Wipro Ltd (WIT) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good day and welcome to Wipro Limited Q4 FY25 earnings conference call. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Dipak Bohra, Corporate Treasurer and Head of Investor Relations. Thank you and over to you, sir.

女士們、先生們，大家好，歡迎參加 Wipro Limited 2025 財年第四季財報電話會議。（操作員指示）請注意，本次會議正在錄音。現在，我將會議交給公司財務主管兼投資者關係主管 Dipak Bohra 先生。謝謝您，先生，接下來就交給您了。

Yeah, thank you, Yashashree. Warm welcome to our quarter four financial year '25 earnings call. We will 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. We also have our CHRO, Saurabh Govil, on this call. Afterwards, the operator will open the bridge for Q&A with our management team.

是的，謝謝你，Yashashree。熱烈歡迎大家參加我們 25 財年第四季的收益電話會議。我們將以執行長兼董事總經理 Srinivas Pallia 的業務亮點和概述開始電話會議；隨後，我們的財務長 Aparna Iyer 介紹了財務概況。我們的首席人力資源長 Saurabh Govil 也參加了這次電話會議。隨後，營運商將打開橋樑，與我們的管理團隊進行問答。

Before Srini starts, let me draw your kind attention to the fact that during the call, we may make certain forward-looking statements within the meaning of Private Securities Litigation Reform Act 1995. These statements are based on management's current expectations and are associated with uncertainties and risks, which may cause the actual results to differ materially from those expected, the uncertainties and risk factors explained in our detailed filings with the SEC.

在 Srini 開始之前，請允許我提請您注意，在通話期間，我們可能會根據 1995 年私人證券訴訟改革法案做出某些前瞻性陳述。這些聲明是基於管理層目前的預期，並帶有不確定性和風險，可能導致實際結果與預期結果有重大差異，這些不確定性和風險因素在我們向美國證券交易委員會提交的詳細文件中進行了解釋。

Wipro does not undertake any obligation to update the forward-looking statements to reflect events and circumstances after the date of filing. The conference call will be archived and a transcript will be available on our website. With that, I would like to turn over the call to Srini.

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任何義務。電話會議將被存檔，其記錄將在我們的網站上提供。說完這些，我想把電話轉給 Srini。

Thanks, Dipak. Hello, everyone. Thank you for joining us today. It's hard to believe that it's already been a year since I took over as CEO. When I look back at these 12 months, I can see clear progress across many areas.

謝謝，迪帕克。大家好。感謝您今天加入我們。很難相信我擔任執行長已經一年了。當我回顧這 12 個月時，我可以看到許多領域都取得了明顯的進展。

We won two mega deals this year. It's a strong sign that our large deal engine is working and continue to expand. Our clients have responded well to a consulting-led, AI-powered industry and cross-industry solutions. This is reflected in the strong growth in top accounts and large deal bookings in FY25. We have continued to invest in our people, [killing] them for the new AI wave. Our execution rigor with speed has been acknowledged by clients, and that's reflected in the clear improvement in our client satisfaction scores. And we have done all of this while strengthening our margins.

我們今年贏得了兩筆大交易。這是一個強烈的信號，表明我們的大型交易引擎正在運轉並繼續擴大。我們的客戶對諮詢主導、人工智慧驅動的行業和跨行業解決方案反應良好。這反映在 25 財年頂級帳戶和大額交易預訂的強勁成長。我們持續對人才進行投資，為迎接新一輪人工智慧浪潮而不斷裁減他們。我們的執行嚴謹性和速度得到了客戶的認可，這反映在我們的客戶滿意度分數的顯著提高。我們在做到這一切的同時也提高了我們的利潤率。

It's a meaningful achievement in the context of such ongoing change. The global industry environment remained uncertain for most of the year and the recent tariff announcements have only added to that. I've been speaking to clients across sectors to understand how things are playing out on the ground. Even though the underlying demand for tech reinvention remains strong. Clients are approaching it more cautiously.

在這種持續變化的背景下，這是一項有意義的成就。今年大部分時間，全球產業環境依然不確定，而最近的關稅公告更是加劇了這種不確定性。我一直在與各行業的客戶交談，以了解實際情況。儘管對技術革新的潛在需求仍然強勁。客戶對此採取更加謹慎的態度。

In fact, they are focused on cost, speed and AI-led deficiency. And that's exactly where we are leaning in. We see this as an opportunity to move with purpose, make smart bets and stay committed to our 5 strategic priorities, driving consistent profitable growth remains a clear priority for us, and we are focused on making that happen.

事實上，他們關注的是成本、速度和人工智慧主導的缺陷。這正是我們所傾向的。我們將此視為一個有目的地行動、做出明智選擇並堅持實現五大戰略重點的機會，推動持續盈利增長仍然是我們的首要任務，我們致力於實現這一目標。

With that, let's look at our quarter four and FY 2024-'25 performance. All the growth numbers I shared will be in constant currency. Our IT Services revenue for quarter four was $2.6 billion, reflecting a sequential decline of 0.8% and 1.2% on a year-on-year basis. Low order booking for quarter four was at $4.0 billion, which is a growth of 13.4% sequentially and 10.5% on a year-on-year basis. Our operating margin came in at 17.5%, which is flat sequentially and 110 basis point expansion on a year-on-year basis.

有了這些，讓我們來看看我們第四季和 2024-25 財年的表現。我分享的所有成長數字都將以固定貨幣計算。我們第四季的 IT 服務營收為 26 億美元，季減 0.8%，年減 1.2%。第四季的低訂單額為 40 億美元，季增 13.4%，年增 10.5%。我們的營業利潤率為 17.5%，與上一季持平，與去年同期相比成長了 110 個基點。

For the full year, IT services revenues were $10.51 billion, reflecting year-on-year degrowth of 2.3%. Our operating margin was at 17.1%, an expansion of almost 1% as compared to FY24.

全年IT服務收入為105.1億美元，較去年同期下降2.3%。我們的營業利益率為 17.1%，與 24 財年相比成長了近 1%。

Now to our strategic market unit performance. Americas 1 grew 0.2% sequentially and 6% on a year-on-year basis. Americas 2 grew 1% sequentially and 1.8% on a year-on-year basis. Europe degrew 2.5% sequentially and and 6.9% on a year-on-year basis. AMEA grew 1% sequentially and grew 4.9% on a year-on-year basis.

現在談談我們的策略市場單位表現。美洲 1 環比成長 0.2%，年增 6%。美洲 2 區較上季成長 1%，較去年同期成長 1.8%。歐洲季減2.5%，年減6.9%。AMEA 環比成長 1%，年增 4.9%。

Moving on to our industry sector performance. BFSI degrew 0.5% sequentially and grew 0.8% year-on-year. Health care degrew 3.1% sequentially and grew 0.1% year on year. Consumer degrew 1.3% sequentially and was flat year on year. Technology and Communications degrew 0.9% sequentially and 1.1% year on year. Energy, Manufacturing and Resources grew 1.1% sequentially and degrew 7% year on year. Capco continues to perform well, growing 6.5% sequentially and 11.5% on a year on year basis.

繼續討論我們的行業部門表現。BFSI 環比下降 0.5%，較去年同期成長 0.8%。醫療保健支出較上季下降3.1%，較去年同期成長0.1%。消費者支出較上季下降1.3%，較去年同期持平。科技與通訊產業季減 0.9%，年減 1.1%。能源、製造和資源產業季增 1.1%，年減 7%。Capco 繼續表現良好，環比增長 6.5%，同比增長 11.5%。

Let me now provide an update on our five strategic priorities. As I mentioned earlier, we are continuing to see strong momentum in large deals. In quarter four, we closed 17 large deals with a total value of $1.8 billion across markets and sectors. For the full year, we closed 63 large deals for a total value of $5.4 billion, which is a year-on-year growth of 17.5%.

現在讓我來介紹一下我們的五大戰略重點。正如我之前提到的，我們繼續看到大型交易的強勁勢頭。第四季度，我們在各個市場和產業完成了 17 筆大型交易，總價值達 18 億美元。全年共完成63筆大筆交易，總金額54億美元，較去年同期成長17.5%。

Now let me highlight two recent wins. A global technology leader has chosen us for a major five-year transformation program. We will deliver AI-powered end-to-end IT services completely reshaping the employee experience for 200,000 users across 200 countries. Our solution involves proactive support, intelligent self-service and personalized digital interactions.

現在讓我重點介紹一下最近的兩場勝利。一位全球技術領導者選擇我們實施一項重大的五年轉型計畫。我們將提供由人工智慧驅動的端到端 IT 服務，徹底重塑 200 個國家 20 萬名用戶的員工體驗。我們的解決方案涉及主動支援、智慧自助服務和個人化數位互動。

My second example is our recent partnership with a leading global food distributor. We are taking over their entire IT infrastructure and corporate application, which includes HR, finance and legal systems. We are leveraging AI solutions, and we will drive automation and simplify user interactions. For our clients, this will result in higher efficiency, lower costs and better user experience. As we all know, AI has been part of deal conversations for a while.

我的第二個例子是我們最近與一家全球領先的食品分銷商建立的合作夥伴關係。我們正在接管他們的整個 IT 基礎設施和企業應用程序，其中包括人力資源、財務和法律系統。我們正在利用人工智慧解決方案，推動自動化並簡化用戶互動。對於我們的客戶來說，這將帶來更高的效率、更低的成本和更好的使用者體驗。眾所周知，人工智慧已成為交易對話的一部分。

But this year, it's become central to almost every opportunity, big or small, helping drive productivity and efficiency. This reflects a broader shift we are seeing across the board.

但今年，它已成為幾乎所有機會（無論大小）的核心，有助於提高生產力和效率。這反映了我們正在全面看到的更廣泛的轉變。

Let me now move on to large accounts. We continue to focus on our large accounts in our core markets and priority sectors. In quarter four, our top 5 and top 10 accounts grew 0.3% and 1.1%, respectively, on a sequential basis.

現在讓我來談談大額帳戶。我們將繼續關注核心市場和優先領域的大客戶。第四季度，我們的前 5 名和前 10 名帳戶分別較上季成長 0.3% 和 1.1%。

Let me also share an example that shows our momentum in strategic accounts. In quarter four, a leading Indian private bank expanded our strategic partnership as part of a business focused digital transformation. We will provide the bank AI-powered solutions to strengthen compliance management and addressing critical need for regulatory compliance in addition to enhancing the overall experience for the bank.

我還想分享一個例子來展示我們在戰略帳戶方面的勢頭。第四季度，一家領先的印度私人銀行擴大了我們的策略合作夥伴關係，作為以業務為中心的數位轉型的一部分。我們將為銀行提供人工智慧解決方案，以加強合規管理、滿足監管合規的關鍵需求，並提升銀行的整體體驗。

Now, this will also help the bank boost operational efficiency and realize its growth ambition across various functions. We continue to create impact for clients through our consulting-led AI-powered industry and cross-industry solutions. This was our third strategic priorities we had called out.

現在，這也將有助於該銀行提高營運效率並實現其各個職能部門的成長目標。我們透過諮詢主導的人工智慧驅動的行業和跨行業解決方案繼續為客戶創造影響。這是我們提出的第三個策略重點。

In this context, let me talk about a recent win in the aviation sector. A well-known Pacific Airlines shows us to modernize its crew management and operation systems in quarter four. In fact, we were selected for our proven ability to future-proof client IT platform with AI. We will deploy our own [TOPS] platform to manage end-to-end crew operations, providing a unified, scalable solution that enhances experience and drives sustained operational efficiencies. Alongside all of this, we have put even more focus on client centricity, hence starting to show results.

在此背景下，讓我來談談航空領域最近的一場勝利。某知名太平洋航空​​公司在第四季向我們展示了其機組管理和營運系統的現代化。事實上，我們之所以被選中，是因為我們已證明有能力利用人工智慧為客戶 IT 平台做好面向未來的準備。我們將部署自己的 [TOPS] 平台來管理端到端的機組人員運營，提供統一、可擴展的解決方案，以增強體驗並提高持續的營運效率。除此之外，我們更加重視以客戶為中心，因此開始取得成果。

Our latest third-party annual customer satisfaction survey clearly shows improvement in overall satisfaction scores and NPS. In fact, I would like to thank our team who have made this possible. As you are aware, we have also realigned our global business lines effective April 1 to better meet our customers' needs. This change will help us deliver stronger business outcomes for our clients.

我們最新的第三方年度客戶滿意度調查清楚表明整體滿意度得分和 NPS 有所提高。事實上，我要感謝我們的團隊，是他們讓這一切成為可能。如您所知，我們也從 4 月 1 日起重新調整了全球業務線，以更好地滿足客戶的需求。這項變更將幫助我們為客戶帶來更強勁的業務成果。

Finally, and just as important, supporting and growing our global talent has been a top priority all year. You might remember that last quarter, I spoke about our focus on leadership development, and how we are building future ready leaders through our Wipro leadership institute. In fact, we have moved our top performers into key client-facing roles to ensure continuity and stability. And we have also launched a sponsorship program to help them succeed.

最後，同樣重要的是，支持和培養我們的全球人才一直是全年的首要任務。您可能還記得，上個季度，我談到了我們對領導力發展的關注，以及我們如何透過 Wipro 領導學院培養面向未來的領導者。事實上，我們已將表現最佳的員工調至客戶的關鍵崗位，以確保連續性和穩定性。我們也啟動了贊助計劃來幫助他們取得成功。

Now, we have a note on guidance before I wrap up. Given the uncertainty in the environment, we expect clients to take more measured approach going forward. especially on large transformation programs and discretionary spending. With this in mind and based on our current visibility, we are guiding for a sequential growth of minus 3.5% to minus 1.5% in constant currency terms. Let me now turn it over to Aparna for a detailed overview of our financials. Thank you. Aparna, over to you.

現在，在我結束之前，我們有一份指導說明。鑑於環境的不確定性，我們預期客戶未來將採取更謹慎的態度。特別是在大型轉型專案和可自由支配的開支方面。考慮到這一點，並根據我們目前的預測，我們預計以固定匯率計算的環比增長率為-3.5％至-1.5％。現在，讓我將話題轉到 Aparna，讓她詳細概述一下我們的財務狀況。謝謝。阿帕娜，交給你了。

Thank you, Srini. Good evening, and good morning, everybody. Let me share a quick update on our financial performance for the quarter ended March 31, 2025 before we move onto the -- and after that, we'll take questions.

謝謝你，Srini。大家晚上好，早安。在我們進入正題之前，請容許我簡要介紹我們截至 2025 年 3 月 31 日的季度的財務業績，之後我們將回答問題。

Our IT services revenue for Q4 sequentially declined by 0.8% in constant currency terms. This is within our guidance guided range. For FY25, our IT services revenue declined by 2.3% in constant currency terms. Our rigorous focus on operational improvement has ensured that the margin has steadily improved over the last few quarters. For Q4, operating margins at 17.5% expanded by 1.1% year-on-year.

以固定匯率計算，我們第四季的 IT 服務營收季減 0.8%。這在我們的指導範圍內。2025 財年，我們的 IT 服務收入以固定匯率計算下降了 2.3%。我們嚴格關注營運改進，確保了利潤率在過去幾季穩步提高。第四季度，營業利益率為 17.5%，較去年同期成長 1.1%。

This brings our FY25 operating margin expansion to 0.9%. As we enter FY26, we are faced with headwinds on account of an uncertain macroeconomic environment that is putting a downward pressure on our revenues. Our endeavor would be to maintain these margins in a narrow band in the coming quarters. Our net income grew 6% quarter on quarter in Q4 and 19% for the full year.

這使得我們的 25 財年營業利潤率擴大至 0.9%。進入 26 財年，我們面臨不利因素，因為不確定的宏觀經濟環境對我們的收入造成了下行壓力。我們的努力是在未來幾季將這些利潤率維持在一個較窄的範圍內。我們的淨收入第四季環比成長 6%，全年成長 19%。

Our EPS for the full year was at INR 12.6, a growth of 20% year on year. We finished the financial year with a free cash flow as a percentage of net income at 118%, which takes our gross cash, including investments to $6.4 billion.

我們的全年每股收益為 12.6 印度盧比，年增 20%。本財年結束時，我們的自由現金流佔淨收入的 118%，包括投資在內的總現金達 64 億美元。

In Q4, our other income grew by 45% sequentially and our accounting yield for the average investments held in India was at 7.9%. Our ETR was at 24.3% for Q4 '25, against 26% in Q4. Our hedges continue to be in line with our policy. We had about $2.4 billion of ForEx derivative contracts as hedges at the end of '25. In terms of guidance to reiterate what was stated by Srini, we expect to -- our revenue -- we expect the revenues from our IT Services business segment to be in the range of $2.505 billion to $2.557 billion. This translates to a sequential guidance of negative 3.5% to negative 1.5% in constant currency terms. With that, I turn this over back to the operator for questions.

第四季度，我們的其他收入環比成長 45%，我們在印度持有的平均投資會計收益率為 7.9%。2025 年第四季我們的 ETR 為 24.3%，而去年第四季為 26%。我們的對沖繼續符合我們的政策。截至 25 年底，我們擁有約 24 億美元的外匯衍生性合約作為避險。在指導方面，重申 Srini 所說的內容，我們預計 - 我們的收入 - 我們預計 IT 服務業務部門的收入將在 25.05 億美元至 25.57 億美元之間。這意味著以固定匯率計算，連續指導值為負 3.5% 至負 1.5%。說完，我把問題轉回接線生。

(Operator Instructions) Nitin Padmanaban, Investec.

（操作員指示）Nitin Padmanaban，Investec。

Srini, just wanted your thoughts on which verticals are you seeing the highest impact at this point in time?

Srini，我只是想了解您認為目前哪些垂直產業受到的影響最大？

Nitin, if you look at sector-wise sector view, the way the economic environment has become uncertain on the back of tariff increases. We are seeing this impact not just in the US, of course, but also in the euro. Similarly, we are also seeing across sectors directly or indirectly, these impacts. But some sectors have been impacted more like consumer, manufacturing, within manufacturing, specifically automotive and industrial. And we are seeing indirect impact on most of the sectors, if you will.

尼廷，如果你從產業角度來看，你會發現由於關稅上調，經濟環境變得不確定。當然，我們不僅在美國看到了這種影響，而且在歐元也看到了這種影響。同樣，我們也在各行業直接或間接地看到了這些影響。但有些產業受到的影響較大，例如消費品、製造業、製造業內部，特別是汽車和工業。如果你願意的話，我們會看到大多數產業都受到了間接影響。

For us, the clients in these -- all the industries are taking a lot more cautious approach at this point in time. And they're also doing a scenario planning because they would like to see when this whole thing will settled down before they start making more business decisions. And that's how currently it's playing out, Nitin.

對我們來說，這些產業的客戶—所有產業的客戶目前都採取了更謹慎的態度。他們還在進行情境規劃，因為他們想在開始做出更多商業決策之前看看整個事情何時能夠平息。這就是目前的情況，尼廷。

Okay. So how are you seeing BFSI broadly in the -- currently in terms of how they are thinking about things both US and Europe?

好的。那麼，就 BFSI 目前對美國和歐洲的看法而言，您如何看待它們？

So if you look at our results, we have been seeing good traction in BFSI, specifically in the US and in APMEA and also our Capco business, both in terms of revenue and order book. I think what we faced is headwinds in Europe, in the BFSI sector. But again, the good news is that we have a good pipeline and there is still momentum. Now there are -- obviously, if you look at the kind of deals that we are getting, right?

因此，如果您查看我們的業績，您會發現 BFSI 業務（特別是在美國、亞太、中東和非洲地區）以及 Capco 業務（無論是在收入還是訂單方面）都表現出色。我認為我們面臨的是歐洲 BFSI 領域的阻力。但好消息是，我們擁有良好的管道，並且仍然保持發展勢頭。現在有——顯然，如果你看看我們得到的交易類型，對吧？

One, we are definitely looking at apps and IT infrastructure modernization. There are opportunities around BPS, which is business process services and cyber security. And we are also looking at opportunities in consulting, which is a reflection of our Capco business. Also in some of our solutions where it's asset and wealth management. I think this is a good time the customers are relooking at how they can leverage AI powered solutions.

首先，我們肯定在關注應用程式和 IT 基礎架構的現代化。BPS 周圍存在著機會，即業務流程服務和網路安全。我們也在尋找諮詢領域的機會，這反映了我們的 Capco 業務。我們的一些解決方案也涉及資產和財富管理。我認為現在是客戶重新審視如何利用人工智慧解決方案的好時機。

We're also looking at insurance platform digitization also payments, right, which is all around our AI interest industry solutions. And we are seeing traction around that. What we are doing clearly is that -- we want to prioritize how Wipro and Capco can come together, bring in more synergies with Capco being the tip of the spear and Wipro actually executing end-to-end, is also helping us as we move forward, specifically on the BFSI sector.

我們也在研究保險平台數位化和支付，這些都是圍繞著我們的人工智慧興趣產業解決方案的。我們正在看到這方面的進展。我們顯然正在做的事情是——我們希望優先考慮 Wipro 和 Capco 如何能夠走到一起，帶來更多的協同效應，以 Capco 為先鋒，Wipro 實際執行端到端，這也有助於我們前進，特別是在 BFSI 領域。

Right. So you're not seeing any specific weakness in the near to medium term here, they continue to spend. You're not seeing any pullback of spending from a BFSI perspective?

正確的。因此，你不會看到中短期內出現任何具體的疲軟跡象，他們會繼續支出。從 BFSI 的角度來看，您沒有看到支出有任何回落嗎？

So the 2 perspectives, Nitin. One is, like I said, the pipeline is strong. But the clients are cautious about the spend, especially BFSI, which is discretionary, right? So the early signs are, they are waiting and watching some of the decisions have slowed down, if you will. In case, luck would have it, if the uncertainty comes down in the next few weeks, we are hoping, the clients will start taking decisions on these project opportunities because that's the need of the hour for them.

所以有兩種觀點，尼廷。一是，正如我所說，管道很強大。但是客戶對於支出很謹慎，尤其是 BFSI，這是可自由支配的，對嗎？因此，早期跡象表明，他們正在等待並觀察一些決定是否已經放慢速度，如果你願意的話。幸運的是，如果不確定性在接下來的幾週內減少，我們希望客戶能夠開始對這些專案機會做出決定，因為這是他們當務之急。

Abhishek Kumar, JM Financial.

Abhishek Kumar，JM Financial。

Srini, first of all, congratulations on good deal wins in a difficult environment. My question is on deal to revenue conversion. If we look at our book-to-bill over the last two years, it has been consistently at least on an [APM] basis, above 1.3x. But it has not really translated into revenue growth. And if we add to that better performance in Capco where the conversion would be even better looks like x of cap for the conversion is quite soft.

Srini，首先，恭喜您在困難的環境中贏得了良好的交易。我的問題是關於交易到收入的轉換。如果我們看一下過去兩年的訂單出貨比，就會發現至少以 [APM] 為基礎，它一直保持在 1.3 倍以上。但它並沒有真正轉化為收入成長。如果我們再加上 Capco 的更好表現，轉換率會更好，看起來轉換率的 x 相當軟。

So I just wanted to understand what exactly has driven this poor conversion so far? Is it cancellations? Is it lower ACV growth because of longer tenure -- and which of these two you think going forward might change for us to build some sort of growth given improved [mill.]

所以我只是想了解究竟是什麼導致了迄今為止這種糟糕的轉變？是取消嗎？是因為任期較長而導致 ACV 成長較低嗎？您認為，未來哪一項可能會發生變化，以便我們可以實現某種成長，因為[磨。 ]

So Abhishek, as you know, the booking to revenues, it's very difficult to correlate them within 4 quarters because the timing differs from these two deals. For example, the large deal that we have secured in Q4 that we announced will take some time for it to ramp up there is a schedule that's signed off with the client, and there's work to be done before for us to be able to start that.

因此，Abhishek，如您所知，預訂量與收入之間很難在 4 個季度內建立關聯，因為這兩筆交易的時間不同。例如，我們宣佈在第四季度達成的大筆交易需要一些時間來推進，我們需要與客戶簽署一份時間表，在開始之前我們還需要做一些工作。

So there will be some timing gap that will always be there in case of on some of these large deal wins that we've had. You're right, consistently be one more, and that is adding to revenue, even with, let's say, a deferred timing what we are ultimately reflected in the -- what gets reflected in the revenues also some of the ramp downs that happened as a result of lower discretionary spend and project spend going down. right? So we need to win more.

因此，在我們贏得的一些大交易中，總是會存在一些時間差距。你說得對，持續增加一項，這會增加收入，即使時間延遲，我們最終也會反映在收入中，這也是由於可自由支配的支出減少和項目支出下降而導致的一些下降。正確的？所以我們需要贏得更多。

We need to fill that bucket a lot more for it to start reflecting in net revenue growth. And that's how I would characterize it. We're happy with the way the engine has started to crack with the same momentum that persist on large deals in the medium and small-sized deals also come back into the file, I think you will see a pickup in revenue growth.

我們需要進一步充實這個桶，以便它開始反映在淨收入成長中。這就是我對它的描述。我們很高興看到引擎開始以同樣的勢頭運轉，中型和小型交易中的大型交易也重新回到了文件中，我認為你會看到收入增長的回升。

Sure. Maybe a quick follow-up there. Do you think those ramp-downs, which your client specific are now largely behind us. And therefore, it is just a matter of timing before these deals start to reflecting revenues.

當然。也許可以快速跟進。您是否認為針對您的客戶的具體情況的那些削減措施現在基本上已經過去了？因此，這些交易開始反映收入只是時間問題。

Abhishek, let me give you some kind of commentary on what we saw. If you look at it, we started on a positive note. But gradually, during the quarter, the sentiment turned negative. I think this is because of tariff hike and anticipation around that, and it did have a cascading impact on this. Now to me, this has definitely impacted our revenue growth momentum across sectors and markets.

阿布舍克，讓我對我們所看到的情況做一些評論。如果你看一下，你會發現我們一開始就有一個正面的態度。但在本季度，市場情緒逐漸轉為負面。我認為這是因為關稅上調以及對此的預期，並且確實對此產生了連鎖影響。對我來說，這無疑影響了我們各個產業和市場的收入成長動能。

One example I can tell you is we were doing a large SAP program, which was very critical for the client, and this was in the consumer sector. And when the client heard about the tariff situation, they were bang in the middle of that and they put the whole program on pause. Not because they don't want to do the program, but they wanted to understand, get the certainties of the tariff situation. So that's one good example I can give, where the program has been put on hold.

我可以告訴你的一個例子是，我們正在做一個大型 SAP 項目，這對客戶來說非常關鍵，而且這是在消費領域。當客戶聽到關稅情況時，他們正處於困境之中，於是他們暫停了整個計劃。這並不是因為他們不想做這個項目，而是他們想了解並確定關稅狀況。我可以舉出一個很好的例子，該計劃已被擱置。

Also, in Europe, some of the clients have slowed down transformation projects. It's not that they have paused it, but they said we can relook at the time lines at this point in time. Also, we did see several instances of volume drop in some of our existing accounts and maybe because some of them are because of the delay in initiating the projects and some also, there was an impact of ramp downs. The way I see it is that this is a transitional phase. And hopefully, and obviously, I can't predict how the tariff situation, the macroeconomic will turn out, but this will gradually stabilize.

此外，在歐洲，一些客戶已經放慢了轉型專案。並不是說他們已經暫停了，而是他們說我們可以在此時重新審視時間軸。此外，我們確實看到一些現有帳戶的交易量出現了幾次下降，這可能是因為其中一些是由於專案啟動延遲造成的，而有些則受到了交易量下降的影響。我認為這是一個過渡階段。我希望，顯然，我無法預測關稅狀況和宏觀經濟將如何發展，但這將逐漸穩定下來。

I think as an organization, what we are doing is we are working with the clients and understanding their scenario planning and trying to actually pivot to the way they are looking at how the business is coming next. And I think that's most important for each and every employee of Wipro, sense and respond to the client situation.

我認為作為一個組織，我們正在做的是與客戶合作，了解他們的情境規劃，並試圖真正轉向他們看待下一步業務發展的方式。我認為對於 Wipro 的每一位員工來說最重要的是了解並回應客戶的情況。

Yeah, that's helpful. Thank you and all the best.

是的，這很有幫助。謝謝您，祝您一切順利。

Thank you.

謝謝。

Manik Taneja, Axis Capital.

Manik Taneja，Axis Capital。

Srini, basically just wanted to take your bases on two things. Number one, we continue to see pressure in Europe through the course of last several quarters, would be great to get your perspective as to what's driving that?

Srini，基本上只是想從兩方面來了解你的情況。首先，過去幾季以來，我們看到歐洲持續面臨壓力，您能否談談造成這種壓力的原因？

And the second question to that (inaudible) is that similarly on a segmental margin standpoint as well, while Capco has recovered, we see no improvement in terms of the segmental margins for the European geography. If you could talk about what's dragging the margins here?

第二個問題（聽不清楚）是，同樣從分部利潤率的角度來看，雖然 Capco 已經恢復，但我們認為歐洲地區的分部利潤率並未改善。能談談是什麼拖累了利潤率嗎？

Sure. I'll take the Europe question, maybe I'll leave the margin situation to Aparna, Manik.

當然。我將回答歐洲問題，也許我會將利潤狀況留給 Aparna 和 Manik。

Now let me talk about this, right? I think your observation is right. You look at our revenues for last year. On a full year basis, Americas has actually grown 1.2%, and it is Europe, which has been shown a degrowth. In fact, had degrowth, but in quarter four, they actually turned sequentially positive.

現在讓我來談談這個，好嗎？我認為你的觀察是正確的。你看看我們去年的收入。從全年來看，美洲實際上成長了1.2%，而歐洲則呈現負成長。事實上，出現了負成長，但在第四季度，它們實際上連續轉為正成長。

Now the situation at Europe, we have a new leadership team. Second, we have a very strong pipeline of deals. Three, we just won a large deal, Phoenix Steel, which you are aware of, and that deal will start kicking off in a few months from now as per the contract term.

現在歐洲的情況是，我們有了一個新的領導團隊。其次，我們擁有非常強大的交易管道。第三，我們剛剛贏得了一筆大交易，鳳凰鋼鐵公司，正如你們所知，根據合約條款，這筆交易將在幾個月後開始生效。

Net-net, if you stay focus on deal that we have on the table, which I think the entire European leadership team is currently focused on. We should be able to look at a positive momentum in Europe in the next coming quarters.

總而言之，如果你繼續關注我們目前討論的協議，我認為整個歐洲領導團隊目前都在關注這一點。我們應該能夠在未來幾季看到歐洲的積極勢頭。

Manik, can you repeat your question on margins?

Manik，您能重複一下關於利潤率的問題嗎？

So Aparna, my question on margins was that in during second half of FY23, we started to face some pressure in Capco, we blame some of the margin decline that we saw in Europe, obviously also because of the drag from Capco. Through the course of recent quarters, capital has been doing quite well, but there has been no recovery in segmental margins for Europe. So if you could dwell into what's causing that? And the last one, if I may just clarify. On the Executive Board research, if you could talk about where are we in that journey? Are we done with most of the organization changes?

因此，Aparna，我對利潤率的問題是，在 23 財年下半年，我們開始面臨 Capco 的一些壓力，我們將其歸咎於歐洲利潤率的下降，顯然也是因為 Capco 的拖累。最近幾季，資本表現良好，但歐洲分部的利潤率並未出現回升。那你能詳細了解造成這種情況的原因嗎？最後一個問題，請容許我澄清一下。關於執行委員會的研究，您能談談我們目前處於哪個階段嗎？我們的組織變革大多完成了嗎？

Your question is not very clear. I think the question that you asked on margins was that Capco may have been a drag on Europe margins, and therefore, how they're rebounding. In some sense, I think Capco has been doing well from the standpoint of its growth and bookings, and there has been a lift off in the margins as well. Overall, they are doing much better. even from an operating margin performance, at least in Q4, they've done very, very solid performance.

你的問題不太清楚。我認為您關於利潤率的問題是，Capco 可能拖累了歐洲的利潤率，因此，他們如何反彈。從某種意義上說，我認為 Capco 從成長和預訂量的角度來看表現良好，而且利潤率也有所提升。總體而言，他們的表現好多了。即使從營業利潤率表現來看，至少在第四季度，他們的表現非常非常穩健。

So in that context, yes, Europe margin have also been impacted by some of the other ramp downs that we have seen and the non-Capco part of the business.

因此，在這種背景下，歐洲利潤率確實也受到了我們所看到的其他一些業務下滑以及非 Capco 業務部分的影響。

Sure. And any sense on when do we start to see some of these pressures recede?

當然。我們什麼時候才能開始看到這些壓力逐漸消退？

In Europe, you will note that we have actually won a very large deal, and that should start ramping up through the course of the year and especially towards the second half. And therefore, you will see a bounce back then. And we also have a solid pipeline that we think we can close between now and September and that should also then add.

在歐洲，您會注意到我們實際上已經贏得了一筆非常大的交易，而且這筆交易將在今年內，特別是下半年開始增加。因此，你會看到反彈。我們還有一個穩固的管道，我們認為我們可以在現在到九月之間完成它，並且它還會繼續增加。

Sure.

當然。

Does that answer your question, Mr. Taneja?

這回答了您的問題嗎，塔內賈先生？

Yes, thank yoyou.

是的，謝謝你。

Vibhor Singhal, Nuvama Equities

維博·辛格哈爾 (Vibhor Singhal)，Nuvama Equity

So two questions from my side. Srini, on the overall macro weakness that you have spoken about. So can you give a bit of color as -- I'm sorry, I was disconnected for a (inaudible). But the highlight that was some part of the weakness also responsible for the slightly lower growth that we reported in this quarter. And given that we are exiting FY25 on a negative decline, and we will be entering at also on a negative note.

我有兩個問題。Srini，關於您談論的整體宏觀經濟疲軟。那你能解釋一下嗎——抱歉，我斷線了一段時間（聽不清楚）。但突出的是，部分疲軟也是導致我們本季報告的成長略有下降的原因。鑑於我們在 2025 財年結束時處於負面下滑狀態，因此我們進入 2025 財年時也將處於負面狀態。

Is there a possibility that we will be able to report a positive growth in FY26 or FY26 is also is likely to be a year of revenue decline just like effect on firewalls. And then I have a follow-up for Aparna.

我們是否有可能在 2026 財年報告正成長，或者 2026 財年也可能是營收下降的一年，就像防火牆的影響一樣。然後我要跟進一下阿帕娜 (Aparna) 的情況。

It was (inaudible) we don't give --

這是（聽不清楚）我們不給--

I'm sorry to interrupt, sir. You are on mute mode, I believe.

很抱歉打擾您，先生。我相信您處於靜音模式。

Yes, sorry. Vibhor first and foremost, as you know, we don't give a full year guidance. Having said that, the recent development, especially the macroeconomic situation, the tariff situation, -- we are, like I said, keeping a very close watch on how the situation is evolving and how our clients are responding to that are reacting to that. At this stage, our quarter one guidance represent best visibility we have.

是的，抱歉。首先，如你所知，Vibhor 不提供全年指導。話雖如此，最近的事態發展，特別是宏觀經濟形勢、關稅情況——正如我所說，我們正在密切關注情況的發展以及我們的客戶對此的反應。現階段，我們第一季的指導代表了我們所擁有的最佳可見度。

And definitely, we will share all the updates coming quarters as we get clarity on the situation. Also, if you look at what Aparna said on the Phoenix deal we announced in quarter four, this is actually expected to ramp up starting it. And definitely, that will help uplift our revenues.

當然，一旦情況明朗，我們就會在接下來的幾季分享所有更新資訊。此外，如果你看一下阿帕娜 (Aparna) 對我們在第四季度宣布的菲尼克斯 (Phoenix) 交易的評價，你會發現，實際上預計這一數字將會從該交易開始上升。這無疑將有助於提高我們的收入。

Got it, got it. And the initial part of the question was, was there any weakness also felt in this quarter also because of which we aim towards close to the lower end of the guidance for Q4?

明白了，明白了。問題的第一部分是，本季是否也感覺到了任何疲軟跡象，以至於我們將第四季的目標定在接近指導值的下限？

So yes, Vibhor, if you look at in the last few weeks, right, you've seen the economic environment. You've seen many of the analysts and how they have been forecasting from January to February to March, there is a drastic change in terms of how the industry has been looked at, right?

是的，維博爾，如果你回顧過去幾週，你就已經看到了經濟環境。您已經看到許多分析師以及他們從 1 月到 2 月到 3 月的預測，對這個行業的看法發生了巨大變化，對嗎？

And to me, this impact of tariffs, obviously, is not just US but also in Europe. Right? And again, it's not just in a few sectors, but across sectors. The only difference is certain sectors are seeing direct impact. Certain sectors are seeing indirect tech.

對我來說，關稅的影響顯然不只是美國，也包括歐洲。正確的？再說一次，這不只是發生在少數幾個行業，而是跨行業的。唯一的區別是某些行業受到了直接影響。某些行業正在看到間接技術。

But so the ones I called out our consumer manufacturing, especially automotive and industrial, we have seen a direct impact of the customers. And obviously, they are looking at their cash position, they're looking at how to reduce the cost -- and they're also looking at significant scenario planning because they are the manufacturing plants globally.

但是，正如我所說的，我們的消費製造業，特別是汽車和工業製造業，我們已經看到了客戶的直接影響。顯然，他們正在關注自己的現金狀況，正在研究如何降低成本——他們也在研究重要的情境規劃，因為他們是全球製造工廠。

And in the context of tariffs, and these products move components move from country to country and so on and so forth. So they are holding back on any further investment. And I think that's what we are seeing from our side as well.

在關稅的背景下，這些產品的零件從一個國家轉移到另一個國家，等等。因此他們不再進行任何進一步的投資。我認為這也是我們所看到的情況。

Just one follow-up for Aparna, Aparna, think margins have remained quite resilient through the year. For the next year and going forward that you're looking at -- you mentioned that we are exposing others to begin to (inaudible) bank. In terms of, let's the growth not being strong in FY26. Given the kind of headwinds that we are seeing on a macro level.

Aparna 的後續問題只有一個，Aparna 認為利潤率全年都保持相當的彈性。對於您所展望的明年及未來，您提到我們正在向其他人開放（聽不清楚）銀行業務。就此而言，26 財年的成長並不強勁。考慮到我們在宏觀層面上看到的逆風。

Do you see a risk to the margins from current levels on an overall year Conversely, if growth were to return especially in the distant in the second half, you also have had --

您是否認為今年全年的利潤率會從目前的水準下降？相反，如果經濟成長在下半年特別是遙遠的時期恢復，您也會有--

I'm sorry to interrupt Vibhor. Your voice is not very clear. Can you repeat the question and use your handset mode, please.

很抱歉打擾了 Vibhor。你的聲音不太清晰。請您重複問題並使用手機模式。

Yes, sorry, Am I audible now?

是的，抱歉，現在我能聽到聲音嗎？

Yes, please go ahead.

是的，請繼續。

I'm sorry for that. So, Aparna, just a question on the margins. So as you mentioned, the margins have been remain in a very -- in a narrow range from current have -- so just wanted to check if, let's say, the growth in FY26, is weak and if it comes from the decline front, then do you think the margins could be under pressure because of that as well.

我很抱歉。那麼，阿帕娜，這只是一個邊緣問題。正如您所提到的，利潤率一直保持在非常窄的範圍內，所以只是想檢查一下，比如說，26 財年的增長是否疲軟，如果來自下降趨勢，那麼您認為利潤率是否也會因此而承受壓力。

Conversely, if decision spend were to pick up, let's say, two quarters down the line in H2, we also have the same ramping up the for us. Would that mean that we could basically have a good jump up in the margins and possibly some things which would take it to the high level. What are those that you're looking at?

相反，如果決策支出增加，比如說，在下半年的兩個季度，我們的支出也會同樣增加。這是否意味著我們基本上可以在利潤率上取得良好的飛躍，甚至可能將其提升到更高的水平。你在看什麼？

So, Vibhor, there was very difficult to say which way the revenues are going to go. I think what I heard is if the revenue environment continues to be bad will we continue to hold margins, right? Now, the reality is there will be pressure on margins as we start Q1.

因此，維博爾，很難說收入將會流向何處。我想我聽到的是，如果收入環境持續很糟糕，我們還會繼續維持利潤率嗎？現在，現實情況是，我們開始第一季時利潤率將面臨壓力。

There are two headwinds, one course of a weak revenue environment, two that of a lot of these that we've spoken about, which are a part of our pipeline are actually cost takeout and vendor consolidation deals, which inherently come with a pricing pressure and therefore -- and also very competitively fought. So we will prioritized growth, we will prioritize the fact that we would like to invest in our clients, and therefore, that will become priority. And therefore, these two are headwinds.

有兩個不利因素，一是收入環境疲軟，二是我們談到的許多因素，這些因素實際上是我們管道的一部分，實際上是成本削減和供應商整合交易，這本身就伴隨著定價壓力，因此競爭也非常激烈。因此，我們將優先考慮成長，我們將優先考慮我們願意投資於我們的客戶，因此，這將成為優先事項。因此，這兩者都是逆風。

And like I said, our endeavor would be to keep the margins in a narrow band. It is a huge stock given the kind of guidance we have given but all hands on the deck. What can be the levers believers will go back to everything that we have done up until so far to get to 17.5%, which will include making sure that our bench costs are managed tightly, making sure we are driving higher productivity in our fixed price programs, making sure we continue to optimize and cut down on some of the fixed spend that we have as the business comes down.

正如我所說的，我們的努力就是將利潤率維持在狹窄的範圍內。考慮到我們給出的指導，這是一支巨大的股票，但所有人都在努力。相信我們能採取哪些措施來達到 17.5% 的目標呢？這些措施包括嚴格管理基準成本、提高固定價格計畫的生產力、在業務下滑時持續優化和削減部分固定支出。

So those are things that we've done without cutting into the muscle without cutting into S&M, that's been our journey so far, we will only have to accelerate it. And you know we don't guide for margins. So the endeavor going to be to keep it at least a narrowband in the coming quarters and then some where we will see.

所以，這些都是我們在不削弱肌肉、不削弱 S&M 的情況下所做的事情，這就是我們迄今為止的旅程，我們只需要加速它。你知道，我們不以利潤為導向。因此，我們將努力在未來幾個季度內將其至少保持在一個窄帶中，然後我們將會看到。

Kumar Rakesh, BNP Paribas.

法國巴黎銀行的庫馬爾·拉凱什（Kumar Rakesh）。

My first question for a minute, If I assume that identity about the macroeconomic issues and would have looked at the numbers that you have reported just as on your headcount on a sequential basis has increased quarter-on-quarter after a couple of quarters of decline. Your total bookings and large deal wins are pretty strong in the quarter and Capco, which is quite discretionary focused, reported pretty solid growth in the quarter.

我的第一個問題是，如果我假設宏觀經濟問題的身份，並且會看一下您報告的數字，就像您的員工人數在連續幾個季度下降之後，逐季增加一樣。本季度，您的總預訂量和大額交易勝利都相當強勁，而專注於自由裁量權的 Capco 報告稱，本季度實現了相當穩健的增長。

I would have expected that the next quarter would see a decent growth. In contrast to that, the guidance that you have given at the midpoint implies that you would see one of the lowest growth in outside of COVID period probably. So what is incrementally that you're looking at, which is giving you this, which is essentially making your guidance to be that weak. Are there specific ramp downs that you're looking at, the volume declines that you're building into that assumption. If you can give some more granular details essentially, what specifically is pulling down this guidance?

我原本預計下個季度會出現不錯的成長。與此相反，您在中期給出的指導意味著您可能會看到 COVID 時期之外的最低增長之一。那麼，你所逐步關注的是什麼，是什麼給了你這個，這本質上使你的指導變得如此薄弱。您是否看到了特定的下降趨勢，以及您在該假設中建立的產量下降趨勢。如果您可以提供一些更詳細的細節，那麼具體是什麼導致了這項指導？

So there are two aspects. I will go first on then Srini, you can add. Clearly, we've spoken about how there is some uncertainty in the macroeconomic environment that's playing out. While Capco has printed strong numbers for Q4, there is -- and in something, they also have business gains and market share, et cetera, right? And they put on a solid performance.

所以有兩個面向。我將首先發言，然後是 Srini，你可以添加。顯然，我們已經討論過宏觀經濟環境中存在的一些不確定性。雖然 Capco 公佈了第四季度的強勁業績，但從某種程度上來說，他們的業務和市場份額也有所增長，對嗎？他們的表現非常出色。

But the macroeconomic environment will impact other sectors that we spoke about, including consumer manufacturing where we are seeing some softness.

但宏觀經濟環境將影響我們談到的其他產業，包括消費製造業，我們看到該產業有些疲軟。

The other part of -- from a market unit standpoint, for us, Europe, the weakness in Europe is likely to continue into Q1 -- and hopefully, from there we look at how to build on the momentum on the back of some of the large deal wins that we have had, both in Q4 and in Q1, Rakesh.

另一部分——從市場單位的角度來看，對我們來說，歐洲的疲軟可能會持續到第一季——希望從那裡我們能夠看到如何利用我們在第四季度和第一季度取得的一些大交易勝利來鞏固這一勢頭，拉凱什。

Maybe if I could add a few more points here. Based on my client conversations, right, a few things I'm noticing. One is large transformation projects programs, one of them I talked about are getting passed or being delayed or kind of changing the schedules. Second, while the clients have their budgets, they want to review it post the certainty or at least understand where the situation will end up. And one of the things that I constantly see, especially in the industries that have direct influence, there are cost pressures.

也許我可以在這裡補充幾點。根據我與客戶的談話，我注意到了一些事情。一個是大型轉型專案計劃，我剛才談到的其中一個計劃要么被通過，要么被推遲，要么就是改變了時間表。其次，雖然客戶有預算，但他們希望在確定之後對其進行審查，或至少了解情況最終會如何發展。我經常看到的一件事，特別是在有直接影響的行業中，存在成本壓力。

And definitely, I think the demand for tech-driven efficiencies and costs will continue. And we are -- that's the kind of pipeline that we are seeing, which is also how do you help the clients bring in more efficiency, automation and of course, gen AI. And upon that Aparna made in the previous question is around vendor consolidation, tailwind and consolidation, so on and so forth.

毫無疑問，我認為對技術驅動的效率和成本的需求將會持續下去。這就是我們所看到的管道類型，這也是如何幫助客戶提高效率、自動化程度，當然還有人工智慧。Aparna 在上一個問題中提出的問題涉及供應商整合、順風和整合等等。

But the point of -- the good news is that right now, the pipeline is strong. I think that's good news. And this is, again, evenly distributed both in terms of large fields and also small deals. And I can tell you, while Europe has gone soft has been soft for us, I see a good pipeline there across sectors. So -- and I think the focus for us has to be closing those deal quickly, which could translate to revenue, hopefully, the next few quarters, if you will.

但好消息是，目前管道狀況良好。我認為這是個好消息。而且，無論是大宗交易還是小宗交易，這一分佈都是均勻的。我可以告訴你，雖然歐洲對我們來說已經變得疲軟，但我看到那裡各個行業都有良好的管道。所以 - 我認為我們的重點必須是盡快完成這些交易，這可以轉化為收入，希望在接下來的幾個季度內，如果你願意的話。

But net-net, the situation is compared to COVID, this situation is very different. The situation is not that the client businesses are going to stop. The situation here is how this tariff will impact the customers business in the context of the cost price and consumer demand. I think that's what they're trying to wait and watch and see before they take decision.

但總體而言，與 COVID 相比，這種情況非常不同。情況並不是客戶業務會停止。這裡的情況是，在成本價格和消費者需求的背景下，該關稅將如何影響客戶的業務。我認為這就是他們在做出決定之前試圖等待和觀察的事情。

My second question was, if I step back and take a little longer-term view on the full year performance in the recent history. So this is the second year in which we we are seeing the revenue decline. And looking at where we would be exiting this year, the first quarter, even if for the rest of the year, you grow, you would most likely you will see a revenue decline in FY26 as well. So there is a high likelihood that we would end up with three years of revenue decline. The first quarter revenue would be back to where it was the quarterly revenue back where it was four years back.

我的第二個問題是，如果我退一步，從更長遠的角度來看近期全年的表現。因此，這是我們第二年看到收入下降。看看我們今年第一季的狀況，即使今年剩餘時間收入有所成長，2026 財年的營收很可能也會下降。因此，我們的收入很有可能連續三年下降。第一季的營收將恢復到四年前的季度營收水準。

So while I'm aware of the five priority areas, the five focus areas that you are working on and we have started seeing progress on those areas. What do you think is the problem that essentially is ailing that we are consistently underperforming and likely to continue to underperform for the next few quarters?

因此，我知道你們正在努力的五個優先領域、五個重點領域，而我們已經開始看到這些領域取得進展。您認為，我們一直表現不佳並且在接下來的幾個季度中可能繼續表現不佳的根本問題是什麼？

So I think it's a good question. I can tell you that it was obviously for us FY25 was a mixed year. And we also made progress on a few fronts. But if you double-click on the revenues, while we have grown -- degrown 2.3% in FY25. I'll definitely call out Americas, which contributes close to 63% of our revenue. That piece of the business has grown 1.2% in FY25.

所以我認為這是個好問題。我可以告訴你，對我們來說，2025 財年顯然是好壞參半的一年。我們也在一些方面取得了進展。但如果你雙擊收入，我們就會發現，雖然我們的收入有所成長，但在 2025 財年卻下降了 2.3%。我肯定會提到美洲市場，它貢獻了我們近 63% 的收入。該業務在 2025 財年增長了 1.2%。

The second piece of the business, which is a APMEA, it has actually degrown 9%, but the region has recovered in the second half of the year and delivered a growth of 1% in quarter four sequentially. Well, Europe, I called out, has been a challenge for us. It has degrown 7% year on year and 2.5% sequentially in quarter four.

業務的第二部分是亞太、中東和非洲地區，其成長實際上下降了 9%，但該地區在下半年已經復甦，並在第四季度環比增長了 1%。嗯，我大聲說，歐洲對我們來說一直是個挑戰。第四季度，其成長率年減了 7%，季減了 2.5%。

Our focus has been to stabilize and bring this region back to growth trajectory. To this end, we had new leadership. The leadership has come together and we are seeing it in as far as the traction on the ground is concerned.

我們的重點是穩定該地區並使其恢復成長軌道。為此，我們有了新的領導階層。領導層已經團結起來，就實際行動而言，我們看到了這一點。

The good example as Phoenix steel that we have closed, which will help us get some momentum on the revenue side, if not next quarter, second half of the year, like I said. And what is the important thing that I want to call out is our deal pipeline in Europe.

一個很好的例子就是我們已經關閉的鳳凰鋼鐵公司，這將幫助我們在收入方面獲得一些動力，如果不是下個季度，那麼下半年，就像我說的。我想要強調的重要一點是我們在歐洲的交易管道。

And that's very encouraging to me. And we have a good opportunity for us to stabilize and also bring growth back in Europe.

這對我來說非常鼓舞人心。我們有一個很好的機會來穩定和恢復歐洲的成長。

So essentially, the problem statement is the Europe and how Europe will turn around, which will have an overall impact on Wipro's performance.

因此，本質上，問題在於歐洲以及歐洲將如何扭轉局面，這將對 Wipro 的表現產生整體影響。

Great, thanks a lot for that.

太好了，非常感謝。

Gaurav Rateria, Morgan Stanley.

Gaurav Rateria，摩根士丹利。

I have a couple of them. Just first question for Srini. What exactly your guidance assumes with respect to normalization of the environment? Is it that the environment remains tough throughout the quarter is what your assumption is? Or you expect that to normalize over the coming weeks and some bit of that reflects an improving growth over the coming months may not be a start of the quarter, but back half of the quarter?

我有幾個。第一個問題想問 Srini。關於環境正常化，您的指導究竟有何假設？您是否認為整個季度的環境依然嚴峻？或者您預計這種情況將在未來幾週內恢復正常，並且在一定程度上反映出未來幾個月經濟成長的改善可能不是本季的開始，而是本季的後半段？

Gaurav, I'm talking to someone who is on a daily basis, looking at what's happening in the macro environment. Maybe I should ask you offline this particular question. But clearly, in the context of the guidance we have given for quarter one, right? We have factored in assumptions for the -- both at the lower end and upper end of the guidance. So our guidance for quarter one that we have given is based on the best visibility, both in terms of revenue and what we have seen currently, right?

高拉夫，我正在與一位每天都關注宏觀環境變化的人交談。也許我應該離線問你這個特定的問題。但顯然，根據我們對第一季給予的指導，對嗎？我們已經將指導值的下限和上限都考慮在內了。因此，我們給出的第一季指導是基於最佳可見性，包括收入和我們目前所看到的情況，對嗎？

However, the upper end of the guidance is, if we see the improvement in the demand situation from where we are today.

然而，如果我們看到需求狀況較目前有所改善，那麼就可以達到指導的上限。

So the lower end of the guidance will obviously have to factor in a worsening of the demand environment. So we are sure in between that car. I don't have a crystal ball to say when this whole certain -- uncertainty will come become certain. And all of you have -- how we have forecasted from Jan to Feb to March. Never happened before.

因此，指導值的下限顯然必須考慮到需求環境的惡化。所以我們確信就在那輛車之間。我沒有水晶球可以預測什麼時候這一切不確定性會變成確定性。你們所有人都知道——我們對一月到二月到三月的情況進行了預測。以前從未發生過。

Even during the COVID crisis, we did not see the analyst coming back and changing the forecast so rapidly in three months and few weeks. So I'm only hoping for the best case scenario, which will impact our high end of the guidance, worst-case scenario, which will be at the lower end of the guidance. That's the best way I can answer your question, Gaurav.

即使在 COVID 危機期間，我們也沒有看到分析師在三個月零幾週內如此迅速地回來並改變預測。因此，我只希望最好的情況能影響我們預期的高端，最壞的情況會影響我們預期的低端。這是我能回答你的問題的最好方式，Gaurav。

Sure, Srini. Thank you so much for transparency and explanation. My second question is on the TCV that you report, the total TCV minus. If you look at that number on a trailing 12 months, it's down by around in like 13%, 14% Y-o-Y. Is this the reason why the conversion of order book into revenue gets impacted because these deals convert into revenue much faster than your larger deals.

當然，Srini。非常感謝您的透明度和解釋。我的第二個問題是關於您報告的 TCV，即總 TCV 減去。如果你查看過去 12 個月的數字，你會發現它比去年同期下降了約 13% 或 14%。這是訂單轉化為收入受到影響的原因嗎？因為這些交易轉化為收入的速度比大額交易快得多。

Of course, you're doing great in the large deals, but that takes time to convert into revenue. But this immediately closing and correlate that this part of the business is driving a weaker conversion ratio.

當然，你在大型交易中做得很好，但這需要時間才能轉化為收入。但這立即關閉並關聯到這部分業務正在推動較弱的轉換率。

If you look at our overall bookings, we closed the full year with $14.3 billion of bookings. And in some sense, that is that is down year-on-year quarter. But if you look at our large deals, which is something that we've been categorically wanting to improve have gone up.

如果你看一下我們的整體預訂量，你會發現我們全年的預訂量為 143 億美元。從某種意義上說，這是同比下降的。但如果你看看我們的大額交易，你會發現我們一直希望改進的事情已經增加。

So you're right, that the deals that are there in the smaller and medium-sized bucket are not growing fast enough and our bookings are largely coming through the large deal. So to that say now whether that has direct correlation that do larger, do you see longer to convert that we do smaller deals?

所以你說得對，小型和中型交易的成長速度不夠快，我們的訂單主要來自大型交易。那麼現在說這是否與做大交易有直接關係，您是否認為轉換時間比做小交易要長？

Are they -- will they come into the conversion much faster? That's just conjecture. I don't think there is an analysis or there is a causal effect to that extent. But yes, if that also starts to grow, it will have an impact on our overall revenue growth.

他們會更快轉變嗎？這只是猜測。我認為沒有那麼深入的分析，也沒有那麼深的因果關係。但是，是的，如果它也開始成長，它將對我們的整體收入成長產生影響。

Got it. Last question for you, Aparna. Just trying to understand that when revenues actually decline, it has an impact on the utilization rate. which could be a possibility in 1Q. But let's say, if you were to maintain margins in a narrow band, what would be the underlying assumption for utilization rate? Should it be fair to believe that utilization has to be around 87%, 88% in the current to hold on to margins in the narrow [bank]?

知道了。阿帕娜，我要問你最後一個問題。只是想了解當收入實際下降時，它會對利用率產生影響。這在第一季是有可能的。但是，假設您要將利潤率維持在狹窄的範圍內，那麼利用率的基本假設是什麼？是否可以公平地認為，目前的利用率必須達到 87% 左右，才能在狹窄的市場中維持利潤率？[銀行]？

Gaurav, there are several levers at play and utilization is one of them. Total utilization needs to improve or at least sustain even though in a weaker revenue environment, that's what we will be focused on. There are other levers at play that I spoke about, fixed price, productivity, further costs in our G&A, overhead rationalization, improvement in other programs that we are driving from a standpoint of how we're looking at profitability. So there are many levers at play with utilization being one of them, Gaurav.

Gaurav，有幾個槓桿在作用，利用率就是其中之一。即使在較弱的收入環境下，總利用率也需要提高或至少維持下去，這就是我們關注的重點。我談到了其他發揮作用的槓桿，包括固定價格、生產力、一般及行政費用中的進一步成本、間接費用合理化以及從盈利能力角度來看我們正在推動的其他項目的改進。因此，有很多槓桿在起作用，利用率就是其中之一，Gaurav。

Surendra Goyal, Citi.

花旗銀行的 Surendra Goyal。

Srini, really just 1 question. Your sales and marketing spend in USD terms is down high single-digit Y-o-Y in FY25. At a time when you continue to lose market share versus peers, so do you think anything needs to be done differently here? Or do you think you are doing enough, investing enough for this to be able to drive the catch up with peers on growth rates?

Srini，其實只有一個問題。以美元計算，貴公司 2025 財年的銷售和行銷支出較去年同期下降了高個位數。當您的市佔率相對於同業不斷下降時，您認為需要採取什麼不同的措施嗎？或者您認為您做得足夠多、投入足夠多，能夠在增長率上趕上同行嗎？

I think, Surendra, you can look at our S&M even year-on-year. I think that's a good reflection. -- quarter-on-quarter, there could be certain noises that could impact and I must tell you that from an employee compensation standpoint, we -- there is no change in the S&M, right? A lot of what we are doing is rationalization of maybe more G&A kind of road, right? And there, again, we are looking only at those roles that are like by design, need to operate from India.

我認為，Surendra，你可以逐年看看我們的 S&M。我認為這是一個很好的反映。 - 與上一季相比，可能會有一些噪音產生影響，我必須告訴你，從員工薪酬的角度來看，我們 - S＆M 沒有變化，對嗎？我們所做的許多工作可能都是對 G&A 類道路進行合理化，對嗎？再次強調，我們只關注那些根據設計需求在印度運作的角色。

And therefore, they're not client-facing and in high-cost geographies, we've got them down. So you can be rest assured that we're not cutting down on S&M, especially from a sales standpoint. In fact, we are going ahead and investing in our people in the cross industry and Industry Solutions and in AR. Srini, you want to add.

因此，他們不面向客戶，而且在高成本地區，我們已經把他們打壓下去了。因此您可以放心，我們不會減少 S&M，尤其是從銷售角度來看。事實上，我們正​​在持續投資跨產業、產業解決方案和 AR 領域的人才。Srini，你想補充一下。

Yes, sure. So just to add, Surindra what pans first and foremost, right? We continue to invest in sales and marketing and the strategic areas that we talked about, but that's consulting, but that's AI power investments around innovation and so on and so forth. So we are not -- we are investing for growth. So I want to be very clear on that aspect of it.

是的，當然。所以只是想補充一下，Surindra 首先要討論的是什麼，對嗎？我們繼續投資於銷售和行銷以及我們談到的策略領域，但那是諮詢，那是圍繞創新的人工智慧投資等等。所以我們不是為了成長而投資。所以我想非常清楚地了解這方面的情況。

However, if we have created design principles, where if the roles are not client facing, not enough roles that can be done from home. It doesn't make us the necessary sense for them to be sitting there. So we are moving such roles to low cost, either it could be in Europe, Latin America or India, depending on where it is coming from. So that's what would have -- what has reflected Surendra.

然而，如果我們已經創建了設計原則，如果角色不是面向客戶的，那麼就沒有足夠的角色可以在家中完成。他們坐在那裡對我們來說沒有必要。因此，我們正在將這些角色轉移到低成本地區，可能是歐洲、拉丁美洲或印度，這取決於其來源。這就是蘇倫德拉所反映的。

But let me be very clear. if we have to be consulting late AI pod Wipro for the industry segments where we are going to prioritize on, we're going to go full throttle on growth in those segments and investments, sorry.

但請讓我明確地說明一下。如果我們必須就我們要優先考慮的行業領域諮詢已故的人工智慧部門 Wipro，那麼我們將全力以赴地促進這些領域的成長和投資，很抱歉。

Understand. So you think you are doing enough. So I get the point.

理解。所以你認為你已經做得足夠了。我明白了。

We'll take our next question from the line of Ankur Rudra from JPMorgan.

我們將回答摩根大通的 Ankur Rudra 提出的下一個問題。

Can you elaborate a bit on the extent of the ramp downs cancellations delays you mentioned that has happened only in the last two weeks since the tariffs came out. How much of this is fresh -- and is that what you're building into both ends of your guidance now?

您能否詳細說明您提到的自關稅出台以來過去兩週內發生的產量下降和取消延遲的程度？其中有多少是新鮮的——這是否是您現在在指導的兩端所建立的內容？

Our guidance bakes in the current visibility that we have on core at the moment. It certainly reflects the macroeconomic environment and the visibility that we have in terms of the trends that our clients will meet with us. So in some sense, the factors like Srini said, those uncertainties as well. And as you know, we guide in a range and that gives you a good perspective of what we're looking at for the quarter.

我們的指導考慮到了我們目前對核心的了解。它確實反映了宏觀經濟環境以及我們對客戶與我們見面的趨勢的了解。所以從某種意義上來說，就像 Srini 所說的那樣，也存在著那些不確定因素。如您所知，我們會在一個範圍內提供指導，這可以讓您很好地了解我們對本季度的展望。

Right. So I mean I'm just trying to dig in a bit deeper to your previous answer where you spoke about if macro improvements at the upper end, if it does not, is the lower end. I was wondering how much of that has changed in the last two weeks?

正確的。所以我的意思是，我只是想更深入地探究一下您之前的回答，您談到宏觀改進是否在高端，如果沒有，那麼就是在低端。我想知道過去兩週內發生了多大變化？

So Ankur, from our perspective, I think after the pause for 90 days on the tariffs, I think there's a little bit of stability that we have seen. And that's, I think, reflecting on the last two weeks that we are talking about it Ankur. But we don't know what we don't know at this point in time how this will play out. especially with China on the tariff side. So it's a little difficult to predict.

因此，安庫爾，從我們的角度來看，我認為在關稅暫停 90 天后，我們看到了一點穩定性。我認為，這就是我們過去兩週討論 Ankur 的反思。但目前我們還不知道事情會如何發展。尤其是在關稅方面與中國的關係。所以有點難以預測。

But again, just to repeat what I said and again, what Aparna said, right? Based on the best visibility in terms of revenues that we have, -- we've given the upper end of the guidance. Assuming the demand situation from where it is today will stabilize and improve and the lower end if it worsens further.

但是，再說一遍，我只是想重複我說過的話，以及阿帕娜說過的話，對嗎？根據我們所擁有的最佳收入可見性，我們給出了指導的上限。假設目前的需求狀況將會穩定和改善，如果進一步惡化，則需求狀況將會處於較低水準。

Okay. Understood. Just talking a bit about AI. Can you talk a bit about how AI-related productivity pass backs or deflation might be playing into your contract renewals? And if you are proactively infusing AI gains into your existing deals, is that port existing TCV numbers at risk?

好的。明白了。只是談論一下人工智慧。您能否談談與人工智慧相關的生產力回扣或通貨緊縮會如何影響您的合約續約？如果您主動將 AI 收益注入現有交易中，那麼現有的 TCV 數字是否會面臨風險？

So at this point in time, Ankur, I'm not seeing any significant impact either on revenues or margins. right? What we are doing is whatever benefits of gen AI that are applicable to our customers, right? In many of the cases, some of the times, the customers' budgets are getting freed up -- so we are actually using AI and also getting some incremental work done for the same customer. And that could also offset some of the revenue drops you're talking about.

因此，Ankur，目前我還沒有看到收入或利潤受到任何重大影響。正確的？我們正在做的是將人工智慧的任何好處應用到我們的客戶身上，對嗎？在很多情況下，有時客戶的預算會被釋放——所以我們實際上是在使用人工智慧，同時也為同一個客戶完成一些增量工作。這也可以抵消您所說的部分收入下降。

But what is important to call out is while we continue to introduce gen AI into managed services deals and also the managed services opportunities that currently exist with our existing clients. We're also leveraging China gen AI to actually look at a completely new revenue stream. And that's for us as part of it changing the game, leveraging gen AI. So it's not just operating better or developing better for the clients on gen AI, but also changing the game for them. And that's an exciting piece if you ask me.

但需要指出的是，我們將繼續將人工智慧引入託管服務交易以及現有客戶目前存在的託管服務機會。我們也利用中國人工智慧來尋找全新的收入來源。這對我們來說是改變遊戲規則、利用人工智慧的一部分。因此，它不僅能讓人工智慧客戶更好地運作或更好地發展，還能為他們改變遊戲規則。如果你問我，那是一件令人興奮的作品。

And I can just -- for example, we just announced a partnership with NVIDIA on sovereign AI, right? We did this collaborating with them, and we have announced [CM.AI] in Thailand. And this is something which is very new which has a huge impact on tourism industry, starting with Thailand, and it could get replicated across countries. So that's one good example I can talk about.

我可以——例如，我們剛剛宣布與 NVIDIA 在自主 AI 方面建立合作夥伴關係，對嗎？我們與他們合作，並在泰國發布了[CM.AI]。這是一個非常新穎的舉措，對旅遊業產生了巨大的影響，首先從泰國開始，並且可以在各個國家複製。這就是我可以談論的一個很好的例子。

Another example, Ankur, just leveraging gen AI, one of the large cities in Europe, we are actually doing as part of the smarter city, we are doing predictive maintenance of the critical infrastructure, right? That's a very interesting very high-end kind of work. In fact, we got this AI agents actually the physical agents I'm talking about going and looking at aging of the pipes that are there, ground situations and so on and so forth. Everything is AI based, and this is AI-based problem detection, right? And also the end benefit for the city is preventive maintenance of the water pipelines, for example.

另一個例子是，安庫爾，只是利用人工智慧，在歐洲的大城市之一，我們實際上正在將其作為智慧城市的一部分，對關鍵基礎設施進行預測性維護，對嗎？這是一項非常有趣且高端的工作。事實上，我們得到了這個人工智慧代理，實際上是我所說的物理代理，去觀察那裡的管道老化情況、地面情況等等。一切都是基於人工智慧的，這是基於人工智慧的問題檢測，對嗎？並且，城市最終獲得的利益是水管的預防性維護等。

So this is also going to help the city in terms of reducing the manual inspection and, of course, the overall maintenance costs. So these are the great examples Ankur that I'm seeing where gen AI can give us new opportunities for growth.

因此，這也將有助於城市減少人工檢查，當然還有整體維護成本。所以，Ankur，這些都是我看到的很好的例子，人工智慧可以提供我們新的成長機會。

Yes, if I can just squeeze in one last question. You had mentioned success in your large accounts. If I look at the client metrics for the last several quarters and expect this quarter, it's across sizes, whether it's $100 million down to $10 million has been an element of softness. Could you clarify how much of this is from FX versus client losses or cuts in discretionary spending?

是的，如果我能擠出時間問最後一個問題的話。您曾提到大額帳戶的成功。如果我查看過去幾季的客戶指標並預測本季的情況，無論規模大小，無論是 1 億美元還是 1000 萬美元，都是疲軟的因素。您能否澄清一下，其中有多少是外匯損失，有多少是客戶損失或可自由支配支出的削減？

Yes. If you look at the number of $50 million clients that we have, we broadly remain the same. We've said we've mentioned that our top class, our top 5 or top 10, they're all growing. In fact, even in Q4 of 25% on a year-on-year constant currency basis, all three have grown. The number of clients, active clients that we are seeing going down is just a reflection of the overall revenue environment and the lower discretionary spend.

是的。如果你看一下我們擁有的 5000 萬美元客戶的數量，我們基本上保持不變。我們說過，我們的頂級班級，前 5 名或前 10 名，都在成長。事實上，即使第四季度以固定匯率計算年增 25%，這三家公司也都實現了成長。我們看到客戶數量和活躍客戶數量的下降只是整體收入環境和可自由支配支出減少的反映。

Ladies and gentlemen, that was the last question for today. I would now like to hand the conference back to Mr. Dipak Bohra for closing comments. Over to you, sir.

女士們、先生們，這是今天的最後一個問題。現在我想將會議交還給迪帕克·博赫拉先生，請他發表最後評論。交給您了，先生。

Yes. Thank you all for joining the call. In case --

是的。感謝大家參加此次電話會議。以防萬一--

Ladies and gentlemen, we've lost the management connection. We request you to stay connected please.

女士們、先生們，我們已經失去了管理聯繫。我們請求您保持聯繫。

Yes. Thank you all for joining the call. In case we could not take any questions due to time constraints, please feel free to reach out to Investor Relations team. Have a nice evening. Thank you so much.

是的。感謝大家參加此次電話會議。如果我們由於時間限製而無法回答任何問題，請隨時聯繫投資者關係團隊。祝你今晚愉快。太感謝了。

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

謝謝管理團隊的各位成員。我代表 Wipro Limited 結束本次會議。感謝您的加入，現在您可以斷開您的線路了。