Wipro Ltd (WIT) 2026 Q2 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Wipro Limited Q2 FY '26 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

女士、先生們，大家好，歡迎參加Wipro有限公司2026財年第二季業績電話會議。（操作員說明）請注意，本次會議正在錄音。

I now hand the conference over to Mr. Abhishek Jain, Vice President, Corporate Treasurer and Head of Investor Relations. Thank you, and over to you.

現在我將會議交給副總裁、公司財務主管兼投資者關係主管阿比舍克·賈恩先生。謝謝，接下來就交給你了。

Yes. Thank you, Yashashri. Warm welcome to our Q2 FY '26 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 CHRO, Saurabh Govil; and our Chief Strategist and Technology Officer, Hari Shetty, on this call.

是的。謝謝你，亞沙什裡。熱烈歡迎參加我們2026財年第二季財報電話會議。我們將首先由執行長兼董事總經理 Srinivas Pallia 介紹業務亮點和概述，然後由財務長 Aparna Iyer 介紹財務概況。本次電話會議還有首席人力資源長 Saurabh Govil 和首席策略長兼技術長 Hari Shetty 參加。

Afterwards, the operator will open the bridge for Q&A with our management team. Before Srini starts, let me draw your attention to the fact that during this call, we may make certain forward-looking statements within the meaning of Private Securities Litigation Reform Act 1995. 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.

之後，營運人員將開啟問答環節，供我們的管理團隊進行問答。在 Srini 開始之前，請允許我提醒各位注意，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》的規定做出某些前瞻性陳述。這些聲明是基於管理層目前的預期，但存在不確定性和風險，可能導致實際結果與預期結果有重大差異。

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

相關不確定性和風險因素已在提交給美國證券交易委員會的詳細文件中進行了解釋。Wipro不承擔任何義務更新前瞻性聲明以反映提交日期之後的事件和情況。本次電話會議將存檔，會議記錄將發佈在我們的網站上。

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

接下來，我想把電話交給斯里尼。Srini，接下來就交給你了。

Thanks, Abhishek. Good evening, and thank you all for joining us today. In quarter 2, our IT services revenue stood at $2.6 billion with sequential growth of 0.3% in constant currency. Our adjusted operating margin for the quarter was 17.2%. This is within the narrow band we had previously indicated, and it's an improvement of 0.4% compared to the same period last year.

謝謝你，阿比舍克。晚上好，感謝各位今天蒞臨。第二季度，我們的 IT 服務收入為 26 億美元，以固定匯率計算季增 0.3%。本季調整後的營業利益率為 17.2%。這在我們之前指出的狹窄範圍內，並且與去年同期相比提高了0.4%。

Let me now walk you through some of the highlights and key movements for this quarter. Within our markets, three of the four SMUs reported sequential growth. Americas 1 delivered sequential and year-on-year growth, driven by strong performance in healthcare, technology, and communications sectors. Americas 2 saw a decline this quarter.

現在讓我帶您了解本季的一些亮點和關鍵動態。在我們劃分的市場中，四家中小企業中有三家實現了環比成長。美洲 1 實現了環比和同比增長，這主要得益於醫療保健、技術和通訊行業的強勁表現。美洲2區本季出現下滑。

However, we remain confident about future growth in this region as some of the deals we won in the first half are now beginning to ramp up. Europe returned to sequential growth in quarter 2 after several quarters led by BFSI. The Phoenix deal is set to start generating revenue from quarter 3, providing further momentum.

然而，我們對該地區的未來成長仍然充滿信心，因為我們在上半年贏得的一些交易現在開始逐步推進。在銀行、金融服務和保險業（BFSI）引領幾季成長後，歐洲在第二季度恢復了環比成長。Phoenix 的交易預計將從第三季開始產生收入，從而帶來進一步的成長勢頭。

APMEA growth was fueled by strong results in India, Australia, and Southeast Asia. CAPCO grew both sequentially and year-on-year with momentum coming from newer markets like LatAm and APMEA. Turning to our industry sectors now. We continue to see momentum in BFSI with clients prioritizing cost optimization, vendor consolidation, legacy modernization, and scaled deployment of Agentic AI.

亞太、中東和非洲地區的成長主要得益於印度、澳洲和東南亞市場的強勁業績。CAPCO 實現了環比和同比成長，成長動能主要來自拉丁美洲和亞太、中東及非洲等新興市場。現在我們來看看各個產業領域。我們看到，BFSI（銀行、金融服務和保險）產業持續保持成長勢頭，客戶優先考慮成本優化、供應商整合、傳統系統現代化以及大規模部署智慧人工智慧。

Tariff uncertainties continue to impact the consumer, energy, and manufacturing sectors, leading customers to reevaluate their supply chains. In technology and communications, the focus is on accelerating AI adoption and developing industry-specific solutions with cost optimization remaining central. Healthcare, especially in the US, is undergoing structural changes.

關稅的不確定性持續影響消費、能源和製造業，導致客戶重新評估其供應鏈。在科技和通訊領域，重點是加速人工智慧的普及應用，並開發行業特定的解決方案，同時保持成本優化。醫療保健，尤其是在美國，正在經歷結構性變革。

We are actively supporting clients through this transition, and the sector remains one of our strong performers. Coming to deal wins and pipeline. This quarter, we closed $4.7 billion in total contract value and signed 13 large deals. Much of this demand is driven by vendor consolidations, AI-powered transformations, and consulting-led programs, areas where our strategy is truly making an impact.

我們正在積極支持客戶完成這項轉型，該行業仍然是我們表現強勁的行業之一。接下來是成交訂單和銷售管道。本季度，我們完成了總價值 47 億美元的合同，並簽署了 13 項大型交易。這種需求很大程度上是由供應商整合、人工智慧驅動的轉型和諮詢主導的專案所驅動的，而我們的策略在這些領域確實產生了影響。

Our order bookings this quarter also include two mega deals, one with a healthcare client and another in BFSI. While a significant portion of these two deals are renewals, they are important for deepening our presence and unlocking future growth in these accounts. We are seeing strong momentum in Europe, and I want to highlight two examples that bring this to life.

本季我們的訂單還包括兩筆巨額交易，一筆是與醫療保健客戶的交易，另一筆是與銀行、金融服務和保險 (BFSI) 行業的客戶的交易。雖然這兩筆交易中有相當一部分是續約，但它們對於深化我們在這些客戶中的影響力並釋放未來成長潛力至關重要。我們看到歐洲的發展勢頭強勁，我想重點舉兩個例子來說明這一點。

First, Wipro has formed a strategic multiyear partnership with a leading UK financial company to modernize their business. We are using our WeGA AI platform and a new center of excellence to drive this change. We are helping improve customer experiences and streamlining back-office operations. We are also bringing advanced AI to business and technology streams like HR, mortgages, financial crime prevention, and, of course, IT. This will optimize workflows and support real-time decisions for our clients.

首先，Wipro與英國一家領先的金融公司建立了多年策略合作夥伴關係，以實現其業務現代化。我們正在利用我們的 WeGA AI 平台和一個新的卓越中心來推動這項變革。我們正在幫助改善客戶體驗並簡化後台營運。我們也將先進的人工智慧引入人力資源、抵押貸款、金融犯罪預防以及IT等商業和技術領域。這將優化工作流程，並支援我們客戶的即時決策。

Above all, it will help become more resilient for the future. In my second example, we are partnering with a leading European distribution and logistics company on a multi-year transformation of their operations and IT. By leveraging our expertise in operating model design, process standardization, and technology modernization, we are helping them move to a unified digital core, making their operations more efficient and unlocking long-term growth with AI and digital tools.

最重要的是，這將有助於增強我們應對未來的韌性。在我的第二個例子中，我們正在與一家領先的歐洲分銷和物流公司合作，對其營運和 IT 進行為期多年的轉型。透過利用我們在營運模式設計、流程標準化和技術現代化方面的專業知識，我們正在幫助他們過渡到統一的數位核心，提高營運效率，並透過人工智慧和數位工具釋放長期成長潛力。

Now I am excited to introduce Wipro Intelligence, our unified suite of AI-powered platforms, solutions, and transformative offerings. With Wipro Intelligence, we are enabling our clients to scale with confidence and lead in an AI-first world. It strengthens our consulting-led approach, driving innovation and delivering measurable outcomes for our clients.

現在，我很高興地向大家介紹 Wipro Intelligence，這是我們統一的 AI 驅動平台、解決方案和變革性產品套件。透過 Wipro Intelligence，我們幫助客戶充滿信心地擴展業務，並在人工智慧優先的世界中保持領先地位。它強化了我們以諮詢為主導的方法，推動創新，並為我們的客戶帶來可衡量的成果。

In fact, Wipro Intelligence brings together advanced capabilities across delivery and industry platforms. Our delivery platforms are already accelerating work from software development, infrastructure and cloud to business process operations. And on the industry side, we have reimagined core business processes and developed more than 200 AI agents and platforms spanning multiple sectors.

事實上，Wipro Intelligence 將交付和行業平台上的先進功能整合在一起。我們的交付平台已經加速了從軟體開發、基礎設施和雲端到業務流程營運的各項工作。在產業方面，我們重新構想了核心業務流程，並開發了 200 多個涵蓋多個產業的 AI 代理和平台。

As AI continues to evolve, we are helping clients experiment, adapt, and scale rapidly, by working closely with our partners, ventures, and leading research institutions. Wipro Intelligence is about proof, not just promise. We embed productivity gains, assure business outcomes, and build in responsible AI guardrails. Let me share three examples of our solutions.

隨著人工智慧的不斷發展，我們與合作夥伴、創投機構和領先的研究機構緊密合作，幫助客戶進行試驗、調整和快速擴展。Wipro Intelligence 著重實效，而非空頭承諾。我們致力於提高生產力，確保業務成果，並建構負責任的人工智慧防護措施。讓我分享我們解決方案的三個例子。

One, AutoCortex for our automotive sector, WealthAI for BFSI, and payer AI for healthcare. Each of them is already making a tangible difference for our clients and also earned strong recommendations from industry analysts. This momentum gives us real confidence for the future. With that, let me move on to our forecast for the next quarter.

One，AutoCortex 服務於汽車行業，WealthAI 服務於銀行、金融服務和保險業，payer AI 服務於醫療保健行業。他們每個人都已經為我們的客戶帶來了實際的改變，也獲得了產業分析師的強烈推薦。這種勢頭讓我們對未來充滿信心。接下來，讓我來談談我們對下一季的預測。

In quarter 3, we are projecting sequential IT services revenue growth of minus 0.5% to plus 1.5% in constant currency. Our priority remains converting our strong backlog into revenue while maintaining operational discipline to ensure profitable growth.

我們預計第三季 IT 服務營收將較上季成長（以固定匯率計算）為 -0.5% 至 +1.5%。我們的首要任務仍然是將大量的訂單積壓轉化為收入，同時保持營運紀律，以確保獲利成長。

And with that, I'll hand it over to Aparna, who will take you through the financials in more detail. Over to you, Aparna.

接下來，我將把麥克風交給阿帕娜，她將更詳細地為大家講解財務狀況。接下來就交給你了，阿帕娜。

Thank you, Srini. Good evening, everybody. Let me share with you an update on the financial performance for the quarter ended 30th September 2025. After that, we can open up the call for Q&A. Our IT services revenue for Q2 grew 0.3% sequentially in constant currency terms and 0.7% sequentially in reported currency. This is well within our guided range.

謝謝你，斯里尼。各位晚上好。讓我向大家報告截至2025年9月30日的季度財務表現。之後，我們可以開放問答環節。第二季度，我們的 IT 服務收入以固定匯率計算較上季成長 0.3%，以報告匯率計算較上季成長 0.7%。這完全在我們指導範圍內。

Revenue declined 2.6% year-on-year in constant currency terms. Our operating margins for Q2 at 16.7% contracted 60 basis points quarter-on-quarter and 10 basis points year-on-year. Our operating margins were impacted by a one-off charge taken on account of a client bankruptcy event. Adjusted for this, our margins were at 17.2%, which is an expansion of 40 basis points year-on-year and is in a narrow band.

以固定匯率計算，營收年減2.6%。第二季我們的營業利益率為 16.7%，較上季下降 60 個基點，較去年同期下降 10 個基點。由於客戶破產事件，我們提列了一筆一次性費用，影響了我們的營業利潤率。經調整後，我們的利潤率為 17.2%，年增 40 個基點，處於較窄的區間內。

Our quarter 1 margins was at 17.3%. As we invest for growth, we will continue to see pressure on our margins as we make investments, but our endeavor will be to maintain the margins in a narrow band. Let me also give you some color on our strategic market unit performance. All growth numbers that I shared will be in constant currency.

我們第一季的利潤率為 17.3%。隨著我們為實現成長而進行投資，我們的利潤率將繼續面臨壓力，但我們將努力將利潤率維持在較窄的範圍內。我也想向您介紹一下我們策略市場單元的績效。我分享的所有成長數據均以不變貨幣為單位。

Americas 1 sustained its growth momentum, growing 0.5% sequentially and grew 5% on a year-on-year basis. Americas 2 declined 2% sequentially and 5% on a year-on-year basis. Europe grew 1.4% sequentially, declined 10.2% on a year-on-year basis. APMEA grew 3.1% sequentially and 2.6% on a year-on-year basis. BFSI grew 2.2% sequentially and declined 4% year-on-year.

美洲 1 保持了成長勢頭，環比增長 0.5%，同比增長 5%。美洲 2 環比下降 2%，年減 5%。歐洲經濟季增1.4%，年減10.2%。亞太、中東和非洲地區季增 3.1%，年增 2.6%。銀行、金融服務和保險業較上季成長 2.2%，年減 4%。

Healthcare declined 0.2% sequentially and grew 3.9% year-on-year. Consumer declined 1.7% sequentially and 7.4% year-on-year. Technology and communication grew 0.8% sequentially, declining 1.7% year-on-year. EMR declined 1.5% sequentially and 0.5% year-on-year. Capco continues to perform well, growing 3.2% on a year-on-year basis.

醫療保健產業季減 0.2%，年增 3.9%。消費者支出較上季下降 1.7%，年減 7.4%。科技與通訊產業季增0.8%，年減1.7%。電子病歷較上季下降 1.5%，年減 0.5%。Capco 業績持續良好，年增 3.2%。

Let me share some other key financial metrics. Our net income and EPS grew 1% year-on-year in this quarter. Our operating cash flows continue to remain higher than our net income and stood at 104% of net income for Q2. Our gross cash, including investments, were at -- was at $6 billion for the quarter. In quarter 2, our net income -- net other income declined 14% year-on-year.

讓我再分享一些其他的關鍵財務指標。本季我們的淨利潤和每股收益年增 1%。我們的經營現金流量持續高於淨收入，第二季達到淨收入的 104%。本季度，包括投資在內，我們的現金總額為 60 億美元。第二季度，我們的淨收入（其他淨收入）年減了 14%。

Our accounting yield for the average investments held in India was at 7.1%. Our ETR was at 23.8% for quarter 2 '26. versus 24.6% in the same quarter in the last year. In terms of guidance, to reiterate what Srini shared, we expect the revenues from our IT services business to be in the range of $2.59 billion to $2.64 billion. This translates to a sequential guidance of minus 0.5% to a plus 1.5% in constant currency terms.

我們在印度持有的平均投資的會計收益率為 7.1%。2026 年第二季度，我們的 ETR 為 23.8%，去年同期為 24.6%。在績效指引方面，重申Srini分享的內容，我們預期IT服務業務的營收將在25.9億美元至26.4億美元之間。以固定匯率計算，這意味著業績指引將環比下降 0.5% 至上升 1.5%。

The Harman Digital Transformation Solutions acquisition that we had announced in Q2 is expected to close through the course of the quarter. Our guidance number does not factor any revenues from this acquisition.

我們在第二季宣布的對 Harman 數位轉型解決方案的收購預計將在本季內完成。我們的業績指引並未將此次收購帶來的任何收入計入。

Thank you. With that, operator, you can open it up for Q&A.

謝謝。這樣一來，操作員就可以開啟問答環節了。

(Operator Instructions) Nitin Padmanabhan, Investec.

（操作說明）Nitin Padmanabhan，Investec。

So the first is just wanted your thoughts on the deal to revenue conversion. So I think we have had very strong deal wins, large consolidation wins. Do you think BFSI, considering you had those large consolidation wins should start flowing through this year itself? -- those that you closed last quarter? And how should we think about -- how are you thinking about growth as you sort of go forward and next year? Do you think this alone can sort of continue to sort of help maintain a positive momentum on revenue?

首先，我想聽聽您對交易轉化為收入的看法。所以我認為我們取得了一些非常成功的交易，也完成了一些大規模的併購。您認為考慮到您在上個季度完成的那些大型併購交易，BFSI產業是否應該在今年開始顯現？ ——是指您上季完成的那些交易？那麼我們該如何看待——您是如何看待未來以及明年的成長的？你認為光是這一點就能繼續維持營收成長的良好動能嗎？

So I'll take this one, Nitin. Obviously, we had several large deal wins in the BFSI space. We had one in Q4, which is expected to ramp up in Q3 and is factored as a part of our guidance. We had a few large deals in Q1 in BFSI, all of which have a reasonable element of new in it. And we expect them to kind of ramp up over the next few quarters. This may take about six to eight quarters to fully ramp up on the new.

那我就選這個了，尼丁。顯然，我們在銀行、金融服務和保險（BFSI）領域贏得了幾筆大單。我們在第四季推出了一款產品，預計第三季將加速生產，這已計入我們的業績指引中。第一季我們在銀行、金融服務和保險 (BFSI) 領域達成了幾筆大交易，所有這些交易都包含相當多的新元素。我們預計在接下來的幾個季度裡，他們的成長速度會逐漸加快。新方案可能需要六到八個季度才能全面實施。

In terms of the large deal win that we had in the BFSI space in Q2, we -- it's largely renewal, right? So it is a mix of both renewal, renewal plus expansion, and then net new. The net new deal is likely to ramp up, like I said, in Q3. The ones with expansion will take a few quarters for them to ramp up. And if you look at, like I said, the one that we did in Q2 is largely renewal.

就我們在第二季度在 BFSI 領域贏得的大筆交易而言，這主要是續約，對吧？所以它是更新、更新加擴張以及全新建設的混合體。正如我之前所說，第三季淨新增交易量可能會大幅成長。那些進行擴張的公司需要幾個季度才能步入正軌。正如我所說，我們在第二季所做的主要是更新換代。

Now to your other question on BFSI growth, yes, we've grown sequentially. That's the first dot in the plot. And we will have to sustain that momentum. We are quite confident. Q3 looks positive. And from there on, we will have to build on it. Like I said, as the large deals ramp up, that will go up. A lot of the growth was actually led by Europe and APMEA within the BFSI space. We expect Americas to join in that growth as those large deals pick up.

至於你提出的另一個關於銀行、金融服務和保險 (BFSI) 行業成長的問題，是的，我們一直保持成長。這是圖表中的第一個點。我們必須保持這種勢頭。我們相當有信心。第三季前景樂觀。在此基礎上，我們還需要繼續發展。正如我所說，隨著大宗交易的增加，這個數字還會上升。在銀行、金融服務和保險 (BFSI) 領域，許多成長實際上是由歐洲和亞太、中東及非洲地區引領的。我們預計隨著大型交易的增多，美洲也將加入這一成長行列。

Got it. Just one last one on margins. I sort of missed the margin walk that you sort of provided. But how should we broadly think about margins going forward? Do you think this quarter, the transition costs will start kicking in on a going-forward basis? Or we've already had some impact from that? Just some color on margins, how should we think about it?

知道了。最後再補充一點關於利潤率的問題。我有點錯過了你提供的這種邊際漫步。但從整體來看，我們未來該如何看待利潤率呢？你認為本季過渡成本會開始持續產生嗎？或者我們已經從中產生了一些影響？只是在邊緣加了一些顏色，我們該怎麼看待這件事呢？

So when we started quarter 2, we had alluded to headwinds as some of these large deals start to ramp up. Those headwinds will continue as some of these large deals ramp up and face. In quarter 2, the walk, while we are not quantifying the exact impact, we had two positives. One was certainly the rupee depreciation and the dollar weakness which was a positive.

因此，在第二季開始時，我們曾提到一些不利因素，因為一些大型交易開始加速。隨著一些大型交易的推進和麵臨挑戰，這些不利因素仍將持續存在。在第二季度，步行活動雖然沒有量化其確切影響，但我們獲得了兩個正面結果。其中之一無疑是盧比貶值和美元疲軟，無疑是利好因素。

Second, operationally, too, we have continued to expand in terms of our utilization has improved. Our attrition has come down. We also drove better profitability in our fixed price programs. All in all, I think operations and ForEx were positive. Yes, we continue to make certain investments for our growth in terms of these large deals, and that is also a part of our margins.

其次，在營運方面，我們的利用率也持續提高，業務規模也不斷擴大。我們的人員流失率已經下降。我們的固定價格項目也提高了獲利能力。總的來說，我認為營運和外匯市場表現良好。是的，我們會繼續進行一些投資以促進成長，例如達成這些大型交易，這也是我們利潤的一部分。

Some of it is there in Q2, and there will be more as some of these large deals continue to ramp up. So quarter 3 is also a seasonally weaker quarter in terms of furlough lower working days, et cetera. That's the headwind we are starting quarter 3 with. We have several initiatives in place. If you look at it, our utilization has been better. We've also driven better profitability in our fixed price program.

第二季已經出現了一部分，隨著一些大型交易的持續推進，還會有更多。因此，第三季在季節性因素上也較為疲軟，例如員工休假、工作日減少等等。這就是我們第三季開始面臨的逆風。我們已經實施了多項措施。從數據上看，我們的資源利用率有所提升。我們的固定價格方案也提高了獲利能力。

Even our SG&A, we are continuing to optimize. These three levers will continue. And we don't guide for a margin, but our endeavor will be to be in a narrow band of our adjusted operating margins of 17.2%. The notable one-off was the provision for bad and doubtful debt provision that we took in terms of the insolvency, which is 50 basis points. So adjusted for that, our operating margin is 17.2%, which is in a narrow band of Q1 performance.

就連我們的銷售、管理及行政費用，我們也不斷優化。這三個槓桿將繼續發揮作用。我們不設定利潤率目標，但我們的目標是將調整後的營業利潤率控制在 17.2% 的狹窄範圍內。其中值得注意的一次性事項是我們根據破產規定提列的壞帳和可疑債務準備金，為 50 個基點。經調整後，我們的營業利潤率為 17.2%，處於第一季業績的窄幅區間內。

Kumar Rakesh, BNP Paribas.

Kumar Rakesh，法國巴黎銀行。

My first question was around the growth side. So over the last couple of quarters, we have seen the deal wins to have materially. Total bookings have been touching close to about $5 billion. Your large deals also have been quite high. You also spoke about Phoenix deal will start ramping up in the third quarter. So all these momentums are something which is behind us and should be pushing us towards growth.

我的第一個問題是關於成長方面的。因此，在過去的幾個季度裡，我們看到達成的交易數量顯著增加。總預訂額已接近50億美元。你們的大額交易金額也相當高。您還提到菲尼克斯的交易將在第三季開始加速。所以，所有這些勢頭都已成為過去，應該推動我們走向發展。

But at the midpoint, what we are guiding is only marginal improvement in growth. So what exactly is something which we are looking at from the headwind perspective? Because last year, during December quarter, we had reported marginal growth. So the furlough shouldn't be so big that it eats into all the incremental tailwind which we have?

但就中期而言，我們所引導的只是成長的微小改善。那麼，從逆風的角度來看，我們究竟在關注什麼呢？因為去年12月季度，我們實現了微幅成長。所以，休假規模不應該太大，以至於抵銷了我們目前所有的成長動能？

So Rakesh, when we guide, we guide based on the visibility that we have at the start of the quarter. We -- you should look at the midpoint and then we guide in a range that is both -- that's why we have a plus 1.5% on the top end, and we have a minus 0.5% to accommodate volatilities that we could see during the quarter. Yes, there is a ramp-up of the large deal wins. And you are right, that is giving us a positive momentum.

所以拉凱什，當我們給出指導意見時，我們是根據季度初我們所掌握的資訊來給出指導意見的。我們——你應該看看中間值，然後我們給出的指導範圍是兩者兼顧的——這就是為什麼我們在上限留出 1.5% 的浮動空間，同時留出 0.5% 的浮動空間，以應對本季度可能出現的波動。是的，大單成交數量正在增加。你說得對，這確實為我們帶來了積極的勢頭。

If you look at it after several quarters, we have guided where the mid-point is in a positive. That we believe is the first step. And as we convert more of these large deals into revenue, this momentum should improve.

經過幾個季度的觀察，我們已經確定了中點處於正面位置。我們認為這是第一步。隨著我們將更多此類大額交易轉化為收入，這種勢頭應該會增強。

My second question was around margins. So on -- today, you spoke about that you would intend to keep the margin in a narrow band around 17.2%. And you had earlier also spoken about some of these large deals would be margin dilutive and there would be some impact of that. So how should we tie up these two comments?

我的第二個問題是關於利潤率的。所以——今天，您談到您打算將利潤率保持在 17.2% 左右的狹窄範圍內。您之前也提到過，其中一些大額交易會稀釋利潤率，並會產生一定影響。那麼我們該如何將這兩則評論連結起來呢？

Yes. So like I said, we don't guide for a range on the margin, right? Our endeavor has to be to keep it in the band of 17% to 17.5% that we had earlier alluded to. Obviously, if you look at it in terms of the investments for growth, there will be organically, we will continue to win some of these large deal wins. There is a vendor consolidation-led pipeline, which are quite intently fought, right?

是的。就像我說的，我們不提供價格區間指引，對吧？我們必須努力將其保持在之前提到的 17% 到 17.5% 的範圍內。顯然，從成長投資的角度來看，我們會繼續贏得一些大型交易，以實現有機成長。供應商整合是推動市場發展的一大趨勢，對各方都進行了激烈的鬥爭，對吧？

So one is also looking to be on the right side of some of those deal wins, which will also come with pressure on margins, at least as they start, right? But over a period of time, as we realize the productivity that we have offered to our clients and that starts to kick in, the margins then tend to improve. We are driving several other initiatives still to offset some of these investments that we are making.

所以，人們也希望在一些交易中站在正確的一邊，但這也會給利潤率帶來壓力，至少在交易開始時是這樣，對吧？但隨著時間的推移，當我們意識到我們為客戶提供的生產力提升，而這種提升開始發揮作用時，利潤率往往會提高。我們也正在推進其他幾項舉措，以抵銷我們正在進行的部分投資。

I also want you to note that the Harman DTS acquisition is not a part of these numbers. When that comes, that will also be an investment that we will be making for our growth. And that will come with a 60-basis points dilution that we have already spoken of at the point of announcing the acquisition. These are things that we are -- these are the headwinds we have to the margins.

我還想提醒大家注意，Harman DTS 的收購並未包含在這些數據中。當這種情況發生時，那也將是我們為自身發展而進行的投資。這將導致 60 個基點的股權稀釋，我們在宣布收購時已經提到這一點。這就是我們所面臨的──這就是我們走向邊緣所遇到的逆風。

We have initiatives in play that we will use to offset some of these pressures. And that's how -- that's why we are saying at least for quarter 3, we are holding it in a narrow band, and then we will see from there how we take those margins.

我們正在實施一些舉措，以緩解這些壓力。所以，這就是為什麼我們說至少在第三季度，我們會將利潤率控制在一個較窄的區間內，然後我們會看看之後如何調整利潤率。

Ravi Menon, Macquarie.

拉維‧梅農，麥考瑞。

You are now growing year-on-year on an organic basis in line with the peers. So do you think this can sustain or it can even improve from here?

您目前正以與同業一致的有機成長速度逐年成長。你認為這種情況能夠持續下去，甚至有可能在此基礎上有所改善嗎？

Ravi, can you repeat your question?

拉維，你能再說一次你的問題嗎？

I was saying that now you're growing year-on-year basis, you're actually growing in line with the peer group on an organic basis. So do you think that can sustain or can you even improve beyond that?

我當時說的是，現在你們的業績逐年成長，其實是在與同儕群體保持同步的自然成長。所以你認為這種狀態能夠維持下去嗎？或者還能在此基礎上有所提升？

Yes. Srini, you want to take it?

是的。斯里尼，你想拿嗎？

So Ravi, Srini here. As far as we are concerned, at this point in time, we're given a quarter 3 guidance like Aparna talked about, the midpoint is positive. Second point is some of the deals that we have won on the first half. Some of them we'll have to start executing and each of them have their own rhythm in terms of the ramp -- when the ramp-ups will happen. It varies from client to client.

我是拉維，我是斯里尼。就我們目前的情況而言，正如 Aparna 所說，我們得到了第三季的業績指引，其中價值是正面的。第二點是我們上半年達成的一些交易。有些專案我們需要開始執行，每個專案都有自己的節奏，包括啟動和啟動的時間。因客戶而異。

Our focus right now is to execute some of the deal wins that we have. And also, we have a very robust pipeline into second half. Our focus is to convert those deals into bookings, which will again translate to revenues going into the future. So from that perspective, Ravi, the main focus for us is to execute both in terms of the deal wins and also win the deals.

我們現在的重點是落實我們已經贏得的一些交易。而且，我們下半年的產品線也非常充足。我們的目標是將這些交易轉化為預訂，而預訂量將轉化為未來的收入。所以從這個角度來看，Ravi，我們的主要重點是既要完成交易，又要贏得交易。

And going into Q3, other than seasonality, are there any specific factors that you think are headwinds to revenue?

進入第三季度，除了季節性因素外，您認為還有哪些具體因素會對收入造成不利影響？

No, not really.

不，其實不是。

Sudheer Guntupalli, Kotak Mahindra AMC.

Sudheer Guntupalli，Kotak Mahindra AMC。

So I just wanted some clarity on your response to one of the earlier questions that you said a large part of it is renewal. So are you talking about any specific large deal within BFSI? Or are you talking about the overall deal wins that we had this quarter?

所以我想澄清一下你之前對一個問題的回答，你說其中很大一部分是更新。所以你指的是金融服務業（BFSI）中的某個具體的大宗交易嗎？還是您指的是我們本季達成的整體交易？

So Sudheer, as far as quarter 2 deal wins are concerned, the two mega deals that I talked about, one is in the health care sector, other one is in the BFSI sector. Sudheer, I hope that clarifies.

所以 Sudheer，就第二季達成的交易而言，我提到的兩筆巨額交易，一筆是醫療保健領域的，另一筆是銀行、金融服務和保險 (BFSI) 領域的。蘇迪爾，希望這樣解釋清楚了。

Yes, Srini, that's fine. So I was asking Aparna's response to a prior question that it is largely a renewal. So you were referring specifically to the BFSI deal, right? Not -- you are not characterizing the overall deal wins that you had this quarter. So this quarter -- what I'm trying to understand is if you look at the deal wins this quarter, again for the second consecutive quarter, it was very strong.

是的，斯里尼，沒問題。所以我問的是阿帕娜對先前問題的回答，那就是這在很大程度上是一種更新。所以你指的是BFSI（銀行、金融服務和保險）交易，對嗎？不——你並沒有概括本季所取得的整體交易成果。所以本季——我想了解的是，如果你看一下本季的交易成交量，連續第二季都非常強勁。

So I wanted to understand what is the mix of renewal and new within the overall space, not specific to that particular deal?

因此，我想了解的是，在整體領域內，更新和創新之間的比例是多少，而不是具體到那筆交易？

Yes. Sure. Sudheer, I think if you look at the kind of deal flows we had in the first half, it's a combination of the three types of deals. One is, like you rightly called out, there are renewals where you actually get to work in those accounts and find an opportunities to bring in growth. Second are renewals with extension of the pipeline, wherein the extensions like Aparna talked about, will take its time in the next six to eight-months. And the third piece is net new deals that we have, which we will execute immediately. And the two deals that I called out in Europe are the net new deals, Sudheer.

是的。當然。Sudheer，我認為如果你看我們上半年的交易情況，你會發現它是三種交易類型的結合。一方面，正如你所指出的，在續約過程中，你實際上有機會深入這些客戶，並找到帶來成長的機會。其次是管道的續期和延長，其中像阿帕娜提到的那種延長，將在未來六到八個月內完成。第三部分是我們獲得的新增交易，我們將立即執行這些交易。蘇迪爾，我在歐洲提到的那兩筆交易是淨新增交易。

Sandeep Shah, Equirus Securities.

Sandeep Shah，Equirus Securities。

My question has been answered.

我的問題已得到解答。

Yashashri, you have to move to the next participant.

Yashashri，你得輪到下一位參與者了。

Dipesh Mehta, Emkay Global.

Dipesh Mehta，Emkay Global。

Two questions. First, I just want to understand whether from net new person perspective, are we seeing any change compared to, let's say, past trend in H1 because we have very strong deal booking. So any change in terms of net new person, if you can give some qualitative sense, if not possible, give quantitative sense, but qualitatively, if you can give some sir.

兩個問題。首先，我想了解一下，從新增人員數量的角度來看，與上半年的趨勢相比，我們是否看到了任何變化，因為我們的交易預訂情況非常強勁。所以，如果淨新增人數有任何變化，請您提供一些定性描述；如果不能，請提供定量描述；但如果可以的話，請您提供一些定性描述。

Second question is whether we are witnessing any delay in this deal ramp-up? What we have signed in last six-months, whether those deals are ramping up as scheduled or we are witnessing some challenges there? Second question is about, we earlier faced some client-specific challenges, particularly in Europe BFSI. As we speak, are we seeing, let's say, most of those client-specific challenges are behind?

第二個問題是，我們是否看到這項交易的推進有任何延遲？過去六個月我們簽署的協議，這些協議是否按計劃推進，還是遇到了一些挑戰？第二個問題是，我們之前遇到了一些客戶特定的挑戰，尤其是在歐洲的銀行、金融服務和保險 (BFSI) 領域。目前來看，我們是否看到，比如說，大多數客戶面臨的挑戰都已經解決了？

And we can see normal trajectory of growth based on the deal intake and pipeline entering into H2? And last question is about the vertical. If I look, let's say, even quarter 2, the way we report our vertical mix, three out of five is still showing sequential decline. So by when you expect relatively more broad-based growth, considering very strong deal intake what we observed in H1? If you can provide some color there?

我們能否根據下半年的交易量和專案儲備情況，看到正常的成長軌跡？最後一個問題是關於垂直方向的。比如說，即使以第二季為例，以我們報告垂直產業構成的方式來看，五分之三的產業仍呈現出環比下降的趨勢。那麼，考慮到我們上半年觀察到的強勁併購勢頭，您預計何時會出現相對更廣泛的成長？如果你能提供一些細節資訊就好了？

Yes. So I'll take a few questions and then Srini, you can also add in. From a net new standpoint, we had -- in our large deal bookings for the first half, is it better or worse compared to the past? I would say for the first half, our net new bookings have been fairly good. If you look at quarter 2, we had two net new deals, six renewals and the others are a combination of renewal plus expansion, right?

是的。那我先回答幾個問題，然後Srini，你也可以補充。從淨新增的角度來看，我們上半年的大宗交易預訂量與過去相比是更好還是更差？我認為上半年我們的新增淨預訂量相當不錯。如果你看一下第二季度，我們淨新增了兩筆交易，續簽了六筆交易，其餘的都是續簽加擴張的組合，對吧？

In terms of whether the deals are ramping up on time and whether we are seeing any delay, I'm not -- I don't think there is any delay in the ramp-up. They're pretty much right now on course to ramp up as planned. So there is no delay or deferral or challenges that we are facing on that. In terms of the Europe, whether that client-specific issue is behind us, yes, in some sense, the client-specific issue that we had called out earlier is behind us.

至於交易是否按時推進以及是否有任何延誤，我認為——我認為推進過程中沒有任何延誤。他們目前基本上正按計畫推進，逐步擴大生產規模。因此，我們在這方面沒有面臨任何延誤、延遲或挑戰。就歐洲而言，客戶特定問題是否已經過去，從某種意義上說，是的，我們之前提到的客戶特定問題已經過去了。

You should see the trajectory of Europe to continue to improve. We will obviously have to sustain the win momentum that we've had in the last two to three quarters, even into the next few. As you know, we continue to operate in a very competitive environment, which means that we have to be on the right side of all the vendor consolidation deals for us to be able to sustain that momentum. That's what I would like to call out, Manik.

你應該看到歐洲的發展軌跡將繼續改善。顯然，我們必須將過去兩到三個季度以來的連勝勢頭保持下去，並延續到接下來的幾個季度。如您所知，我們一直處於競爭非常激烈的環境中，這意味著我們必須在所有供應商整合交易中站在正確的一邊，才能保持這種發展勢頭。這就是我想指出的，馬尼克。

So Dipesh, in the context of the sector questions that you asked for, if I look at it, of the five sectors that we have? I think where we see the impact of tariff is mostly on the consumer and energy manufacturing sectors. And these are the two sectors which have degrown sequentially as well as on a year-on-year basis. Now for us, what we are looking for in these two sectors are what kind of deals that we can play proactively with the client, especially because of the challenges that they're facing on the cost side.

那麼，迪佩什，就你提出的行業問題而言，如果我看一下我們有的五個行業呢？我認為關稅的影響主要體現在消費品和能源製造業。這兩個行業不僅環比下降，而且同比也出現下滑。現在，我們關注的是在這兩個領域中，我們可以與客戶積極達成哪些交易，尤其是在他們面臨成本方面的挑戰的情況下。

They're also facing challenges on the supply chain side, and we are having conversations with them. Otherwise, the other three sectors, I think, Dipesh, we're looking good.

他們在供應鏈方面也面臨挑戰，我們正在與他們對話。除此之外，我認為，迪佩什，其他三個領域的情況都不錯。

Girish Pai, BOB Capital Markets.

Girish Pai，BOB Capital Markets。

I had a few questions. Just on the renewal deal side, are the clients asking for greater level of savings now compared to the past when such renewals happened, considering that you are using AI? And what are they doing with the savings, if at all, they're getting them? Are they kind of plowing that back into new work? And are you getting that work?

我有一些問題。就續約交易而言，考慮到你們使用了人工智慧，與過去續約時相比，客戶現在是否要求更高的節省幅度？如果他們真的有省下來的錢，那他們拿這些錢做什麼？他們是不是把這些經驗轉化成新的工作了？你找到那份工作了嗎？

So Girish, if you look at broader industry trend that we are seeing, Girish, is clients across industry segments and across the markets that we are in are clearly looking for cost optimization and that is also driving to some extent vendor consolidation. As far as the cost optimization are concerned, clearly, the clients are looking at aspects of -- in addition to cost, speed and also the efficiency through AI.

所以 Girish，如果你看看我們所看到的更廣泛的行業趨勢，你會發現，各個行業領域和我們所處市場的客戶顯然​​都在尋求成本優化，這也在一定程度上推動了供應商整合。就成本優化而言，顯然，客戶除了考慮成本之外，還會考慮速度以及透過人工智慧提高效率等因素。

And we see that as an opportunity for us. And if you look at the way we see the opportunities are, of course, on the run and operate side, which includes your application support and maintenance, infrastructure and business process services, where we infuse AI, helping the clients bring in efficiency, productivity, velocity. The second part is build and transform, which is our software development life cycle, product development life cycle, package implementation.

我們認為這是一個機會。而我們認為，機會當然在於運作和營運方面，包括應用程式支援和維護、基礎設施和業務流程服務，我們將人工智慧融入其中，幫助客戶提高效率、生產力和速度。第二部分是建構和轉換，也就是我們的軟體開發生命週期、產品開發生命週期和軟體套件實現。

Here, there are multiple tools that are available, and we are using our Wipro Intelligence WeGA platform to actually bring in those productivity benefits for our clients. And as far as run and operate, we are using WINGS as a platform to bring the productivity and efficiency. Now wherever the clients are able to get this efficiency and productivity, they're actually investing in new -- especially around the business innovation, leveraging AI.

這裡有許多工具可供使用，我們正在使用我們的 Wipro Intelligence WeGA 平台來真正為我們的客戶帶來這些生產力優勢。至於營運和營運方面，我們使用 WINGS 作為平台來提高生產力和效率。現在，無論客戶在哪裡能夠獲得這種效率和生產力，他們實際上都在投資新的領域——尤其是在業務創新方面，利用人工智慧。

And the aspects of AI advisory, data architecture, and also the platforms -- some of the platforms that we have built and also solutions, the industry-specific platforms and solutions that we have built is also creating a positive impact for us with the clients. just to name AutoCortex in automotive, payer AI in healthcare, WealthAI, and BFSI.

人工智慧諮詢、資料架構以及平台——我們建構的一些平台和解決方案，特別是針對特定產業的平台和解決方案——也為我們和客戶帶來了正面的影響。例如，汽車行業的 AutoCortex、醫療保健行業的支付方人工智慧、WealthAI 以及銀行、金融服務和保險 (BFSI) 行業的解決方案。

In fact, some of these, we have already started implementing for the clients and clients are seeing the benefit. We also have some of the industry analysts talking about these industry-specific AI solutions as well, Girish. So it's a combination of all this that we see as an opportunity for us.

事實上，我們已經開始為客戶實施其中一些方案，客戶也看到了結果。吉里什，我們也有一些產業分析師在談論這些針對特定產業的AI解決方案。因此，我們認為所有這些因素結合起來對我們來說是一個機會。

Okay. My second question is regarding potential liabilities that vendors like you face because of AI work that leads to hallucinations and there could be some damages that clients may probably have to bear. And there seems to be quite a few cybersecurity incidents that have happened with certain clients and certain vendors, Indian vendors. So how do you ensure that you don't get hit by any of these?

好的。我的第二個問題是關於像您這樣的供應商可能面臨的潛在責任，因為人工智慧工作會導致幻覺，客戶可能必須承擔一些損失。而且似乎有不少網路安全事件發生在某些客戶和某些供應商，特別是印度供應商。那麼，如何確保自己不會受到這些因素的影響呢？

I mean, do you have watertight contracts where you don't bear any costs attached to these, the hallucinations because of any AI contracts that you're executing or cybersecurity contracts that you're executing?

我的意思是，你們是否有嚴密的合同，確保你們不會承擔因執行人工智慧合約或網路安全合約而產生的任何費用，例如幻覺？

Girish, this is Hari Shetty here. And again, glad to be on the call today. A couple of key things, and I think you bring up a very valid point in terms of your question. And one of our strengths in terms of our Wipro Intelligence platform is the responsible AI guardrails that we have actually built into the platform. And probably one of the best implementations of how AI can be responsibly implemented, and that is what actually differentiates us from a Wipro Intelligence perspective.

吉里什，這位是哈里·謝蒂。再次感謝今天能參加電話會議。有幾點要注意，而且我認為你提出的問題非常有道理。Wipro Intelligence 平台的優勢之一在於，我們已將負責任的 AI 防護措施建置到平台中。這可能是人工智慧負責任地實施的最佳範例之一，而這正是我們與 Wipro Intelligence 的真正差異。

And these capabilities go into both of the platforms that Srini talked about, whether it is WeGA or WINGS. And that gives us the confidence that we can actually deliver the promise of what we are talking about from an AI perspective as well as make sure some of the guardrails that you talked about are taken care of. Obviously, some of this will also translate into contractual commitments on both sides. And again, from a risk management perspective, we take care of those controls as well.

Srini 提到的兩個平台，無論是 WeGA 還是 WINGS，都具備這些功能。這讓我們有信心，我們能夠從人工智慧的角度兌現我們所說的承諾，並確保你提到的一些保障措施得到落實。顯然，其中一些內容也會轉化為雙方的合約義務。同樣，從風險管理的角度來看，我們也會做好這些控制措施。

Okay. Just last question on H1B. I know probably it's been beaten into that. Do you foresee any higher pressures on subcontractor costs or on-site utilization going down because you need to maintain on-site bench now because you can't bring in as many H1B workers, H1B employees from India as you used to, especially if wages go up in the sense that they're talking about moving away from a lottery system. So how do you kind of foresee that?

好的。關於H1B簽證，最後一個問題。我知道這可能已經被反覆提及了。您是否預見到分包商成本或現場利用率會面臨更大的壓力，因為您現在需要維持現場儲備人員，因為您無法像以前那樣從印度引進那麼多 H1B 工人，特別是如果工資上漲，因為他們正在討論取消抽籤制度的話？那麼，你要如何預見這種情況呢？

Girish, Saurabh here. As you know, a large part of our workforce in the US is localized. So first of all, we don't see a supply issue from an H1B perspective. More than 80% people are localized, and we are looking at 250-odd H1Bs in the past four, five-years. So we have been progressively reducing our dependence on H1Bs. So either on sub-contractors or on otherwise, we don't see an impact. We have been building our centers in the US, and we'll continue to grow with them based on the demand scenario.

我是 Girish，Saurabh。如您所知，我們在美國的大部分員工都是當地員工。首先，從H1B簽證的角度來看，我們認為不存在供應問題。超過 80% 的人口是本地居民，過去四、五年我們獲得了 250 多個 H1B 簽證。因此，我們一直在逐步減少對H1B簽證的依賴。所以無論是對分包商或其他方面，我們都沒有看到任何影響。我們一直在美國建造我們的中心，並將根據市場需求繼續擴大這些中心的規模。

Vibhor Singhal, Nuvama.

Vibhor Singhal，Nuvama。

Congrats on continuous solid deal wins. Srini, my question was regarding the BFSI segment. You mentioned that amongst the five verticals, manufacturing and retail will continue to probably face challenges. But in the BFSI vertical, we have a very interesting mix in which Capco continues to do well. We have the Phoenix deal ramp up maybe next quarter. But at the same time, we were facing challenges in the European BFSI.

恭喜你們持續拿下穩固的交易。Srini，我的問題是關於銀行、金融服務和保險（BFSI）領域的。您提到，在五大垂直產業中，製造業和零售業仍可能面臨挑戰。但在 BFSI（銀行、金融服務和保險）垂直領域，我們看到了一個非常有趣的組合，Capco 在其中繼續表現出色。我們或許下個季度就能加快與菲尼克斯的交易進程。但同時，我們在歐洲銀行、金融服務和保險業（BFSI）領域也面臨挑戰。

So putting all this together, how do you see the BFSI sector playing out for us over the next, let's say, two to three quarters?

綜上所述，您認為在接下來的兩到三個季度裡，BFSI（銀行、金融服務和保險）產業的發展前景如何？

Sure, Vibhor. Maybe I will answer this in a --

當然可以，維博爾。也許我會在某個時候回答這個問題--

I'm sorry, sir.

對不起，先生。

Sorry, Vibhor. Maybe I'll answer this question in a little bit more detail, if that's okay with you. If you look at our BFSI sector, we reported a sequential growth of 2%, also by absorbing near-term impact taken for the mega deals that we signed in quarter 1. That's number one. Second is the growth for us in BFSI, like I said, is -- was led by Europe and APMEA.

對不起，維博爾。如果可以的話，我或許可以更詳細地回答這個問題。如果你看一下我們的銀行、金融服務和保險 (BFSI) 行業，我們報告說環比增長了 2%，這也吸收了我們在第一季簽署的巨額交易帶來的短期影響。這是第一點。其次，正如我所說，我們在 BFSI 領域的成長是由歐洲和亞太、中東及非洲地區引領的。

And both these SMUs, if you noticed, have reported high single-digit sequential growth. Also in the BFSI segment, the order booking continues to be robust. And the same -- the point I made to Girish and Dipesh in terms of the kind of deals that we have, the clients are obviously rebalancing. And also in the BFSI sector, the clients are modernizing a lot of their core in addition to vendor consolidation and efficiencies provided through AI.

如果你仔細觀察的話，你會發現這兩家SMU都實現了個位數的連續成長。在銀行、金融服務和保險（BFSI）領域，訂單量也持續強勁成長。同樣的情況也發生在我向 Girish 和 Dipesh 提出的觀點上，就我們目前的交易類型而言，客戶顯然正在重新調整。此外，在銀行、金融服務和保險 (BFSI) 行業，客戶除了透過人工智慧實現供應商整合和效率提升外，還在對其許多核心業務進行現代化改造。

And also if you look at Capco, Vibhor, we saw Capco demonstrating both sequential and year-on-year growth for us, which Aparna talked about. So now if you look at from a -- specifically, if I have to double-click on BFSI, banking and payments continues to be our large domains. Also the capital markets, right, some of our global top accounts and anchor accounts, they are showing positive growth.

此外，如果你看看 Capco 和 Vibhor，我們看到 Capco 向我們展示了連續增長和同比增長，Aparna 也談到了這一點。所以現在，如果你從一個角度來看——具體來說，如果我必須雙擊 BFSI，銀行和支付仍然是我們的大領域。此外，資本市場方面，我們的一些全球頂級客戶和核心客戶也呈現積極成長態勢。

And the most important is, I talked about the platforms, industry platforms, the wealth and asset management is really getting a traction for us. We are also in this segment has a lot of conversations around how we can advise our clients on the AI side. That's something that we are helping the customers.

最重要的是，我談到了平台、產業平台，財富和資產管理對我們來說真的越來越有吸引力了。我們也在這個領域進行了許多討論，探討如何為客戶提供人工智慧方面的建議。這是我們正在幫助客戶解決的問題。

Right. So a lot of, I would say, I mean, traction that we are seeing in multiple parts. Capco, as you said, right, should produce. So overall, as the outlook for the sector, we are looking at a good decent one in the next coming quarters as well. Would that be (technical difficulty) say?

正確的。所以，我想說，我們在多個方面都看到了很大的進展。正如你所說，Capco應該負責生產。因此，總體而言，就該行業的前景而言，我們預計未來幾季也將保持良好發展勢頭。那是不是（技術難題）呢？

Yes, Vibhor, if you look at my pipeline, right, obviously, BFSI's pipeline is very strong. So from that perspective, I would say the positive momentum that we see in BFSI. Also, like Aparna talked about, the Phoenix deal will start executing from this quarter onwards. So net-net, I agree with the point you made, Vibhor, BFSI continue -- we see in the positive light.

是的，Vibhor，如果你看看我的業務流程，很明顯，BFSI（銀行、金融服務和保險）的業務流程非常強勁。所以從這個角度來看，我認為我們在銀行、金融服務和保險（BFSI）領域看到了積極的發展勢頭。另外，正如阿帕娜所說，菲尼克斯的交易將從本季開始執行。綜上所述，我同意你的觀點，Vibhor，BFSI（銀行、金融服務和保險）產業將繼續發展——我們對此持積極態度。

Perfect. That's great to hear. Just to double click on the same manner on the healthcare sector. I know not as large as BFSI, but a lot of our peers have been talking about challenges in the healthcare sector because of the Big Beautiful Bill that was introduced by the Trump administration. So any color on that? How do we see this vertical playing out over the next two to three quarters?

完美的。聽到這個消息真是太好了。以同樣的方式再次關注醫療保健產業。我知道它不像銀行、金融服務和保險 (BFSI) 行業那麼大，但由於川普政府提出的“宏偉法案”，我們的許多同行一直在談論醫療保健行業面臨的挑戰。所以，有什麼顏色嗎？我們如何看待這一垂直領域在未來兩到三個季度的發展趨勢？

Yes. So Vibhor, if you look at traditionally, healthcare has been a strong sector for us. And even in the last quarter, we did show a year-on-year growth. But you're right, there are certain headwinds in this sector because the sector is going through structural changes. So number one, the good news is that one of the mega deals that I talked about is from this sector.

是的。所以 Vibhor，從傳統角度來看，醫療保健一直是我們的優勢領域。即使在上個季度，我們也實現了同比增長。但你說得對，這個行業確實存在一些不利因素，因為該行業正在經歷結構性變革。首先，好消息是，我提到的幾筆巨額交易之一就來自這個行業。

Second, if you look at the companies, they are adapting to the whole policy changes that are happening. And I think that will drive more cost takeouts, more modernization and so on and so forth for our clients. Second, also, if you look at the healthcare companies, specifically payers, they're also trying to accelerate and transform their contact centers so that they can improve their conversations with the members.

其次，如果你觀察這些公司，你會發現它們正在適應正在發生的政策變化。我認為這將為我們的客戶帶來更多的成本削減、更多的現代化改造等等。其次，如果你觀察醫療保健公司，特別是支付方，他們也在努力加快和改造他們的聯絡中心，以便改善與會員的溝通。

And that's another thing that we see as a traction for us. And also a couple of areas like some of the -- our clients are looking for real-time claim processing, for example, or trying to look at how can we bring in more efficiency in pre-authorization, how do we bring in more enhanced transparency, right, in the context of the structural change. So all these are opportunities for us. And I think we continue to be strategic technology partners for some of the Tier 1 healthcare payers. And I think we continue to stay focused on that.

而這正是我們認為對我們有利的另一個因素。此外，還有一些領域，例如——我們的客戶正在尋求即時理賠處理，或試圖了解我們如何在預先授權方面提高效率，如何在結構性變革的背景下提高透明度。所以這些都是我們的機會。我認為我們仍然是部分一級醫療保健支付方的策略技術合作夥伴。我認為我們會繼續專注於此。

Got it. Great to hear. Just one last question, if I may squeeze in, either you or maybe Aparna can answer on the headcount. We saw a decent addition in the headcount in this quarter. What is the kind of outlook that we're looking for in terms of headcount addition over the next, let's say, two to three quarters with the deal ramp-up and all, do we see this number maybe inching up a bit? Or do you think it might stabilize around the current levels?

知道了。很高興聽到這個消息。最後一個問題，如果可以的話，您或阿帕娜可以回答一下人員編制方面的問題嗎？本季員工人數有顯著成長。在接下來的兩到三個季度裡，隨著交易的進展等等，我們對新增員工人數的預期是如何的？我們是否預期這個數字會稍微上升一些？或者你認為它可能會穩定在目前的水平附近？

So if I look at the -- if you look at the key people indices in this quarter, net headcount has gone up, onboarded freshers from college, attrition has come, utilization has gone up. And based on the demand, which is a high, a very strong bookings in H1, I think depending on the -- as we convert to revenue, we'll continue to hire both laterally as well as from campus.

所以，如果我看一下——如果你看一下本季的關鍵人員指標，淨員工人數增加了，從大學招收了應屆畢業生，人員流失率上升了，利用率提高了。根據需求來看，上半年的預訂量非常高，而且非常強勁。我認為，隨著我們轉化為收入，我們將繼續從內部招聘，同時也從校園招募。

Abhishek Kumar, JM Financial.

Abhishek Kumar，JM Financial。

I have two questions. First on -- so we talked about three kind of deal wins, right, net new, scope expansion, and just plain renewal. So net new, we understand will add to incremental revenue. In the other two types of deals, are we seeing overall book of business for those deals growing, especially in renewal and also in renewal plus scope expansion? Or the deflation, which is there in renewal is kind of offsetting the new scope that we are getting from those deals? Any color on that, please?

我有兩個問題。首先——所以我們討論了三種類型的交易成功，對吧，全新交易、範圍擴大和簡單的續約。因此，我們了解到新增收入將會增加。在另外兩種類型的交易中，我們是否看到這些交易的整體業務量有所成長，尤其是在續約和續約加範圍擴大方面？或者說，續約中存在的通貨緊縮在某種程度上抵消了我們從這些交易中獲得的新範圍？請問可以塗上顏色嗎？

So you are right, net new is fully new. So that will add to the revenues directly. In terms of just renewal, is there a deflationary pressure? Like I said, every deal, every time there is a productivity renewal, there is a productivity that gets passed on. And we typically tend to take on more new projects, more new spend that the client initiates.

所以你說得對，淨新就是完全新的。這樣一來，收入將直接增加。就公平更新而言，是否有通縮壓力？正如我所說，每一筆交易，每一次生產力更新，都會有生產力成果傳遞下去。我們通常會承接更多的新項目，以及客戶發起的更多新支出。

We've spoken about how some of this productivity is put back into prioritized spends around AI, AI adoption, and we are playing a huge role in that. So in some sense, in the renewal plus expansion, there is a reasonable scope expansion, and therefore, there is an increase in the bookings or the revenue value that is expected. In a full-fledged renewal, is there a compression?

我們已經討論過如何將部分生產力提升重新投入到人工智慧、人工智慧應用等方面的優先支出中，而我們在這方面發揮著巨大的作用。因此，從某種意義上說，在續約和擴張中，存在合理的範圍擴張，因此，預訂量或預期收入價值也會增加。在全面革新中，是否有壓縮？

I wouldn't call it a compression, but this is just a standard productivity that gets passed on. It's very typical to what we've seen in renewal deals over the last few years.

我不會稱之為壓縮，但這只是一種可以傳承的標準生產力提升方式。這與我們過去幾年在續約協議中看到的情況非常相似。

Okay. Just a follow-up on this one and then I have a second one. I was asking this because Q2, there have been renewal deals. And even if there is new scope, I mean, would you agree that there is a timing difference between the new scope increase versus the deflation that we see near term? So does that mean that, that hits you in second half?

好的。這是對之前問題的後續，之後我還有第二個問題。我問這個問題是因為第二季有一些續約協議。即使有新的範圍，我的意思是，您是否同意新的範圍擴大與我們近期看到的通貨緊縮之間存在時間差異？所以這是否意味著，這種情況會在下半場發生？

Yes. So therefore, what happens is, yes, there is a timing difference. There is a productivity that gets passed on. The way the deals are configured and structured typically have a certain timing and pacing. And like Srini said, each deal is very different. So are there timing differences that could really impact in the short-term and play out differently in the long-term? That is correct.

是的。所以，結果是，是的，存在時間差。生產力是可以傳承下去的。交易的配置和結構通常有一定的時機和節奏。正如斯里尼所說，每筆交易都非常不同。那麼，是否存在一些時間上的差異，這些差異可能會在短期內產生重大影響，並在長期內產生不同的結果？沒錯。

Okay. My second question is on the impact of the bankruptcy on your top line. Did we see any impact on 2Q revenue or we are expected to see anything in the 3Q revenue?

好的。我的第二個問題是關於破產對貴公司營收的影響。第二季營收是否受到影響？或者預計第三季營收會受到影響嗎？

No, nothing. No, there was no impact on the revenues. We've actually made a provision for bad and doubtful debt. You will see that in our G&A spend of expected credit loss numbers going up. And we have made a disclosure to that effect as well. This has no impact on the revenue growth in Q2.

不，沒什麼。不，對收入沒有影響。我們實際上已經為壞帳和可疑帳款提列了準備金。你會發現，我們的一般及行政費用中，預期信用損失數字正在上升。我們也已就此作出披露。這不會對第二季的營收成長產生影響。

Nitin Padmanabhan, Investec.

Nitin Padmanabhan，Investec。

Earlier, you had called out some large SAP implementation projects being pushed out, pauses by clients and so on and so forth when the tariff-led uncertainty started. Considering some time has passed, are you seeing some of these clients conversations beginning on trying to get these things back? That is the first question. I have three more actually.

在此之前，當關稅引發的不確定性開始時，您曾指出一些大型 SAP 實施專案被延遲、客戶暫停等等。考慮到時間已經過去一段時間了，您是否看到一些客戶開始嘗試找回這些東西？這是第一個問題。我其實還有三個。

So Nitin, specific to the comment you made in the context of what we said, there was -- in one quarter, we had -- we did talk about one of the transformation programs that came to an end. That particular client still is going through the difficulties of tariff unless and until that piece of the tariff is clear to them, they would -- they may not want to start the program. Having said that, we have got good traction, especially for SAP HANA across industries, Nitin.

所以尼廷，具體來說，針對你剛才在我們談話中提到的內容，確實有一個季度，我們談到了其中一個已經結束的轉型項目。除非關稅的這一部分對他們來說很清楚，否則這位客戶仍然會面臨關稅方面的困難，他們可能不願意啟動該計劃。話雖如此，我們已經取得了不錯的進展，尤其是在各個行業中，SAP HANA 尤其如此，Nitin。

Got it. The second is within the EMR vertical. So I think last quarter, you were a little hopeful that as there is some stability, this vertical could sort of recover in the second half. Any update on how you're thinking about EMR on a going-forward basis?

知道了。第二個領域屬於電子病歷（EMR）垂直產業。所以我覺得上個季度，大家可能有點樂觀，認為隨著市場趨於穩定，這個垂直領域在下半年可能會有所復甦。關於您未來如何看待電子病歷（EMR）的發展，有什麼新的進展嗎？

You're right, Nitin, EMR sector for us has degrown sequentially as well as year-on-year, especially the manufacturing in auto and industrial, we have seen a lot more impact on account of tariffs. This sector, where we see a lot of previous generation outsourcing deals, we're hopeful to come back to the market. And these deals will be very, very competitive.

你說得對，Nitin，我們的EMR產業環比和年比均下滑，尤其是汽車和工業製造業，我們受到的關稅影響更大。在這個行業，我們看到了許多上一代的外包交易，我們希望能夠重返市場。這些交易的競爭將會非常非常激烈。

So we will -- we are definitely staying focused on that, and some of these deals are very critical for us. As far as on the energy consulting side, we have started seeing some good traction, and we will stay focused on that. But broadly, Nitin, again, the point I made is that we do see the opportunities in SAP S/4HANA space in some of our clients.

所以我們會——我們肯定會繼續專注於此，而且其中一些交易對我們至關重要。在能源諮詢方面，我們已經開始看到一些良好的進展，我們將繼續專注於此。但總的來說，Nitin，我再次強調，我們確實在一些客戶身上看到了 SAP S/4HANA 領域的機會。

And this is a quarter where many of our clients are doing budgeting planning, especially where they look at the discretionary spend and so on and so forth. So we are looking at that aspect as well. And many of these clients in the context of what's coming at them. They are also driving cost optimization and vendor consolidation. So we continue to stay focused on that.

在這個季度，我們的許多客戶都在進行預算規劃，特別是他們會專注於可自由支配的支出等等。所以我們也在關注這方面。而且，很多客戶都是在考慮他們即將面臨的挑戰。他們也正在推動成本優化和供應商整合。所以我們會繼續專注於此。

And there could be -- there are certain deals we are also seeing on the post-merger integration space. So that's another one we are kind of focusing on. Utilities, which is a part of the energy sector is kind of muted for now. But especially in the UK sector, we hope that sector would turn around. So broadly, there are multiple dimensions and aspects for energy and manufacturing. But net-net, Nitin, very valid. Your question is very valid.

而且，我們也看到在併購後整合領域存在一些交易。所以這是我們目前關注的另一個面向。作為能源產業一部分的公用事業目前表現較為低迷。但尤其在英國，我們希望該產業能夠扭轉局面。總的來說，能源和製造業涉及多個維度和麵向。但總的來說，Nitin，這很有道理。你的問題很有道理。

So perfect. Just one last one from my end. You alluded to a very strong sort of deal pipeline. Are you seeing any improvement in smaller-sized deals within that pipeline at the moment? And do you -- how do you see furloughs this year currently when you just think about it versus last year?

太完美了。最後我還有最後一件事。你暗示了非常強勁的交易管道。目前您是否看到該銷售管道中小額交易有任何改善？那麼，您—您現在如何看待今年的臨時裁員情況與去年相比？

Yes. Nitin, as far as the deal pipeline is concerned, like I said, after closing close to $9.5 billion of booking in H1, I would say our pipeline is sustained and it is robust. And this is -- if you ask me, going back to your specific question, this is evenly distributed across the large deal and across small deals. And I'm seeing this consistency across sectors and geos, so our pipeline is a lot more secular.

是的。Nitin，就交易管道而言，正如我所說，在上半年完成近 95 億美元的訂單後，我認為我們的交易管道是持續且強勁的。而對我來說，回到你剛才的問題，這種情況在大額交易和小額交易中分佈均勻。而且我發現這種現像在各個產業和地區都具有一致性，因此我們的業務發展方向更加多元化。

But broad theme, Nitin is cost, of course, speed and AI-led efficiency as opportunities that keep coming towards. And there are -- in the last few months, if you ask me, we have pitched in a lot of proactive ideas to our clients, especially because of the macro challenges that they are facing. And also we are trying to convert that into our qualified pipeline initiatives as well.

但總的來說，Nitin認為成本、速度和人工智慧帶來的效率是不斷出現的機會。而且，在過去的幾個月裡，如果你問我的話，我們向客戶提出了許多積極主動的想法，尤其是考慮到他們面臨的宏觀挑戰。同時，我們也在努力將這些成果轉化為我們合格的人才儲備計畫。

Then of course, there will be small vendor consolidation deals as and when it comes up, we'll stay focused. The fact that we have won four mega deals, which are typically cost optimization and/or vendor consolidation, I think we have created a robust engine to go after the large deals, Nitin.

當然，屆時也會有一些小型供應商整合交易出現，我們會保持專注。尼廷，我們已經贏得了四筆巨額交易，這些交易通常涉及成本優化和/或供應商整合，我認為我們已經建立了一個強大的引擎來爭取大筆交易。

And on the furloughs, yes.

至於休假問題，是的。

As far as furloughs are concerned, we are taking a similar approach like last year. We're taking that as the assumption right now, Nitin.

就員工休假而言，我們採取的做法與去年類似。尼廷，我們目前就暫且這樣假設吧。

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

女士們、先生們，這是今天的最後一個問題。現在我謹將會議交還給阿比謝克·賈恩先生，請他作總結發言。接下來該你了。

Yes. Thanks, Yashashri. Thank you all for joining the call. In case you have any follow-up questions, please feel free to reach out to the Investor Relations team. Thank you, and have a nice day.

是的。謝謝你，Yashashri。感謝各位參與通話。如果您有任何後續問題，請隨時聯絡投資者關係團隊。謝謝，祝您愉快。

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。我謹代表威普羅有限公司，宣布本次會議結束。感謝您的參與，您現在可以斷開線路了。