Wipro Ltd (WIT) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good day and welcome to Wipro Limited Q2 FY25 earnings call.

女士們、先生們，美好的一天，歡迎參加 Wipro Limited 2025 財年第二季財報電話會議。

(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。

Yes.

是的。

Thank you, Yashashree.

謝謝你，亞沙什裡。

A warm welcome to our quarter two financial year '25 earnings call.

熱烈歡迎參加我們 '25 財年第二季的財報電話會議。

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

我們將首先由我們的執行長兼董事總經理 Srinivas 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 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.

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 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。

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

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。

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。

Thank you.

謝謝。

Thanks, Dipak.

謝謝，迪帕克。

Hello, everyone.

大家好。

Thank you for joining me and my leadership team for our second quarter results for the financial year 2024, '25.

感謝您與我和我的領導團隊一起了解 2024 年第 25 財年第二季業績。

In Q2, we met our expectations for revenue, bookings and margins (inaudible) business is strong, and we are prepared to handle the current economic uncertainties.

第二季度，我們達到了對營收、預訂量和利潤率（聽不清楚）的預期，業務強勁，我們已準備好應對當前的經濟不確定性。

We continue to focus on our five strategic priorities and building a strong talent pool to capture AI opportunities.

我們繼續專注於五個策略重點，並建立強大的人才庫來抓住人工智慧機會。

Now let me go over the financial highlights for the quarter and share some specific insights on our markets and industry sectors.

現在讓我回顧一下本季的財務亮點，並分享一些關於我們的市場和行業領域的具體見解。

All the revenue growth numbers I share will be in constant currency.

我分享的所有收入成長數字都將以固定匯率計算。

Our IT Services revenue for quarter two was $2.66 billion reflecting a sequential growth of 0.6%.

我們第二季的 IT 服務營收為 26.6 億美元，季增 0.6%。

This brings us closer to the upper end of our guidance.

這使我們更接近指導的上限。

Operating margins came in at [6%], which is an expansion [35] basis points quarter on quarter, 71 basis points year on year.

營業利益率為 [6%]，環比擴張 [35] 個基點，較去年同期擴張 71 個基點。

In terms of total bookings, we ended the quarter at $3.6 billion, which is an 8.4% increase quarter on quarter.

就預訂總額而言，本季末我們的預訂總額達到 36 億美元，較上季成長 8.4%。

Our Capco business continued to (inaudible) and grew 3.2% quarter on quarter and 6.9% year on year.

我們的 Capco 業務持續（聽不清楚），季度環比成長 3.2%，年增 6.9%。

Coming to our strategic market unit performances.

接下來是我們的策略市場部門的表現。

We saw sequential growth in three of the four markets in quarter two.

第二季度，我們看到四個市場中的三個市場較上季成長。

Americas One achieved sequential growth of 1.2%, driven by good performance in health care, technology and communication sectors.

由於醫療保健、技術和通訊領域的良好表現，美洲一號實現了 1.2% 的環比增長。

Americas two also recorded sequential growth of 0.8%, supported by robust demand and strong execution in BFSI sector.

由於 BFSI 行業強勁的需求和強勁的執行力，美洲兩個地區也實現了 0.8% 的環比增長。

APMEA grew by 0.3%, driven by traction in Capco.

在 Capco 的推動下，APMEA 成長了 0.3%。

We are seeing early signs of our business stabilizing in this region.

我們看到該地區業務穩定的早期跡象。

Europe registered a sequential decline of 0.1% due to overall weak demand and client-specific issues in few accounts.

由於整體需求疲軟和少數帳戶中的客戶特定問題，歐洲環比下降 0.1%。

Among industry sectors, we experienced varied performance with strong account mining contraction in Capco business BFSI continued to accelerate, delivering 2.7% sequential growth.

在產業領域中，我們經歷了不同的表現，Capco 業務的帳戶挖礦收縮強勁，BFSI 繼續加速，實現 2.7% 的環比增長。

This growth was led by Americas.

這一增長由美洲帶動。

Additionally, we are seeing momentum in both APMEA and euro.

此外，我們也看到 APMEA 和歐元的勢頭。

This marks the third consecutive growth -- quarter of growth in BFSI.

這標誌著 BFSI 連續第三個季度成長。

Technology and Communications grew by 1.6% sequentially, driven by the ramp-up of a recent large deal and momentum in existing relationships. (inaudible) of the sequential decline of 2%.

受近期大宗交易的增加和現有關係勢頭的推動，技術和通訊業務環比增長 1.6%。 （聽不清楚）季減 2%。

We are seeing good progress with our consulting-led industry solutions in the automotive manufacturing segment.

我們在汽車製造領域看到以諮詢為主導的行業解決方案取得了良好進展。

In addition, there are also signs of uptick in demand in the industrial segment.

此外，工業領域的需求也出現回升跡象。

We will focus on converting this into wins to revive growth in manufacturing.

我們將專注於將其轉化為勝利，以重振製造業的成長。

Energy & Utilities also remained weak with a sequential decline of 3.7%.

能源和公用事業也依然疲軟，季減 3.7%。

However, we see opportunities for vendor consolidation and cost takeout particularly in the energy sector.

然而，我們看到了供應商整合和成本削減的機會，特別是在能源領域。

As you may remember from the last two quarters, we identified five strategic priority areas of growth.

您可能還記得過去兩個季度，我們確定了五個策略優先成長領域。

We have advanced in all five areas, and I would like to take this opportunity to share some indicators of our progress in quarter two.

我們在所有五個領域都取得了進展，我想藉此機會分享我們第二季度進展的一些指標。

One, we stayed focused on growing our large accounts in our four profitable markets and six priority sectors, and we will continue to invest in them for expansion and growth.

第一，我們繼續專注於在四個有利可圖的市場和六個優先領域發展我們的大客戶，我們將繼續投資它們以實現擴張和成長。

In quarter two, our top account grew 4% sequentially, top five accounts grew 6.2% sequentially and top 10 accounts grew 3.7% sequentially, reflecting our focus on expanding our footprint and scaling our large accounts.

第二季度，我們的頂級客戶環比增長了4%，排名前五的客戶環比增長了6.2%，排名前十的客戶環比增長了3.7%，這反映出我們專注於擴大我們的足跡和擴大我們的大客戶規模。

Of course, large deals are crucial for our growth.

當然，大筆交易對我們的成長至關重要。

During the quarter, we booked 19 large deals with a TCV of $1,489 million.

本季度，我們預訂了 19 筆大型交易，TCV 為 14.89 億美元。

This translates to a growth of 29% sequentially and 16.8% on a year-on-year basis.

這意味著環比增長 29%，同比增長 16.8%。

It is encouraging to service across sectors.

跨部門服務令人鼓舞。

The deals we won cover a variety of themes from cost reduction and vendor consolidation to application modernization and cloud operations.

我們贏得的交易涵蓋了從成本降低和供應商整合到應用程式現代化和雲端運營的各種主題。

In fact, we are leading these deals with industry and cross-industry solutions, which are consulting led and they are powered.

事實上，我們正​​在透過行業和跨行業解決方案來主導這些交易，這些解決方案以諮詢為主導並提供動力。

Let me briefly talk about the two largest deals we won in quarter two.

讓我簡單談談我們第二季贏得的兩筆最大的交易。

A leading transportation and logistics company has selected Wipro to drive a business-critical SAP S/4HANA transformation program.

一家領先的運輸和物流公司選擇 Wipro 來推動關鍵業務 SAP S/4HANA 轉型計劃。

This win involved collaboration within (inaudible) arms, rising, designing and Capco.

這場勝利涉及（聽不清楚）手臂、崛起、設計和 Capco 之間的合作。

It also highlights our industry knowledge and ability to deliver customized solutions to clients.

它還凸顯了我們的行業知識和為客戶提供客製化解決方案的能力。

Second example, a software technology company has selected us to support its product development and IT operations end-to-end.

第二個例子，一家軟體技術公司選擇我們為其產品開發和端到端 IT 營運提供支援。

This is a total outsourcing deal, where Wipro will consolidate vendors and take over engineering, application, infrastructure and operations for the client.

這是一項全面外包交易，Wipro 將整合供應商並接管客戶的工程、應用程式、基礎設施和營運。

Additionally, we will implement Gen AI powered solutions to solve business challenges and deliver operational efficiency.

此外，我們將實施 Gen AI 支援的解決方案來解決業務挑戰並提高營運效率。

It's important involves a new client, while the other marks are transition from having a minimal presence to becoming a strategic partner.

重要的是涉及新客戶，而其他標誌是從最低限度的存在過渡到成為策略合作夥伴。

Let me now talk about another strategic priority, which is building talent at scale.

現在讓我談談另一個策略重點，那就是大規模培養人才。

We believe all our employees should adopt and AI mindset or the right skill set and use the right tool set in their work for our clients.

我們相信，我們所有的員工都應該採用人工智慧思維或正確的技能，並在為客戶工作時使用正確的工具。

In previous quarters, I have discussed our investments in reskilling our workforce for AI opportunities.

在前幾季中，我討論了我們在勞動力再培訓方面的投資，以獲取人工智慧機會。

We have now trained and certified over 44,000 employees on advanced AI.

我們現已對超過 44,000 名員工進行了高級人工智慧培訓和認證。

And we have a significant number of employees actively using AI dollar per tools across the company.

我們有大量員工在整個公司積極使用人工智慧工具。

In addition, we are developing talent closely aligned with our clients' business needs.

此外，我們正在培養與客戶業務需求密切相關的人才。

For this, we have established account-specific academies, providing a clear road map for building capabilities relevant to both the industry and the technology contacts.

為此，我們建立了針對特定客戶的學院，為建立與行業和技術聯繫相關的能力提供了清晰的路線圖。

Before I share our guidance for the next quarter.

在我分享我們對下一季的指導之前。

I want to thank all my colleagues for their amazing support.

我要感謝所有同事的大力支持。

As an organization, we grow by actively listening to feedback.

作為一個組織，我們透過積極傾聽回饋來成長。

In August, we conducted our annual employee engagement survey, and in addition, I have made it a priority to connect with employees wherever I go.

八月，我們進行了年度員工敬業度調查，此外，無論我走到哪裡，我都將與員工保持聯繫作為首要任務。

We have taken specific actions based on their feedback.

我們已根據他們的回饋採取了具體行動。

As you are aware, we implemented merit salary increase effective September 1, just nine months after the last cycle, demonstrating our ongoing commitment to our employees.

如您所知，我們從 9 月 1 日起實施了績效加薪，距離上一個週期僅九個月，這反映了我們對員工的持續承諾。

Last month, we hosted a leadership summit where our top 300 leaders from across the globe gathered right here in Bangalore to reflect on our business, and chart our future direction.

上個月，我們舉辦了一次領導力高峰會，來自全球各地的 300 名頂尖領導者齊聚班加羅爾，反思我們的業務，並規劃我們未來的方向。

It was encouraging to see that we have come together as team Wipro, and there's a strong commitment to driving client success.

令人鼓舞的是，我們作為 Wipro 團隊走到了一起，並且堅定地致力於推動客戶成功。

I hope to harness this momentum and continue moving forward together.

我希望利用這股勢頭，繼續共同前進。

Now on to guidance.

現在開始指導。

Our Q3 revenue is expected to be affected by seasonal furloughs and fewer working days in this quarter.

我們第三季的收入預計將受到季節性休假和本季工作日減少的影響。

As a result, we are guiding for a sequential revenue growth of minus 2% to 0% in constant currency.

因此，我們預期以固定匯率計算，營收季增為負 2% 至 0%。

Despite softness in revenue in we are confident of maintaining our margin in a narrow band.

儘管收入疲軟，我們有信心將利潤率維持在窄幅範圍內。

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。

Aparna, over to you.

阿帕娜，交給你了。

Thank you, Srini.

謝謝你，斯里尼。

Good evening, ladies and gentlemen.

晚上好，女士們先生們。

I'll share a quick update, after which we will open up for Q&A.

我將分享一個快速更新，之後我們將開放問答。

On the IT services revenue for Q2, we delivered a sequential growth of 1.3% quarter on quarter in reported currency and a growth of 0.6% in constant currency.

在第二季的 IT 服務收入方面，以報告貨幣計算，我們季增 1.3%，以固定匯率計算，季增 0.6%。

This is closer to the upper end of our guidance range that

這更接近我們指導範圍的上限

(inaudible).

（聽不清楚）。

We are pleased to share that our operating margin for the quarter was at 16.8%, an expansion of 35 basis points quarter on quarter and 71 basis points year on year.

我們很高興地告訴大家，本季的營業利益率為 16.8%，較上季成長 35 個基點，較去年同期成長 71 個基點。

This brings us to our earlier conveyed target band of (inaudible) half.

這將我們帶到了之前傳達的（聽不清楚）一半的目標範圍。

This expansion in margins was achieved on the back of operational improvements and after absorbing one month of salary increments that we rolled out for our associates effective for September.

利潤率的這一增長是在營運改進以及吸收我們為員工推出的 9 月生效的一個月加薪之後實現的。

We began Q3 with headwinds of furlough and incremental impact of salary increases, yet we remain confident of staying in a narrow band of margins.

我們從第三季開始就面臨休假和加薪帶來的增量影響的不利因素，但我們仍然有信心將利潤率保持在狹窄的範圍內。

Our net income grew 21.3% year on year.

我們的淨利潤年增21.3%。

This was on the back of higher operating profits, which grew at 11.4% year on year.

這是由於營業利潤上升，年增 11.4%。

Our EPS was at INR6.14, which grew 6.8% sequentially.

我們的每股盈餘為 6.14 印度盧比，季增 6.8%。

Quarter two was yet another quarter of strong cash flows.

第二季又是現金流強勁的一個季度。

Our operating cash flows of $510 million in Q2 is at 132% (inaudible) of our net income.

第二季我們的營運現金流為 5.1 億美元，佔淨利的 132%（聽不清楚）。

With this, we have cumulatively for H1 generated nearly $1 billion in operating cash flows.

至此，我們上半年累計產生了近 10 億美元的營運現金流。

At the end of Q2, our investments and cash balances on our balance sheet now stands at $6.2 billion.

截至第二季末，我們資產負債表上的投資和現金餘額目前為 62 億美元。

In other key metrics, our other income, net of the finance expenses, grew 34.2% sequentially.

在其他關鍵指標中，扣除財務費用後，我們的其他收入環比增長了 34.2%。

Our accounting yields for the average investment held in India was at 7.9%, ETR is at 24.6% in Q2.

第二季度，我們在印度持有的平均投資的會計收益率為 7.9%，ETR 為 24.6%。

Our hedges continue to be in line with our policy.

我們的對沖繼續符合我們的政策。

We had about $2.8 billion of ForEx derivative contracts as hedges at the end of Q2.

截至第二季末，我們擁有約 28 億美元的外匯衍生性商品合約作為避險工具。

Before I move to guidance, I'd like to share that in our recently concluded Board meeting directors have recommended issue of bonus shares to our shareholders in the ratio of 1:1, subject to the approval of shareholders.

在我進行指導之前，我想告訴大家，在我們最近結束的董事會會議上，董事們建議以 1:1 的比例向股東發行紅股，但須經股東批准。

Additionally, we are working through our revised capital allocation in line with our strategy.

此外，我們正在根據我們的策略調整資本配置。

And hopefully, we'll be able to share the details of that after our January Board meeting in terms of our guidance. to reiterate what was stated by Srini.

希望我們能夠在一月份的董事會會議之後根據我們的指導分享詳細資訊。重申斯里尼所說的話。

We expect the revenues from our IT Services business segment to be in the range of $2.607 billion to $2.660 billion.

我們預計 IT 服務業務部門的營收將在 26.07 億美元至 26.60 億美元之間。

This translates to a sequential guidance of minus 2% to 0% in constant currency terms.

這意味著以固定匯率計算，連續指導值為負2%至0%。

With that, we can open up for questions.

這樣，我們就可以提出問題了。

Operator?

操作員？

(Operator Instructions) Abhishek Kumar, JM Financial.

（操作員指令）Abhishek Kumar，JM Financial。

Congratulations on very good deal wins.

恭喜您贏得了非常好的交易。

My first question is on the guidance.

我的第一個問題是關於指導。

Is this just the furloughs?

這只是休假嗎？

Or are we also seeing close of the client-specific challenges that you mentioned, which is informing slightly (inaudible) brand for next quarter?

或者我們也看到了您提到的特定於客戶的挑戰，這為下季度的品牌帶來了輕微（聽不清楚）的訊息？

Thanks, Abhishek.

謝謝，阿布舍克。

As far as quarter three guidance is concerned, clearly follows like Aparna called out as one and also the number of working days obviously is much lower.

就第三季的指導而言，顯然遵循阿帕納所說的那樣，而且工作日數顯然要低得多。

We also have some slowdown in Europe, thanks to client-specific reasons.

由於客戶特定的原因，我們在歐洲的業務也出現了一些放緩。

Having said that, we see good momentum in our deal pipeline across Americas one and Americas two and also APMEA.

話雖如此，我們看到美洲一號、美洲二號以及 APMEA 的交易勢頭良好。

We do have good pipeline in Europe, too.

我們在歐洲也有良好的管道。

The focus for us is to actually win in some of those and maximize our deal bookings for this quarter.

我們的重點是真正贏得其中的一些勝利，並最大限度地提高本季的交易預訂量。

Okay.

好的。

Next question is on (inaudible) utility.

下一個問題是關於（聽不清楚）效用。

You had mentioned last quarter also there are certain client-specific challenges here.

您在上個季度提到這裡也存在某些特定於客戶的挑戰。

Are these now behind us?

這些現在都在我們身後了嗎？

Or are they still there in front of us?

或者他們仍然在我們面前嗎？

How should we think about E&U as it can in to our overall growth?

我們應該如何看待 E&U，因為它對我們的整體成長有何影響？

So we like Srini shared in his speech as well, they're in progress -- there are -- there is a good pipeline.

因此，我們也喜歡斯里尼在他的演講中分享的內容，他們正在進行中——有——有一個很好的管道。

There is a demand across vendor consolidation, cost takeout, and there are very, very good deals in the pipeline.

供應商整合、成本削減都有需求，並且正在醞釀非常非常好的交易。

We have to focus on conversion for us to improve our overall performance in EU.

我們必須專注於轉化，以提高我們在歐盟的整體表現。

And that's all that we have to say there.

這就是我們要說的全部。

It's all down to execution.

這一切都取決於執行。

Just to add a little bit more color to what Aparna said, Abhishek, especially in the energy sector, we are seeing opportunities around cost optimization and vendor consolidation as well. which is good news.

為了讓 Aparna 所說的內容增添一點色彩，Abhishek，特別是在能源領域，我們也看到了成本優化和供應商整合的機會。這是個好消息。

Just what I wanted to understand here is, are there any ramp downs that are continuing in a few clients that is impacting us.

我在這裡想了解的是，有些客戶的業務量是否仍在持續下降，這對我們產生了影響。

And if that's so, when do we expect those ramp downs to be behind us.

如果是這樣，我們預計這些下滑何時會過去。

Yes.

是的。

Our guidance for quarter three has a several puts and takes.

我們對第三季的指導有一些調整和調整。

It has furloughs.

它有休假。

It does have fewer working days.

它的工作日確實更少。

It also factors certain impact of the client-specific challenges that we've alluded to in Europe.

它還考慮了我們在歐洲提到的客戶特定挑戰的某些影響。

All of this is factored into the guidance as we start Q3.

當我們開始第三季時，所有這些都已納入指導中。

Given the momentum that we are building up, if you would see there are performance across market units and sectors.

鑑於我們正在建立的勢頭，如果你看到各個市場單位和部門都有表現的話。

It has improved and it is becoming a little bit more secular than what it was maybe three or four quarters back.

它已經有所改善，並且比三、四個季度前變得更加世俗。

So we are hopeful that we will build on that momentum once we are behind the seasonality of Q3.

因此，我們希望一旦我們落後於第三季的季節性，我們將繼續保持這一勢頭。

Nitin Padmanabhan, Investec.

尼廷‧帕德馬納班 (Nitin Padmanabhan)，天達集團。

Aparna, I wanted your thoughts on the drivers that are helping margins, the initiatives that are offsetting the wage increase, in fact, and the revenue headwind especially.

阿帕納，我想聽聽您對有助於提高利潤率的驅動因素、抵消薪資成長的舉措（事實上，尤其是收入逆風）的看法。

So we have a set of traditional levers that have been actually.

所以我們實際上有一套傳統的槓桿。

We have been improving our utilization consistently over the last few quarters.

在過去的幾個季度中，我們一直在不斷提高利用率。

I do think the levels at which we are, we have to continue to sustain that.

我確實認為我們必須繼續維持目前的水準。

In Q2, we have dipped our utilization slightly, but we are well above the benchmark that we would like to be at.

在第二季度，我們的利用率略有下降，但遠高於我們希望達到的基準。

Secondly, offshoring is also a lever that we have flexed.

其次，離岸外包也是我們使用的槓桿。

Going forward, what are the levers that we will use.

展望未來，我們將使用哪些槓桿。

There are the traditional set of levers, fixed price projects, pyramid improvements.

有傳統的槓桿、固定價格項目、金字塔改進。

The other lever that's very topical to us is around G&A optimization, spoken about that.

我們非常關注的另一個槓桿是 G&A 優化，對此進行了討論。

We have done some work on it over the last few quarters.

過去幾個季度我們在這方面做了一些工作。

Some of it is paying off as we get into Q3.

當我們進入第三季時，其中一些正在得到回報。

Also some of the acquired entities as they are getting integrated into the organization, there are certain synergy benefits that we are realizing around overhead and G&A.

此外，一些被收購的實體在融入組織時，我們在管理費用和一般行政費用方面實現了一定的協同效益。

Those are some of the levers.

這些是一些槓桿。

If you look at our SAU-wise profitability metrics that we shared, I think Europe and APMEA have improved profitability.

如果你看看我們分享的 SAU 獲利指標，我認為歐洲和 APMEA 的獲利能力有所提高。

And Americas two has improved profitability year on year.

美洲二號的獲利能力較去年同期有所提升。

So there is a good, again, orientation towards profitable growth which is leading to operational improvements, Nitin.

因此，再次，獲利成長有一個良好的方向，這會導致營運改進，Nitin。

The second question was around I think a lot have gone behind building deal momentum and looking at the cost and all of those things over the last couple of quarters.

第二個問題是，我認為在過去幾個季度裡，很多人都已經落後於建立交易勢頭並考慮成本和所有這些事情。

In that context, do you think that return to growth could happen sooner rather than later overall?

在這種情況下，您認為整體上恢復成長是否會更早而不是更晚？

Are you happy with the way things are moving?

您對事情的進展感到滿意嗎？

Or do you see there are further areas that require the fixes before we are able to really move back to growth?

或者您認為在我們能夠真正恢復成長之前還有其他領域需要修復？

Nitin, we have grown in Q2.

Nitin，我們在第二季有所成長。

I think the key for us is to really build sustainable growth that we can deliver consistently, right?

我認為我們的關鍵是真正建立我們能夠持續實現的永續成長，對吧？

And that is still work in progress.

這項工作仍在進行中。

There are parts of the business which are performing much better.

該業務的某些部分錶現要好得多。

We've alluded to Capco, I think BFSI as an overall sector doing very well.

我們提到了 Capco，我認為 BFSI 作為一個整體部門表現非常好。

Americas one has momentum that secular right, and Americas two outside of EMR, energy and manufacturing is doing well. there is more secular return in some sense of momentum at least in Americas.

美洲一有世俗右派的勢頭，而美洲二除電子病歷、能源和製造業外也表現良好。至少在美洲，從某種意義上來說，存在著更長期的回報。

For us two months back to growth deterministically, Europe and APMEA also have to ship it.

對於我們兩個月確定性恢復成長而言，歐洲和 APMEA 也必須出貨。

APMEA we're seeing some early signs of stabilization.

APMEA 我們看到了一些穩定的早期跡象。

Europe is still work in progress, and that's something that we will have to look at before we are able to give you a better color.

歐洲的工作仍在進行中，這是我們必須先考慮的事情，然後才能為您提供更好的顏色。

Srini, if you want to add something?

Srini，你想補充什麼嗎？

Yes.

是的。

So Nitin, let me give you in the context of the pipeline that -- deal pipeline that we have built.

尼廷，讓我介紹一下我們已經建立的交易管道。

All I can say at this point in time is healthy.

此時此刻我只能說健康。

There is momentum around the deal pipeline, and it's also secular across the four markets and across the six sectors that we operate in, which is for me, good news.

交易管道充滿動力，而且在我們經營的四個市場和六個行業中也是長期的，這對我來說是個好消息。

I think the focus for me and my team right now is how do we stick secure those wins quickly within quarter and move forward on quarter four.

我認為我和我的團隊現在的重點是如何在季度內快速確保這些勝利並在第四季度繼續前進。

The advantage in quarter four is that the furloughs and number of working days would change that itself is one of the positives and the deal momentum and the wins could actually add to that.

第四季的優勢在於，休假和工作日數量會發生變化，這本身就是積極因素之一，而交易勢頭和勝利實際上可能會增加這一點。

So net-net, Nitin, I think I continue to state that we have good momentum.

所以net-net，Nitin，我想我繼續聲明我們有良好的勢頭。

We need to execute to that.

我們需要執行這一點。

Sure.

當然。

That's very helpful.

這非常有幫助。

Just one last one, if I may.

如果可以的話，就最後一張吧。

Are you seeing an increase in smaller deals within the pipeline that could convert faster.

您是否發現正在醞釀中的小型交易有所增加，這些交易可以更快地轉換。

Your peer had mentioned that in the recent call.

您的同事在最近的電話會議中提到了這一點。

Some of your peers have been suggesting that they're also seeing high smaller deals within their closures as well.

您的一些同行一直表示，他們在關閉期間也看到了規模較大的交易。

So just curious to know your thoughts on what you are seeing on this aspect.

所以只是想知道您對這方面所看到的想法。

So Nitin, while we talk about the pipeline, it's a combination of both large deals and smaller deals.

因此，尼廷，當我們談論管道時，它是大型交易和小型交易的組合。

That's number one.

這是第一名。

Number two, our own bookings for quarter two of the $3.6 billion, $1.5 billion came in from large deals.

第二，我們自己預訂的 36 億美元中的第二季度，15 億美元來自大型交易。

But if you remove at $1.5 billion, the balance is a combination of both midsized deals and smaller deals.

但如果去掉 15 億美元，剩下的就是中型交易和小型交易的組合。

Second, if you look at the opportunities that we get, especially during the discretionary spend around Capco BFSI, some of them tend to be much smaller, they need not be large deals.

其次，如果你看看我們獲得的機會，特別是在 Capco BFSI 周圍的可自由支配支出期間，其中一些機會往往要小得多，不一定是大交易。

Overall, the way I see it is, we do have smaller deals, mid-sized deals and large deals, and we continue to remain optimistic on those pipelines.

總體而言，我認為，我們確實有小型交易、中型交易和大型交易，我們繼續對這些管道保持樂觀。

Sudheer Guntupalli, Kotak Mahindra AMC.

Sudheer Guntupalli，Kotak Mahindra AMC。

Congrats on good quarter.

恭喜季度表現良好。

So just your internals are looking very good.

所以你的內部看起來非常好。

Deal wins are you seem to sound more confident on a broad-based set of segments this time versus last quarter.

與上季相比，這筆交易似乎對一系列廣泛的細分市場更有信心，這就是交易的勝利。

However, the guidance seems to be a bit counterintuitive.

然而，該指導似乎有點違反直覺。

So in that backdrop, a couple of questions.

因此，在這種背景下，有幾個問題。

So when you say furloughs, so this time around, most of the other companies are actually indicating that furloughs are just in line with normal seasonality with some of them actually saying the further impact will be lower than the previous year.

所以，當你說休假時，這一次，大多數其他公司實際上都表示休假只是符合正常的季節性，其中一些公司實際上表示進一步的影響將低於前一年。

And historically, we had a relatively slightly better (inaudible) one.

從歷史上看，我們有一個相對稍微好一點（聽不清楚）的。

So why is furlough such a game changer for Q3 guidance?

那麼，為什麼休假對第三季的指引有如此大的改變呢？

That is number one.

這是第一名。

And number two, when you say client-specific issues, is it some part of the business that you want to rationalize as a new CEO and you have taken a strategic call to cut that business?

第二，當你談到特定於客戶的問題時，作為新任首席執行官，你是否希望對業務的某些部分進行合理化，並且你已採取戰略行動來削減該業務？

Or is this something of a certain client because of whatsoever, there specific reasons has been hurting us.

或者這是某個客戶的某些事情，無論什麼原因，都有特定的原因傷害了我們。

Again, I'm asking the Europe question because surprisingly, this quarter, Europe has been good for most of the companies, which reported so far.

我再次提出歐洲問題，因為令人驚訝的是，本季度歐洲對大多數公司來說都表現良好，到目前為止已報告。

And we have been having very localized teams in Europe.

我們在歐洲擁有非常本地化的團隊。

So it's surprising why we are facing those challenges while others are not.

因此，令人驚訝的是為什麼我們面臨這些挑戰，而其他人卻沒有。

So just those couple of questions.

所以只有那幾個問題。

First on furlough, second on Europe.

首先是休假，其次是歐洲。

So Nitin -- Sudheer, in terms of furlough, we are furloughs, the visibility that we have is very similar to what we experienced last year, and that's the assumption that we are factoring in.

Nitin – Sudheer，就休假而言，我們正在休假，我們的可見度與去年的經歷非常相似，這就是我們考慮的假設。

Obviously, during the quarter, we will have to work through it with our clients.

顯然，在本季度，我們將必須與客戶一起解決這個問題。

As far as lower working days is concerned, that's also something that is very seasonal for Q3 compared to Q2. both of which are factors.

就工作日減少而言，與第二季相比，第三季也具有強烈的季節性。兩者都是因素。

Additionally, we have called for us, which is factored into our guidance is the softness that we have in Europe.

此外，我們也呼籲我們，這也是我們的指導因素之一，因為我們在歐洲的疲軟狀態。

I will ask Srini to respond to the questions that you post in Europe.

我將請斯里尼回答您在歐洲提出的問題。

Thanks, Aparna.

謝謝，阿帕娜。

Sudheer.

蘇德希爾。

So I think Aparna answered the question on furloughs.

所以我認為阿帕娜回答了關於休假的問題。

I think for us relative to what you heard from other companies seems to be constant well, what happened last year at this time.

我認為對我們來說，相對於你從其他公司聽到的情況，去年這個時候發生的事情似乎是恆定的。

Maybe it could be very specific to the clients and the decisions that they take because some of the sectors have a lot more furloughs than the rest.

也許這可能是針對客戶和他們所做的決定的，因為某些行業的休假時間比其他行業多得多。

So maybe that's one reason why we have some impact.

所以也許這就是我們產生一些影響的原因之一。

So we continue to have the same level of impact on furloughs.

因此，我們繼續對休假產生同樣程度的影響。

Now coming to specific to Europe and client-specific needs.

現在針對歐洲和客戶的特定需求。

I would say a couple of clients where we have been working with them have actually changed the direction because of which there has been some ramp downs, very, very specific to the combination of some of the industries and Europe which is actually contributing to that slowdown for us and weak growth both in this quarter that you've seen there.

我想說的是，我們一直與之合作的一些客戶實際上已經改變了方向，因此出現了一些下滑，非常非常具體地針對某些行業和歐洲的結合，這實際上導致了經濟放緩對於我們來說，以及您在本季看到的疲弱成長。

But having said that, I want to reiterate that the countries and the specificities that we are focusing in those countries.

但話雖如此，我想重申我們所關注的國家和這些國家的具體情況。

That pipeline has built up.

該管道已經建成。

And right now, myself and my team, we are focused on winning dose.

現在，我和我的團隊專注於贏得劑量。

Clear enough, Srini.

很清楚，斯里尼。

So is it fair to expect that possibly when we look low and specific impacted time period of December?

那麼，當我們看到 12 月的低點和具體受影響的時間段時，這樣的預期是否公平？

Subsequently, we'll be able to build that secular growth momentum, part of which we had seen in this quarter as well.

隨後，我們將能夠建立長期成長勢頭，我們在本季也看到了其中的一部分。

Sudheer, as a process, we just guide for the next quarter, which is quarter three.

Sudheer，作為一個過程，我們只是為下一個季度（即第三季）提供指導。

So you are right, in quarter three, we got impacted for the reasons that we stated.

所以你是對的，在第三季度，我們因為我們所說的原因受到了影響。

Having said that, some of them will not be there in quarter four and also with the deal pipeline and momentum that we have, that should also help us going into quarter four.

話雖如此，其中一些將不會在第四季度出現，而且憑藉我們擁有的交易管道和勢頭，這也應該有助於我們進入第四季度。

But I will not be able to predict how the quarter four is going to be at this point in time.

但目前我無法預測第四季的情況。

Gaurav Rateria, Morgan Stanley.

Gaurav Rateria，摩根士丹利。

Congrats on good deal execution and solid margin execution in the quarter.

恭喜本季良好的交易執行和穩定的利潤執行。

My first question is with respect to the large deal momentum.

我的第一個問題是關於大宗交易的勢頭。

If you look at the rolling 12 months.

如果你看看滾動的 12 個月。

For a while you were stuck at of $4.5 billion and now you have crossed that and gone to $4.7 billion, $4.8 billion.

有一段時間你被困在 45 億美元，現在你已經跨越了這個數字，達到了 47 億美元、48 億美元。

Just trying to understand what's driven this change, is it more specific to Wipro in terms of the initiatives around largest put in place, which is triggering this increase and increase in the win ratio or something has changed around the pipeline or our approach to the overall large deal wins.

只是想了解是什麼推動了這一變化，就Wipro而言，圍繞最大的已實施的舉措是否更具體，這引發了獲勝率的增加和增加，或者管道或我們對整體的方法發生了變化大交易獲勝。

So just trying to understand how sustainable is this improvement that we are seeing here?

那麼，只是想了解我們在這裡看到的這種改進的可持續性如何？

So Gaurav, if you look at in the context of large deal, what's very important for us is to be proactive with our clients.

因此，Gaurav，如果你從大宗交易的角度來看，對我們來說非常重要的是積極主動地與客戶合作。

Second, we have to lead with consulting and with the infused AI or AI-powered solutions.

其次，我們必須以諮詢和人工智慧或人工智慧驅動的解決方案為主導。

The industry and cross-industry solutions that we have, it also helps us solution it right for the client and customize it right for the client.

我們擁有的行業和跨行業解決方案，它還幫助我們為客戶提供正確的解決方案並為客戶量身定制。

So the deal win that I talked to you about in the transportation industry, very clearly demonstrates that wherein we brought in our consulting arms and we brought in our industry-specific domain solutions to win that particular aspect.

因此，我與您談論的運輸行業的交易勝利非常清楚地表明，我們引入了諮詢部門並引入了針對特定行業的領域解決方案來贏得這一特定方面。

Second, Gaurav, also disciplined, right, how you build the pipeline proactively, how do you qualify that pipeline and then go for the win, and the whole process and the nine ads that you do.

其次，Gaurav，也很自律，對吧，你如何主動建立管道，如何使該管道合格，然後爭取勝利，以及整個過程和你所做的九個廣告。

So picking the right deal that you want to go after also makes a big (inaudible), Gaurav, so there are very small changes, but sometimes these changes can impact.

因此，選擇您想要的正確交易也會產生很大的影響（聽不清楚），Gaurav，所以會有非常小的變化，但有時這些變化會產生影響。

Now come back -- going back to your question on sustainability, like any large deal at the end of the day, it's a binary, right?

現在回過頭來——回到你關於永續發展的問題，就像一天結束時的任何大交易一樣，它是一個二元的，對吧？

So I will like how it is going to go.

所以我會喜歡事情的進展。

But if you have noticed, we have consistently been above $1 billion every quarter in terms of the large deals.

但如果您注意到了，就大宗交易而言，我們每季的金額始終超過 10 億美元。

Got it.

知道了。

The second question is for Aparna.

第二個問題是問阿帕娜的。

Could you allude to a couple of factors, which were specific initiatives of pro topical to the company on margins.

您能否提及幾個因素，這些因素是公司在利潤方面採取的具體措施。

So have those initiatives already played out in the form of resulting in a margin tailwind in the last two quarters?

那麼，這些舉措是否已經在過去兩個季度以帶來利潤順風的形式發揮作用？

Or do you think there are some more that will be flowing into the margins over the next?

或者你認為接下來還會有更多的東西流入邊緣嗎？

Certainly, we -- there is a lot of effort that is still in process in order to improve, Gaurav.

當然，我們仍在努力改進，Gaurav。

If you notice that we still have to absorb two months of salary increases, and we -- it's also a seasonally weak quarter in terms of furloughs.

如果你注意到我們仍然需要吸收兩個月的加薪，而且我們——就休假而言，這也是一個季節性疲軟的季度。

So all hands on the deck, I think what will be very key is to execute Q3 win.

因此，所有人都全力以赴，我認為非常關鍵的是贏得第三季的勝利。

And the topical levers are also at play to feel that there are optimizations that we can still do and achieve.

主題槓桿也在發揮作用，讓人感覺我們仍然可以做和實現一些優化。

Sandeep Shah, Equirus Securities.

桑迪普·沙阿 (Sandeep Shah)，Equirus 證券公司。

Congrats on good numbers.

恭喜取得好數字。

Just wanted to understand Srini, post you took the control what in your assessment, which are the internal factors outside the macro (inaudible) which is affecting the demand we have to correct or we have to rectify for us to go into a sustainable consistent growth path.

只是想了解 Srini，您在評估中控制了哪些內容，哪些是宏觀之外的內部因素（聽不清楚），這些因素正在影響我們必須糾正的需求，或者我們必須糾正才能進入可持續的持續增長小路。

So thanks, Sandeep.

所以謝謝，桑迪普。

Sandeep, if you look at it, what's very important is we've laid out of five strategic priorities, and we have to consistently stay focused on that.

桑迪普，如果你看一下，非常重要的是我們已經制定了五個戰略重點，我們必須始終專注於此。

So if you look at the focus on large accounts in our priority industry variety sectors and prioritized markets.

因此，如果你看看我們的優先產業品種部門和優先市場對大客戶的關注。

I think that is helping us if you look at the growth that we got in the top account -- top five accounts, top 10 accounts reflect some of the focus that we have brought in.

我認為，如果你看看我們在頂級帳戶中獲得的成長——前五名帳戶、前十名帳戶反映了我們所關注的一些重點，這對我們很有幫助。

And we have to stay focused.

我們必須保持專注。

We have to be consistent around that going forward.

未來我們必須在這一點上保持一致。

Second is the large deals that I just talked -- the question that Gaurav asked about, right?

第二個是我剛剛談到的大交易——高拉夫問的問題，對吧？

We have to be proactive.

我們必須積極主動。

We have to shape the demand, and we have to understand the client both the business and the technology needs and bringing the right industry and cross-industry solutions upfront for the client to feel comfortable about Wipro and how we can execute for them.

我們必須塑造需求，必須了解客戶的業務和技術需求，並預先提供正確的行業和跨行業解決方案，讓客戶對 Wipro 感到滿意，並了解我們如何為他們執行。

Third one is the industry solution itself that I talked about, right?

第三個就是我講的產業解決方案本身，對嗎？

Consistently stay focused on that, which are consulting-led and AI powered.

始終專注於以諮詢為主導、人工智慧為動力的領域。

We have had some good successes in the last two quarters.

過去兩個季度我們取得了一些良好的成功。

And a few of this gets into implementation, then becomes more referenceable, I think you can actually more and more depend on those solutions.

其中一些得到實施，然後變得更具參考價值，我認為您實際上可以越來越依賴這些解決方案。

Fourth one is building talented scale.

四是人才規模建設。

I did talk about the fact that we have to have the right mindset, skill set and tool set across our employee base.

我確實談到了這樣一個事實，即我們的員工必須擁有正確的心態、技能和工具。

after the initial 230,000 people who got trained on the basics of Gen AI, now we have got 44,000 employees doing that.

最初有 23 萬名員工接受了 Gen AI 基礎知識培訓，現在我們有 44,000 名員工接受了培訓。

So how do you lead with AI in the projects, whether it's in software development cycle or engineering?

那麼，無論是在軟體開發週期還是工程方面，如何在專案中使用人工智慧來領導？

How do you infuse AI into projects which are more on the managed services, be it application infrastructure or process?

如何將人工智慧融入更多依賴託管服務的專案中，無論是應用程式基礎架構還是流程？

And then how do you go after -- or how do you actually build the AI powered solution, which is the conceptualization, itself starts with AI, right?

然後你如何去追求——或者你如何真正建立人工智慧驅動的解決方案，這是概念化，本身就是從人工智慧開始的，對嗎？

And so those things we need to stay focused on building the talent also for the specific customers and the clients that I talked about on the academies, right?

因此，我們需要專注於為特定客戶和我在學院中談到的客戶培養人才，對吧？

Sometimes it's important to understand the industry the client is in, the specific technology landscape that they are in.

有時，了解客戶所處的行業以及他們所處的特定技術環境非常重要。

So it becomes much more easier for it to execute.

因此它的執行變得更加容易。

And the last point, Sandeep, customer centricity, client centricity.

最後一點，桑迪普，以客戶為中心，以客戶為中心。

We have defined five pillars of client centricity.

我們定義了以客戶為中心的五個支柱。

We got to deliver delivered or to innovate our delivery as the technology landscape changes.

隨著技術格局的變化，我們必須交付交付的產品或創新我們的交付。

So if we stay focused on these five top priorities that we called out quarter after quarter, year on year , year after, I'm sure we'll continue to get better.

因此，如果我們繼續專注於我們季復一個季度、年復一年、年復一年提出的這五個首要任務，我相信我們會繼續變得更好。

But this top five priorities, eve quarter we have somewhere or the other portfolio-related issues, which keeps our growth rate marginally positive, negative or flattish.

但在這五個優先事項中，每季我們都存在某些或其他與投資組合相關的問題，這使我們的成長率略微為正、負或持平。

So any time line when you expect whatever rectification we wanted to do would be over and we can come back on a consistent growth path?

那麼，您預計我們想要做的任何整改都會結束並且我們可以回到一致的成長道路上嗎？

Fair comment, Sandeep, very fair comment.

公平的評論，桑迪普，非常公平的評論。

And if you look at it, right, if you look at it from a market perspective, this quarter has been a little different from the last quarter where three out of the four showed us some sequential growth, which I think is a positive right step.

如果你看一下，對吧，如果你從市場角度來看，這個季度與上個季度有些不同，上個季度四分之三顯示出一些連續增長，我認為這是積極的正確步驟。

As the sectors are concerned, I think we continue to lag both in manufacturing and energy and utilities.

就產業而言，我認為我們在製造業、能源和公用事業方面繼續落後。

Having said that, I think we have got a good momentum going in other sectors, be it BFSI, which I talked about health care, technology and communications and also consumer.

話雖如此，我認為我們在其他領域也取得了良好的勢頭，無論是 BFSI，我談到了醫療保健、技術和通訊以及消費者。

I think we will continue to stay focused on those four, bringing accelerate them in those four sectors while we do the correction in both manufacturing and UNU, which is more specific to Wipro than what you see in the industry.

我認為我們將繼續專注於這四個領域，在我們對製造業和 UNU 進行修正的同時，加速這四個領域的發展，這對 Wipro 來說比您在行業中看到的更為具體。

And when do you expect those corrections to start yield result in manufacturing and UNU?

您預計這些修正何時會在製造業和聯合國大學開始產生產量結果？

So Sandeep, like I don't give a guidance beyond quarter three.

所以桑迪普，就像我不會在第三季度之後給出指導一樣。

But having said that, I did tell you that specifically if you look at in manufacturing sector, I called out automotive segment, I called Industrial segment. we are seeing pipeline traction out there for us.

但話雖如此，我確實告訴過你，具體來說，如果你看看製造業，我稱之為汽車領域，我稱之為工業領域。我們看到管道對我們來說具有吸引力。

Now the question is, do we window if end up on the revenue side sooner than later.

現在的問題是，如果最終實現收入方面，我們是否應該儘早實現這一目標？

On the Energy & Utility segment, I did talk about specific deals in the sector, which is around cost optimization and vendor consolidation.

在能源和公用事業領域，我確實談到了該領域的具體交易，這些交易圍繞著成本優化和供應商整合。

Some of those deals, we are in the process, but I think we have to win.

其中一些交易我們正在進行中，但我認為我們必須獲勝。

So if we do this, if we execute to the pipeline and deals that we have in these two sectors, Sandeep, things should get better.

因此，如果我們這樣做，如果我們執行這兩個領域的管道和交易，Sandeep，事情應該會變得更好。

But at this point of time, I can't give you a specific time line.

但目前我還不能給你一個具體的時間線。

Okay.

好的。

And your earlier commentary suggest could be better than 3Q?

您之前的評論建議可能比 3Q 好？

Well, Sandeep, what I said was the headwinds we have when it comes to number of working days, and furloughs.

好吧，桑迪普，我所說的是我們在工作日和休假方面遇到的阻力。

Some of them may not be there in quarter four.

他們中的一些人可能在第四季就不會出現了。

That's the comment I made, Sandeep.

這就是我的評論，桑迪普。

Okay.

好的。

And just the last thing post the budget, there is a tax ruling change on the buyback.

就在預算發布後的最後一件事中，回購的稅收規定發生了變化。

So any view will we consider buyback and a continued option to cash return to the shareholders, or we may move to dividend because the tax treatment of both being neutral going forward in buyback, you still get a benefit of a reduced share count.

因此，無論我們有什麼觀點，我們都會考慮回購並繼續選擇向股東現金返還，或者我們可能會轉向股息，因為回購中兩者的稅收待遇都是中性的，您仍然可以獲得減少股份數量的好處。

You've said it, Sandeep.

你已經說過了，桑迪普。

We do think that there are benefits of buyback compared to that even after the proposed -- after the budget, that has been announced.

我們確實認為，與擬議的預算之後（已宣布的預算之後）相比，回購還是有好處的。

But that said, I think we are drawing up our last capital allocation in line with the strat plan that we are putting together for the next two to three years.

但話雖如此，我認為我們正在根據我們未來兩到三年制定的策略計畫來制定最後的資本配置。

And I think we will be in a position to share a more detailed and informed answer to your question in terms of what is going to be (inaudible) that's work in progress, and we'll do that.

我認為我們將能夠就正在進行的工作（聽不清楚）來分享您的問題的更詳細和更明智的答案，我們會這樣做。

Okay.

好的。

And just related question, as we have incurred, we now look for single pulls an M&A rather than a big ticket M&A.

正如我們所遇到的，相關問題是，我們現在尋找的是單一併購，而不是大筆併購。

The way I see M&A is a strategic advantage for us going forward.

我認為併購是我們未來發展的策略優勢。

We do have -- we do continued opportunities in the marketplace, whether it's in specific white spaces, markets or sectors or other sectors.

我們確實在市場上有持續的機會，無論是在特定的空白區域、市場、部門或其他部門。

So in that context, Sandeep, it's -- the first thing is look at what are the opportunities that you have in market and then take a decision.

因此，在這種情況下，桑迪普，第一件事是看看市場上有哪些機會，然後做出決定。

So I'm not calling out anything like a spring of pearls.

所以我並不是呼喚珍珠泉之類的東西。

But all I'm trying to do is I want to be very deliberate and very focused in terms of what we want to do with M&A, but M&A is a big part of our strategy.

但我想做的就是在併購方面非常謹慎和專注，但併購是我們策略的重要組成部分。

(inaudible) CLSA.

（聽不清楚）里昂證券。

So firstly, Srini, Aparna, I wanted to like know from you in this guidance of minus 2% to 0%.

首先，Srini、Aparna，我想聽聽你們對負 2% 到 0% 的指導。

What are you building for BFSI next quarter?

您下個季度為 BFSI 建設什麼？

Are you still building in growth momentum to continue, but given it has high furloughs, but you are seeing a strong momentum?

您是否仍在繼續建立成長勢頭，但考慮到休假時間較長，但您看到了強勁的勢頭？

So our BFSI business also has a component of Capco, which has higher furloughs compared to the rest of the work, consulting in general.

因此，我們的 BFSI 業務也有 Capco 的一部分，與其他工作（一般是諮詢工作）相比，Capco 的休假時間更高。

And of course, Capco is far more susceptible to furloughs.

當然，Capco 更容易受到休假的影響。

It is factored into our guidance.

它已納入我們的指導中。

But other than that, I think the momentum in BFSI has been fairly strong.

但除此之外，我認為 BFSI 的勢頭相當強勁。

It is -- we have done well.

是的——我們做得很好。

If you look at our quarter two growth, it is well across all market units.

如果你看看我們第二季的成長，你會發現所有市場單位的成長情況都很好。

It has done across various service offerings.

它提供了多種服務。

So we do them in the BFSI sector from a volume trajectory is good.

因此，我們在 BFSI 領域進行操作，從成交量軌跡來看是好的。

It is also impacted more deeply by furloughs, and that is factored as a part of our guidance.

它也受到休假的更深刻影響，這被視為我們指導的一部分。

Got it.

知道了。

And regarding further rationalization you mentioned in energy utility and manufacturing verticals.

關於您提到的能源公用事業和製造業垂直領域的進一步合理化。

So it has been like a slow pain for the company for the last several quarters now.

因此，在過去的幾個季度裡，這對公司來說就像是一種緩慢的痛苦。

So rather isn't it better to have instant death rather than a slow plan with certainty, we don't know uncertainty, we don't know when we'll get over.

因此，與其有確定性的緩慢計劃，不如立即死亡不是更好嗎？

Sorry, Sumit.

對不起，蘇米特。

I did not understand your question.

我不明白你的問題。

How long this decline in manufacturing and the energy utility verticals will continue given that for the last seven, eight quarters, now it has been declining.

鑑於在過去的七、八個季度中，製造業和能源公用事業垂直行業的下降趨勢將持續多久。

So the ramp down in the client-specific areas should have been over by now?

那麼特定客戶領域的下滑現在應該已經結束了嗎？

So is it like a structural problem we are facing in these?

那麼這是否是我們面臨的結構性問題？

Because when I look at manufacturing, particularly, it has been a very strong growth for most of our peers plus the SAP S/4HANA transformation is a big opportunity which you also mentioned is playing out in your logistics client.

因為當我特別關注製造業時，我們的大多數同行都實現了非常強勁的成長，而且 SAP S/4HANA 轉型是一個巨大的機會，您也提到了這一點正在您的物流客戶中發揮作用。

So I just wanted to understand how manufacturing E&U will play out, let's say, over the next 6 to 12 months for getting about just next quarter?

所以我只是想了解製造業 E&U 將如何發揮作用，比如說，在接下來的 6 到 12 個月內，直到下個季度？

Sumit, first and foremost, these are very two important sectors for Wipro.

Sumit，首先，這對 Wipro 來說是非常重要的兩個領域。

We have been in energy and utilities and manufacturing sectors for a very long time.

我們在能源、公用事業和製造業領域已經有很長時間了。

I've personally driven this business in the past.

我過去曾親自推動過這項業務。

Having said that, your observation is right. that we have been slow relative to the peer group in terms of our growth and our rather lack of growth.

話雖如此，您的觀察是正確的。與同業相比，我們的成長速度緩慢且缺乏成長。

However, like I mentioned, in manufacturing, for example, there are specific segments we have continued to focus on.

然而，正如我所提到的，例如在製造業中，我們繼續關注某些特定領域。

For example, automotive, right, there are opportunities, for example, in software-defined vehicles, which is our cloud car, that's more on the engineering side of it, for example.

例如，汽車，對吧，有機會，例如，在軟體定義的汽車中，也就是我們的雲端汽車，更多的是在工程方面。

Second, yourself mentioned SAP S/4HANA, thanks to our acquisition of Rising, we can lead with consulting in SAP S/4HANA.

其次，您提到了SAP S/4HANA，由於我們收購了Rising，我們可以在SAP S/4HANA方面提供諮詢服務。

So to me, manufacturing and energy and utilities are very important sectors, we are staying focused on, and we also have the pipeline like I mentioned, we were in energy, we have -- we do our pipeline and cost optimization and also in terms of cost transformation.

所以對我來說，製造業、能源和公用事業是非常重要的部門，我們將繼續關注，而且我們也有像我提到的那樣的管道，我們在能源領域，我們有——我們進行管道和成本最佳化，並且在方面的成本轉換。

So what is important for us, what we need to do, Sumit, is to double down and focus on these two sectors and bring growth back.

因此，對我們來說重要的是，Sumit，我們需要做的是加倍努力並專注於這兩個領域並恢復成長。

Got it.

知道了。

Look forward to that revival maybe in a few quarters.

期待可能在幾個季度後的復甦。

And secondly, on the deal side, I mean, we can see our reported deals have been good. but the conversion to revenues have been a bit slow.

其次，在交易方面，我的意思是，我們可以看到我們報告的交易很好​​。但轉化為收入的速度有點慢。

So is it like a delayed conversion of deals to revenue?

那麼這是否就像交易延遲轉化為收入一樣？

Or is it like the duration of these deals is much longer, so the ACV is lower, leading to a lower revenue conversion?

或者這些交易的持續時間更長，因此 ACV 更低，導致收入轉換率更低？

So large deals typically have a cycle for ramping up, right?

如此大的交易通常都有一個上升週期，對嗎？

One of the large deals we had earlier alluded to that we won, it's several quarters to ramp up.

我們之前提到的一項大型交易是我們贏得的，需要幾個季度的時間才能完成。

On the contrary, there is another large deal that we won in Q2 that has instantly ramped up and is giving us revenue.

相反，我們在第二季度贏得的另一筆大筆交易立即增加並為我們帶來了收入。

So I think it depends on deal to deal.

所以我認為這取決於交易。

Overall, we are not concerned about the deal conversion being slower.

整體而言，我們並不擔心交易轉換速度變慢。

We are happy with our large deal bookings.

我們對大宗交易預訂感到滿意。

In fact, while we don't give out a number, the net new in these bookings is fairly good, especially in Q2.

事實上，雖然我們沒有給出具體數字，但這些預訂的淨新增量相當不錯，尤其是在第二季。

I think we just need to focus on winning more and the conversion will happen.

我認為我們只需要專注於贏得更多勝利，轉變就會發生。

Yes, it takes two to three quarters for it to fully ramp up and deliver, but that will happen, Sumit.

是的，它需要兩到三個季度才能完全啟動並交付，但這將會發生，蘇米特。

Right.

正確的。

Are you seeing any delay in deal closures because of US election-related uncertainty in the US geography?

您是否認為由於美國大選相關的美國地理不確定性而導致交易完成延遲？

So Sumit, I know you know that you've been tracking US politics in respect of which party comes in, which leader comes in traditionally, US economy continues to grow.

所以蘇米特，我知道你知道你一直在追蹤美國政治，哪個政黨上台，哪個領導人傳統上上台，美國經濟持續成長。

And the US is a dominant economy, if you look at it post COVID as well in terms of growth.

如果你從新冠疫情後的成長角度來看，美國是一個占主導地位的經濟體。

So I would say the impact of politics will not be that significant, at least from my vantage point, Sumit.

所以我想說，政治的影響不會那麼重大，至少從我的角度來看，蘇米特。

Got it.

知道了。

And just lastly, I mean, when I look at your nonactive customers, it has been consistently coming down for last seven to eight quarters.

最後，我的意思是，當我觀察你們的非活躍客戶時，它在過去七到八個季度一直在下降。

So any particular strategy we are following out there?

那麼我們正在遵循什麼特定策略呢？

No, not really, Sumit.

不，不是真的，蘇米特。

I think we had referred to exit of certain tail accounts in context of one of our market units, which was up APMEA, I think this was several quarters back.

我認為我們在我們的一個市場單位（APMEA 上漲）的背景下提到了某些尾部帳戶的退出，我認為這是幾個季度前的事了。

Other than that, we've also said that this number typically gets impacted because of the discretionary spend environment being weaker.

除此之外，我們也說過，由於可自由支配支出環境較弱，這個數字通常會受到影響。

And as a result, there is also -- it also impacts the number of clients, especially at the bottom end of the pyramid.

因此，它也會影響客戶數量，尤其是金字塔底層的客戶數量。

What I think you should also take part with is that our top client or top 10.

我認為您還應該參與的是我們的頂級客戶或前 10 名客戶。

In fact, our top 25 clients are doing really well.

事實上，我們的前 25 位客戶都表現得非常好。

So I'm not going to read too much into that number.

所以我不會過度解讀這個數字。

I think we need to focus on driving differentiated growth in our metal accounts, a few title accounts, and that's what we are focusing on.

我認為我們需要專注於推動我們的金屬帳戶和一些產權帳戶的差異化成長，這就是我們關注的重點。

Ankur Rudra, JPMorgan.

安庫爾·魯德拉，摩根大通。

Maybe the first question, Srini, if you can elaborate a bit more on the US BFS, strong (inaudible) and also how that leads into discretionary spending.

也許是第一個問題，Srini，您是否可以詳細說明美國 BFS，強勁（聽不清楚）以及這如何導致可自由支配支出。

Your business Capcos are very high exposure to the Capital Markets segment and a segment we're seeing very strong growth recovery with the recent result season.

您的企業 Capcos 在資本市場領域的投資非常高，我們在最近的業績季中看到該領域的成長非常強勁。

And many of your peers have commented about how they expect that to help them.

您的許多同行都評論說他們希望這對他們有幫助。

If you could elaborate how you expect to see that opportunity.

如果您能詳細說明您希望如何看到這個機會。

Sure, Rudra.

當然，魯德拉。

If you look at specific question is very specific to US and BFS.

如果你看看具體的問題是針對 US 和 BFS 的。

The strategy for us in the US market is to combined Wipro's strength of execution with Capco's consulting capabilities.

我們在美國市場的策略是將Wipro 的執行力與Capco 的諮詢能力結合。

So if you look at the banking financial services, capital insurance, I think our market -- our go-to-market strategy is to combine the expertise of both these companies and take it forward.

因此，如果你看看銀行金融服務、資本保險，我認為我們的市場——我們的市場策略是結合這兩家公司的專業知識並推動其向前發展。

Now specific to discretionary spend comment that you made, obviously, if Capco is growing for us.

現在具體針對您提出的可自由支配支出的評論，顯然，如果 Capco 正在為我們成長。

That means there is a discretionary spend because their dependence is completely on discretionary spend, which to me is good news in the context of what's coming in the future for us because some of this discretionary spend could be also transferred to the downstream revenue as well, Rudra.

這意味著存在可自由支配支出，因為他們的依賴完全依賴可自由支配支出，這對我來說在我們未來的背景下是個好消息，因為其中一些可自由支配支出也可以轉移到下游收入，樓陀羅。

So I would say, at this point in time, I continue to be optimistic around the spend in BFSI segment, especially in the US.

所以我想說，在這個時候，我仍然對 BFSI 領域的支出持樂觀態度，尤其是在美國。

Just to read a bit more into your previous comment, you said how the US has been a dominant economy and financial services, if I add is a dominant vertical.

只是為了更多地閱讀您之前的評論，您說美國如何成為主導經濟體和金融服務業（如果我補充說是主導垂直行業）。

At what point does US BFS overcome all the small pocket challenges you're seeing all of your other verticals where the smaller challenge you see is overwhelmed is all good momentum begin to look a bit stronger?

在什麼時候，美國 BFS 會克服所有其他垂直行業的小挑戰，而您所看到的較小挑戰已被壓倒，所有良好勢頭開始看起來更強一些？

So Ankur, for us to really grow well at an overall level, like we need to have nearly all cylinders filing, right?

所以安庫爾，為了讓我們在整體層面上真正成長，我們需要幾乎所有的氣缸都進行歸檔，對嗎？

And I think that's the end of -- yes, we are happy with the momentum that we have in BFSI.

我認為這就是——是的，我們對 BFSI 的勢頭感到滿意。

We -- I think not just US, but across, we have a good momentum in BFSI and we are happy about that.

我認為不僅是美國，整個 BFSI 都有良好的勢頭，我們對此感到高興。

But I think we need to have -- we need to at least arrest the decline and stabilize E&U and manufacturing which Srini spoke of.

但我認為我們需要——我們至少需要阻止斯里尼所說的衰退並穩定E&U和製造業。

And I think that's very, very key.

我認為這是非常非常關鍵的。

We need to have more and more sectors joining in I think health is doing well.

我們需要有越來越多的部門加入我認為健康狀況良好。

BFSI has done well.

BFSI 做得很好。

We're seeing the deals that we had won ramping up, giving us growth in technology and communications.

我們看到我們贏得的交易不斷增加，這使我們在技術和通訊方面取得了成長。

So three sectors good consumer has also done well.

所以三個產業好的消費也表現不錯。

So if you are able to revive and win new deals in energy and manufacturing, I think, that will hold the key.

因此，我認為，如果能夠重振能源和製造業並贏得新交易，這將是關鍵。

Just one question maybe on AI and generative AI.

也許只有一個關於人工智慧和生成人工智慧的問題。

Overall deal wins have been relatively strong.

整體而言，交易獲勝相對強勁。

How are you seeing the adoption of Gen AI in particular eat into your deal construct to an extent?

您如何看待 Gen AI 的採用在一定程度上對您的交易結構的影響？

Are there early conversations about potential productivity pass-throughs or gain share as a result of those constructs in the deals that you are in?

是否有關於潛在生產力傳遞或因您所參與的交易中的這些結構而獲得份額的早期對話？

So Ankur, specific to Gen AI.

Ankur，專門針對 Gen AI。

The way I see it is there's definitely excitement and opportunity for a company like Wipro.

在我看來，對於像 Wipro 這樣的公司來說，這絕對是令人興奮和機會的。

We want to be AI powered Wipro and clearly, we are investing big into Gen AI.

我們希望成為 AI 驅動的 Wipro，顯然，我們正在對 Gen AI 進行大量投資。

In terms of the engagements, I would put it in three buckets.

就參與度而言，我會將其分為三類。

Number one is we have EIA projects, whether it's a software development cycle or a product engineering, that's one stream.

第一是我們有 EIA 項目，無論是軟體開發週期或產品工程，都是一個流。

Second one is infusing AI is the managed services, right, which is -- could be for existing or for the new ones, where the point that you made, it's also operational efficiency, customer experience, that you can improve.

第二個是將人工智慧注入託管服務，對吧，這可能是針對現有服務或新服務，您所提出的觀點是，您還可以改善營運效率、客戶體驗。

The third is AI-powered solutions that I talked about, which is you're conceptualizing a solution for a process into with the AI being the core.

第三個是我談到的人工智慧驅動的解決方案，就是你正在概念化一個以人工智慧為核心的流程的解決方案。

So to me, this will continue to (inaudible), and there will be productivity benefits in each of these areas.

所以對我來說，這將繼續（聽不清楚），並且每個領域都會帶來生產力優勢。

At this point in time, the way I say it is that there are specific projects in Gen AI which are going to help the client improving some of their back office operations, if you will, right?

目前，我想說的是，Gen AI 中有一些具體項目將幫助客戶改善他們的一些後台運營，如果你願意的話，對嗎？

So how do you -- those are the projects that you get, but it's not necessarily a specific DLC life cycle but it is an opportunity for the client to improve their -- our operations and so on and so forth.

那麼你如何——這些是你獲得的項目，但這不一定是特定的 DLC 生命週期，但它是客戶改進他們的——我們的營運等等的機會。

So those are the three buckets, Ankur, I would say Gen AI and will continue to improve.

這就是三個部分，Ankur，我想說的是 Gen AI，並將繼續改進。

Net-net, I think Gen AI will be positive for us and for the industry.

Net-net，我認為 Gen AI 對我們和整個行業都是積極的。

Kawaljeet Saluja, Kotak Securities.

Kawaljeet Saluja，科塔克證券。

Contacts on a fairly good quarter overall.

整體而言，本季的聯繫情況相當不錯。

The question I had for you, Srini, is that when I look at your performance in manufacturing, in maybe communication though it has changed somewhat this quarter.

斯里尼，我問你的問題是，當我觀察你在製造方面的表現時，也許在溝通方面，儘管本季度有所變化。

It does indicate that it's not so much the environment but share losses and consolidation exercise.

它確實表明，問題不在於環境，而在於股票損失和整合活動。

So at a broader level, I wanted to have your view that how is Wipro positioned as, et cetera, vendor consolidation exercises at an overall level and then going into workers, if there are any nuances as such.

因此，在更廣泛的層面上，我想了解 Wipro 如何定位為整體層面的供應商整合活動，然後進入員工層面（如果存在任何細微差別）。

So thanks, Kawaljeet.

謝謝，卡瓦爾吉特。

You know something -- one of the things that I'm really excited is the opportunities under vendor consolidation.

你知道一件事——我真正興奮的事情之一是供應商整合帶來的機會。

One of the large deals that I did talk about today is a vendor consolidation, which is a very large deal where we are doing end-to-end operations for us across infrastructure applications and process.

我今天談到的重大交易之一是供應商整合，這是一項非常大的交易，我們正在跨基礎設施應用程式和流程進行端到端操作。

To me, there are multiple deal wins around vendor consolidation.

對我來說，圍繞供應商整合有多項交易獲勝。

We have our own opportunities.

我們有自己的機會。

We have our own wins where we have displaced the competition.

我們有自己的勝利，我們已經取代了競爭對手。

And if I look at the current pipeline, there are opportunities.

如果我看看目前的管道，就會發現機會。

And Kawal, what happens sometimes is the combination of cost optimization and vendor consolidation comes together, okay, in the broader context of cost benefit to the clients.

卡瓦爾，有時會發生的情況是，在為客戶帶來成本效益的更廣泛背景下，成本優化和供應商整合結合在一起。

Sometimes, the vendor consolidation happens purely because you are already dominant in Mondia, you can actually take care of the adjacent areas and bring in experience and operational efficiencies as well.

有時，供應商整合的發生純粹是因為你已經在 Mondia 佔據主導地位，你實際上可以照顧鄰近地區並帶來經驗和營運效率。

So I'm very excited about the opportunities for vendor consolidation for us Kawaljeet, and we are winning.

因此，我對 Kawaljeet 的供應商整合機會感到非常興奮，而且我們正在獲勝。

And in this example that you gave on vendor consolidation, who did you consolidate out?

在您給出的供應商整合範例中，您整合了誰？

Are you consolidating out other entire heritage vendors?

您是否正在整合其他整個傳統供應商？

Or are these legacy vendors who are on their last legs?

或者這些傳統供應商已經是奄奄一息了？

Kawaljeet, I'm sure a lot of people are listening to this conversation.

Kawaljeet，我相信很多人都在聽這段對話。

All I can say is that it's a variety of vendors across the spectrum.

我只能說，這是各種各樣的供應商。

That's all I can say.

我只能說這麼多。

Okay.

好的。

Fair enough.

很公平。

The second question I had is for Aparna.

我的第二個問題是問阿帕娜的問題。

Aparna, I know when I go through your expenses in the IFRS financial statements, it appears to be quite busy with a number of notes.

阿帕娜，我知道當我在 IFRS 財務報表中查看你們的費用時，它似乎有很多註釋。

Was there any one-off benefit into the quarter?

本季是否有任何一次性收益？

Because there seems to be a number of line items in which there are some one-off charges, there are one-off gains.

因為似乎有許多行項目存在一些一次性費用，因此存在一次性收益。

Maybe just walk me through what's really happening in margins here.

也許只是帶我了解這裡的邊緣到底發生了什麼事。

Yes.

是的。

So Kawal, if you look at it, we did have a higher S&M and we have a lower G&A.

所以卡瓦爾，如果你看一下，我們確實有更高的 S&M，而我們有更低的 G&A。

And if you look at SG&A as a bucket, there is no change.

如果您將 SG&A 視為一個桶，則沒有任何變化。

If you look at our operating margin improvement that's come through the gross margin improvement.

如果你看看我們的營業利潤率改善是透過毛利率改善來實現的。

The noise that you've referred to.

你提到的噪音。

Yes, we have had certain one-off credits, which are a part of our financials.

是的，我們有某些一次性信貸，這是我們財務的一部分。

But there are also (inaudible), it's part and parcel of every quarter.

但也有（聽不清楚），它是每季不可或缺的一部分。

And what I request is perhaps Abhishek or Dipak can take you through those items.

我所要求的或許是 Abhishek 或 Dipak 可以帶你了解這些內容。

But if you -- if a broader direction that you can look at is S&M and G&A as a bucket have more or less remained flat and the improvement is coming in through the gross margins.

但如果你能看到的更廣泛的方向是 S&M 和 G&A 作為一個桶，那麼它們或多或少保持不變，而改善是透過毛利率來實現的。

Got that.

明白了。

And Aparna, what the environment do you require to get to your aspirational band of margin or aspirational margin number?

阿帕娜，您需要什麼樣的環境才能達到您理想的利潤範圍或理想的利潤數？

Actually, it's not even aspiration is getting there almost, but if you can just walk me through it.

事實上，這甚至不是願望即將實現，而是如果你能引導我完成它的話。

So are you asking me for levers?

那你問我要槓桿嗎？

Sorry, I didn't get the question clearly, Kawal.

抱歉，我沒聽清楚這個問題，Kawal。

And the type of environment required to get to the EBIT margin that you aspire for you?

達到您所期望的息稅前利潤所需的環境類型是什麼？

So Kawal, we've laid out, like you rightly said, we are one step to that 17% to 17.5% target band that we'd laid out several quarters ago.

所以 Kawal，我們已經制定了，正如您正確所說的那樣，我們距離幾個季度前製定的 17% 至 17.5% 目標範圍僅一步之遙。

We are happy with the performance that we've had in Q2.

我們對第二季的表現感到滿意。

We have taken one big step towards that.

我們已經朝著這個目標邁出了一大步。

Obviously, in Q3, we will have to work through the headwinds that we are starting the quarter with.

顯然，在第三季度，我們將必須克服本季初遇到的不利因素。

I think all hands on the deck as far as quarter three execution is concerned.

我認為就第三季的執行而言，所有人都在全力以赴。

Perhaps at the end of quarter three, we will be in a better position to tell you how the margins look beyond.

也許在第三季末，我們將能夠更好地告訴您利潤率的未來情況。

I think over long term for it to like really, let's say, touch and sustain beyond 17% operating margins, we have said that the revenue environment also needs to improve.

我認為從長遠來看，要真正達到並維持超過 17% 的營業利潤率，我們已經說過收入環境也需要改善。

A lot of the margin improvement that we've delivered is on the backdrop of revenue decline.

我們實現的利潤率改善很大程度上是在收入下降的背景下實現的。

So certainly, the growth in revenues will help the trajectory, both to surpass that 17% and also sustain, Kawal.

因此，收入的成長無疑將有助於這一軌跡，既超過 17%，又維持 Kawal。

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。

Yes.

是的。

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 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 once again.

再次感謝您。

Thank you, members of the management team.

謝謝管理團隊的成員。

On behalf of April Limited, that concludes this conference.

我謹代表 April Limited 結束本次會議。

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。