Wipro Ltd (WIT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, good day and welcome to Wipro Limited Q1 FY26 earnings call. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Dipak Bohra, Senior Vice President, Corporate Treasurer, and Investor Relations. Thank you. And over to you, sir.

女士們、先生們，大家好，歡迎參加 Wipro Limited Q1 FY26 收益電話會議。（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人關係資深副總裁 Dipak Bohra 先生。謝謝。接下來就交給您了，先生。

Yeah, thank you Yashashree. Warm welcome to our quarter one financial year 2026 earnings call. We'll begin the call with 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。熱烈歡迎您參加我們 2026 財年第一季財報電話會議。我們將首先由我們的執行長兼董事總經理 Srinivas Pallia 介紹業務亮點和概述，然後由我們的財務長 Aparna Iyer 介紹財務概況的最新情況。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 this call we may make certain forward-looking statements within the meaning of Private Securities Litigation Reform Act 1995. These statements are based on management's current expectations and are associated with uncertainties and risks which may cause the actual results to differ materially from those expected. The uncertainties and risk factors are explained in our detailed filings with the SEC.

在 Srini 開始之前，請允許我提請您注意，在本次電話會議中，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。我們向美國證券交易委員會提交的詳細文件中解釋了這些不確定性和風險因素。

Wipro does not undertake any obligation to update the forward-looking statements to reflect events and circumstances after the date of filing. The conference call will be archived and the transcript will be available on our website.

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

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

說完這些，我想把電話轉給 Srini。謝謝。

Thank you, Dipak. Good evening, everyone. Thank you for joining us today. Let me start with a quick view on quarter one and the broader environment. We started the quarter facing significant macro uncertainty which kept overall demand muted.

謝謝你，迪帕克。大家晚上好。感謝您今天加入我們。首先，我來簡單回顧一下第一季和更廣泛的環境。本季開始，我們面臨巨大的宏觀不確定性，導致整體需求低迷。

Our clients prioritized initiatives with immediate impact primarily focusing on cost optimization and vendor consolidation. And at the same time, they accelerated their AI data and modernization programs. We saw a clear trend of many AI projects moving to scale and production.

我們的客戶優先考慮具有直接影響的舉措，主要專注於成本優化和供應商整合。同時，他們也加速了人工智慧數據和現代化計畫。我們看到許多人工智慧項目走向規模化和生產的明顯趨勢。

We quickly aligned with these priorities, deepened our partnerships, and secured key deals. The large deals we close this quarter and last quarter, along with a strong pipeline, put us in a good position for the second half of the year. With that, let me now turn to our quarter one performance.

我們迅速調整了這些優先事項，深化了合作夥伴關係，並達成了關鍵交易。我們本季和上個季度完成的大型交易以及強大的管道使我們在下半年處於有利地位。現在，讓我來談談我們第一季的表現。

I will start with key financial highlights and an overview of our markets and sectors. Aparna will provide further details on the financials in our remarks. Our IT services revenue for quarter one was $2.59 billion. quarter on quarter, the growth of 2% in constant currency terms within our guidance range. Our IT services margin was 17.3%, an expansion of 80 basis points year on year.

我將首先介紹主要的財務亮點以及我們的市場和行業概況。Aparna 將在我們的評論中提供有關財務的更多詳細資訊。我們第一季的 IT 服務收入為 25.9 億美元，以固定匯率計算環比增長 2%，在我們的指導範圍內。我們的IT服務利潤率為17.3%，年增80個基點。

In our markets, Americas grew 1.5% year on year in constant currency terms, and we are continuing to see strong real momentum here. [RPS] revenue stayed flat. Digital spending in India, Middle East, and Southeast Asia kept the market resilient. Europe continued to face headwinds, and clients remain focused on maintaining their competitiveness in this environment.

在我們的市場中，美洲市場以固定匯率計算年增1.5%，我們持續看到強勁的實際成長動能。 [RPS]收入保持穩定。印度、中東和東南亞的數位支出維持了市場彈性。歐洲繼續面臨逆風，客戶仍然專注於在這種環境下保持競爭力。

Capco grew year on year, driven by strong performance in Latin America. Turning to our industry sectors. In BFSI, demand is strong and steady. Clients are modernizing their IT landscape with a sharp focus on [AI] efficiency and transformation. We also won two mega deals here, which I will discuss later.

在拉丁美洲強勁表現的推動下，Capco 較去年同期成長。轉向我們的行業部門。在 BFSI 領域，需求強勁且穩定。客戶正在對其 IT 環境進行現代化改造，重點關注 [AI] 效率和轉型。我們還在這裡贏得了兩筆大交易，我稍後會討論。

In consumer and EMR, we are seeing a more cautious mode. Retail, CPG, and manufacturing have been most affected by tariffs. Even though discretionary budgets are tight, outsourcing renewals are creating new opportunities to gain wallet share.

在消費者和EMR領域，我們看到了一種更謹慎的模式。零售業、快速消費品業和製造業受關稅的影響最大。儘管可自由支配的預算緊張，但外包續約正在創造獲得錢包份額的新機會。

In technology and communication, we are seeing a clear shift towards AI investment. Clients are looking to innovate and future-proof their software and platforms. We won a large deal here that has the potential to become a mega deal. Healthcare continues to do well as clients invest in modernization and digital transformation. While payers are under cost pressure, the overall outlook for the sector remains positive. These priorities and shifts and client focus are evident in the strategic deals we have won in quarter one.

在科技和通訊領域，我們看到了向人工智慧投資的明顯轉變。客戶正在尋求創新並確保其軟體和平檯面向未來。我們在這裡贏得了一筆大交易，它有可能成為一筆超級交易。隨著客戶對現代化和數位轉型的投資，醫療保健產業繼續表現良好。儘管付款人面臨成本壓力，但該行業的整體前景仍然樂觀。這些優先事項、轉變和客戶關注點在我們在第一季贏得的策略交易中得到了充分體現。

During the quarter, we reported bookings worth $5 billion in total contract value, a growth of 51% year on year. Our large deal bookings reached $2.7 billion, up 131% year on year. This includes 16 large deals this quarter, including two mega deals. Several of these wins were driven by vendor consolidation where we continue to build strong momentum. These deals reflect a good balance of extension of existing work and securing new business. They also highlight our capabilities, domain expertise, and progress in AI.

本季度，我們報告的訂單總額為 50 億美元，年增 51%。我們的大額交易訂單達到27億美元，年增131%。本季有 16 筆大型交易，其中包括兩筆超級交易。這些勝利中的一些是由供應商整合推動的，我們繼續保持強勁勢頭。這些交易體現了現有業務的擴展和新業務的獲得之間的良好平衡。他們也強調了我們在人工智慧方面的能力、領域專業知識和進展。

Let me share three examples to bring this to life. My first example is a global banking leader that selected us as a strategic partner to transform technology across multiple business lines and enterprise function. It chose us for our deep BFSI expertise and consulting-led approach. We will transform the digital ecosystem, modernize their cloud and data platforms, improve cyber resilience, and embed AI across the software development life cycle, helping post-engineering productivity and reimagine core processes.

讓我分享三個例子來說明這一點。我的第一個例子是全球銀行業領導者，他們選擇我們作為策略合作夥伴，以轉變跨多個業務線和企業職能的技術。它選擇我們是因為我們深厚的 BFSI 專業知識和諮詢主導的方法。我們將改變數位生態系統，實現雲端和資料平台的現代化，提高網路彈性，並在整個軟體開發生命週期中嵌入人工智慧，幫助提高後工程生產力並重新構想核心流程。

Second, a leading global semiconductor company signed a multiyear agreement with us to modernize its entire product life cycle. Building on our long-standing partnership, we will drive end-to-end engineering transformation from silicon design and system software to platform development and hardware validation. Our focus is on using AI and automation to accelerate development, improve quality, reduce costs, and enable agile practices.

其次，一家全球領先的半導體公司與我們簽署了一項多年期協議，以實現其整個產品生命週期的現代化。基於我們長期的合作夥伴關係，我們將推動從矽片設計和系統軟體到平台開發和硬體驗證的端到端工程轉型。我們的重點是利用人工智慧和自動化來加速開發、提高品質、降低成本並實現敏捷實踐。

Finally, we secured a mega deal with a leading North American bank extending a decade-long partnership. We will transform the technology across core banking, wealth management, and retail using our AI-powered global delivery framework.

最終，我們與北美一家領先的銀行達成了一項大型交易，延長了長達十年的合作關係。我們將利用人工智慧驅動的全球交付框架，轉變核心銀行、財富管理和零售領域的技術。

This includes modernizing their cloud infrastructure, strengthening cyber resilience, and enhancing their digital ecosystem and enterprise applications. This will accelerate innovation, improve time to market, and deliver a more customer-centric experience for our clients.

這包括現代化他們的雲端基礎設施，增強網路彈性，以及增強他們的數位生態系統和企業應用程式。這將加速創新，縮短產品上市時間，並為我們的客戶提供更以客戶為中心的體驗。

In fact, these examples highlight a clear trend. AI is no longer a niche. It's becoming essential to how businesses operate at scale. At Wipro, we see AI as the fourth reshaping industries and amplifying human potential. We at Wipro are building an AI-first, AI-everywhere enterprise focused on solving complex challenges, accelerating delivery and reimagining operations at scale.

事實上，這些例子凸顯了一個明顯的趨勢。人工智慧不再是一個小眾事物。它對於企業如何大規模運作變得至關重要。在 Wipro，我們將人工智慧視為重塑產業和擴大人類潛力的第四大技術。我們 Wipro 正在建立一個 AI 優先、AI 無處不在的企業，專注於解決複雜挑戰、加速交付和大規模重塑營運。

By embracing autonomous and agentic AI, we are transforming business models and how organizations work. In fact, our AI capabilities are integrated into both industry and cross-industry solutions. By combining domain expertise with AI, we are able to deliver value through solutions such as hyper personalized wealth management and predictive industrial insights, to name a few.

透過採用自主和代理人工智慧，我們正在改變商業模式和組織的工作方式。事實上，我們的AI能力既融入了產業解決方案，也融入了跨產業解決方案。透過將領域專業知識與人工智慧結合，我們能夠透過超個人化財富管理和預測性產業洞察等解決方案提供價值。

So far, we have deployed over 200 AI-powered agents using advanced technologies from leading hyperscalers. For example, these agents enables smarter lending, intelligent claims processing, and autonomous network management.

到目前為止，我們已經利用領先的超大規模企業的先進技術部署了 200 多個人工智慧代理。例如，這些代理商可以實現更智慧的借貸、智慧的索賠處理和自主網路管理。

We are equally focused on talent and training our team with the skills and mindset to thrive in an AI-first world. Building on the strong foundation and our continued focus on five strategic priorities, we are well positioned for the future.

我們同樣注重人才，並培訓我們的團隊，使他們具備在人工智慧優先的世界中蓬勃發展的技能和思維方式。憑藉著堅實的基礎和對五大戰略重點的持續關注，我們為未來做好了準備。

I would like to now discuss our outlook for the next quarter. While we are cautious given the macro environment, our strong order book, healthy pipeline and focus on consulting-led AI-powered solutions, give us confidence in delivering long-term value to our stakeholders. (inaudible) to profitable growth remains our priority. Based on our visibility, we are guiding for a sequential growth of minus 1% to plus 1% in constant currency terms.

我現在想討論一下我們對下一季的展望。雖然我們對宏觀環境持謹慎態度，但我們強大的訂單、健康的管道以及對諮詢主導的人工智慧解決方案的關注，使我們有信心為利益相關者提供長期價值。 （聽不清楚）實現獲利成長仍是我們的首要任務。根據我們的預測，我們預計以固定匯率計算的環比成長率為-1%至+1%。

With that, let me hand over to Aparna for a detailed view on our financials. Thank you, again, and over to you, Aparna.

說完這些，讓我把時間交給 Aparna，讓她詳細介紹我們的財務狀況。再次感謝你，阿帕娜 (Aparna)。

Thank you, Srini. Good evening, ladies and gentlemen. Let me give you a brief update on the financial performance for the quarter ended June 30, 2025. After that, we can open it up for questions. Our IT Services revenue for Q1 sequentially declined by 2% in constant currency, which is well within our guided range.

謝謝你，Srini。女士們、先生們，晚上好。讓我向您簡要介紹截至 2025 年 6 月 30 日的季度財務表現。之後，我們就可以開始提問了。我們第一季的 IT 服務收入按固定匯率計算環比下降 2%，但這完全在我們的預期範圍內。

On a year-on-year basis, the revenue declined by 2.3% in constant currency terms. Our operating margin for Q1 was at 17.3%, an expansion of 80 basis points on a year-on-year basis. As Srini alluded, many of our large deal wins are in the nature of cost takeout or vendor consolidation. These deals typically come with upfront investments and will cause pressure on the cost. As always, we will continue to focus on operational excellence in order to offset these pressures.

以固定匯率計算，營收年減 2.3%。我們第一季的營業利益率為 17.3%，較去年同期成長 80 個基點。正如 Srini 所暗示的，我們的許多大宗交易的成功都體現在成本削減或供應商整合的性質上。這些交易通常需要前期投資，並會對成本造成壓力。像往常一樣，我們將繼續專注於卓越運營，以抵消這些壓力。

Let me give you color on our strategic market unit and sector performance. All growth numbers that I will share will be in constant currency. Americas 1 grew 0.2% sequentially and grew 5.8% on a year-on-year basis. Americas 2 declined 1.7% sequentially and declined 2.7% on a year-on-year basis. Europe declined 6.4% sequentially and 11.6% on a year-on-year basis. APMEA has grown 0.6% sequentially this quarter, though declined marginally on a year-on-year basis.

讓我向您介紹我們的策略市場單位和部門的表現。我將分享的所有成長數字都將以固定貨幣表示。美洲 1 環比成長 0.2%，年增 5.8%。美洲2區較上季下降1.7%，較去年同期下降2.7%。歐洲季減6.4%，年減11.6%。本季 APMEA 環比成長 0.6%，但較去年同期略有下降。

Moving to sectors. BFSI declined 3.8% sequentially and also declined 3.5% on year-on-year terms. Healthcare grew 0.5% sequentially and has grown 3.5% year on year. Consumer declined 4% sequentially and declined 5.7% on a year-on-year term. Technology and communication grew 0.4% sequentially and [degrew] 0.3% year on year. Energy, manufacturing and resources declined 0.7% sequentially and 2.4% on a year-on-year basis. Capco continues to perform well, growing 6% on a year-on-year basis.

轉向各部門。BFSI 環比下降 3.8%，年減 3.5%。醫療保健產業季增 0.5%，年增 3.5%。消費者支出較上季下降 4%，較去年同期下降 5.7%。科技與通訊產業季增 0.4%，年減 0.3%。能源、製造和資源類商品較上月下降0.7%，較去年同期下降2.4%。Capco 繼續表現良好，年增 6%。

Let me share with you some of the other key financial parameters. Our net income grew 10.9% on a year-on-year basis in this quarter. This was after absorbing for a one-time restructuring cost of INR246 crores. Our EPS for the quarter at INR3.2 grew by 10.8% year on year. Our free cash flow generation continues to remain robust. It was at 115% of our net income. This takes our gross cash, including investments to be at $6.4 billion and net cash actually expanded quarter on quarter.

讓我與你們分享一些其他關鍵的財務參數。本季我們的淨收入年增10.9%。這是在吸收了 24.6 億印度盧比的一次性重組成本之後。本季我們的每股收益為 3.2 印度盧比，年增 10.8%。我們的自由現金流產生持續保持強勁。這相當於我們淨收入的115%。這使得我們的總現金（包括投資）達到 64 億美元，淨現金實際上比去年同期增加。

In Q1, our net other income grew 62% on a year-on-year basis. Accounting yield for the average investments held in India was at 8.1% for Q1. Our effective tax rate was at 21.6% for Q1 '26. This is versus 24.5% that we have for the last year and same time last quarter was also 24.5%. Our hedges continue to be in line with our policy at about $2.5 billion of ForEx derivative contracts as hedges at the end of Q1 '26.

第一季度，我們的其他淨收入年增62%。印度第一季平均投資會計收益率為 8.1%。2026 年第一季我們的有效稅率為 21.6%。相較之下，去年同期的成長率為 24.5%，上一季的成長率為 24.5%。我們的對沖繼續符合我們的政策，截至 2026 年第一季末，約有 25 億美元的外匯衍生合約作為對沖。

Finally, before I move to the guidance, I would like to share with all of you that in our Board meeting today, the Board of Directors have declared an interim dividend of INR5 per share. With this, we would have now distributed cash in excess of $1.3 billion in the last six months.

最後，在我轉到指引之前，我想與大家分享，在今天的董事會會議上，董事會宣布每股派發 5 印度盧比的中期股息。這樣，我們在過去六個月內就已經分配了超過 13 億美元的現金。

As you know, we revised our capital allocation policy in January 2025 to increase the payout to a minimum of 70% of our net income over a block of three years. Thus, going forward, subject to the cash position and Board approval, our endeavor would be to pay these dividends twice a year, once along with the June results and then along with our December quarter results.

如您所知，我們在 2025 年 1 月修改了資本配置政策，將三年內的支出提高到至少佔淨收入的 70%。因此，展望未來，根據現金狀況和董事會的批准，我們將努力每年支付兩次股息，一次與 6 月份的業績一起支付，另一次與 12 月份的季度業績一起支付。

In terms of guidance, to reiterate what Srini shared, we expect revenues from our IT Services revenue business to be in the range of $2.56 billion to $2.612 billion. This translates to a sequential growth of minus 1% to plus 1% in constant currency terms.

在指導方面，重申 Srini 的觀點，我們預計 IT 服務業務的收入將在 25.6 億美元至 26.12 億美元之間。以固定匯率計算，這意味著連續成長 1% 至 1%。

With that, we can take questions. Operator?

這樣，我們就可以回答問題了。操作員？

(Operator Instructions) Abhishek Kumar, JM Financial.

（操作員指示） Abhishek Kumar，JM Financial。

Thanks for taking my question. Congratulations on very strong deal wins. My question is -- the first question is on the deal win itself. So on an LTM basis, the overall deal -- deal TCV has grown by 10%. But if I look at the smaller deals on an LTM basis, it's down 8% YoY. So my question is, have we seen any kind of given these large deals are longer in tenure, any material increase in deal duration? And therefore, how should we look at the ACV growth for us to really model growth going forward?

感謝您回答我的問題。恭喜您贏得非常有利的交易。我的問題是——第一個問題是關於交易勝利本身。因此，從 LTM 角度來看，整體交易——交易 TCV 增加了 10%。但如果我從 LTM 角度來看較小的交易，則年減了 8%。所以我的問題是，鑑於這些大型交易的期限較長，我們是否看到交易期限有任何實質的增加？因此，我們應該如何看待 ACV 成長，以便真正模擬未來的成長？

Thank you, Abhishek, for the question. You're correct that our TCV has been growing much faster than the ACV. And this is also because the deals have been going up. Our pipeline has a good balance of both vendor consolidation, cost takeout deals, which are typically longer tenure and deals that are coming in, in the areas of data, AI, modernization that Srini alluded to.

謝謝 Abhishek 提出的問題。您說得對，我們的 TCV 成長速度比 ACV 快得多。這也是因為交易量一直在增加。我們的管道在供應商整合、成本承擔交易（通常期限較長）和即將到來交易（涉及 Srini 提到的數據、人工智慧、現代化等領域）之間實現了良好的平衡。

So it is a good mix of deals. But it is also true that today, if you look at just the -- from a value standpoint, there is -- the large deals are dominating the pipeline in terms of how we've won. Because last year, we won two mega deals. This year, we're starting with two mega deal wins in one quarter. So therefore, in some sense, the TCV booking led by our large deals is indeed growing much faster than the smaller and medium deals.

所以這是一個很好的交易組合。但同樣真實的是，今天，如果你只從價值的角度來看，大型交易在我們如何獲勝方面佔據主導地位。因為去年我們贏了兩筆大交易。今年，我們在一個季度內就贏得了兩筆大型交易。因此，從某種意義上說，我們的大型交易所引領的 TCV 預訂量確實比中小型交易的成長速度快得多。

So it's also true when you keep in the context that the discretionary spends are being weak. And what is number one priority and agenda for our clients is also cost take out. And in some sense, that also fuels what they would like to spend in newer areas. So that's basically how I would like to characterize that.

因此，當你考慮到可自由支配支出疲軟的情況時，這也是事實。對我們的客戶來說，首要任務和議程也是降低成本。從某種意義上說，這也刺激了他們在新領域的投資意願。這就是我基本上想要描述的情況。

Sure. That's clear. Second question is on capital allocation. The last two payouts after the tax regime change has been in the form of dividend. So have we decisively moved towards the dividend route and is buyback now not in consideration?

當然。這很清楚。第二個問題是關於資本配置。稅制改革後的最後兩次支出都是以股利的形式支付的。那麼，我們是否已經果斷地轉向股利路線，現在不再考慮回購？

We raised our capital allocation policy from 45% to 50% of net income to upwards of 70% on a three-year basis. So -- and when we did do that, we had communicated that we continue to prefer dividends and buyback as a means of returning cash to our shareholders. For now, in the January quarter and this quarter, we've given our dividends. Buyback continues to remain an option, and we could consider that at an appropriate time.

我們將資本配置政策從淨收入的 45% 至 50% 提高到三年內的 70% 以上。所以——當我們這樣做的時候，我們已經表示，我們繼續傾向於透過股利和回購作為向股東返還現金的方式。目前，我們已經在一月和本季派發了股息。回購仍然是一種選擇，我們可以在適當的時候考慮。

Sure. Thank you and all the best.

當然。謝謝您，祝您一切順利。

Nitin Padmanaban, Investec.

Nitin Padmanaban，Investec。

Good quarter. Just -- Aparna, I wanted your thoughts on the margins. Now you did mention that a lot of these deals are -- obviously will have some margin impact. So considering that you will have an execution of a lot of these deals coming through. Do you believe that current margins can hold on from where it is? Or how should we sort of think about margins on a going-forward basis?

好季度。只是——阿帕娜，我想聽聽你的想法。現在您確實提到其中許多交易顯然會對利潤產生一定影響。因此，考慮到您將會執行許多此類交易。您認為目前的利潤率能維持下去嗎？或者我們應該如何考慮未來的利潤率？

We don't guide for margins, Nitin, we've had a very good run on operating margin improvement over the last eight quarters. We are very excited with the quantum of deals that we booked. The deals prove the capability of our winning in large vendor consolidation. In fact, we shared that nearly a substantial portion of our large deals actually came from our top client. So we're very happy with the win.

尼廷，我們不對利潤率進行指導，過去八個季度我們的營業利潤率改善非常好。我們對所達成的交易量感到非常興奮。這些交易證明了我們在大型供應商整合中獲勝的能力。事實上，我們表示，我們幾乎很大一部分大額交易實際上來自我們的頂級客戶。所以我們對這場勝利感到非常高興。

Our focus and energy is going to be on conversion, right? A lot of these deals will ramp up over the next four to six quarters. These deals have a good balance of both renewing and an element of expansion. And the expansion will come through ramp up consistently over the next few quarters, right? So all hands on the deck that will mean we will have to make certain upfront investments.

我們的重點和精力將放在轉換上，對嗎？許多此類交易將在未來四到六個季度內增加。這些交易在續約和擴張之間取得了良好的平衡。未來幾個季度，擴張將會持續進行，對嗎？因此，全體人員齊心協力就意味著我們必須進行一定的前期投資。

And these are larger deals and are like strongly contested. And therefore, the nature of the deals, the margin profile is weaker compared to the rest of the portfolio. So there will be some pressure. You've seen our ability to continuously improve our operating margins. Those operating levers will continue to remain at play. And that's what I can share at the moment.

這些都是規模較大的交易，而且競爭非常激烈。因此，從交易性質來看，與投資組合的其他部分相比，這些交易的保證金狀況較弱。所以會有一定的壓力。您已經看到了我們不斷提高營業利潤率的能力。這些操作槓桿將繼續發揮作用。這就是我目前可以分享的內容。

Sure. Fair enough. That's helpful. Thank you so much and all the best.

當然。很公平。這很有幫助。非常感謝，祝一切順利。

Gaurav Rateria, Morgan Stanley.

Gaurav Rateria，摩根士丹利。

Congrats, Srini. Congrats, Aparna, on good execution. My first question is on the kind of the deals. If you look at the last one year, the areas where we have won the deals, like the deal with the insurance on the claims side, the deal with the telecom player in the US. These are areas where Wipro has traditionally not been very strong or been present.

恭喜，Srini。恭喜 Aparna，執行得很好。我的第一個問題是關於交易的種類。如果你回顧過去一年，你會發現我們贏得交易的領域包括與索賠方面的保險交易、與美國電信公司的交易。這些是 Wipro 傳統上實力不強或尚未涉足的領域。

So what tweaks we have made to be able to win deals, which probably traditionally has not been very strong for Wipro? So just trying to understand the initiatives taken around that.

那麼，我們做了哪些調整才能贏得交易呢？對於 Wipro 來說，傳統上這些交易可能並不是很強勁。所以只是想了解圍繞這個問題所採取的措施。

Thanks, Gaurav. This is Srini here. Thank you for the question. If you look at what we called out at the beginning of last year, we said we want to be consulting-led and AI-powered. What that meant, Gaurav, as part of the strategy, we called out five sectors and within those sectors, specific industries where we want to be dominant. So that means we invested in terms of creating domain expertise.

謝謝，Gaurav。我是 Srini。謝謝你的提問。如果你看看我們去年年初的呼籲，我們說我們希望以諮詢為主導，以人工智慧為動力。這意味著，Gaurav，作為策略的一部分，我們列出了五個行業，並在這些行業中確定了我們希望佔據主導地位的特定行業。這意味著我們在創造領域專業知識方面進行了投資。

Two, I would -- like Aparna said, we have won these deals -- these mega deals in some of our top clients. We also talked about as part of a strategic priority that we're going to invest in to growing our large accounts. So the two strategic priorities that we talked about, followed by the third one where we said we're going to build industry and cross-industry solutions.

第二，我想——就像阿帕娜說的，我們已經贏得了這些交易——一些頂級客戶的大型交易。我們也討論了作為策略重點的一部分，我們將投資於擴大我們的大客戶。因此，我們討論了兩個策略重點，接下來是第三個策略重點，我們說我們將建立產業和跨產業解決方案。

All the three strategic priorities really helped us to understand what the client was looking at, both in the context of business, in the context of experience that they were looking for their clients, and the way they have to modernize them; and how to leverage AI to bring in efficiency, optimization, and velocity.

所有這三個策略重點確實幫助我們了解了客戶在關注什麼，包括業務背景、他們為客戶尋求的體驗背景以及他們必須現代化的方式；以及如何利用人工智慧來提高效率、優化和速度。

And so these deals are for me personally, very exciting, Gaurav. And that's the reason I think we've been able to dominate in some of the deals that we talked about. Of the 16 large deals, two of them were mega deals. One has the potential to be a mega deal and I talked about the three case studies.

所以，對我個人而言，這些交易非常令人興奮，Gaurav。我認為這就是我們能夠在一些我們所談論的交易中佔據主導地位的原因。在 16 筆大型交易中，有兩筆是超級交易。其中一項有可能成為一筆大交易，我談到了三個案例研究。

And if you look at it, clearly, it has been AI-powered. It has been consulting led, and it also understands the client landscape. And we will continue to do more of this, Gaurav, as we move forward. And the last point is also being very proactive in terms of listening to the client and responding to their needs.

如果你看一下，你會發現它顯然是由人工智慧驅動的。它一直以諮詢為主導，也了解客戶狀況。隨著我們不斷前進，Gaurav，我們將繼續做更多這樣的事。最後一點是積極主動地傾聽客戶的意見並回應他們的需求。

Thanks for the detailed answer. Second question on -- you mentioned last time that there were certain pauses on large projects. You gave example also on SAP project that were passed by the clients. Have you seen any update on that as have things started to move? And is this part of your guidance?

謝謝您的詳細回答。第二個問題—您上次提到大型專案出現了一些停頓。您也給出了客戶通過的 SAP 專案的範例。事情開始有了進展，您是否看到任何更新？這是您指導的一部分嗎？

Gaurav, if you look at the overall environment in the context of tariffs, in the context of geopolitics and the economy, I think there are certain sectors which have been really impacted. And we called out manufacturing, especially automotive and industrial. We also called out retail in CPG, which has a great impact due to over on global supply chain.

高拉夫，如果你從關稅、地緣政治和經濟的角度來看整體環境，我認為某些產業確實受到了影響。我們呼籲製造業，特別是汽車和工業製造業。我們也提到了快速消費品零售業，由於對全球供應鏈的影響，其影響力巨大。

And one of the projects that I called out last quarter was in one of the sectors, and they are still -- as you know, tariffs are still being evaluated. So the client has paused on that particular program at this point in time, and they would want to have a complete clarity before they get started. So those kind of projects, Gaurav, are still unfold. And that's -- I'm hoping that if things settle down in the next couple of quarters, hopefully, the client will come back to reinvest in those transformation programs.

我上個季度提到的一個項目就屬於某個行業，而且它們仍然——如你所知，關稅仍在評估中。因此，客戶此時暫停了該特定程序，他們希望在開始之前有一個完全清晰的認識。所以，Gaurav，這類計畫仍在展開。這就是——我希望，如果事情在接下來的幾個季度內穩定下來，客戶就會回來重新投資這些轉型計劃。

Thank you. Last question on margins. I understand the puts and takes you explained on margins, especially on the large deals upfront investment, but fair to say that you aspire to be in the band of around 17% that you had been calling out in the past few quarters, keeping these puts and takes into mind?

謝謝。關於利潤的最後一個問題。我理解您解釋的利潤率方面的利弊，特別是大宗交易的前期投資，但公平地說，考慮到這些利弊，您是否希望達到過去幾個季度中一直呼籲的 17% 左右的水平？

So certainly, that remains a band that is where we would like to operate, Gaurav. But having secured these deals, our focus and priority is going to be to ramp up these deals and execute and deliver them. And therefore, there will be certain investments. So there could be certain quarters where we will have to make those investments. But you're right, when you say that 17% to 17.5% band that we called out earlier, remains a band that we would like to operate in.

所以，當然，這仍然是我們想要經營的樂隊，Gaurav。但在達成這些交易後，我們的重點和首要任務將是加強這些交易並執行和交付它們。因此，將會有一定的投資。因此，我們可能需要在某些方面進行這些投資。但您說得對，我們之前提到的 17% 到 17.5% 的區間仍然是我們希望在其中運作的區間。

Thank you.

謝謝。

Surendra Goyal, Citigroup.

花旗集團的蘇倫德拉‧戈亞爾 (Surendra Goyal)。

So just one question on the deals again. Like how comfortable are you that the 10%-odd increase on trailing 12-month TCV will translate into a meaningful growth acceleration. And the reason I ask is like in FY23 also, we saw TCV was up 28% year over year, but FY24 and FY25, we saw a revenue decline. And in that context, is it possible to provide any sense on the ACV growth even directionally?

所以，我再問一個關於交易的問題。例如，您是否相信過去 12 個月 TCV 的 10% 左右的成長將轉化為有意義的成長加速。我問這個問題的原因是，在 23 財年，我們看到 TCV 年比增加了 28%，但在 24 財年和 25 財年，我們看到收入下降。在此背景下，是否有可能對 ACV 的成長提供任何指導，甚至是方向性的指導？

Maybe I'll give in my comment and ask Aparna to add to that. First and foremost, if you look at the opening remarks that I made is that we had a very strong bookings in quarter one. We have a very strong pipeline in quarter two. And I also said that our H2 will be much better than H1. And this confidence comes based on the bookings that we have done.

也許我會發表我的意見並請 Aparna 補充。首先，如果你看一下我所做的開場白，你會發現我們在第一季的預訂量非常強勁。我們在第二季擁有非常強大的產品線。而且我也說過我們的H2會比H1好很多。這種信心來自於我們已經完成的預訂。

And the point that Aparna talked about, we are now staying very focused on execution. Some of these deals will get transition and getting to steady state anywhere from three months to six months' timeframe. So that gives us a confidence to talk about second half, Surendra. And maybe, Aparna, if you want to add some more.

正如阿帕娜 (Aparna) 所談到的，我們現在非常注重執行。其中一些交易將在三個月到六個月的時間內過渡並達到穩定狀態。因此，這讓我們有信心談論下半場，蘇倫德拉。也許，阿帕娜，如果你想添加更多內容的話。

Well, Surendra, your observation is right. Sometimes these TCV and ACV have a different growth trajectory given how longer tenor deals keep getting signed and therefore, what impact that has on conversion. The other factor that has coming the way of the conversion has been just the discretionary spend environment and therefore, how there have been subsequent leakages on that count.

嗯，Surendra，你的觀察是正確的。有時，考慮到長期協議的簽署情況，這些 TCV 和 ACV 會有不同的成長軌跡，因此，這對轉換會產生影響。阻礙這項轉變的另一個因素就是可自由支配的支出環境，以及因此而產生的後續洩漏。

For now, at least the discretionary spend environment seems to have stabilized. And I was hopeful perhaps at the start of this calendar year that it would improve. But for the moment, I think the way we are looking at this financial year is going to be stable. If we keep that assumption in mind, you should be able to see a much better conversion of some of the bookings into revenue, Surendra. And that's the end of [it].

目前，至少可自由支配的支出環境似乎穩定下來。我希望今年年初情況會有所改善。但就目前而言，我認為我們對本財政年度的看法將是穩定的。如果我們記住這個假設，你應該能夠看到部分預訂轉化為收入的更好效果，Surendra。這就是[它]。

And any comments on like ACV growth, even directionally just for us to understand the trends a little better?

對於 ACV 成長有什麼評論嗎，甚至是方向性的，只是為了讓我們更好地了解趨勢？

I think the ACV growth this quarter has grown well on a year-on-year basis as well. So this is not coming only on the back of longer-term deals. And we feel fairly confident about these deals.

我認為本季的 ACV 年成長也很好。因此，這不僅僅是基於長期交易。我們對這些交易充滿信心。

Sure. And just one clarification --

當然。只需澄清一點--

(inaudible) is also quite good.

（聽不清楚）也相當不錯。

Sure. And just one last question, Capco, you mentioned 6% YoY. Could you share the sequential growth number there?

當然。最後一個問題，Capco，您提到了同比增長 6%。能分享一下那裡的連續成長數字嗎？

So we don't -- we're not calling out the sequential growth rate for Capco. It's a part of all the units. One additional point that we had called out in our earnings in the media interaction today is that we have had $1 billion of bookings trailing 12 months. So it should give you a good sense. And even into quarter two, we're looking at a good momentum and trajectory as we start the quarter.

所以我們不會——我們不會公佈 Capco 的連續成長率。它是所有單位的一部分。我們今天在媒體互動中提到的另一點是，過去 12 個月我們的預訂量已達 10 億美元。所以它應該能給你一個很好的感覺。即使進入第二季度，我們也看到了本季開始時的良好勢頭和軌跡。

Sure. Thank you so much.

當然。太感謝了。

Vibhor Singhal, Nuvama Equities.

維博爾·辛格哈爾（Vibhor Singhal），努瓦瑪股票公司。

Thanks for taking my question, and congrats on a solid performance in a very volatile environment.

感謝您回答我的問題，並祝賀您在非常動蕩的環境中表現出色。

So my question was again on Capco. I think as you mentioned, the Capco reported of recent mid-single-digit YoY growth. So basically, if you -- actually, if you could basically take us through the overall environment that we are looking at. I mean this is an environment in which the post tariff uncertainty, one in which we have seen a lot of challenges and discretionary spends being put on hold.

所以我的問題又是關於 Capco 的。我認為正如您所提到的，Capco 報告稱近期同比增長率達到了中等個位數。所以基本上，如果你——實際上，如果你可以帶我們了解我們正在關注的整體環境。我的意思是，這是一個關稅不確定性的環境，我們看到很多挑戰和可自由支配的支出被擱置。

Capco, by the nature of its business, probably reflects that and still we are seeing good growth. Do you see this basically momentum continuing? Any reasons that you see specifically that we've been able to do well while the others might be facing challenges? Any bit of color on that will be very helpful.

Capco 的業務性質可能反映了這一點，而且我們仍然看到良好的成長。您認為這種勢頭會持續下去嗎？您認為我們能夠做得很好而其他人可能面臨挑戰的具體原因是什麼？任何一點顏色都會非常有幫助。

So Vibhor, as far as Capco is concerned, just to add to what Aparna talked about in the context of the year-on-year growth and also the $1 billion booking that Capco did. We have seen Capco growth across US and APMEA on a year-on basis, right? And growth is driven across insurance, wealth and asset management, and energy to be very specific where the growth came.

因此，就 Capco 而言，Vibhor 只是補充了 Aparna 所談論的同比增長以及 Capco 所獲得的 10 億美元預訂量。我們看到 Capco 在美國和亞太、中東和非洲地區的業務較去年同期成長，對嗎？具體來說，成長的驅動力來自保險、財富和資產管理以及能源。

Also, there has been a good momentum in both APMEA and LATAM, especially in Brazil, which is the -- actually outside Capco's traditional geographies. So this actually helped us in the context of the growth and opportunities that we see going forward at -- for Capco.

此外，亞太、中東和非洲 (APMEA) 和拉丁美洲 (LATAM) 地區也呈現出良好的發展勢頭，尤其是巴西，而巴西實際上位於 Capco 的傳統地理區域之外。因此，這實際上對我們在 Capco 未來的成長和機會方面提供了幫助。

(technical difficulty)

（技術難度）

Vibhor, I'm sorry, you're sounding muffled.

維博爾，對不起，你的聲音聽起來很模糊。

Yeah, sorry, I want to ask, is the pipeline also looking good in Capco for the coming quarters?

是的，抱歉，我想問一下，未來幾季 Capco 的管線前景是否也很好？

Yeah, it continues to look good for the coming quarters, Vibhor.

是的，Vibhor，未來幾季的前景仍然看好。

Got it. That's really helpful, Aparna. My second question is basically on the overall -- basically the margins front. So I think, again, a solid performance in this despite the revenue decline. So I don't know if you've answered this before, sorry, I was able to join the call late. But in terms of margins, going forward, do we expect to maintain the same projection of 17% to 18%? Or given the kind of basically revs that we have shown, there could be a possibility of maybe overshooting that range?

知道了。這真的很有幫助，阿帕娜。我的第二個問題基本上是關於整體的——基本上是關於利潤方面。因此，我認為，儘管收入下降，但業績表現仍然穩健。所以我不知道您是否之前回答過這個問題，抱歉，我遲到了。但就利潤率而言，我們是否預期未來將維持 17% 至 18% 的預測？或者考慮到我們已經展示的基本轉速，有可能超出該範圍嗎？

So we don't guide for margins unlike some of our peers. We have, in the past, share that there is an aspirational band of 17% to 17.5%. If you look at quarter one, we have landed somewhere bang in the middle of that band. But looking forward, our focus is going to be conversion of some of these mega real wins that we've had, large deal wins that we've had.

因此，與我們的一些同行不同，我們不提供利潤指導。我們過去曾分享過 17% 至 17.5% 的理想區間。如果你看一下第一季度，我們就已經處於這個區間的中間位置。但展望未來，我們的重點將是轉化我們已取得的一些巨大的實際勝利、大額交易勝利。

And some of these large wins will come with upfront investment and lower margins. So there are going to be pressures that are going to get created. We will have to offset them through better operational rigor and a lot of levers that are there at our disposal. But it is going to be a work that cut out for us. And that's all I can share at the moment, Vibhor.

其中一些巨大的勝利將伴隨著前期投資和較低的利潤。因此，將會產生壓力。我們必須透過更好的操作嚴謹性和我們掌握的許多手段來抵消這些影響。但這對我們來說將是一項艱鉅的任務。這就是我目前能分享的全部內容，Vibhor。

Got it. So just last follow up on that. So I mean, with all the headwinds in place of these large ramp up and all, we still aspire to maintain our margins in the 70% to 75% band range?

知道了。所以最後再跟進一下。所以我的意思是，在面臨所有這些不利因素以及這些大幅成長的情況下，我們仍然希望將利潤率保持在 70% 到 75% 的範圍內嗎？

I said that what we delivered in Q1, we have done well in order to improve our profitability. But now the -- our number one priority would be growth and executions.

我說過，我們在第一季的表現很好，從而提高了獲利能力。但現在我們的首要任務是成長和執行。

Got it. I was just pushing my luck. Thanks a lot for taking my questions and wish you all the best.

知道了。我只是在碰碰運氣。非常感謝您回答我的問題並祝您一切順利。

Ravi Menon, Macquarie.

麥格理銀行的拉維‧梅農。

Congrats on very strong deal wins. Srini, a bit confused about the commentary in Americas. You sounded very optimistic about the pipeline there and the strength of demand. But when you went by the industry by industry segment, it didn't really -- it sounded more mixed with manufacturing, retail, CPG, all -- you're calling out some weakness there. So could you talk a bit about the Americas? And then also talk about the decline in Europe this quarter is that's very temporary, are you expecting a bounce back there?

恭喜您贏得非常有利的交易。Srini，對美洲的評論有點困惑。您聽起來對那裡的管道和需求強度非常樂觀。但是，當你按照行業細分時，你會發現，製造業、零售業、快速消費品等行業的情況似乎更加複雜，你正在指出這些行業存在的一些弱點。那你能談談美洲嗎？然後還要說一下本季歐洲的下滑是暫時的，您預計那裡會出現反彈嗎？

Sure, Ravi. Let me take it one at a time. So if you look at the sectors in the US, we have BFSI. And like I said, that BFSI, the current pipeline is very strong and steady. Having said that, in quarter one, we won two mega deals, which are very strategic for us as a client and also for the client bringing in the power of AI and bringing in the power of our execution capabilities, if you will. So in that context, in the US, BFSI, I see a positive traction.

當然，拉維。讓我逐一討論一下。如果你看看美國的產業，我們就有 BFSI。正如我所說的，BFSI 目前的管道非常強大且穩定。話雖如此，在第一季度，我們贏得了兩筆大型交易，這對我們作為客戶來說具有戰略意義，也為客戶帶來了人工智慧的力量，帶來了我們執行能力的力量。因此，在這種背景下，在美國，BFSI 出現了積極的發展勢頭。

Second is technology and communications, which is another sector of ours. There again, if you look at it, Ravi, we won a large deal which is likely to be a mega deal. And we are staying focused on that because both technology clients and also communication clients, they are investing heavy in AI because they want to modernize their current software and platforms, which is one of our core and also it's also a strength because it's coming through our engineering domain. So that sector will continue to be positive for us.

第二是科技和通信，這是我們的另一個領域。再說一次，拉維，如果你看一下，我們贏得了一筆大交易，這很可能是一筆超級交易。我們一直專注於此，因為技術客戶和通訊客戶都在大力投資人工智慧，因為他們希望實現現有軟體和平台的現代化，這是我們的核心之一，也是我們的優勢，因為它來自我們的工程領域。因此該行業將繼續對我們產生積極影響。

Third, in terms of healthcare. Healthcare traditionally in the US, we've played a big role in the payers, providers and life sciences and that have continued to grow, and we see that to continue to grow. And also some of the industry solutions around payers that we have built actually is resulting in good differentiation and wins for us in the healthcare sector.

第三，醫療衛生方面。在美國傳統醫療保健領域，我們在付款人、提供者和生命科學領域發揮了重要作用，而這一領域一直在持續增長，我們認為這一領域還將繼續增長。而且，我們圍繞付款人構建的一些行業解決方案實際上為我們在醫療保健領域帶來了良好的差異化和勝利。

Fourth, like you rightly said, Consumer business has been a challenge. Within Consumers, we have Retail, CPG, and Travel Transportation. But if I look at the deal wins in quarter one, specifically in the Retail segment, we have had some good, interesting wins. And I think we are staying close to what's happening in the US economy, how the tariffs will play in and how this particular business will keep changing or evolving.

第四，正如您所說，消費者業務一直是個挑戰。在消費者領域，我們有零售、快速消費品和旅遊交通。但如果我看一下第一季的交易勝利，特別是在零售領域，我們取得了一些很好、有趣的勝利。我認為我們正在密切關注美國經濟的動態、關稅將如何影響以及這項特定業務將如何繼續變化或發展。

The last one is energy manufacturing and resources. In that, you're right, manufacturing has been slow for us. And we continue to stay focused because especially in the Automotive segment, I think we have seen the challenges that companies are going through. But we are also looking at opportunities where we can help them in the context of cost takeout. And that's something that we are proactively discussing with those customers. So that's how the US and the sectors are playing out, Ravi.

最後一個是能源製造和資源。從這一點來說，您說得對，我們的製造業進展緩慢。我們將繼續保持專注，因為特別是在汽車領域，我認為我們已經看到了公司正在經歷的挑戰。但我們也在尋找可以在成本削減方面為他們提供幫助的機會。我們正在與這些客戶積極討論此事。這就是美國和各行業的發展情況，拉維。

Now coming to Europe, right? The pipeline continues to be strong in Europe. And in the BFSI sector, specifically in Europe, we have a good pipeline. And having said that, the large Phoenix deal that we won in quarter four, we are going through the final planning phases. And actually, the revenue will start coming in quarter three that can give a good momentum for us in Europe.

現在來到歐洲了，對吧？歐洲的管道建設持續強勁。在 BFSI 領域，特別是在歐洲，我們擁有良好的管道。話雖如此，我們在第四季贏得的鳳凰城大交易目前正處於最後的規劃階段。實際上，收入將在第三季開始出現，這將為我們在歐洲的發展提供良好的動力。

Second, we also are staying focused on some of these deals, which are cost takeouts and vendor consolidation. And we have wins now. We have stories now. We have strength now. We will go back and bring that to bear in Europe.

其次，我們也將繼續關注其中一些交易，即成本削減和供應商整合。現在我們已經勝利了。我們現在有故事了。我們現在有力量了。我們將回去並在歐洲實現這一目標。

While the market in Europe is definitely uncertain, obviously, we have a good view on what's happening in each of the countries and across the Europe -- European Union. But what is more important for us is staying focused on those clients and do the turnaround for us in Europe, which has not been greater in the last couple of quarters, but I'm very confident with the team that we have put together, the energy and the enthusiasm they are bringing in and the pipeline they have will get there.

雖然歐洲市場確實存在不確定性，但顯然我們對每個國家以及整個歐洲——歐盟的情況都有很好的了解。但對我們來說，更重要的是繼續關注這些客戶，並扭轉我們在歐洲的頹勢，雖然過去幾個季度歐洲的情況並沒有好轉，但我對我們組建的團隊非常有信心，他們帶來的活力和熱情以及他們擁有的渠道一定會實現目標。

Thanks for detailed (inaudible). I have a quick question on this restructuring cost about $2.4 billion. This is showing up, I guess, as the unallocated cost in the segmental reporting, right? And whenever we had something like this earlier, there was a detailed footnote explaining what is restructuring. What you do and whether we are taking impairment charges. Could you talk a bit about what's the restructuring charge this quarter?

感謝詳細（聽不清楚）。我對這次約 24 億美元的重組有一個簡單的問題。我猜，這在分部報告中顯示為未分配成本，對嗎？以前，每當我們遇到類似情況時，都會有一個詳細的腳註來解釋什麼是重組。您做什麼以及我們是否承擔損害費用。您能否談談本季的重組費用是多少？

The restructuring costs pertain to restructuring in Europe that we did, this is very limited to a few associates in Europe, and this is one-off in nature and unlikely to reoccur. And you're right, it is a part of the reconciling items and it's part of our EPS and our net income.

重組成本與我們在歐洲進行的重組有關，這僅限於歐洲的少數幾家聯營公司，而且是一次性的，不太可能再次發生。你說得對，它是調節專案的一部分，也是我們的每股盈餘和淨收入的一部分。

Okay. Thanks so much. Best of luck.

好的。非常感謝。祝你好運。

Manik Taneja, Axis Capital.

Manik Taneja，Axis Capital。

Congratulations on some of the internals that you've shown. I had a question with regards to some of the challenges that we've seen in Europe, while the Phoenix large deal will help us and possibly, you're talking about a strong pipeline there. But if you could talk about some of the customer-specific challenges that you've had in Europe over the course of the last several quarters. Are they largely behind us? That's question number one.

恭喜您展示了一些內部內容。我對我們在歐洲遇到的一些挑戰有一個疑問，雖然菲尼克斯的大交易將對我們有所幫助，而且可能您也談到了那裡的強大管道。但是，如果您可以談談過去幾季在歐洲遇到的一些客戶特定挑戰。他們基本上落後於我們了嗎？這是第一個問題。

The second thing is that while you continue to essentially defend our business within our top customers and which also reflects in the revenue performance within top customers. But our client metrics seem to essentially convey some sort of a weakness. If you could just talk -- elaborate as to what may be causing that? Those will be our two questions.

第二件事是，雖然您繼續從本質上捍衛我們在頂級客戶中的業務，但這也反映在頂級客戶的收入表現中。但我們的客戶指標似乎本質上傳達了某種弱點。如果您能詳細說說，說明一下造成這種情況的原因嗎？這就是我們的兩個問題。

Sure, Manik. In Europe, we have said that it's a combination of both the macroeconomic environment, the discretionary spend environment, and a few client-specific challenges. Client-specific challenges are now behind us. To say when would Europe bottom out and start performing, we do feel confident that in the second half of this financial year, we should start seeing some stabilization and growth in Europe.

當然，馬尼克。在歐洲，我們說過，這是宏觀經濟環境、可自由支配的支出環境以及一些客戶特定挑戰的結合。客戶特定的挑戰現已成為過去。至於歐洲何時會觸底並開始復甦，我們確實有信心，在本財年下半年，我們將開始看到歐洲出現一些穩定和成長。

One, certainly because of the Phoenix deal win. Also because we see some of these client-specific issues are behind us. More to be done. More is desired. I think Srini has spoken about a good pipeline. We will continue to remain focused on converting those pipelines and also remaining very close to our top clients in that region.

第一，肯定是因為菲尼克斯交易的勝利。也因為我們發現一些客戶特定的問題已經過去了。還有很多工作要做。還期望更多。我認為 Srini 已經談到了良好的管道。我們將繼續專注於轉換這些管道，並與該地區的頂級客戶保持密切聯繫。

And what was your second question, Manik. Can you just remind me?

你的第二個問題是什麼，Manik。你能提醒我嗎？

That (inaudible), I was also trying to (inaudible) with regards to our client metrics performance. So why (multiple speakers) --

那（聽不清楚），我還試著（聽不清楚）關於我們的客戶指標表現。那麼為什麼（多位發言者）——

Yeah, I now recollect your question. So yes, in some sense, if you look at the total number of active clients that (inaudible) has come down over a period of time, again, reflects discretion environment. There's nothing strategic or intentional that we are doing in order to reduce any number of clients. But it's also a very, very -- we continue to also win the hunting logos, right? The big circle accounts where we would like to expand.

是的，我現在記起你的問題了。所以是的，從某種意義上說，如果你看一下一段時間內（聽不清楚）下降的活躍客戶總數，這再次反映了自由裁量環境。我們並沒有採取任何策略性或有意性的措施來減少客戶數量。但這也非常非常——我們繼續贏得狩獵標誌，對吧？大圓圈代表我們想要擴展的地方。

That's something that we are doing, and we will continue to accelerate that momentum. But we are also investing a lot in our large accounts. And in some sense, you should look at our greater than $50 million account, we've actually grown quarter-on-quarter. We should continue to see momentum in what we call as [metal account]. And you will see that performance reflected there.

這是我們正在做的事情，我們將繼續加快這一勢頭。但我們也在大客戶上投入了大量資金。從某種意義上說，你應該看看我們超過 5000 萬美元的帳戶，我們實際上是逐季增長的。我們應該繼續看到我們所說的[金屬帳戶]。您將會看到那裡所體現的表現。

Sure. Thank you. All the best in the future.

當然。謝謝。祝你未來一切順利。

Kumar Rakesh, BNP Paribas.

法國巴黎銀行的庫馬爾·拉凱什（Kumar Rakesh）。

Thank you for taking my question. I have just one question, more of a clarification. So it seems like on margin earlier, when you used to talk about that it will be in a narrow band for (technical difficulty) do seem to be focusing more on driving top line growth. Earlier, Srini had talked about that the priority would be on profitable growth, and you have spoken about that the second-half performance would be stronger than first half.

感謝您回答我的問題。我只有一個問題，需要進一步澄清。因此，看起來就像您之前談到的利潤率一樣，它將處於一個狹窄的區間內（技術難度），似乎更注重推動營收成長。此前，斯里尼曾表示，首要任務是獲利成長，而您也表示，下半年的業績將強於上半年。

Will you say that would also be reflecting in the bottom-line growth as well? Will that also be better than the first half?

您是否認為這也會反映在底線成長上？這也會比上半年更好嗎？

We don't guide for either the full year revenues or the profit, right? Yes, we've -- in the last few quarters, we've been talking about narrow bands. In the last eight quarters, we have consistently improved, right, our margins. And we've also created a good runway for us to invest back into our business. And believe that we have secured are in our large client relationships, and they will need certain investments that we will have to make upfront. And we will go ahead and make what is -- a focus on growth and execution.

我們不預測全年收入或利潤，對嗎？是的，在過去幾個季度裡，我們一直在談論窄帶。在過去的八個季度中，我們的利潤率一直在持續提高。我們也為我們重新投資業務創造了良好的平台。並且相信我們已經與大客戶建立了穩固的關係，他們將需要我們必須預先進行的某些投資。我們將繼續關注成長和執行。

Eventually, yes, this will result in profitable growth.

最終，是的，這將帶來獲利成長。

Got it. And thanks, Aparna, for that. The only reason I was trying to ask this question was to understand what would be the bottom for margin if you're investing. Is there something you would want to (inaudible) this period, earlier periods, and we were focusing on driving growth, margin had even fallen to 15% sort of that level. So is there a scenario in which for a few quarters, we could see similar contraction in margin by ramping up the deal and hence, could have enough that --

知道了。謝謝你，阿帕娜。我問這個問題的唯一原因是想了解投資時保證金的底線是多少。您是否希望（聽不清楚）這個時期，早些時候，我們專注於推動成長，利潤率甚至下降到 15% 左右的水平。那麼是否存在這樣一種情況，即在幾個季度內，我們可能會看到利潤率因交易量增加而出現類似的收縮，因此，可能會有足夠的--

We are not sharing -- yeah. Right now, we are not sharing any commentary on that. Like I said, we will now focus on this execution. We are in a good place as far as margins are concerned in Q1. We will take it from there. And we will certainly keep the market posted as some of these deals will start to ramp up what we are able to offset, how we are able to look at some of those pressures being offset and then we will keep you posted accordingly.

我們不分享——是的。目前，我們不會對此發表任何評論。正如我所說的，我們現在將專注於這項執行。就第一季的利潤率而言，我們處於良好的狀態。我們將從那裡開始。我們一定會向市場通報，因為其中一些交易將開始增加我們能夠抵消的壓力，我們如何看待其中一些壓力被抵消，然後我們會相應地向你通報。

Sure, that would be good. Thanks.

當然，那很好。謝謝。

Sudheer Guntupalli, Kotak Mahindra AMC.

Sudheer Guntupalli，Kotak Mahindra AMC。

Congrats on a good quarter and strong deal wins. First question, on the deal wins spend compared to the long-term trend line of mix between net new deals and renewals, has this quarter seen any material divergence maybe in terms of (inaudible) renewal?

恭喜本季業績良好並取得豐厚交易勝利。第一個問題，就交易贏得支出而言，與淨新交易和續約之間的長期趨勢線相比，本季在（聽不清楚）續約方面是否出現任何實質差異？

No, I don't think so. In fact, we have a good mix of both renewal and with an element of expansion in both the mega deal wins that we spoke of. One large deal where we have a potential to make it mega has a substantial portion of new in it. So I think when you look at overall large deals, I think the mix of renewals and new is quite evenly poised, and in some sense, we're excited about the bookings.

不，我不這麼認為。事實上，我們在談到的兩筆大型交易中，都很好地融合了續約和擴張的元素。我們有可能將一項大型交易打造成超級交易，其中有大量新內容。因此，我認為，當你看整體大宗交易時，續約和新交易的組合相當均衡，從某種意義上說，我們對預訂感到興奮。

Sure. So it is similar to what we had seen in the previous few quarters, right?

當然。所以這與我們前幾季看到的情況類似，對嗎？

So Sudheer, just to reemphasize on the excitement just Aparna is talking about. These are all global companies. These are companies where we have a footprint. So the good news is that we have secured our current book of work and now we are getting a new book of work. The focus for us is how do we maximize the new book of work. And we are working through the planning process, and we will stay focused on executing those deals. And it's a very, very intense focus on execution and delivering to our clients.

所以 Sudheer，只是想再次強調 Aparna 剛才談到的興奮。這些都是全球性公司。這些都是我們已涉足的公司。因此，好消息是我們已經獲得了目前的工作手冊，現在我們將獲得一本新的工作手冊。我們的重點是如何最大限度地發揮新書的作用。我們正在進行規劃過程，並將繼續專注於執行這些交易。我們非常非常注重執行並向客戶提供服務。

Got it, sir. And in your press meet, Srini, you mentioned that the discretionary spend are coming back in [pockets], even if it is not in a uniform fashion. So can you elaborate on which pockets are those, which specific geographies and verticals apart from the BFSI which you spoke about?

明白了，先生。斯里尼，在您的新聞發布會上，您提到可自由支配的開支正在回到[口袋]裡，儘管方式並不統一。那麼，除了您談論的 BFSI 之外，您能否詳細說明這些領域是哪些，哪些特定的地理位置和垂直產業？

See, Sudheer, broadly, if you look at it, the discretionary spend is coming around data, AI, and modernization. And to just give you a little bit of color around that. For example, we have won a deal where we are transforming of -- for a particular retailer, we call it as fashion intelligence, right? AI will know what to sell. And this is a large American fashion brand. They want to enhance the sales by identifying and optimizing 40 product features per item.

你看，Sudheer，廣義上講，如果你看一下，可自由支配的開支都集中在數據、人工智慧和現代化方面。只是為了給你一點關於這一點的色彩。例如，我們贏得了一項交易，我們正在為某個特定的零售商進行轉型，我們稱之為時尚智能，對嗎？人工智慧會知道該賣什麼。這是一個美國大型時尚品牌。他們希望透過識別和優化每件產品的 40 個產品特性來提高銷售量。

So how do you display these features, right? Whether it's in terms of the differentiation of the product. Intelligently extracting and analyzing the impact on the market performance. And also helping their sourcing team on the strategic product decisions that they have to take to buy it. So that's one example of a discretionary spend, which is, of course, integration of data and AI, right?

那麼如何顯示這些功能呢？無論是從產品的差異化來看。智慧提取並分析對市場表現的影響。並且也幫助他們的採購團隊做出購買產品的策略決策。這就是可自由支配支出的一個例子，當然，這是數據和人工智慧的整合，對吧？

There are -- so similarly, one of the financial services company, we are working with them on the power of intelligent automation and what we call it as smart credit decision, right? This is -- right now, the client has a lot of manual credit risk operations. They are looking at it, how can we make this more AI so that it is less error prone and also it's more accurate, right, so that they can disrupt the existing workflows.

同樣，我們正在與一家金融服務公司合作，研究智慧自動化的力量，我們稱之為智慧信用決策，對嗎？這是－目前，客戶有許多手動的信用風險操作。他們正在研究如何讓它變得更加人工智慧，從而減少出錯的可能性，並且更加準確，這樣他們就可以打破現有的工作流程。

So these are the projects that are very important need of the business, and that's the [discretionary spend]. I talked about entirely two different factors. But those are the -- just to give you a context around that, Sudheer.

所以這些項目對企業來說非常重要，這就是[可自由支配的開支]。我談了兩個完全不同的因素。但這些只是──給你一個大概的背景，Sudheer。

Got it, sir. Thank you and all the very best.

明白了，先生。謝謝您，祝您一切順利。

Sandeep Shah, Equirus Securities.

Sandeep Shah，Equirus Securities。

Thanks for the opportunity and congrats on deal wins (inaudible). The first question is when we say when we execute these big (inaudible) could be a margin pressure because of the (inaudible) investment. So I wanted to understand the nature of the investment and the margin pressure? Is it more competitive pricing because our EBIT margin is already lower than versus most of the other peers? So just wanted to understand.

感謝這次機會，恭喜你贏得交易（聽不清楚）。第一個問題是，當我們說執行這些大（聽不清楚）時，可能會因為（聽不清楚）投資而產生利潤壓力。所以我想了解投資的性質和利潤壓力？由於我們的息稅前利潤率已經低於大多數同行，因此定價是否更具競爭力？所以只是想了解一下。

And second, these deals also involve some amount of higher pass-through sales or these are normal traditional type of deals?

其次，這些交易還涉及一定數量的更高金額的轉嫁銷售，還是屬於正常的傳統類型的交易？

So Sandeep, first and foremost, none of the deals are the past. Second, when Aparna said that we have to invest into these deals, this is the time for us to do the planning process because, let's say, when there is a vendor consolidation, the kind of the teams that we need to put together, both in terms of program management, program delivery, and management and so on and so forth, you've got to get the talent first, get them all supplemented the customers' environment and the process that they do.

所以桑迪普，首先，這些交易都不再是過去的事了。其次，當阿帕娜說我們必須投資這些交易時，這正是我們進行規劃的時候，因為，比如說，當進行供應商整合時，我們需要組建的團隊，無論是在專案管理、專案交付和管理等方面，你都必須先獲得人才，讓他們補充客戶的環境和他們所做的流程。

So these are all the investments that Aparna is talking about. Nothing to do with the pass-through, Sandeep.

這些都是 Aparna 談論的投資。與傳遞無關，桑迪普。

Okay. Fair enough. And any comment on pricing? Are you believing the competitive pressure is very high because of macro? Everybody is now behind growth even in the large cap basket.

好的。很公平。對定價有什麼評論嗎？您是否認為宏觀因素導致競爭壓力很大？現在，即使是大盤股籃子中的股票也都支持成長。

So Sandeep, like Aparna said, right, some of these large deal wins are very competitive. There will be price pressures on that. What matters is how do you transition and how do you execute these deals. And if you look at the current demand environment, I would say that each of these deals are extremely, strongly contested. What's good news is that we have won despite that competition. And so -- and this is how the industry has always function. So we and everybody has to innovate. We have to generate more savings and continue to stay competitive.

所以 Sandeep，就像 Aparna 所說的那樣，其中一些大交易的勝利競爭非常激烈。這將帶來價格壓力。重要的是你如何過渡以及如何執行這些交易。如果你看一下當前的需求環境，我會說這些交易都面臨著極為激烈的競爭。好消息是，儘管競爭激烈，我們還是贏了。所以——這就是這個行業一直以來的運作方式。所以我們每個人都必須創新。我們必須節省更多資金並繼續保持競爭力。

Okay. And Aparna, you also mentioned we have to offset this [with the new] levers and you believe there are more levers. So can you elaborate on the same because your margin execution has been really excellent, which has used out headroom in many of the margin levers. So what are the pending levers which you believe can help you to offset some of these pressures?

好的。阿帕娜，您還提到我們必須用新的槓桿來抵消這一點，而且您認為還會有更多的槓桿。那麼您能否詳細說明一下，因為您的保證金執行情況確實非常出色，並且已經利用了許多保證金槓桿中的空間。那麼，您認為有哪些可行的措施可以幫助您抵銷部分壓力？

I think productivity and fixed price programs, they continue to be a theme. I know we talk about it all the time, but -- and with the newer technology with a lot of AI focused the productivity that we can drive is certainly a big lever.

我認為生產力和固定價格計劃將繼續成為一個主題。我知道我們一直在談論這個問題，但是——隨著大量以人工智慧為重點的新技術的出現，我們可以提高的生產力無疑是一個巨大的槓桿。

Secondly, even as we speak, there is margin improvement that we can make in some of our acquired entities and businesses as they go from strength to strength. There will be improvement in margins that they are all executing to.

其次，就在我們說話的時候，隨著我們收購的一些實體和業務不斷壯大，它們的利潤率也可以提高。他們所執行的利潤率將會有所提高。

Thirdly, if I had to look at it, we are continuing to optimize our G&A. Again, on the back of AI, on the back of a lot of process efficiencies that we are driving, that will continue to be a focus of simplification and reducing the number of layers. These have remained something that we -- and we continue to focus on some of those levers.

第三，如果必須看的話，我們正在繼續優化我們的G&A。再次，在人工智慧的支援下，在我們正在推動的許多流程效率的支持下，我們將繼續把簡化和減少層數作為重點。這些仍然是我們關注的重點——並且我們將繼續關注其中的一些槓桿。

Apart from this, the traditional focus will remain utilization we've invested in. Maybe we will need to continue to invest in utilization for a little bit more. But there are other factors like pressure hiring, rotation, pyramid optimization, all of which become easier as we grow and win more programs, and that's also something that will continue to operate as a lever. And over and above that, we -- ForEx is something that has traditionally helped that something that is not within our control, but that is always something that has played out in the past year.

除此之外，傳統的重點仍將是我們已經投資的使用率。也許我們需要繼續在利用率上投入更多一點。但還有其他因素，例如壓力招募、輪換、金字塔優化，隨著我們的發展和贏得更多項目，所有這些都會變得更容易，而且這也將繼續發揮槓桿作用。除此之外，外匯交易傳統上對我們有幫助，雖然這不在我們的控制範圍內，但在過去的一年裡，它一直在發揮作用。

Okay, thank you and all the best.

好的，謝謝你，祝一切順利。

Ashwin Mehta, Ambit Capital.

Ambit Capital 的 Ashwin Mehta。

Thanks for the opportunity. Srini, in terms of the competition that you have won these deals against who were the incumbents here? Was it largely the Indian providers or these were mostly (inaudible)?

感謝有這個機會。Srini，就您贏得這些交易的競爭而言，與這裡的現任者是誰？主要是印度供應商嗎？還是這些主要是（聽不清楚）？

Ashwin, I never talk about competition, not name them. All I can tell you, Ashwin, is these were well-fought deals, very satisfying at the end of the day, Ashwin.

阿什溫，我從不談論競爭，更不會提及競爭的名字。阿什溫，我能告訴你的是，這些都是經過充分爭取的交易，最終非常令人滿意，阿什溫。

Okay. Thanks. And just one follow-up. So given that commentary that Capco is growing at around 6%-odd from a YoY perspective. The BFSI portfolio ex of Capco seems to have declined by 6% to 7%. So what is exactly driving that? Is it largely ramp downs at clients? Is it some share loss? So any color here?

好的。謝謝。僅剩一個後續行動。因此，鑑於該評論，從同比增長率來看，Capco 的成長率約為 6% 左右。除 Capco 外的 BFSI 投資組合似乎下降了 6% 至 7%。那麼，究竟是什麼原因導致了這現象呢？客戶端是否大幅減少？是有一些份額損失嗎？這裡有顏色嗎？

I think these are largely ramp downs that have happened. We have spoken about -- even within BFSI, I think Americas is much stronger. Asia Pacific has also had a much stronger growth in BFSI. The weakness is also largely emanating from Europe. And we are very confident based on the deal wins and the bottoming out of some of the client-specific issues that we can look to stability and growth. Srini has spoken about two mega deals wins in BFSI. Phoenix is certainly in the same space that we had won in Q4. So the second half onwards, things look more optimistic, all focused on execution.

我認為這些基本上都是已經發生的下降。我們已經討論過——即使在 BFSI 內部，我認為美洲也更強大。亞太地區的 BFSI 也實現了更強勁的成長。這種疲軟主要也源自歐洲。我們非常有信心，基於交易的勝利和一些客戶特定問題的解決，我們可以實現穩定和成長。Srini 談到了 BFSI 中贏得的兩筆大型交易。菲尼克斯無疑與我們在第四季度獲勝時處於同一水平。因此，從下半年開始，事情看起來更加樂觀，一切都集中在執行上。

Just to follow up, Aparna, in terms of the restructuring charges that we have taken, are the segment specific or there across the board in Europe?

阿帕納，請問一下，就我們所承擔的重組費用而言，是針對特定部門的，還是整個歐洲範圍內的？

They are across the board in Europe. And -- but very contained, the number of employees that would have got impacted because of this is very, very small and not material in the context of the overall business.

它們遍布歐洲各地。而且 — — 但受影響程度非常有限，因此受到影響的員工數量非常非常少，而且對整個業務的影響並不大。

Okay. Thanks a lot, and all the best.

好的。非常感謝，祝一切順利。

Yeah, Yashashree, we can now close the call.

是的，Yashashree，我們現在可以結束通話了。

Over to you, sir.

交給您了，先生。

So 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 the Investor Relations team. Have a nice evening. Thank you.

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。謝謝。

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

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