Wipro Ltd (WIT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Wipro Limited Q3 FY25 earnings conference call.

女士們、先生們，美好的一天，歡迎參加 Wipro Limited 2025 財年第三季財報電話會議。

(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, Yashashree.

謝謝你，亞沙什裡。

Warm welcome to our quarter three financial year '25 earnings call.

熱烈歡迎參加我們 '25 財年第三季的財報電話會議。

We will begin the call with business highlights and overview by [Srinivas] Pallia, our Chief Executive Officer, and Managing Director.

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。

Followed by updates on financial overview by our CFO, Aparna Iyer.

隨後由我們的財務長 Aparna Iyer 更新財務概況。

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

我們的 CSRO、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，並在我們的網站上提供文字記錄。

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

說到這裡，我想把電話轉給斯里尼。

Thank you, Dipak.

謝謝你，迪帕克。

Hello, everyone.

大家好。

Thank you for joining us today.

感謝您今天加入我們。

Our best wishes for the New Year. 2024 was marked by macroeconomic challenges. 2025, looks more hopeful and resilient.

我們對新年致以最美好的祝愿。 2024 年宏觀經濟面臨挑戰。 2025 年，看起來更加充滿希望和彈性。

Our clients are cautiously optimistic and discretionary spending is slowly coming back.

我們的客戶持謹慎樂觀態度，可自由支配支出正在慢慢恢復。

While cost optimization remains key, we expect significant growth in AI spending.

雖然成本優化仍然是關鍵，但我們預計人工智慧支出將大幅成長。

We are committed to driving innovation for our clients by liberating the transformative power of AI.

我們致力於透過釋放人工智慧的變革力量來推動客戶創新。

Let me now turn to the financial highlights of the quarter.

現在讓我談談本季的財務亮點。

All the group numbers I share will be in constant currency.

我分享的所有群組號碼均採用固定匯率。

Our IT services revenue for quarter three was $2.63 billion, reflecting a sequential growth of 0.1% and de-growth of 0.7% on a year on year basis.

第三季我們的 IT 服務營收為 26.3 億美元，季增 0.1%，年減 0.7%。

This takes us slightly above the upper end of our guidance.

這使我們略高於指導的上限。

We ended the quarter with a TCV of $3.5 billion in bookings.

本季結束時，我們的 TCV 預訂量為 35 億美元。

Our operating margins came in at 17.5%, an expansion of 0.7% quarter on quarter and 1.5% year on year.

我們的營業利益率為 17.5%，季增 0.7%，年增 1.5%。

This is a 12 quarter high and I want to take this opportunity to thank our delivery teams for driving execution regard.

這是 12 個季度以來的最高水平，我想藉此機會感謝我們的交付團隊推動執行力的提高。

Our Capco business continue to see improved demand.

我們的 Capco 業務需求持續改善。

Order book grew by 9% year on year and revenue grew 11% year on year.

訂單量較去年同期成長9%，營收年增11%。

In our strategic market unit performance, we saw steady growth in demand across Americas while Europe and APMEA remained soft for us.

在我們的策略市場部門表現中，我們看到美洲的需求穩定成長，而歐洲和 APMEA 的需求仍然疲軟。

Americas 1 grew 3.9% sequentially and 3.7% on a year on year basis.

美洲 1 環比成長 3.9%，年增 3.7%。

Growth was primarily led by health and technology and communication sectors.

成長主要由健康、科技和通訊產業帶動。

Americas 2, de-grew, 0.6% sequentially and grew 1.2% on a year on year basis, led by BFSI sector.

美洲 2 環比成長 0.6%，年成長 1.2%，其中 BFSI 產業領漲。

Europe de-group 2.7% sequentially and 4.6% on a year on year basis.

歐洲解組季減 2.7%，年減 4.6%。

APMEA de-grew 2.1% sequentially and 8% on a year on year basis.

APMEA 環比下降 2.1%，年減 8%。

Moving on, three of our five industry sectors recorded year on year growth, reflecting the progress across key areas.

接下來，五個行業領域中有三個實現了同比增長，反映了關鍵領域的進展。

Health maintained its momentum growing 6.7% sequentially and 4.5% year on year.

健康業務持續保持成長勢頭，環比成長 6.7%，年增 4.5%。

While BFSI de-grew by 1.9% quarter on quarter, the sector grew 3.4% year on year.

雖然 BFSI 環比成長 1.9%，但該產業年增 3.4%。

Consumer de-grew by 0.9% quarter on quarter and grew 0.4% year on year.

消費者季減0.9%，較去年同期成長0.4%。

Energy manufacturing and resources grew 0.4% quarter on quarter and declined 8.7% year on year.

能源製造業和資源業季增0.4%，年減8.7%。

Technology and communications de-grew 0.6% quarter on quarter and 5.3% year on year.

科技和通訊產業季減 0.6%，年減 5.3%。

I would now like to share some updates on our strategic priorities that we had called out.

我現在想分享一些我們已經提出的戰略優先事項的最新情況。

In quarter three, we closed 17 large deals with a total value of $1 billion across markets and sectors.

第三季度，我們在各個市場和產業完成了 17 筆大型交易，總價值達 10 億美元。

I would like to give you two examples in this context.

在這方面我想給大家舉兩個例子。

We won a vendor consolidation deal with a leading American retail and distribution company.

我們贏得了與一家領先的美國零售和分銷公司的供應商整合協議。

As a strategic partner, we will transform their merchandizing sales and supply chain functions.

作為策略夥伴，我們將轉變他們的商品銷售和供應鏈職能。

In fact, our AI led approach across engineering, digital, infrastructure and application services was crucial in helping us win this deal.

事實上，我們在工程、數位、基礎設施和應用服務方面以人工智慧為主導的方法對於幫助我們贏得這筆交易至關重要。

My second example is a leading airline in the Middle East, that has partnered with us for end to end technology modernization.

我的第二個例子是中東一家領先的航空公司，它與我們合作進行端到端技術現代化。

As part of a long term contract, we will design and implement a customized cloud based solution to improve operational agility and resource utilization.

作為長期合約的一部分，我們將設計和實施基於雲端的客製化解決方案，以提高營運敏捷性和資源利用率。

Again, using a power industry solutions, we will enhance employee productivity and customer experience for them.

再次，使用電力產業解決方案，我們將提高員工的生產力和客戶體驗。

We continue to focus on our large accounts in our core markets and priority sectors.

我們繼續專注於核心市場和優先領域的大客戶。

In quarter three, we achieved a sequential growth of 7.3% in our top account.

第三季度，我們的頂級客戶實現了 7.3% 的環比成長。

Top 5 and top 10 accounts grew 3.7% and 1.8%, respectively.

前 5 名和前 10 名帳戶分別成長 3.7% 和 1.8%。

We remain committed to investing and scaling our large accounts.

我們仍然致力於投資和擴大我們的大帳戶。

Demonstrating client centricity by driving greater value increasing wallet share and expanding into new business -- new lines of business.

透過推動更大的價值、增加錢包份額並擴展到新業務（新業務線）來展示以客戶為中心。

I would like to give an example of this.

我想舉一個例子。

A global technology company has selected us to create and scale a cutting edge silicon platform for its mixed reality products.

一家全球科技公司選擇我們為其混合實境產品創建和擴展尖端的矽平台。

We will work with the client to develop a silicon chip to deliver high performance at low power consumption.

我們將與客戶合作開發矽晶片，以低功耗提供高性能。

We will integrate advanced speeches like AI, sensor fusion and stunning graphics to enhance end user experience.

我們將整合人工智慧、感測器融合和令人驚嘆的圖形等先進演講，以增強最終用戶體驗。

This is one of Wipro's largest core silicon engineering events.

這是 Wipro 最大的核心晶片工程活動之一。

We have made good progress in our consulting led, AI powered industry and cross industry solutions.

我們在諮詢主導、人工智慧驅動的行業和跨行業解決方案方面取得了良好進展。

This quarter, we had several successes across our industry solutions including fair in a box, wealth AI and software defined vehicles.

本季度，我們在行業解決方案方面取得了多項成功，包括盒子公平、財富人工智慧和軟體定義車輛。

And additionally, we also secured multiple cross industry wins with our next gen managed services and cyber shield offering.

此外，我們還透過下一代託管服務和網路盾產品獲得了多項跨行業勝利。

At Wipro, we continue to invest in AI education. 50,000 of our employees now hold advanced AI certifications.

在 Wipro，我們持續投資人工智慧教育。目前，我們有 5 萬名員工持有高級人工智慧認證。

Beyond skilling, we are also investing in AI tools and platforms across the software development cycle and our own internal processes.

除了技能之外，我們還在整個軟體開發週期和我們自己的內部流程中投資人工智慧工具和平台。

At Wipro, we are early adopters of agentic AI, which is -- which will be delivering impactful results for our clients.

在 Wipro，我們是代理人工智慧的早期採用者，這將為我們的客戶帶來有影響力的結果。

This technology goes beyond traditional productivity assistance while many of these applications are still experimental.

這項技術超越了傳統的生產力輔助，而其中許多應用程式仍處於實驗階段。

We see use cases emerging in areas like customer service and supply chain management.

我們看到客戶服務和供應鏈管理等領域出現了用例。

Building talent and skill is a key strategic priority for us.

培養人才和技能是我們的策略重點。

We remain focused in building a globally diverse team with the high performance culture.

我們仍然致力於建立一支具有高績效文化的全球多元化團隊。

While we are promoting strong internal talent, we are also bringing in top external talent.

我們在培養內部優秀人才的同時，也引進外部頂尖人才。

We are investing significantly in leadership development.

我們正在大力投資領導力發展。

In FY25, Wipro leadership institute would have trained over 600 leaders through a combination of in-house leadership sessions and programs curated with leading global institutes.

2025 財年，Wipro 領導學院將透過內部領導課程和與全球領先機構策劃的課程相結合，培訓了 600 多名領導者。

Finally, I want to recognize the dedication of our employees during the holiday season in delivering business critical programs successfully for our clients.

最後，我想表彰我們的員工在假期期間為我們的客戶成功交付關鍵業務計劃的奉獻精神。

Now, a note on guidance before I wrap up.

現在，在結束之前，請注意一下指導。

For the next quarter, we are guiding for a sequential growth of minus 1% to plus 1% in constant currency terms.

對於下一季度，我們預計以固定匯率計算，季增率為負 1% 至正 1%。

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, everybody, and wish you all a terrific new year.

大家晚上好，祝大家新年快樂。

Let me cover this financial highlights for the quarter in a few key points.

讓我從幾個關鍵點來介紹本季的財務亮點。

One as a result of the strong quarter execution, we deliver above the top end of our revenue guidance range, growing 0.1% quarter on quarter in constant currency terms.

其一，由於強勁的季度執行力，我們的收入高於收入指導範圍的上限，以固定匯率計算，季度環比增長 0.1%。

Two, our operating margins are at a 12 quarter high of 17.5%.

第二，我們的營業利潤率達到 17.5%，創 12 季新高。

This marks an expansion of 0.7% quarter on quarter and 1.5% year on year.

這意味著環比增長 0.7%，同比增長 1.5%。

Let me also add that this was achieved.

我還要補充一點，這已經實現了。

After absorbing two months of incremental wage revision.

吸收了兩個月增量薪資調整後。

With this, the wage revision impact the [Freda] as of September 24 is fully behind us.

至此，截至 9 月 24 日的薪資調整影響已完全過去。

As we move into Q4, we are confident of staying in a narrow band.

當我們進入第四季時，我們有信心保持在窄幅區間內。

Three, our EPS and net income grew 24% year on year and 5% sequentially.

三、我們的每股盈餘和淨利年增24%，季增5%。

This was led on the back of the margin expansion and therefore the EBIT growth.

這是由於利潤率擴張以及息稅前利潤成長所致。

There are treasury returns and a stable ETR of 24%.

有國債回報和24%的穩定ETR。

Four, I'm pleased to share with you that the Board of Directors have approved increasing the payoff percentage to 70% or above of the net income cumulatively on a block of three year period.

第四，我很高興與大家分享，董事會已批准在三年內將支付比例累計提高至淨利潤的70%或以上。

This is effective FY26.

該規定於 2026 財政年度生效。

Along with this, the Board has also declared an interim dividend of INR 6 per share.

除此之外，董事會也宣布派發每股 6 印度盧比的中期股息。

You note that this is substantially higher in terms of the quantum of dividend payout compared to what we have done in the previous year.

您注意到，與我們去年所做的相比，就股息支付金額而言，這要高得多。

Finally, in terms of guidance, I want to reiterate the guidance stated by Srini.

最後，在指導方面，我想重申斯里尼所說的指導。

Our guidance for Q4 is minus 1% to plus 1% and therefore dollar terms will be $2.602 billion to $2.655 billion.

我們對第四季的指引為負 1% 至正 1%，因此以美元計算將為 26.02 億美元至 26.55 億美元。

This is in constant currency terms.

這是以固定匯率計算的。

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

這樣我們就可以打開它進行問答。

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）

Vibhor Singhal, Nuvama Equities.

維博爾·辛格哈爾（Vibhor Singhal），努瓦瑪股票公司。

Yeah, hi.

是的，嗨。

Thanks for taking my question and congrats on a solid performance especially in the margin front.

感謝您提出我的問題，並祝賀您的出色表現，尤其是在利潤率方面。

Srini, my question was on the deal win.

斯里尼，我的問題是關於交易的勝利。

The deal were definitely up on a Y on Y basis, close to $1 billion in terms of that large deal win and TCV has consistently stayed above the $3.5 billion mark.

這筆交易肯定同比上漲，就這筆大筆交易而言，接近 10 億美元，而 TCV 一直保持在 35 億美元以上。

How do you see this trajectory helping us achieve higher Y on Y growth rate?

您如何看待這條軌跡幫助我們實現更高的年成長率？

Our execution in the past has been super solid, but I mean, at the end of the day, I mean, when do you think or what is the number that you believe is what can take us to a closer to a mid-single digit kind of a Y on Y growth rate or higher than that?

我們過去的執行力非常穩定，但我的意思是，歸根結底，我的意思是，你認為什麼時候或你認為什麼數字可以讓我們接近中個位數Y on Y 成長率或更高？

And do you see the pipeline for us to be able to achieve that in coming quarters and how soon or how can we reach this?

您是否看到我們在未來幾季實現這一目標的途徑以及我們多久或如何實現這一目標？

Thank you, Vibhor.

謝謝你，維博爾。

Let me reflect on your question.

讓我思考一下你的問題。

Our current large steel pipeline is robust and we are seeing good traction across geographies.

我們目前的大型鋼管管道非常強大，我們看到了跨地區的良好吸引力。

Now, if you have to put an industry lens to this, our strongest fraction in large deals remain in BFSI side and EMR segment.

現在，如果你必須從行業角度來看這一點，我們在大型交易中最強的部分仍然是 BFSI 方面和 EMR 領域。

BFSI is strong in Americas, Europe, and India.

BFSI 在美洲、歐洲和印度實力雄厚。

Whereas, if you look at EMR, manufacturing is strong in Europe compared to US and our ENU is robust.

然而，如果你看看 EMR，你會發現歐洲的製造業比美國強大，而且我們的 ENU 也很強勁。

I mean, Americas including US and Canada followed by our [ANZ] and Europe.

我的意思是，美洲包括美國和加拿大，其次是我們的[澳新]和歐洲。

In terms of health care, consumer, and tech incomes, we are seeing more traction in the medium to large size, around $50 million to $100 million.

在醫療保健、消費者和科技收入方面，我們看到中型到大型規模（約 5,000 萬至 1 億美元）的吸引力更大。

If you look at our quarter three, our large TCV has been at $1 billion, which is still up 6% year on year by value and up by three deals by cloud.

如果你看看我們的第三季度，我們的大型 TCV 已達到 10 億美元，以價值計算仍同比增長 6%，並且透過雲端運算增加了三筆交易。

So I wouldn't read too much into it.

所以我不會對其進行過多的解讀。

Large fields as you know, are lumpy and there's also a seasonal element to them.

如您所知，大片田地崎嶇不平，而且還存在季節性因素。

If you recollect, we had a record quarter to '25 and we now have a good fund foreclosure.

如果你還記得的話，我們在 25 年創下了創紀錄的季度業績，現在我們的基金止贖情況良好。

So we don't see it as a cause for concern.

所以我們不認為這值得擔憂。

Got it, got it.

明白了，明白了。

In terms of -- discretionary we spend outside of Capco also?

就我們在 Capco 之外的自由支配支出而言？

Are we seeing the tail in terms of clients willing to put the spending back on the annual or do you believe there is still some time to be able to reach that stage?

我們是否看到了客戶願意將支出重新投入年度的尾部，或者您認為仍然有一些時間能夠達到這一階段？

So if you look at the -- from a discretionary lens perspective alone and we did talk about Capco where both the bookings and revenue.

因此，如果您僅從可自由裁量的角度來看，我們確實談論了 Capco 的預訂量和收入。

We had a good year on year growth in quarter three.

第三季我們取得了良好的年成長。

Having said that the discretionary spent in Americas is definitely we see a positive sign in paper segment which is a good news for us.

話雖如此，美洲的可自由支配支出絕對是我們在造紙領域看到的積極跡象，這對我們來說是個好消息。

We also see some level of digging coming up in certain sectors but it's not secular at this point in time.

我們也看到某些領域出現了一定程度的挖掘，但目前還不是長期的。

Also, this is the month where many of our customers are in the process of budgeting and we are working with them to understand where the spend is going to be.

此外，這個月我們的許多客戶都在製定預算，我們正在與他們合作以了解支出的去向。

But if you -- if I were to actually extend your question to the overall demand environment, we see Americas very strong and the demand continues to pick up while if you look at our bookings into 1 million to 5 million and 5 million to 10 million range has been very strong.

但如果你——如果我實際上將你的問題延伸到整體需求環境，我們看到美洲非常強勁，需求持續上升，而如果你看看我們的預訂量為100 萬至500 萬和500 萬至1000萬範圍一直都非常強。

However, in Europe, while the economies are challenged, whether we all know what's happening in Germany, UK or France, actually this has put some pressure on some of our clients and some of the companies out there to trim their costs and become more efficient and we see this as an opportunity going forward.

然而，在歐洲，儘管經濟面臨挑戰，無論我們都知道德國、英國還是法國正在發生什麼，實際上這給我們的一些客戶和一些公司帶來了一些壓力，要求他們削減成本並提高效率我們認為這是一個前進的機會。

And just to conclude, overall pipeline is healthy and has remained at the same level over the last year.

總而言之，整體管道狀況良好，並與去年保持在同一水平。

Got it, got it.

明白了，明白了。

Thanks for that detailed explanation.

感謝您的詳細解說。

Just one question for Aparna.

我只想問阿帕娜一個問題。

So Aparna, I think margins in this quarter were rock solid.

所以阿帕納，我認為本季的利潤率堅如磐石。

We were able to expand margins despite a two month wage hike.

儘管薪資上漲了兩個月，我們仍然能夠擴大利潤。

So could you basically some of the levers which we managed to use this because our margins have also expanded in this quarter, on a quarter on quarter basis despite the wheelchair.

那麼，您是否可以基本上介紹我們設法使用的一些槓桿，因為儘管有輪椅，我們的利潤率在本季度也逐季度擴大了。

And the related question, what would now be our target band of margins given that we're already in the 17.5% range, in the near to medium term where do we expect these margins to be in the next 3 quarters to 4 quarters?

相關問題是，鑑於我們已經處於 17.5% 的範圍內，我們現在的目標利潤率範圍是多少，在中短期內，我們預計未來 3 個季度到 4 個季度的利潤率會在哪裡？

So Vibhor, yes, the margin expansion has come.

所以Vibhor，是的，利潤率擴張已經到來。

If you look at what were the factors in Q3, we had -- we started the quarter with two incremental months of salary wage hike to absorb.

如果你看看第三季的因素，我們會發現——我們在本季開始時就吸收了兩個月的薪資上漲。

We also had a seasonally weak quarter in terms of the right.

就權利而言，我們也經歷了季節性疲軟的季度。

A lot of the improvements have been in action consistently over the last 3 quarters to 4 quarters.

在過去的 3 個季度到 4 個季度中，許多改進一直在持續實施。

Some of that played out.

其中一些已經發揮了作用。

A lot of the improvement that we did to offset the increase and also expand the margins came from on the back of improved execution rigor both in our core and in the consulting business.

我們為抵銷成長和擴大利潤所做的許多改進都來自於我們核心業務和諮詢業務執行嚴格性的提高。

If you look at rising Capco and the core business, all of that has done very well.

如果你看看不斷崛起的 Capco 和核心業務，所有這些都做得非常好。

Now, we had a set of levers which are traditional in terms of the utilization, offshoring and the fixed price productivity that played out.

現在，我們擁有一套在利用率、離岸外包和固定價格生產力方面的傳統槓桿。

We also did a very conscious reduction in terms of our overheads, including GNA.

我們也非常有意識地減少了管理費用，包括 GNA。

So despite the wage hike and everything, you will see those numbers coming down and these are conscious reductions that we grow and they have also yielded into the margin improvement.

因此，儘管薪資上漲等等，你會看到這些數字下降，這些都是我們有意識的減少，它們也帶來了利潤率的提高。

Where do I look at -- is there a revised aspirational ban?

我該在哪裡查看——是否有修訂後的願望禁令？

Nothing that we would like to share at the moment.

目前我們沒有什麼想分享的。

We've got to 17.5% that we had shared and it's a 12 quarter high.

我們的份額已達到 17.5%，這是自 12 個季度以來的最高水平。

So in some sense, we are very conscious that we should sustain it.

所以從某種意義上來說，我們非常清楚我們應該維持它。

And therefore, for Q4, we are saying that we will -- we are confident of holding it in a narrow band and we'll take it from there.

因此，對於第四季度，我們說我們將——我們有信心將其保持在狹窄的範圍內，我們將從那裡開始。

So 17.5% plus minus could be the aspirational time now.

所以 17.5% 正負可能是現在理想的時間。

Yeah.

是的。

Yeah, at least for now.

是的，至少現在是這樣。

Got it.

知道了。

Got it.

知道了。

Thank you so much for taking my questions and I wish you all the best.

非常感謝您回答我的問題，祝您一切順利。

Thank you so much, Vibhor.

非常感謝你，維博爾。

Abhishek Kumar, JM Financial.

Abhishek Kumar，JM 金融公司。

Yeah, good evening.

是的，晚上好。

Thanks for taking my question and congratulations on a very good performance.

感謝您提出我的問題並祝賀您的出色表現。

So my first question is on growth and related to that is on guidance.

所以我的第一個問題是關於成長以及與之相關的指導問題。

Last two quarters, we have now been coming closer to the top end of our guidance, which is not happening in quarters prior to that.

過去兩個季度，我們已經接近指導的上限，而在此之前的幾個季度並沒有發生這種情況。

I just wanted to understand, what has changed.

我只是想了解，發生了什麼變化。

Are the mid quarter negative surprises kind of abating and that is helping us hit the top end or the demand environment has been improving.

季度中期的負面意外是否有所減弱，這是否正在幫助我們達到頂峰，或者需求環境是否一直在改善？

So that is on the performance.

所以這就是表現。

And related to that on guidance, next quarter despite the fact that furloughs will be absent, et cetera at the midpoint, we are still looking at a flattish growth similar to 3Q.

與指導相關的是，儘管下個季度將沒有休假等情況，但我們仍然認為成長與第三季類似。

So some of the foot and takes, for our 4Q guidance.

以下是我們在第四季度指導的一些實際情況。

Thank you.

謝謝。

Yeah, sure.

是的，當然。

So Abhishek, if you look at it, guidance -- when we guide is no change to the philosophy of guidance.

因此，阿布舍克（Abhishek），如果你看一下，指導－當我們指導時，指導的哲學並沒有改變。

We guide based on the visibility we have closer to the midpoint and then we guide in a range.

我們根據接近中點的可見度進行引導，然後在一個範圍內進行引導。

The fact that in the last two quarters, we are able to come about the net point is because of both a stronger execution in quarter two.

事實上，在過去兩個季度中，我們能夠實現淨值，是因為第二季的執行力更強。

Also, the demand environment is improving, right?

另外，需求環境正在改善，對嗎？

It does show that the stability, right, that we are able to draw start of the quarter two when we finish, is better.

它確實表明穩定性更好，對吧，我們能夠在第二節結束時開始比賽。

So it is a reflection of that.

所以它反映了這一點。

It's reflected in the fact that some of our consulting businesses are doing well.

這反映在我們的一些諮詢業務做得很好。

Capco, like we highlighted has grown 11% year on year, bookings are up 9% year on year.

正如我們所強調的那樣，Capco 年增 11%，預訂量年增 9%。

So that's a good sign and it's also a reflection of that.

所以這是一個好兆頭，也是這點的反映。

But otherwise there's no change.

但除此之外沒有任何變化。

As we look at Q4, it is a better guidance if you have to compare it to the guidance we gave for quarter three and that's what we have the present visibility for, Abhishek.

當我們審視第四季度時，如果您必須將其與我們第三季度給出的指導進行比較，那麼這是一個更好的指導，這就是我們目前所看到的，Abhishek。

Sure.

當然。

Okay.

好的。

Maybe one question on margin, Aparna, there was a sharp decline in depreciation this quarter.

也許有一個關於保證金的問題，阿帕納，本季折舊急劇下降。

So is that now a more normalized level and depreciation is concerned or was there any one off there that we should be aware of?

那麼，現在是否存在一個更正常化的水平和折舊，或者是否有任何我們應該注意的水平？

Thank you.

謝謝。

I don't think there are any one off, it's likely to sustain, you can model it at the same level.

我不認為有任何一個關閉，它可能會持續下去，你可以在同一水平上對其進行建模。

All right.

好的。

Thank you, and all the best.

謝謝你，祝一切順利。

Abhishek Bandari, Nomura.

阿布舍克·班達裡，野村證券。

Thank you, and good evening to the management.

謝謝，管理層晚上好。

I had a question growth and the guidance again.

我再次對成長和指導提出疑問。

So Srini, if I look at your growth for this water, it was broadly led by healthcare, partly by manufacturing.

所以斯里尼，如果我看看你們對這種水的成長，它主要是由醫療保健引領的，部分是由製造業引領的。

But in banking, we had a negative number.

但在銀行業，我們的數字是負數。

Is it more because of the furloughs?

是不是因為放假的原因比較多？

And if you could talk about your outlook specifically for banking and healthcare businesses, given that some of your peers are talking about increased caution amongst health care clients, given uncertainty around policy levers and optimism in banking given that there could be other stuff happening which could increase the business.

鑑於您的一些同行正在談論醫療保健客戶的謹慎態度，考慮到政策槓桿的不確定性以及銀行業的樂觀情緒，考慮到可能會發生其他可能發生的事情，您是否可以專門談論對銀行和醫療保健業務的前景增加業務。

Hi, Abhishek, let me give you some color to this.

嗨，阿布舍克，讓我給你一些解釋。

If you look at the BFSI, it was impacted by furloughs in quarter three.

如果你看看 BFSI，你會發現它在第三季受到了休假的影響。

However, the sector has grown 3.4% year on year.

然而，該行業年增了3.4%。

This is clearly a combination of discretionary spend led by Capco, which Aparna just talked about it, which is a consulting work and also non-discretionary fees.

這顯然是阿帕納剛才談到的Capco主導的可自由支配支出的組合，這是一項諮詢工作，也是非自由支配費用。

Some of the larger and midsized fees, which are more on the themes of -- when the consolidation cost takeout.

一些較大和中型的費用更多地涉及合併成本外賣的主題。

If you look at the BFSR budgets going forward, we see -- we think -- we feel there will be an uptick on the budget whereas health care budgets will continue to grow albeit maybe slower than what it was in the past.

如果你看看未來的 BFSR 預算，我們會看到——我們認為——我們認為預算將會增加，而醫療保健預算將繼續增長，儘管可能比過去慢。

So that's my take on both health care and BFSI.

這就是我對醫療保健和 BFSI 的看法。

Got it.

知道了。

And Srini, second and last question is again on the guidance part given that, we had a great execution this quarter, we exited more than the top end.

斯里尼（Srini），第二個也是最後一個問題再次涉及指導部分，因為我們本季度的執行情況很好，我們退出的程度超過了高端。

We are talking about some return of the discretionary department. furloughs would be absent as you know, Abhishek also asked.

我們正在談論全權部門的一些回報。阿布舍克還問道，如你所知，將不會休假。

And there will be some tail wind coming from the execution of the projects in the near past.

近期專案的執行將會帶來一些順風。

So I'm still curious why I have a negative number from a guidances perspective.

所以我仍然很好奇為什麼從指導的角度來看我的數字是負數。

I mean, most of the things are actually positive going.

我的意思是，大多數事情實際上都是正面的。

So like Aparna said, we've given the quarter four guidance based on the visibility, current visibility we have.

因此，就像阿帕納所說，我們根據我們當前的可見度給出了第四季度的指導。

Having said, that we are seeing a gradual recovery happening and the sectors that I talked to you about just now, BFS and health care clearly are doing well.

話雖如此，我們看到正在逐步復甦，而且我剛才與您談論的 BFS 和醫療保健領域顯然表現良好。

And some of the sectors for us both in our EMR which is energy manufacturing resources and consumer and still need to recover.

我們的 EMR 中的一些部門，即能源、製造資源和消費部門，仍然需要恢復。

However, if you look at on the geo side, we see momentum building up in Americas while Europe and APMEA remain soft for us.

然而，如果從地理角度來看，我們會發現美洲的勢頭正在增強，而歐洲和 APMEA 對我們來說仍然疲軟。

Got it.

知道了。

Last question, Aparna to you, now that we have the return of capital to shareholders to around 70%.

最後一個問題，阿帕娜問你，現在我們股東的資本報酬率達到了 70% 左右。

How should we think the mode of return?

我們該如何思考回報模式？

And we have mentioned blocks of three years.

我們已經提到了三年的時間段。

So could it again be lumpy if you decide to use the buyback route or do you want to make it more like an annual

那麼，如果您決定使用回購途徑，還是想讓它更像年度回購，它是否會再次變得不穩定？

(inaudible)?

（聽不清楚）？

Thank you.

謝謝。

In terms of mode of return, we continue to prefer both dividends and buy back.

在回報方式上，我們仍然傾向於分紅和回購並舉。

And or even special dividend as appropriate, we will -- the Board will make a decision.

甚至適當的特別股息，我們將—董事會將做出決定。

We want this to be more consistent, but we've continued given that, we one cannot rule out a buyback.

我們希望這一點更加一致，但考慮到這一點，我們不能排除回購的可能性，我們會繼續這樣做。

We've said that you should continue to measure this or a block of three years.

我們說過你應該繼續衡量這個或三年的時間。

We will assess and if -- at some point in time, we want to make this annual we will, but for now, we will continue to measure this as a block of three years and we prefer both buy back dividends.

我們將評估，如果在某個時間點，我們想要每年一次，我們會的，但目前，我們將繼續以三年為單位來衡量，我們更傾向於回購股利。

Thank you, and all the best for calendar '25.

謝謝您，祝福 25 月曆一切順利。

Thanks.

謝謝。

Thanks, Abhishek.

謝謝，阿布舍克。

Rishi Jhunjhunwala, IIFL Institutional Equities.

Rishi Jhunjhunwala，IIFL 機構股票。

Yeah, thank you.

是的，謝謝。

Just one question around mining that, the non-top 10 clients better are basically even looking for hunting opportunities.

圍繞挖掘的一個問題是，非前 10 名的客戶基本上都在尋找狩獵機會。

If you look at -- we have done reasonably well when it comes to growth in top 10 clients, it's up 15% year on year.

如果你看一下——我們在前 10 名客戶的成長方面做得相當不錯，比去年同期成長了 15%。

Whereas ex of that, our revenues are still declining at a 5% rate.

但除此之外，我們的收入仍在以 5% 的速度下降。

I just wanted to understand outside of the top 10 client mining, given that if the overall environment were to become better, how are we preparing ourselves to ensure that when some of those opportunities come.

我只是想了解十大客戶挖掘之外的情況，考慮到如果整體環境變得更好，我們如何做好準備以確保當其中一些機會到來時。

We are able to hunt better as the decline in non-top 10 seems to be a lot higher than what we generally see in industry peers.

我們能夠更好地尋找，因為非前 10 名的下降幅度似乎比我們通常在行業同行中看到的要高得多。

Thank you.

謝謝。

Rishi, there's no change to the philosophy.

Rishi，哲學沒有改變。

We would like to continue to hunt and mine, right?

我們想繼續狩獵和採礦，對嗎？

We do look at mining our top 10 clients or top 25 or top 50 as a show of strength and that's something that we've focused on.

我們確實將挖掘前 10 名、前 25 名或前 50 名客戶視為實力的展示，這也是我們一直在關注的事情。

The reduction that you're seeing in our active client portfolio.

您在我們的活躍客戶組合中看到的減少。

We report that number on a trailing 12 months.

我們報告了過去 12 個月的數字。

So if there is a weaker revenue environment that also shows up in the number of active clients.

因此，如果收入環境較弱，也會反映在活躍客戶數量上。

It's also the furloughs and the craft currency impact that's also playing out a little bit this quarter.

休假和工藝貨幣的影響也在本季有所體現。

But there is certainly in terms of the strategic priorities that Srini spoken about, hunting remains a very, very key lever for us and we are very, very focused on winning.

但就斯里尼所說的戰略優先事項而言，狩獵仍然是我們非常非常關鍵的槓桿，我們非常非常專注於獲勝。

We must have account.

我們必須有帳戶。

So there's absolutely no deprioritization on that count, Rishi.

因此，Rishi，在這一點上絕對不會降低優先順序。

Okay.

好的。

Thank you so much.

太感謝了。

Yeah.

是的。

Ravi Menon, Macquery.

拉維·梅農，麥克奎爾。

Hi, thank you for the opportunity.

你好，謝謝你給我這個機會。

This quarter, you without you without any -- the models have been incredible.

這個季度，你沒有你，沒有任何人——這些模型令人難以置信。

So surprised that you talk about.

很驚訝你所說的。

(Operator Instructions)

（操作員說明）

Hello?

你好？

Yes, please go ahead.

是的，請繼續。

Yeah.

是的。

The models have been pretty good.

模型已經相當不錯了。

So surprised that you're talking about keeping it a narrow range.

很驚訝你竟然談論將其保持在狹窄的範圍內。

Are there any headwinds in the coming quarter that you're thinking about?

您正在考慮下一季的不利因素嗎？

Because it looks like, at least the group is seems to be depreciating.

因為看起來，至少該集團似乎正在貶值。

So how should we think about margins for what the headwinds and tailwinds next quarter?

那麼，我們該如何考慮下個季度的逆風和順風的利潤率呢？

The [group] has been depreciating.

[團體]一直在貶值。

We'll have to keep a watch on it.

我們必須密切注意。

It has remained volatile in the last few weeks.

過去幾週一直保持波動。

We will a lot has to play in.

我們將會有很多地方可以玩。

There are also certain hedge books.

還有一些對沖書籍。

There's also a certain amount of hedges that we carry.

我們也持有一定數量的對沖。

So it will be a function of that.

所以這將是它的一個函數。

I don't think there are any particular headwinds as we start Q4 in -- a lot like, the salary increase and everything is behind us.

我不認為我們在第四季開始時會遇到任何特別的阻力——就像薪資上漲一樣，一切都已經過去了。

It is going to be a lot of business as usual.

一切都會像往常一樣進行。

And so there are not particularly headwinds that I would like to call out.

因此，我並不想指出什麼特別的阻力。

Thank you.

謝謝。

And Srini, health care, seasonally, this is actually normally a good quarter for health plan services.

斯里尼（Srini），醫療保健，從季節性來看，這實際上通常是健康計劃服務的好季度。

So is that what helped you or are there any other segments within health care that you're seeing good traction in?

那麼這對您有幫助嗎？

If you look at health care for us, it's a combination of payers providers, pharma, and medical devices companies.

如果你看看我們的醫療保健，你會發現它是付款提供者、製藥公司和醫療設備公司的組合。

So the growth that we see has been across these four sub industries, Ravi.

因此，我們看到的成長遍及這四個子行業，拉維。

So extremely broad based can say.

所以可以說基礎非常廣泛。

Thanks so much, and best of luck.

非常感謝，祝你好運。

Thanks, Ravi.

謝謝，拉維。

Gaurav Rateria, Morgan Stanley.

Gaurav Rateria，摩根士丹利。

Hey, hi, congrats on great execution margins.

嘿，嗨，恭喜您獲得了巨大的執行利潤。

My first question is on the large deals.

我的第一個問題是關於大額交易。

Have you seen any change in the average tenure of these deals and hence the conversion of these deals into revenues?

您是否看到這些交易的平均期限以及這些交易轉化為收入的變化？

In some sense, Gaurav, our last week bookings are down sequentially, but our TCV bookings are not down, right?

從某種意義上說，Gaurav，我們上週的預訂量連續下降，但我們的 TCV 預訂量並沒有下降，對嗎？

So the quantum of small and medium sized deals not picked up this quarter, which also means our growth was particularly good after several quarters, but it's still one quarter.

所以這個季度中小型交易的量沒有回升，這也意味著我們的成長在幾個季度之後特別好，但仍然是一個季度。

We wait and watch to see if this is a deterministic trend that plays out.

我們拭目以待，看看這是否是一個確定性趨勢。

But as far as the overall texture of deals when we see in the pipeline, I think there are quite a few large deals as well, both in terms of cost takeout vendor consolidation, efficiency lead.

但就我們在管道中看到的交易的整體結構而言，我認為也有不少大型交易，無論是在成本外賣供應商整合方面，還是在效率領先方面。

So in some sense, the large deal pipeline continues to remain robust.

因此，從某種意義上說，大宗交易管道繼續保持強勁。

If I look at the pipeline, it seems to be very similar to what it has been in the last few quarters.

如果我看一下管道，它似乎與過去幾個季度的情況非常相似。

But our bookings in Q3 are definitely the deal tenure has come down.

但我們在第三季的預訂肯定是交易期限已經下降。

Got it.

知道了。

Second question is what are the portfolio interventions you have done in some of the areas where growth has not been so great, like EMR vertical, APMA, geography and where are we in terms of these interventions?

第二個問題是，您在一些成長不太明顯的領域（例如 EMR 垂直領域、APMA、地理領域）採取了哪些投資組合幹預措施？

Are we likely to see any changes in the outcomes?

我們可能會看到結果有任何變化嗎？

Thank you.

謝謝。

Sure, Gaurav.

當然，高拉夫。

Let me just kind of talk about both of them.

讓我簡單談談他們兩個。

APMEA and Europe where we have been very soft.

APMEA 和歐洲我們一直都很軟弱。

As far as APMEA is concerned, we have the new CEO there and he's building a next level of leadership and we continue to invest in this market across the broad geography that APMEA covers.

就 APMEA 而言，我們有新任首席執行官，他正在打造新的領導層，我們將繼續在 APMEA 所涵蓋的廣闊地域投資這個市場。

We're also -- we looked at our go to market approach with a very defined both account teams as well as the teams that can go after new logos.

我們也—我們透過非常明確的客戶團隊以及可以追求新商標的團隊來審視我們的市場進入方法。

In fact, specifically in APMEA, specifically each of the countries, we have identified a set of accounts and we are also differentiating ourselves with considering an [ANI] which is definitely a different value prop to this market.

事實上，特別是在APMEA，特別是每個國家，我們已經確定了一組帳戶，並且我們還通過考慮[ANI] 來使自己與眾不同，這對於這個市場來說絕對是一個不同的價值支柱。

Pipeline is being rebuilt.

管道正在重建。

And we see we see the pipeline growing.

我們看到管道正在成長。

And I think, we should, if we continue to execute, we should see momentum coming back in the APMEA.

我認為，如果我們繼續執行，我們應該會看到 APMEA 恢復勢頭。

In the Europe again, very similar.

再次在歐洲，情況非常相似。

We have created a new leadership at a SMU level.

我們在 SMU 層級組建了新的領導階層。

We're also making sure we continue to focus on certain sectors and double down on them.

我們也確保繼續關注某些領域並加倍努力。

We -- while Europe has shown de-growth in quarter three, I can definitely tell you pipeline is strong.

我們——雖然歐洲在第三季度出現了成長放緩，但我可以肯定地告訴你管道很強勁。

All we need to do is focus on deal conversion.

我們需要做的就是專注於交易轉換。

And I think, with consulting teams and the local delivery capabilities that we have, I feel we have all the ingredients in place, now it's all about execution, Gaurav.

我認為，憑藉我們擁有的顧問團隊和本地交付能力，我覺得我們已經具備了所有要素，現在一切都取決於執行力，Gaurav。

Thank you so much.

太感謝了。

Sudheer Guntupalli, Kotak Mahindra AMC.

Sudheer Guntupalli，Kotak Mahindra AMC。

Hi, Srini.

嗨，斯里尼。

Congrats on a good quarter.

恭喜季度表現良好。

So a couple of questions.

有幾個問題。

Firstly, your top account continues to see very good traction.

首先，您的頂級帳戶繼續保持良好的吸引力。

So any specific reason behind this.

那麼這背後的任何具體原因。

I think for the last several quarters, the last few quarters, we have seen that this is steadily increasing in terms of its revenue share.

我認為在過去的幾個季度中，我們已經看到它的收入份額正在穩步增長。

I'll just give you one fact and then maybe Srini can speak about it.

我只告訴你一個事實，然後也許斯里尼可以談論它。

In terms of just the top 10 growth, right, the top, top 5, top 10, they've been doing well.

僅就前 10 名增長而言，對，前 5 名，前 10 名，他們一直表現良好。

Even if you have to take in top 25, the growth is pretty good.

就算要進前25名，成長也相當不錯了。

What's driving the growth?

是什麼推動了成長？

7 out of our 10 accounts are growing on a year on year in constant currency terms.

以固定匯率計算，我們的 10 個帳戶中有 7 個在逐年增長。

So that's something that's, quite broad based.

所以這是基礎相當廣泛的事情。

Certainly, sectors that are doing well, are adding to it in terms of BFSI, health.

當然，表現良好的行業在 BFSI 和健康方面也有所增加。

So they are adding those clients in the top 10 are doing really well.

所以他們加入了前 10 名中表現非常好的客戶。

And yeah.

是的。

Sure.

當然。

The context of the deals that I talked about -- Gaurav asked that question.

我談到的交易的背景——高拉夫提出了這個問題。

Similarly, both in Europe and APMEA, like I said, we have reinforced our teams both on account management as well as delivery.

同樣，在歐洲和 APMEA，正如我所說，我們在客戶管理和交付方面都加強了我們的團隊。

And that should actually help us mine these accounts more, especially in this patch of the market that we are in.

這實際上應該有助於我們更多地挖掘這些帳戶，特別是在我們所處的這個市場領域。

And as far as the top 10 accounts that have grown, that Aparna has talked about, can be the role models for the rest of the accounting as well in terms of what are possible.

就阿帕納所說的成長最多的前 10 個帳戶而言，就可能的情況而言，它們也可以成為其他會計領域的榜樣。

In fact, it's the top 25 accounts, I would say.

事實上，我想說的是前 25 個帳戶。

Also, some of these accounts are a little bit sector specific too for us.

此外，其中一些帳戶對我們來說也有一定的行業特定性。

If you look at -- like we talked about demand, environment, strengthening in BFSI and health.

如果你看一下——就像我們談到的需求、環境、BFSI 的加強和健康。

Whereas in certain sectors, especially energy and manufacturing for us have been weak.

然而在某些領域，尤其是能源和製造業，我們一直表現出疲軟。

But I see at least based on the quarter three we have seen an uptick in manufacturing that will actually result into the accounts that we are focusing on.

但我認為至少根據第三季我們看到製造業的成長，這實際上將導致我們關注的帳戶。

Sure, sir.

當然，先生。

And second question is in terms of head count.

第二個問題是人員數。

So in the last 10 quarters, if I look at it, I think the net addition is negative in seven of them including the current quarter.

因此，在過去的 10 個季度中，如果我看一下，我認為其中有 7 個季度的淨增量為負，包括本季。

Now that we're talking about an improvement in demand and our guidance also sort of reflects some amount of growth in the coming quarter.

現在我們談論的是需求的改善，我們的指導也反映出了下一季的某種程度的成長。

Adjusted for furloughs, we are operating at 86% to 88% kind of utilization.

根據休假調整後，我們的使用率為 86% 至 88%。

So when should we think that the hiring engine should start picking again?

那我們什麼時候應該認為招募引擎應該再次開始挑選呢？

Hiring [demand] has actually kicked off, it's not that it's not there.

招募[需求]其實已經開始，但並不是不存在。

We have called out that the next fiscal, we will be going every quarter to campus and hiring about 10,000 people to 12,000 people.

我們已經宣布，下一財年，我們將每季到校園招募約 10,000 至 12,000 人。

Over and above that, we have lateral hiring happening and we also see attrition coming down in the coming quarter because our nets have been coming down.

除此之外，我們還進行了橫向招聘，我們還看到下一季度的人員流失率會下降，因為我們的網路一直在下降。

So we will look at the supply chain terms of utilization, demand, attrition and look at hiring.

因此，我們將研究供應鏈的使用率、需求、人員消耗和招募條件。

But I see that we will be robust in hiring as we move forward.

但我認為，隨著我們的前進，我們將在招募方面保持強勁勢頭。

Thank you, sir.

謝謝您，先生。

All the very best.

一切順利。

Sandeep Shah, Equirus Securities

桑迪普·沙阿，Equirus 證券

Yeah, thanks for the opportunity and congrats on a good execution.

是的，感謝您給我這個機會，並祝賀您的出色執行。

The first question, I think Srini, you meant that the portfolio specific issue in energy manufacturing resources and consumer is not behind.

第一個問題，我認為斯里尼，你的意思是能源製造資源和消費者的投資組合特定問題並不落後。

So when do you expect that to get behind?

那麼您預計什麼時候會落後呢？

Because we have also heard in the earlier calls, it may be more repro specific rather than industry specific.

因為我們在之前的電話中也聽過，所以它可能更具體，而不是行業特定。

And why I'm asking this is, this contributes almost 36% to 38% of the top line and that may provide a hurdle in terms of consistently growing quarter after quarter.

我問這個問題的原因是，這幾乎佔營收的 36% 到 38%，這可能會為逐季持續成長帶來障礙。

Thanks, Sandeep.

謝謝，桑迪普。

Sandeep, if you look at the way we have the four strategic market units, clearly, Sandeep, Americas, and Americas two, we talked about our performance, last few quarters.

桑迪普，如果你看看我們擁有四個戰略市場部門的方式，很明顯，桑迪普、美洲和美洲兩個，我們談論了過去幾個季度的業績。

Having said that, we did call out that APMEA and Europe has been soft for us.

話雖如此，我們確實指出 APMEA 和歐洲對我們態度軟弱。

Now, if you embed the industries into those four markets, clearly, the industries that we have -- the sectors that we are -- we see growth and opportunities in the last three quarters we are talking about, has been, banking, financial services and health care.

現在，如果你將這些行業嵌入到這四個市場中，顯然，我們擁有的行業——我們所在的行業——我們看到我們正在談論的過去三個季度的成長和機遇，銀行業、金融服務業和醫療保健。

Having said that, this quarter, we saw three or four sectors grow year on year.

話雖如此，本季我們看到三、四個行業同比增長。

And I think that's another positive area.

我認為這是另一個積極的領域。

In terms of specifically energy, manufacturing, and resources, it has been soft for us.

特別是在能源、製造業和資源方面，我們一直處於弱勢。

But within that manufacturing is taking an uptick for us and you see the numbers that we have talked about.

但在這個過程中，我們的製造業正在上升，你會看到我們談到的數字。

In terms of technology and consumer, it has been a good quarter, quarter three.

就技術和消費者而言，第三季是一個不錯的季度。

And I know we have a very strong and robust pipeline around that.

我知道我們有一個非常強大的管道。

I see that now we have to just execute into that segment.

我發現現在我們必須執行該部分。

And finally, if you look at the broad based pipeline, it is very broad based across these sectors and across these four SMUs.

最後，如果你看看基礎廣泛的管道，你會發現它在這些部門和這四個 SMU 中的基礎非常廣泛。

I think the focus will now be Sandeep, bringing some of them home.

我認為現在的焦點將是桑迪普，並將其中一些帶回家。

Okay, thanks.

好的，謝謝。

And Aparna, just if I'm not wrong what you said on the capital location, we are more tilted on dividend versus buyback as a matter of choice or am I wrong in understanding this?

阿帕納，如果我對資本位置的說法沒有錯的話，作為選擇問題，我們更傾向於股息而不是回購，還是我理解錯了？

We prefer both dividends and buy back.

我們更喜歡股利和回購。

That said you've seen that the dividend that we've declared is substantially higher compared to what we've done in the previous year.

也就是說，您已經看到我們宣布的股息比我們上一年的股息要高得多。

The capital allocation that we have committed is 70% and above of the net income over a block of three years.

我們承諾的資本配置是三年內淨利的70%及以上。

This is effective FY26.

該規定於 2026 財政年度生效。

So you should look at the block starting FY26 for us to meet that number.

因此，您應該查看從 2026 財年開始的區塊，以便我們滿足該數字。

And we, like I said, all modes, including dividend, buyback, special dividend, everything will be explored.

而我們，就像我說的，所有的模式，包括分紅、回購、特別分紅，一切都會探索。

Okay.

好的。

Thanks, and all the best.

謝謝，祝一切順利。

Thank you.

謝謝。

(Operator Instructions) Ashwin Mehta, AMBIT capital.

（操作員指令）Ashwin Mehta，AMBIT 資本。

Hi, thanks for the opportunity and congrats on good results.

您好，感謝您提供的機會並祝賀取得了良好的成績。

Aparna, wanted to get a sense in terms of that despite the wage hikes, our employee cost number in absolute terms does not seem to have changed materially over the last two quarters.

阿帕納（Aparna）想了解一下，儘管薪資上漲，但我們的員工成本絕對值在過去兩季似乎沒有重大變化。

So what have been the offsets for that?

那麼對此的抵銷是什麼呢？

And the second question is in terms of depreciation.

第二個問題是折舊方面的。

We've seen almost 120 odd [depth] benefit on depreciation from a YoY perspective.

從同比角度來看，我們已經看到近 120 倍的折舊[深度]收益。

So what is driving this substantial reduction in terms of depreciation?

那麼是什麼推動了折舊的大幅下降呢？

Actually, Ashwin on depreciation, in Q3 of the last fiscal, we actually had one off.

事實上，阿什溫在上一財年第三季的折舊問題上，我們實際上有過一次。

So that's not the right number to take.

所以這不是正確的數字。

Even if you have to look at it over the last two or three quarters of depreciation, broadly, there is some optimization, but that's a result of the natural face off of intangible amortizations that we do, right.

即使你必須審視過去兩個或三個季度的折舊，總的來說，還是有一些優化，但這是我們所做的無形攤銷自然面對的結果，對吧。

So like I said, what you're seeing in Q3 is actually the word of any noise and you can model that going forward.

所以就像我說的，你在第三季度看到的實際上是任何噪音的詞，你可以在未來對其進行建模。

Now to the point on what's playing out in the employee cost, there are quite a few things.

現在談到員工成本的影響，有很多因素。

One we've spoken about in to levels of utilization, the number of print you're seeing is a reduction, but that's how we just define it because of the furloughs, the utilisation looks lower, but there is -- if you look at the coal utilization, even outside of this is very, very strong too.

我們已經談到了利用率水平，您看到的列印數量有所減少，但這就是我們如何定義它的原因，因為休假，利用率看起來較低，但如果您看一下即使在此之外，煤炭利用率也非常非常強勁。

If you look at the SPP productivity that is we've been driving been consistently improving and what you're seeing as a flow through into Q3 is also a lot of the productivity initiatives that we had already initiated through Q2, right.

如果你看看我們一直在推動的 SPP 生產力的持續提高，你會發現進入第三季度的也是我們在第二季度已經啟動的許多生產力計劃，對吧。

Also, we have actually improved the quality of revenue.

此外，我們實際上也提高了收入品質。

If you look at our third party services cost, it's also something that we have reduced.

如果你看看我們的第三方服務成本，你會發現這也是我們降低的。

So our improved quality of revenue is also playing out into the margin expansion.

因此，我們收入品質的提高也反映在利潤率的擴張上。

And then again, so those are some of the levers.

話又說回來，這些都是一些槓桿。

Sure, thanks.

當然，謝謝。

Thanks, Aparna.

謝謝，阿帕娜。

Thanks for the clarification.

感謝您的澄清。

All the best.

一切順利。

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.

是的。

Thank you for all joining the call.

感謝大家加入通話。

In case, we could not take any questions due to time constraints, you can reach out to Investor Relations directly.

如果由於時間限制我們無法回答任何問題，您可以直接聯繫投資者關係部門。

Have a nice day.

祝你今天過得愉快。

Thank you members of the management team.

感謝管理團隊的成員。

On behalf of Wipro Limited, that concludes this conference.

我謹代表 Wipro 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。