那麼有沒有什麼事件對你來說沒有負面影響呢？

Or you think your Q1 performance was in line with what we had anticipated at the start of the quarter?

或者您認為第一季的業績符合我們在季度初的預期？

Thanks, Abishek.

謝謝，阿比舍克。

Hello.

你好。

You know, Abishek, first point I want to talk about is we did do a quarter one guidance range and we were within that guidance range.

你知道，阿比舍克，我想談的第一點是我們確實做了四分之一的指導範圍，而且我們在該指導範圍內。

That's number one.

這是第一名。

Second, like I said, we are still not seeing a significant change in the demand environment.

其次，正如我所說，我們仍然沒有看到需求環境發生重大變化。

We see clients still cautious and discretionary spend is low.

我們看到客戶仍然謹慎，可自由支配支出較低。

However, we have seen uptick in Capco, BFSI, consumer business in the US, which I called out.

然而，我們看到 Capco、BFSI、美國消費者業務的成長，我對此表示讚賞。

Sectors like ENU and manufacturing has been soft for us.

ENU 和製造業等產業對我們來說一直疲軟。

Outside of the US, we are able to see momentum build up in our other two SMUs, more specifically, Europe and APMEA.

在美國以外，我們可以看到其他兩個 SMU（更具體地說是歐洲和 APMEA）的勢頭正在增強。

We are also still in early stage of the deal that we have signed and deals like this usually take a few quarters to realize its full potential.

我們所簽署的交易還處於早期階段，而此類交易通常需要幾個季度才能充分發揮其潛力。

And that's where our quarter two guidance is between minus 1% to plus 1%.

這就是我們第二季指引值在負 1% 到正 1% 之間的情況。

Got it.

知道了。

Thank you.

謝謝。

And my second and last question is on the telco deal, what you won in Q1.

我的第二個問題也是最後一個問題是關於電信交易的，你在第一季贏得了什麼。

Is this -- do you do full ramp-up in Q2 or would you start to ramp up between Q2 and Q3?

這是 - 你們會在第二季全面加速還是會在第二季和第三季之間開始加速？

Yeah, Abishek.

是的，阿比舍克。

Like Srini said, these deals typically takes some time to ramp up and it'll take a few quarters for it to realize its full revenue potential.

正如斯里尼所說，這些交易通常需要一些時間才能完成，並且需要幾個季度才能實現其全部收入潛力。

Of course, some upside that is factored in the quarter two guidance.

當然，第二季的指導也考慮了一些好處。

Thank you, Aparna.

謝謝你，阿帕娜。

Thank you, Srini.

謝謝你，斯里尼。

All the best.

一切順利。

Thank you.

謝謝。

Thank you.

謝謝。

Gaurav Rateria, Morgan Stanley.

Gaurav Rateria，摩根士丹利。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Srini, first question is on deal wins.

斯里尼，第一個問題是關於交易的勝利。

Would you be able to provide some color on how average tenor has changed versus last few quarters?

您能否提供一些關於平均期限與過去幾季相比有何變化的資訊？

And also, has there been any change in the new versus renewal mix in the current quarter versus last few quarters?

此外，本季的新產品與續訂產品組合與過去幾季相比是否有任何變化？

I'll go first and then Srini, you can add.

我先走，然後是斯里尼，你可以補充。

See, we don't share that mix between new versus renewal.

看，我們不分享新與更新之間的混合。

But you know that the large deals that we have announced was net new.

但你知道，我們宣布的大型交易是全新的。

So that should give you some color.

所以這應該會給你一些顏色。

On your point on tenor of deal wins we do see that the TCV bookings continue to be signed for longer tenor.

關於您關於交易期限的觀點，我們確實看到 TCV 預訂繼續簽署更長的期限。

Some of it is also our portfolio of what we win, but that continues to go up.

其中一些也是我們贏得的投資組合，但這一數字仍在繼續上升。

It's something that we have noticed Gaurav.

這是我們注意到高拉夫的。

So just to add to that -- hi, Gaurav.

補充一下——嗨，Gaurav。

Deal tenors are definitely becoming shorter.

交易期限肯定會變得越來越短。

Three year to five year deals are becoming more commonplace.

三年到五年的交易變得越來越普遍。

The only deals were 10 years exceed 5 years includes optionalities and clients agree only even cost savings are front loaded with potentially financial engineering involved.

唯一的交易是 10 年超過 5 年，包括選擇權，客戶同意，即使成本節約也涉及潛在的金融工程。

Okay.

好的。

Second question is on how are you thinking about implementing GenAI in your internal software development from a delivery point of view?

第二個問題是，從交付的角度來看，您如何考慮在內部軟體開發中實施 GenAI？

And could you share some color on initial results that you might have seen across different service lines?

您能否分享一些您可能在不同服務領域看到的初步結果的顏色？

Thanks, Gaurav.

謝謝，高拉夫。

GenAI is very exciting.

GenAI 非常令人興奮。

And from my perspective, there are three ways where we are deploying GenAI.

從我的角度來看，我們可以透過三種方式部署 GenAI。

First, number one, like I said, as Wipro, as a client zero, we are actually implementing GenAI across various process areas within Wipro, across all the units.

首先，第一，就像我說的，身為 Wipro，身為零號客戶，我們實際上正在 Wipro 內部的各個流程領域、所有部門實施 GenAI。

In fact, we are helping, for example, in the HR segment, the whole employee experience, if you will.

事實上，如果你願意的話，我們正在為人力資源領域、整個員工體驗等提供協助。

Second, the iAspire that I talked about we launched.

其次，我談到的 iAspire 我們推出了。

It's about how do you build career for our employees.

這是關於如何為我們的員工打造職業生涯。

They define what career path they want to take and what kind of training programs that we can apply to them in the context of GenAI.

他們定義了他們想要走的職業道路，以及我們可以在 GenAI 背景下為他們應用什麼樣的培訓計劃。

So those are the things that we're already doing.

這些是我們已經在做的事情。

And this is also helping our teams kind of build more capabilities and competencies in GenAI.

這也有助於我們的團隊在 GenAI 方面建立更多的能力和競爭力。

It's also helping Wipro to be really a truly a GenAI ready company.

它還幫助 Wipro 成為一家真正的 GenAI 就緒公司。

Second, Gaurav is that -- in fact if I have to really talk about some examples, one of the things that we have done is [WiNow], it's actually a conversational digital assistant interacting with the various corporate systems.

其次，Gaurav 是——事實上，如果我必須真正談論一些例子，我們所做的事情之一就是 [WiNow]，它實際上是一個與各種公司係統互動的會話數位助理。

As of today we had almost 7.4 million queries resolved in IT, HR and policy and it has almost touched I think 230,000 users.

截至今天，我們在 IT、人力資源和政策方面解決了近 740 萬個查詢，我認為幾乎觸及 23 萬個用戶。

What excites me is the fact that 80% favorability rating from our employees.

令我興奮的是我們員工的好感度高達 80%。

That actually is significant.

這實際上很重要。

Another one which I'm really excited about is Eliza which is AI powered sales assistant, which is supporting almost 3,000 sales force across the globe for us.

另一位讓我真正興奮的是 Eliza，她是人工智慧驅動的銷售助理，為我們支援全球近 3,000 名銷售人員。

So there are multiple, what I would say GenAI related solutions that we are implementing within Wipro.

因此，我們正在 Wipro 內實施多種與 GenAI 相關的解決方案。

I tell people that you got to drink your kool-aid first and I'm very excited that employees are bringing in so much out there with the GenAI.

我告訴人們，你必須先喝點飲料，我很高興員工們透過 GenAI 帶來瞭如此多的東西。

As far as the clients are concerned Gaurav, there are three components to it.

就客戶而言，Gaurav 包含三個組成部分。

One is how do we deploy GenAI in the context of software development lifecycle, right?

一是我們如何在軟體開發生命週期的背景下部署 GenAI，對嗎？

We all heard of GitHub Copilot.

我們都聽過 GitHub Copilot。

So how do you not only improve the productivity but also improve the quality in that if you ask me both on the coding side and also on the testing side.

那麼，如果你問我編碼方面和測試方面，你如何不僅提高生產力，而且提高品質。

And this to me Gaurav, it will continue to improve as we move forward and there is an excitement across our clients and our own employees deploying this, so thereby we can improve the productivity and quality.

對我來說，Gaurav 會隨著我們的前進而不斷改進，我們的客戶和我們自己的員工都會對部署它感到興奮，因此我們可以提高生產力和品質。

The second part is how do you infuse GenAI into managed services, both on the infrastructure side and also on the process side.

第二部分是如何將 GenAI 融入託管服務中，無論是在基礎設施還是流程方面。

I think that's one area that we are constantly looking at.

我認為這是我們不斷關注的一個領域。

And how can we leverage GenAI against from a productivity and also experience for our clients.

我們如何利用 GenAI 來提高客戶的生產力和體驗。

The third piece, Gaurav, what we are trying to do, like I talked about the industry solutions, cross industry solutions that we are building, right?

第三塊，Gaurav，我們正在嘗試做的事情，就像我談到的行業解決方案，我們正在建立的跨行業解決方案，對吧？

I talked about the telecom, I talked about the OEM manufacturing, I talked about healthcare, I also talked about wealth management in the context of financial services.

我談到了電信，我談到了OEM製造，我談到了醫療保健，我還談到了金融服務背景下的財富管理。

These are all AI powered industry solutions which are consulting-led.

這些都是以諮詢為主導的人工智慧驅動的產業解決方案。

So combination of knowing the domain aspects of the client, understand the technology landscape of the client becomes very critical and more so data.

因此，結合了解客戶的領域面向、了解客戶的技術前景變得非常關鍵，數據更是如此。

So we are also able to help the clients in the context of their entire data strategy, data governance and how do you leverage the enterprise data within a reliable and secure way and implement GenAI.

因此，我們也能夠在整個資料策略、資料治理以及如何以可靠、安全的方式利用企業資料並實施 GenAI 方面為客戶提供協助。

And I feel very excited because of the deals that we have won and now we are out there to execute them and some of these can be replicated across Gaurav.

我感到非常興奮，因為我們已經贏得了這些交易，現在我們正在執行這些交易，其中一些可以在 Gaurav 上複製。

Thank you for the very detailed answer.

感謝您非常詳細的回答。

Last question for Aparna.

阿帕娜的最後一個問題。

What has been driving the depreciation and amortization down for last two quarters?

過去兩個季度折舊和攤提下降的原因是什麼？

And you did talk about margin in a narrow band with an upward bias.

您確實談到了窄帶內的保證金，並且存在向上的偏差。

So what would be the levers going forward?

那麼未來的槓桿是什麼呢？

Thank you very much.

非常感謝。

I think the depreciation and amortization expense doesn't really have anything that's very particular for me to call out.

我認為折舊和攤提費用並沒有什麼特別需要我指出的。

Perhaps a couple of quarters back we may have had some acceleration of amortization of a particular intangible, but other than that I don't think there are any one-offs to call out for Q1.

也許幾個季度前，我們可能會加速某種特定無形資產的攤銷，但除此之外，我認為第一季沒有任何一次性的情況。

Levers at play, like I've said, will continue to be the fixed price productivity improvement in our pyramid.

正如我所說，發揮作用的槓桿將繼續是我們金字塔中固定價格生產力的提高。

Saurabh has spoken about onboarding thresholds.

Saurabh 談到了入職門檻。

We did a good number in Q1 and as we build our muscle on that, that will bring down the cost of delivery.

我們在第一季取得了不錯的成績，當我們在此基礎上增強實力時，這將降低交付成本。

The optimization of overheads is something that we've done in the context of declining revenues.

管理費用的最佳化是我們在收入下降的背景下所做的事情。

It's very critical for us to shed weight and remain lean and efficient, and that's something that we are doing.

對我們來說，減肥、保持苗條和高效至關重要，而這正是我們正在做的事情。

There is also some synergies to be realized as acquired entities come into the larger Wipro fold administratively.

隨著收購的實體在管理上納入更大的 Wipro 旗下，也能達到一些綜效。

So these are all levers that can help us as we look at our margins in the future.

因此，當我們考慮未來的利潤時，這些都是可以幫助我們的槓桿。

Thank you.

謝謝。

Abhishek Kumar, JM Financial.

Abhishek Kumar，JM 金融公司。

Good evening.

晚安.

Thanks for taking my questions.

感謝您回答我的問題。

Srini, first question on Capco.

Srini，關於 Capco 的第一個問題。

Some of your peers have also indicated green shoots in BFSI, especially around discretionary short-cycle span.

您的一些同行也表示 BFSI 已出現萌芽，特別是在可自由支配的短週期跨度方面。

Have you seen in Capco expansion of the areas, where Capco has been winning deals from what you're doing maybe a couple of quarters back?

您是否看到過 Capco 對這些領域的擴張，在這些領域，Capco 可能在幾個季度前就已經從您正在做的事情中贏得了交易？

Hi, Abishek.

嗨，阿比舍克。

Thank you for the question.

謝謝你的提問。

First and foremost, I did talk about Capco having a sequential growth in the last couple of quarters.

首先也是最重要的，我確實談到了 Capco 在過去幾季的連續成長。

And our growth has commenced across Europe and Americas, and we are also looking at Asia Pacific as of -- for us, Capco is like tip of the spear, which is consulting and strategy led and then the rest of the Wipro engine actually implement that.

我們的成長已經在歐洲和美洲開始，我們也在關注亞太地區——對我們來說，Capco 就像矛尖，以諮詢和策略為主導，然後 Wipro 引擎的其餘部分實際實施這一點。

So we are seeing a good traction around that, and we are seeing greater demand at larger institutional clients across the banks and some of the -- and financial services companies.

因此，我們看到了圍繞這一點的良好吸引力，並且我們看到銀行和一些金融服務公司的大型機構客戶的需求更大。

So to me, what I would say, Abhishek is this gives you a little bit of a color to how the discretionary spending is coming back, at least in the banking and financial services.

所以對我來說，阿布舍克（Abhishek）這讓你對可自由支配支出的回歸有一些了解，至少在銀行和金融服務領域是如此。

And it's also reflected in our BFSI growth sequentially as well.

這也反映在我們的 BFSI 連續成長中。

Sure. (technical difficulty) visibility this vertical has been unusually soft for us, while we have not seen that for any of our peers.

當然。 （技術難度）這個垂直方向的可見性對我們來說異常柔軟，而我們的任何同行都沒有看到這種情況。

So any more color on what is driving softness?

那麼還有什麼顏色可以解釋驅動柔軟度的因素嗎？

Is it client specific?

是針對特定客戶的嗎？

Are we moving out to peers in the consolidation scenario?

我們是否會在整合場景中轉向同行？

Any color here.

這裡任何顏色。

And how do we see this going forward?

我們如何看待未來的發展？

Thank you.

謝謝。

Yeah.

是的。

So Abishek we lost you for like 10 seconds.

Abishek 我們失去了你大約 10 秒鐘。

Did you mean ENU?

你說的是ENU嗎？

Yeah.

是的。

Energy and utility.

能源和公用事業。

So I'll go and then maybe Srini if you want to add something.

如果您想添加一些內容，我會去，然後也許是斯里尼。

See in ENU, we've had some end of large programs and as a result, we have seen some softness in that industry vertical.

在 ENU 中，我們已經結束了一些大型項目，因此，我們看到了該行業垂直領域的一些疲軟。

We got a good pipeline, which we need to convert.

我們有一個很好的管道，我們需要對其進行轉換。

And it has been perhaps something that has been softer for Wipro as compared to what the market has been.

與市場相比，Wipro 的情況可能更為疲軟。

Srini has spoken about both industry specific and cross industry service offerings that we have.

Srini 談到了我們提供的特定產業和跨產業服務產品。

We particularly bolstered our presence in ENU.

我們特別加強了在 ENU 的業務。

In fact, even Capco has a decent presence.

事實上，即使是Capco也有不錯的存在感。

That's something that gives us a lot of -- and Capco is doing pretty well in that space and especially in the America.

這給我們帶來了很多——Capco 在這個領域做得非常好，尤其是在美國。

So we are seeing some bounce back there on that count.

因此，我們看到在這方面出現了一些反彈。

But we have some work to do.

但我們還有一些工作要做。

We've got a good set of service offerings that we need to win at the marketplace.

我們擁有一套良好的服務產品，我們需要這些服務來贏得市場。

Thanks Aparna.

謝謝阿帕娜。

See, oil and gas is one of the areas where Capco actually has the consulting capabilities.

你看，石油和天然氣是 Capco 實際上擁有諮詢能力的領域之一。

That's number one.

這是第一名。

Second, we are also building GenAI powered solutions.

其次，我們也正在建構 GenAI 支援的解決方案。

For example, we call it as Blue Skies, which is actually autonomous monitoring to detect flare and smoke in degassing stations.

例如，我們稱之為“藍天”，它實際上是自動監測，用於檢測脫氣站中的耀斑和煙霧。

And we are getting good traction in some of the clients, because we want to actually lead through specific business problem that our clients are facing.

我們在一些客戶中獲得了良好的關注，因為我們希望真正解決客戶面臨的特定業務問題。

And in fact, this particular one, there was 80% reduction in efforts, response time to some of the two events.

事實上，在這一特定事件中，對兩個事件中的一些事件的工作量和回應時間減少了 80%。

And so this is what our strategy will be going forward in the context of oil and gas.

這就是我們在石油和天然氣領域的策略。

Like Aparna said, energy and utilities for us, because of some of the large projects coming down has been soft in quarter one.

正如阿帕納所說，由於一些大型項目的停工，我們的能源和公用事業在第一季一直疲軟。

And that's why you're seeing the sequential degrowth.

這就是為什麼你會看到連續的去生長。

Okay, great.

好的，太好了。

Thank you and good luck.

謝謝你，祝你好運。

Sandeep Shah, Equirus Securities.

桑迪普·沙阿 (Sandeep Shah)，Equirus 證券公司。

Yeah.

是的。

Thanks for the opportunity.

感謝您提供的機會。

The first question, Srini, Wipro being the first one to call out green shoots especially -- selectively in Capco financial services, healthcare.

第一個問題，Srini，Wipro 是第一個特別指出 Capco 金融服務、醫療保健領域出現萌芽的人。

And directionally, the growth is expected to improve versus fourth quarter being a flattish growth versus this quarter, at least it should have shown the trend of upward trajectory versus actually a minus 1% kind of a growth.

從方向上看，第四季度的成長預計將有所改善，而第四季度的成長與本季持平，至少應該顯示出上升趨勢，而不是實際的負 1% 成長。

So is it surprised you negatively or is it more Wipro specific rather than external factors, and which you believe can be rectified going forward?

那麼，這是令您感到驚訝的負面影響，還是更多是 Wipro 特有因素而不是外部因素，您認為哪些因素可以在未來得到糾正？

Sandeep, I'll go first.

桑迪普，我先走了。

And of course, Srini will add.

當然，斯里尼會補充道。

We guide based on a visibility that we have.

我們根據我們擁有的可見性進行指導。

There are puts and takes.

有投入和拿取。

There are parts of the businesses where we are seeing momentum.

我們在某些​​業務領域看到了勢頭。

And like you rightly said, we remain authentic and true, and we share with you proactively where we're seeing some of the discretionary spends come back.

正如您所說，我們保持真實和真實，並主動與您分享我們看到一些可自由支配支出回升的情況。

And true to that, I think Capco is one place where we've seen now three quarters, it is bouncing back quite broad based.

確實如此，我認為 Capco 是我們現在看到的四分之三的地方，它正在廣泛反彈。

We've spoken about how Americas 1 has had a continued growth momentum.

我們已經討論過 Americas 1 如何保持持續成長動能。

We spoke of healthcare doing well.

我們談到醫療保健做得很好。

And this quarter we are seeing acceleration of momentum in consumer and telecom in Americas 1.

本季度，我們看到美洲消費和電信領域的勢頭加速1。

If you look at Americas 2, we've said that BFSI -- BFS has done well in Americas 2 as a sector and we are seeing a sequential growth there of 1.4%, and the bookings have been strong.

如果你看看美洲 2，我們說過 BFSI - BFS 在美洲 2 作為一個部門表現良好，我們看到該地區的環比增長為 1.4%，而且預訂量也很強勁。

And those are things that we've shared with you very clearly.

這些是我們已經非常清楚地與您分享的事情。

The places where we see softness is Europe and APMEA, and guidance is actually a combination of both the pluses and minus that we are seeing at the moment.

我們看到疲軟的地方是歐洲和APMEA，指導實際上是我們目前看到的優點和缺點的結合。

Srini also said that we are entering Q2 with a little bit more confidence than what we did at the start of Q1.

斯里尼也表示，我們進入第二季時比第一季初更有信心。

So we'll have to take all that into consideration Sandeep.

所以我們必須考慮到所有這些，桑迪普。

Yeah.

是的。

Fair enough.

很公平。

And Srini, just wanted to understand is there any timeline which you believe by that time we could be in a full execution mode and the restructuring changes will start delivering the results which are being aspired to under your strategic direction?

斯里尼，我只是想了解一下，您認為到那時我們可以處於全面執行模式並且重組變革將開始實現您的戰略方向所期望的結果嗎？

Sandeep at this point in time, I'm not calling out the timeline.

桑迪普，此時此刻，我不會說出時間表。

Our focus is to execute our quarter two guidance.

我們的重點是執行第二季的指導。

Having said that Sandeep, we have called out five strategic priorities.

說到桑迪普，我們提出了五個策略重點。

I did talk about the progress we made in each of the strategic priorities.

我確實談到了我們在每個戰略重點方面取得的進展。

I think what we need to do is to bring in that execution rigor with speed.

我認為我們需要做的是加快執行的嚴謹性。

We need to delight our customers, focus on delivery excellence and all the operational metrics that Aparna talked about.

我們需要取悅我們的客戶，專注於卓越的交付以及阿帕納談到的所有營運指標。

We need to continue to focus on building large deals, growing our large clients, continue to build or invest into our building skills within Wipro.

我們需要繼續專注於建立大型交易、發展我們的大客戶、繼續在 Wipro 內建立或投資我們的建設技能。

I talked about iAspire, which is very exciting for the employees as we speak.

我談到了 iAspire，這對我們談話期間的員工來說非常令人興奮。

And we will continue to invest in industry specific solutions which are powered by AI, consulting lead and also cross industry solutions that are horizontal.

我們將繼續投資由人工智慧、諮詢主導以及橫向跨行業解決方案提供支援的行業特定解決方案。

I did talk about four wins in this segment.

我確實談到了這部分的四場勝利。

One was in telecom, one was in manufacturing, one was in healthcare, other one more on the wealth management within banking and financial services.

一是在電信領域，一是在製造業，一是在醫療保健領域，另一是在銀行和金融服務領域的財富管理領域。

That gives me comfort on two areas.

這讓我在兩方面感到安慰。

One, I think our initial strategy is picking up momentum with our clients.

第一，我認為我們最初的策略是與客戶保持良好的動力。

Second, these things can be replicated across as well, Sandeep.

其次，這些東西也可以在桑迪普身上複製。

And the skillset we are building is someone with people who can execute to this as well.

我們正在培養的技能是擁有能夠執行此任務的人員。

Okay.

好的。

Fair enough.

很公平。

And last question, Aparna, this quarter, there has been a significant shift towards the onsite, which has increased by 250 bps versus that the minus 1% revenue growth.

最後一個問題，Aparna，本季出現了向現場的重大轉變，成長了 250 個基點，而營收成長為負 1%。

Is it fair to assume the volume growth or volume decline could be even higher than the headline revenue decline?

假設銷售成長或銷售量下降甚至可能高於整體營收下降幅度是否公平？

And in that scenario, even the margin has actually been very good in terms of execution and employee cost has gone down despite the onsite effort, which could be because of the rationalization and the decline in the employee is happening.

在這種情況下，即使在執行方面的利潤實際上也非常好，儘管進行了現場努力，但員工成本卻下降了，這可能是因為合理化和員工數量正在減少。

So just wanted some clarity on this.

所以只是想澄清一下這一點。

Thank you for the question, Sandeep.

謝謝你的提問，桑迪普。

I want to bring to attention that we've integrated a few of our entities, as a result, which were more on onsite specific as -- so I don't know if they're directly comparable between a Q1 and a last Q4, in terms of the onsite mix.

我想提醒大家注意的是，我們已經整合了一些實體，因此，這些實體更多的是現場特定的——所以我不知道它們在第一季度和最後一個第四季度之間是否可以直接比較，就現場組合而言。

But everything else that you've said is also true that our employee compensation cost continues to go down because of a focus and a concerted action around productivity and making sure you're able to deliver to a cost that we would like to, given where our revenues are.

但你所說的其他一切也是正確的，我們的員工薪酬成本持續下降，因為我們對生產力的關注和協調一致的行動，並確保你能夠達到我們想要的成本，考慮到在哪裡我們的收入是。

So there is a lot of focus around it and all levers are being flexed on that count.

因此，人們對此有很多關注，所有的槓桿都在這方面發揮作用。

So we are not becoming more onsite centric.

所以我們不會變得更加以現場為中心。

It's a metric which may not be directly comparable, but going forward now that it's in the base, it will be.

這是一個可能無法直接比較的指標，但既然它已經在基礎上，那麼未來它就會具有可比性。

A couple of our onsite centric subsidiaries are now got integrated.

我們的幾個以現場為中心的子公司現已整合。

That's one of the reasons why you're seeing it.

這就是您看到它的原因之一。

But costs are of course comparable then, everything else that you set up, it tastes good.

但成本當然是可比的，你設定的其他一切，味道都很好。

Okay.

好的。

Thanks, and all the best.

謝謝，祝一切順利。

Ravi Menon, Macquarie.

拉維‧梅農，麥格理。

Hi.

你好。

Thank you for the opportunity.

謝謝你給我這個機會。

And congrats on good execution on the margin side.

並祝賀保證金方面的良好執行。

I wanted to ask you about how are you thinking about improving the growth momentum?

我想問一下，您是如何考慮提升成長動力的？

You want to take an approach where you invest upfront.

您想要採取一種預先投資的方法。

And one of your peers, whether it’s been a senior change.

還有你的一位同事，無論是高層變動。

They have taken an approach to completely disregard, I think, near-term margins and try to focus on your growth first and then thinking that margins will come later.

我認為，他們採取了一種完全無視近期利潤的方法，並試圖首先關注你的成長，然後認為利潤會稍後出現。

Do you agree with that or what do you think we need to do to accelerate approach growth?

您是否同意這一點，或者您認為我們需要做什麼來加速成長？

You know, we have spoken about profitable growth as being our focus.

您知道，我們已經說過獲利成長是我們的重點。

Srini has spoken about it and that remains.

斯里尼已經談到了這一點，而且這一點仍然存在。

Our margin have continued to expand because of the operational rigor.

由於嚴格的運營，我們的利潤率持續擴大。

This is something that we've been doing over the last six quarters.

這是我們過去六個季度一直在做的事情。

And we continue to march on, on that.

我們將繼續朝著這個方向前進。

Of course, one of the reasons why we believe that we will hold margins in a narrow band with an upward bias is also because we want to be make sure that we are having enough room for us to invest for growth.

當然，我們相信我們將把利潤率保持在窄幅區間並向上傾斜的原因之一也是因為我們希望確保我們有足夠的空間來投資成長。

You can be assured we won't hold back on our investments for growth.

您可以放心，我們不會停止對成長的投資。

That remains the number one priority.

這仍然是第一要務。

I have also said that in Q1, we in invested in our employees as well.

我還說過，在第一季度，我們也對員工進行了投資。

We covered a few of our employees under the long-term incentive stock options.

我們為一些員工提供了長期激勵股票選擇權。

So that's also coming.

所以這也即將到來。

So we continue to invest in our people and our employees and our associates, and we will continue to invest for growth.

因此，我們將繼續投資於我們的員工、我們的員工和我們的同事，我們將繼續投資以實現成長。

Everything that Srini has spoken about, we will continue to invest in them.

斯里尼所說的一切，我們將繼續對其進行投資。

Okay.

好的。

Thank you very much.

非常感謝。

And I have another -- we request on this the customer tiers.

我還有另一個——我們要求客戶等級。

We've seen that in the 75 million-plus tier, there's been a drop off of three customers quarter on quarter, you only it's still up by one.

我們發現，在 7,500 萬以上的客戶群中，每季都有 3 位客戶減少，但仍增加了 1 位。

But just wanted to understand and if I look at, it's not even dropped down to the 50 million-plus tier, and that is down by two.

但我只是想了解一下，如果我看一下，它甚至沒有下降到 5000 萬以上的水平，而且下降了兩倍。

So are we still seeing some pressure with even the largest clients in terms of spending?

那麼，即使是最大的客戶，我們在支出方面是否仍面臨一些壓力？

Are they still cutbacks in projects?

他們還在削減項目嗎？

So Ravi, if you look at our client base, the top 10 clients have grown, top 25 clients have grown.

Ravi，如果你看看我們的客戶群，你會發現前 10 名的客戶有所成長，排名前 25 位的客戶也有所成長。

And there are certain clients where you're seeing a little bit of a shrink.

對於某些客戶，您會看到一些收縮。

It's also to do with the discretionary spends which have been a little bit slowed -- slowing coming.

這也與可自由支配支出放緩有關——即將放緩。

Having said that, Ravi, the strategy for us is we want to invest in our top accounts.

話雖如此，拉維，我們的策略是我們希望投資我們的頂級客戶。

We also want to invest in the future top accounts.

我們還想投資未來的頂級帳戶。

And then I clearly called out the investment will be at an account level where you actually bring in the right solutions, right delivery and the consulting aspects of it.

然後我明確指出，投資將在帳戶層級進行，您實際上會帶來正確的解決方案、正確的交付及其諮詢方面。

And with -- that will be the journey for us.

這將是我們的旅程。

A few here and there, I'm not too worried Ravi, but what's important is how our top clients are marching forward in terms of growth for us.

拉維，我不太擔心，但重要的是我們的頂級客戶如何在我們的成長方面向前邁進。

Thank you, Srini and best of luck.

謝謝你，斯里尼，祝你好運。

Nitin Padmanabhan, Investec.

尼廷‧帕德馬納班 (Nitin Padmanabhan)，天達集團。

Yeah.

是的。

Hi.

你好。

Good evening.

晚安.

Aparna and Srini, I think you had mentioned that the top 10 have grown around 1.3%, top 20 to 25 have grown around 1%.

Aparna 和 Srini，我想您曾提到前 10 名增長了 1.3% 左右，前 20 至 25 名增長了 1% 左右。

So obviously, it looks like the drag has been from these smaller customers.

顯然，拖累似乎是來自這些較小的客戶。

Are we still cutting tail accounts or is this just a broad base kind of decline that they're seeing or any color that you could give us in terms of what you're seeing on that side of things?

我們是否仍在削減尾部帳戶，或者這只是他們所看到的一種廣泛的基礎下降，或者您可以根據您在這方面看到的情況向我們提供任何顏色嗎？

And what do you think will be the drivers for improvement there?

您認為推動改善的因素是什麼？

I think our strategy on tail accounts consolidation is newly towards the end.

我認為我們的尾部帳戶整合策略剛剛接近尾聲。

And I -- at least this quarter, I don't think that's the compelling reason for the decline.

至少在本季度，我不認為這是下降的令人信服的原因。

It was more specific to APMEA, more specific to sectors like India, Middle East, where we had a long tail of clients and we felt it was important for us to make the clients fewer but go deeper.

它更具體地針對 APMEA，更具體地針對印度、中東等產業，我們在這些產業擁有長尾客戶，我們認為減少客戶數量但深入客戶對我們來說很重要。

We are happy with the place where we are.

我們對我們所在的地方感到滿意。

We've executed on that.

我們已經執行了。

The decline that you're also seeing is also a reflection of the lower discretionary expense and the decline that the company has seen overall.

您所看到的下降也反映了可自由支配費用的降低以及公司整體的下降。

And therefore, it reflects in a few client buckets like you've mentioned.

因此，它反映在您提到的一些客戶群中。

We remain committed to growing our top 100 clients and you should take assurance on the growth that you're seeing from our top 25 like Srini said.

我們仍然致力於發展我們的前 100 名客戶，您應該對我們的前 25 名客戶所看到的成長感到放心，就像 Srini 所說的那樣。

There's nothing more that I need to add on that.

對此我沒有什麼需要補充的了。

Sure.

當然。

Perfect.

完美的。

And lastly on the BFSI side.

最後是 BFSI 方面。

So while we are been very early in calling this out and it's worked out pretty well.

因此，雖然我們很早就提出了這一點，但效果很好。

What exactly is the current drag that you're seeing?

您目前看到的阻力到底是什麼？

Any specific sub segments where you're seeing a little more pain?

您在哪些特定的細分市場中看到了更多的痛苦？

Because related to the others, although we called it out earlier, the rate of growth is slightly softer.

因為與其他相關，雖然我們早些時候就指出了這一點，但增長速度略顯疲軟。

So is there any specific sub segments, which is causing a little more pain for us?

那麼是否有任何特定的細分市場給我們帶來了更多的痛苦呢？

Yeah.

是的。

So I think BFSI Americas is generally doing better compared to Europe.

所以我認為 BFSI 美洲總體上比歐洲做得更好。

Asia Pacific has also done well.

亞太地區也表現出色。

So that's the color from a market standpoint.

這就是從市場角度來看的顏色。

I think Europe is being slightly softer from US.

我認為歐洲比美國稍微軟一點。

So Nitin, Srini here, just to add a little bit more color to what Aparna said.

所以尼廷，斯里尼在這裡，只是為了給阿帕納所說的話增添一點色彩。

In the context of BFSI, I think we are seeing a secure growth both in Europe and Americas that I talked about both in quarter one and quarter two.

在 BFSI 的背景下，我認為我們在歐洲和美洲都看到了安全成長，我在第一季和第二季都談到這一點。

And since you asked the specific where we are seeing that with Capco being the tip of the spear in some of the aspects of the clients across the risk and compliance, across cost optimization, and of course some of the business transformation, the clients are doing it.

既然你問了具體的問題，我們看到 Capco 在風險和合規性、成本優化，當然還有一些業務轉型等客戶的某些方面處於領先地位，客戶正在做它。

Capco is actually leading the charge for us and Wipro is actually becoming more on the implementation side.

Capco 實際上為我們帶頭，而 Wipro 實際上更致力於實施方面。

And that's also coming together, Nitin.

這也是一起發生的，尼廷。

Sure. Super. Just my final question.

當然。極好的。只是我的最後一個問題。

The way you see things today and the way things are sort of evolving and you look at the environment in terms of elections maybe in the second half.

您今天看待事物的方式以及事物的發展方式以及您從選舉角度看待環境的方式可能會在下半年。

Are you seeing clients basically sort of talking of -- trying to close in some execution early on considering there could be some level of uncertainty in the end or that's not a right characterization of what you're saying.

你是否看到客戶基本上在談論——考慮到最終可能存在一定程度的不確定性，或者這不是你所說的正確描述，試圖儘早結束一些執行。

I like the word, Nitin, uncertainty, right?

我喜歡“尼丁”這個詞，“不確定性”，對嗎？

The macro environment today is definitely not really as predictable.

今天的宏觀環境絕對不是那麼可預測的。

The political situations varies, but also there are certain good news from the Fed in terms -- could be good news from the Fed in terms of the rates and also the inflation aspects of it.

政治局勢各不相同，但聯準會也有一些好消息——可能是聯準會在利率和通膨方面的好消息。

So it's kind of a mixture bag, Nitin, as we speak, but where we are focused is in how do we execute a quarter two, especially in the context of the range that we gave you and also the deals that we have in the pipeline, how do we convert them?

所以，正如我們所說，尼丁，這是一個混合物，但我們關注的是如何執行第二季度，特別是在我們給你的範圍以及我們正在醞釀中的交易的背景下，我們如何轉換它們？

I think that's the focus we are going to and we are going to drive, Nitin.

我認為這就是我們要關注的焦點，我們要推動這一點，尼廷。

Sure.

當然。

Thank you very much and all the very best.

非常感謝，祝一切順利。

Kumar Rakesh, BNP Paribas.

庫馬爾‧拉克什 (Kumar Rakesh)，法國巴黎銀行。

Hi.

你好。

Good evening.

晚安.

Thank you for taking my question.

感謝您回答我的問題。

Srini, my first question was, for the last four quarters, the magnitude of Q-o-Q revenue decline was coming down, and then in this quarter we have seen the decline has increased again.

Srini，我的第一個問題是，在過去的四個季度中，環比收入下降的幅度正在下降，然後在本季度我們看到下降幅度再次加大。

This was despite the strength in BFSI that the industry has seen, and you have relatively similar or higher exposure in that vertical.

儘管業界已經看到 BFSI 的實力，並且您在該垂直領域擁有相對相似或更高的曝光度，但情況仍然如此。

That shakes the confidence in the recovery that we were hoping that at some stage should start kicking in.

這動搖了我們對復甦的信心，而我們原本希望在某個階段開始復甦。

Now, from your commentary that you have made about the large deal wins that you are winning, some of the larger wins are actually net new and the strong deal pipeline you have.

現在，從您對正在贏得的大型交易勝利的評論來看，一些較大的勝利實際上是全新的，並且您擁有強大的交易管道。

Some of your peers have also spoken about how the deal to revenue conversion now is improving.

您的一些同行也談到了目前交易收入轉換率正在如何改善。

Do you think you have reached a stage that you can at least say that sequentially from here on, Wipro should start seeing improving revenue growth?

您是否認為您已經達到了至少可以說從現在開始，Wipro 應該開始看到收入成長改善的階段？

And if not, then what is holding you back?

如果沒有，那麼是什麼阻礙了你？

I will not comment on how our growth will be beyond quarter two, the guidance that we are given.

我不會評論第二季度之後我們的成長將如何，這是我們給出的指導。

But having said that, Kumar, I want to call out a few things, right?

但話雖如此，庫馬爾，我想指出一些事情，對吧？

We are not still seeing a significant change in the demand environment.

我們尚未看到需求環境發生重大變化。

There is caution from our clients and discretionary spend is low.

我們的客戶持謹慎態度，可自由支配支出較低。

However, like I called out, we are seeing an uptick in Capco.

然而，正如我所說，我們看到 Capco 的業績有所上升。

We are seeing an uptick in BFSI and also talked about consumer business in the US.

我們看到 BFSI 有所上升，也談到了美國的消費者業務。

But the sectors like ENU and manufacturing specifically for us has been soft.

但像 ENU 和專門針對我們的製造業等產業一直疲軟。

And if you look at outside of Americas 1 and Americas 2, while they are building the momentum, the other two market units, which are specifically Europe and APMEA, we have seen sequential decline.

如果你看看美洲 1 和美洲 2 以外的地區，雖然它們正在形成勢頭，但其他兩個市場單位，特別是歐洲和 APMEA，我們已經看到了連續下降。

And in the context of large deals, some of the deals we are in the early stage, some of them are net new, are in the early stage we have signed.

在大型交易的背景下，我們有些處於早期階段的交易，有些是全新的，處於我們已經簽署的早期階段。

And I presume that it'll take few quarters for us, and Aparna did talk about some component being taken in quarter two and the quarters ahead.

我認為我們需要幾個季度的時間，阿帕納確實談到了第二季和未來幾季要採取的一些措施。

I would say that would be my summary for your question, Kumar.

我想說這就是我對你的問題的總結，庫馬爾。

Thanks for that.

謝謝你。

My second question was more of a clarification.

我的第二個問題更多的是澄清。

So last month Airbus came out with a profit warning, and since then we have seen a couple of Europe based IT services, some of the services company is issuing their own profit warning as well, cutting their guidance.

因此，上個月空中巴士公司發布了獲利預警，從那時起，我們看到了一些歐洲的 IT 服務公司，其中一些服務公司也發布了自己的獲利預警，削減了指導。

Does our manufacturing weakness has anything to do with that, or you think any of that has any implication for Wipro?

我們的製造弱點是否與此有關，或者您認為這對 Wipro 有任何影響嗎？

No, not really.

不，不是真的。

I -- all -- what you mentioned really is not impacting us.

我——所有人——你提到的確實沒有影響我們。

In fact, like, Srini mentioned, we have a good pipeline.

事實上，就像斯里尼提到的那樣，我們有一個很好的管道。

We won a good deal.

我們贏得了一筆好交易。

For us, this is about our own conversion of the pipeline that we have.

對我們來說，這是我們自己對現有管道的轉換。

And I don't think, the companies you mentioned or the profit warnings there have had anything to do with the softness that we've experienced.

我認為，你提到的公司或那裡的獲利預警與我們經歷的疲軟沒有任何關係。

Thanks for clarifying that, Aparna.

感謝您澄清這一點，阿帕娜。

Sudheer Guntupalli, Kotak.

Sudheer Guntupalli，科塔克。

Yeah.

是的。

Hi, Srini.

嗨，斯里尼。

Thanks for the opportunity Just perplexed with a set of comments from your side would seem to be conflicting each other.

謝謝你給我這個機會，只是對你方的一系列評論感到困惑，這些評論似乎相互矛盾。

On one side, we are seeing that -- for the last three quarters we are seeing an uptick in Capco, which is consulting/discretionary heavy.

一方面，我們看到在過去三個季度中，我們看到 Capco 的成長，其中諮詢/全權委託業務占主導地位。

And that is not necessarily translating into a very strong growth at the BFSI level or at the overall company level, which I think some of our competitors have reported almost 7.5% to 8% sort of substantial revenue growth in BFSI in this quarter.

這並不一定會轉化為 BFSI 層面或整個公司層面的非常強勁的成長，我認為我們的一些競爭對手報告本季 BFSI 的收入大幅成長了近 7.5% 至 8%。

So if you were to give us a cut on if Capco within BFSI is doing well, what is not doing well?

那麼，如果您要對 BFSI 內的 Capco 表現良好的話給予我們一定的提成，那麼哪些方面做得不好呢？

I understand the geographical slicing and dicing you gave earlier.

我理解您之前給出的地理切片和切塊。

But any specific color on, if you're facing any client specific issues or any corporate action related impacts so on and so forth, that would be helpful.

但是，如果您面臨任何客戶特定問題或任何與公司行動相關的影響等等，任何特定的顏色都會有所幫助。

You know -- so these -- I think let me summarize all the comments that we made.

你知道——所以這些——我想讓我總結一下我們提出的所有評論。

For us, we were the first to call out the momentum coming back in Capco in Q3.

對我們來說，我們是第一個指出 Capco 在第三季恢復勢頭的人。

Q3, Q4, Q1, I think we have three dots of Capco doing well, both on bookings and a revenue standpoint.

第三季、第四季、第一季度，我認為 Capco 在預訂和收入方面都表現良好的三個點。

I think they've grown upwards of 3% sequentially.

我認為它們已經連續增長了 3% 以上。

The momentum looks good for Q2 and within Capco, we have a secure low growth.

第二季的勢頭看起來不錯，在 Capco 內部，我們有一個穩定的低成長。

Maybe there are some pockets of continental Europe that are weak, but other than that, they have a broad-based bounce back.

也許歐洲大陸的某些地區表現疲軟，但除此之外，它們的反彈勢頭廣泛。

BFSI outside of Capco, Americas 2 certainly is bouncing back.

BFSI 除了 Capco 之外，Americas 2 確實正在反彈。

We've had some good wins with a few large regional banks, and we are accelerating momentum and things look to be in a better shape there, right?

我們與幾家大型區域銀行取得了一些良好的勝利，而且我們正在加速發展勢頭，那裡的情況看起來會更好，對吧？

On the Europe BFSI, outside of Capco, we are seeing some softness, which we've shared with you.

在 Capco 以外的歐洲 BFSI 上，我們看到了一些疲軟的情況，我們與您分享了這一點。

It's a combination of a lot of things you've said, along with the macroeconomic environment being weak and lower discretionary spend.

這是你所說的很多事情的結合，加上宏觀經濟環境疲軟和可自由支配支出減少。

Thanks, Aparna.

謝謝，阿帕娜。

And Srini, if you can -- is that related -- in any ways related to the corporate action that's going on between a couple of large European banks by any chance?

斯里尼，如果可以的話，這是否與幾家大型歐洲銀行之間正在發生的公司行動有任何關係？

No, I don't want to call out anything specific.

不，我不想提及任何具體的事情。

It's a combination of multiple factors.

這是多種因素的結合。

It's not really just one client or so.

這實際上不僅僅是一個客戶左右。

Sure.

當然。

And the other question is, it looks like we're now completely integrating Capco and Rizing on our books.

另一個問題是，看起來我們現在正在將 Capco 和 Rizing 完全整合到我們的書中。

If I have to understand one of the prior responses that we had given, is that correct understanding?

如果我必須理解我們之前給出的回應之一，這是正確的理解嗎？

No, it's not.

不，不是。

They always integrated, they fully consolidate.

他們總是整合、完全鞏固。

That's not what I meant.

我不是這個意思。

I meant in terms of just the bringing together the larger perhaps the functions and the facilities and the optimization that you have by bringing perhaps two organizations closer.

我的意思是，透過拉近兩個組織的距離，將更大的功能、設施和最佳化結合在一起。

And that's what I meant, including maybe integration of like the systems and the IT systems and the people cross pollination of talent, things like that.

這就是我的意思，可能包括系統和 IT 系統的整合以及人才的交叉授粉，諸如此類的事情。

But they're fully integrated.

但它們是完全整合的。

They're fully consolidated, yes.

是的，它們完全合併了。

Yeah.

是的。

No, I was asking because earlier, one of the concerns a few quarters back was that if they're deeply integrated, then probably the go-to-market positioning of the then Capco and Rizing we'll have to see a bit of a reset.

不，我問這個問題是因為早些時候，幾個季度前的擔憂之一是，如果它們深度集成，那麼當時的 Capco 和 Rizing 的上市定位可能會有所不同。

So I'm just thinking as to whether that concerns were completely addressed now.

所以我只是想現在這個問題是否已經完全解決了。

So one of the things that we see is both the teams are actually leveraging the complementary capabilities, especially in the context of transformation deals.

因此，我們看到的一件事是，兩個團隊實際上都在利用互補的能力，特別是在轉型交易的背景下。

So I think the collaboration between both Capco and Wipro's business have yielded strong origination and also significant number of synergy deals.

因此，我認為 Capco 和 Wipro 業務之間的合作已經產生了強大的起源和大量的協同交易。

This is also evident where we are jointly entering some of the new financial services market, especially in the APMEA region, specific to Middle East and India and domestic.

這在我們共同進入一些新的金融服務市場時也很明顯，特別是在 APMEA 地區，特別是中東和印度以及國內。

And the advantage we have here is, like I said, Capco is the tip of the spear, right?

我們在這裡擁有的優勢是，就像我說的，Capco 是矛尖，對吧？

I know -- and the areas that I talked called out with the risk and compliance, whether it's to do cost optimization or the transformation of the bank or the customer experience, I think it's a very good partnership between Capco and Wipro.

我知道，我談到的領域涉及風險和合規性，無論是成本優化還是銀行轉型或客戶體驗，我認為 Capco 和 Wipro 之間的合作非常好。

Sorry, I forgot to mention Rizing.

抱歉，我忘了提到瑞辛。

As far as Rizing is concerned, Sudheer, if you look at the Rizing, they are very strong and dominant on certain industry segments.

就 Rizing 而言，Sudheer，如果你看看 Rizing，他們在某些行業領域非常強大並佔據主導地位。

For example, fashion, retail, right?

例如時尚、零售，對吧？

So the way we are doing it here is that or SAP HANA.

所以我們在這裡做的方式就是 SAP HANA。

So whenever there's a large transformation program, the clients are looking at us bringing the consulting capabilities of Rizing along with the delivery and execution capabilities of Wipro together.

因此，每當有大型轉型計畫時，客戶都會希望我們將 Rizing 的諮詢能力與 Wipro 的交付和執行能力結合在一起。

And that's where we're able to win some of the transformational deals, specifically in SAP.

這就是我們能夠贏得一些轉型交易的地方，特別是在 SAP 領域。

And we are seeing a good traction there.

我們在那裡看到了良好的牽引力。

Thanks, Srini.

謝謝，斯里尼。

All the very best.

一切順利。

Thank you.

謝謝。

Manikantha Garre, Axis Capital.

Manikantha Garre，軸心資本。

Hi.

你好。

Thanks for the opportunity.

感謝您提供的機會。

While some of my questions have already been answered, I just wanted to quiz you on the segmental margin performance, especially with regards to Europe and APMEA margins.

雖然我的一些問題已經得到解答，但我只是想向您詢問部門利潤率表現，特別是歐洲和 APMEA 利潤率方面。

While you've spoken about some of the revenue channels in that geography, if you could help us understand what's driven the margin decline in those geographies?

雖然您談到了該地區的一些收入管道，但您能否幫助我們了解是什麼導致了這些地區的利潤率下降？

That's question number one.

這是第一個問題。

And the second question was with regards to the financial services performance in Europe.

第二個問題是關於歐洲金融服務的表現。

With some of the leadership changes in Capco, and even at the company wide level, is that also creating some drag for the financial services business in Europe for you?

隨著 Capco 的一些領導層變動，甚至是在公司範圍內的變動，這是否也會對您在歐洲的金融服務業務造成一些拖累？

Okay, so I'll take your second question first.

好的，我先回答你的第二個問題。

I want to like allay your fears fully.

我想完全消除你的恐懼。

The Capco leadership is fully stable and it's doing really well.

Capco 的領導階層非常穩定，而且做得非常好。

Srini alluded to it where he said the collaboration is deeper, better and we -- the secular growth is back.

斯里尼提到這一點，他說合作更加深入、更好，而且我們——長期成長又回來了。

So I don't think there is absolutely anything to do with that.

所以我認為這絕對沒有任何關係。

The softness in Europe is actually outside of Capco.

歐洲的疲軟實際上是在 Capco 之外。

And actually, even though we were doing well on synergy deals, there are some softness that is coming both due to the macroeconomic environment, the lower discretionary spends and a few client specific issues as well, right?

事實上，儘管我們在協同交易方面表現良好，但由於宏觀經濟環境、可自由支配支出的減少以及一些客戶特定問題，出現了一些疲軟的情況，對嗎？

It's a combination and I'll leave it at that.

這是一個組合，我就這樣吧。

The first question, on segment margins.

第一個問題，關於分部利潤。

Yes, there is a decline in both Europe and APMEA.

是的，歐洲和 APMEA 都有下降。

Actually, APMEA has improved year on year, but Europe has actually declined year on year.

實際上，APMEA年比有所改善，但歐洲實際上比去年同期有所下降。

And the -- what you will see in the segment is that our unallocated costs have come down substantially between Q4 and Q1.

您將在該領域看到的是，我們的未分配成本在第四季度和第一季之間大幅下降。

We've changed the methodology in which we absorb some of these group costs and therefore the costs have been spread to the market units.

我們改變了吸收部分集團成本的方法，因此成本已分攤到市場單位。

So therefore you're seeing a decline to be a little bit more deeper than it should be.

因此，你會看到下降幅度比應有的要深一些。

But Europe, the weakness in margins is again linked back to our revenue performance.

但在歐洲，利潤率的疲軟再次與我們的營收表現掛鉤。

And nothing more to add on that.

沒有什麼好補充的了。

APMEA actually is doing better year on year.

APMEA 實際上逐年表現得更好。

And perhaps someone in the IR can give you more details.

也許 IR 中的某個人可以為您提供更多詳細資訊。

Sure.

當然。

Thank you, Aparna.

謝謝你，阿帕娜。

Sure.

當然。

Operator, Yashashri, we are having few minutes left.

接線員，Yashashri，我們只剩下幾分鐘了。

Let us take one last question.

讓我們回答最後一個問題。

Girish Pai, BOB Capital Markets.

Girish Pai，BOB 資本市場。

Yeah.

是的。

Thanks for the opportunity.

感謝您提供的機會。

Aparna, the commentary on margins, it's moved from a narrow band to a narrow band with an upward bias.

阿帕納（Aparna），關於利潤率的評論，它從窄帶移動到帶有向上偏差的窄帶。

I'm seeing that being introduced for the first time.

我第一次看到這樣的介紹。

So what's leading to that?

那麼是什麼導致了這種情況呢？

I think we've been able to execute on a bit-by-bit improvement over the last six quarters.

我認為我們在過去的六個季度中已經取得了一點的進步。

The tailwind of the operational rigor gives us the confidence as we get into Q2.

當我們進入第二季時，嚴格營運的順風給了我們信心。

There is also -- you must know that the guidance that we have given for quarter two is also perhaps amongst the better guidance range that we have given in the last six quarters.

還有——你必須知道，我們為第二季度給出的指導也可能是我們在過去六個季度給出的更好的指導範圍之一。

So all of that adds to the confidence as we look at quarter two and beyond.

因此，當我們展望第二季度及以後的情況時，所有這些都增強了我們的信心。

And upward bias could be the 50-basis point to 100-basis point upward bias?

上行偏見可能是50個基點到100個基點的上行偏誤嗎？

I think it varies, that's why you should read it along with narrow band and with an upward bias.

我認為它有所不同，這就是為什麼你應該以窄帶和向上的偏見來閱讀它。

Okay.

好的。

Last year, you pushed the wage hike, I think by about three months.

去年，你們將薪水上漲了大約三個月。

Would we see the same cycle this year?

今年我們會看到同樣的週期嗎？

And the quantum, would it be pretty similar?

還有量子，會很像嗎？

Salary hikes last year we had done in December.

去年12月我們就加薪了。

We have not decided when to give the salary hike.

我們還沒決定什麼時候加薪。

We'll decide in this quarter.

我們將在本季做出決定。

But it'll be in line with the market whenever we decide.

但無論何時我們做出決定，都會與市場保持一致。

Okay.

好的。

My last question is to do with competitive intensity and one of your larger peers was discussing that it was giving out fairly large productivity gains back to customers in areas like BPO and testing and stuff like that because of generative AI.

我的最後一個問題與競爭強度有關，一位較大的同行正在討論，由於生成式人工智慧，它在 BPO 和測試等領域為客戶帶來了相當大的生產力收益。

Is that what you're seeing in the market, a heightened competitive intensity because of GenAI?

這就是您在市場上看到的情況嗎？

So Girish, like I said, clearly, we have a strategy for GenAI, and I talked about the three places where we are doing it.

所以 Girish，就像我說的，很明顯，我們有一個 GenAI 戰略，我談到了我們正在做的三個地方。

So whenever we put a solution to the client, all the deals that we have, we leverage GenAI.

因此，每當我們向客戶提供解決方案時，我們都會利用 GenAI 進行所有交易。

So what goes to the client is GenAI powered solutions, if you will.

因此，如果您願意的話，為客戶提供的是 GenAI 支援的解決方案。

And we are also infusing, like I said, GenAI into some of the engagements that we have with our clients.

正如我所說，我們也將 GenAI 融入我們與客戶的一些合作中。

So that would be the combination of the two.

這就是兩者的結合。

So GenAI does help us in terms of productivity.

所以 GenAI 確實在生產力方面幫助了我們。

So to me, this kind of trend is not new.

所以對我來說，這種趨勢並不新鮮。

There'll be always in the context of bidding and/or risky deals.

在投標和/或有風險的交易中總是會出現這種情況。

There'll be some companies who will try to pick up deals at an extremely low margin or extremely high risk.

有些公司會嘗試以極低的利潤或極高的風險進行交易。

But those trends do not last for long.

但這些趨勢不會持續很久。

As such, approach is not -- clearly is not sustainable in the longer-term Girish.

因此，從長遠來看，這種方法顯然是不可持續的。

However, we are not worried about this trend and neither does it require any changes to our strategy.

不過，我們並不擔心這種趨勢，也不需要對我們的策略有任何改變。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Ladies and gentlemen, that was the last question for today.

女士們、先生們，這是今天的最後一個問題。

I would now like to hand the conference back to Mr. Dipak Bohra for closing comments.

現在我想將會議交還給 Dipak Bohra 先生以供結束發言。

Over to you, sir.

交給你了，先生。

Yeah, thanks.

是的，謝謝。

Thank you all for joining the call.

感謝大家加入通話。

In case we could not take any questions due to time constraints, please feel free to reach out to the Investor Relations team.

如果由於時間限制我們無法回答任何問題，請隨時聯繫投資者關係團隊。

Have a nice evening.

祝你今晚愉快。

Thank you, so much.

太感謝了。

Thank you, members of the management team.

謝謝管理團隊的成員。

On behalf of Wipro, that concludes today's conference.

我謹代表 Wipro 結束今天的會議。

Thank you for joining us, and you may now disconnect your lines.

感謝您加入我們，您現在可以斷開線路了。