Wipro Ltd (WIT) 2026 Q3 法說會逐字稿

Ladies and gentlemen, welcome to Wipro Ltd Q3 FY26 earnings conference call. (Operator Instructions) Please note that this conference is being recorded and the duration for today's call will be for 45 minutes. 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, sir.

Warm welcome to our Q3 '26 earnings call. We'll begin the call with the business highlights and overview by Srinivas Pallia, our Chief Executive Officer and Managing Director, followed by updates on financial overview by our CFO Aparna Iyer. We also have our CHRO Saurabh Govil and our chief strategist and Technology Officer Hari Shetty on this call. Afterwards, the operator will open the bridge for Q&A with our management team.

Before she starts, let me draw your attention to the fact that during this call he may make certain forward-looking statements within the meaning of Private Security 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.

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

Thank you, Abhishek. Good evening and thank you for joining us today. A very happy new year to you.

Let me start with the broader environment. Before walking you through our quarterly performance and how we are positioning Wipro for an AI first world. Across the client landscape one thing is clear organizations are reshaping priorities as AI influences how they plan, invest, and operate.

In fact, AI is now a standing board-level mandate led by CEOs who recognize its ability to transform business models, unlock productivity and create lasting competitive advantage. We're also seeing the same themes continue from past quarters in our deal pipeline cost optimization, vendor consolidation, and a clear shift towards AI-led transformation.

In quarter 3 we also marked two important milestones for Wipro. In December we completed 80 years as a company, and in October, we celebrated 25 years of being listed on the New York Stock Exchange. These milestones reflect a legacy of strong governance, values, and integrity, a foundation of trust that continues to differentiate us with our clients, partners, and investors.

Turning to quarter 3 performance. Our IT services sequential revenue at $2.64 billion grew 1.4% on a constant currency basis. Excluding common DTS acquisition revenue grew 0.6% in constant currency terms. Growth was broad-based with three or four markets. And four of our five sectors reporting sequential gains.

America's, one delivered sequential and a year-on-year growth driven by strong performance in healthcare, consumer, and [latt] America's too, saw a sequential decline, Europe grew sequentially in quarter 3, led by a ramp up of the earlier announced mega deal.

We're also seeing good traction in the UK and Western Europe. APMEA grew sequentially and year on year, led by India, Middle East, and Southeast Asia. PFSI continues to show strong traction with the ramp-ups and new winds.

Capco revenue was impacted by furloughs and remained flat year on year. Our operating margins at 17.6% expanded 0.4% or adjusted quarter to margins and 0.1% year on year. We closed $1 3.3 billion dollars in total contract value and $871 million dollars in large deal bookings.

Last quarter I introduced Wipro Intelligence. It's a unified approach to delivering AI powered transformation across industries. This approach is anchored on three strategic pillars. First, Industry platforms and solutions, we are building consulting led AI solutions across sectors.

For example, Platforms like [Pair AI] in healthcare, net oxygen for lending and autocortex for automotive. These solutions help streamline operations. Improve customer outcomes and open up new avenues for growth.

Second, our delivery platforms accelerate AI adoption at scale. WINGS part of our Wipro intelligence brings AI into the heart of operations. From application management to infrastructure support and business process operations. WeGA AI-driven capabilities across the development life cycle from white coding to model tuning and data pipelines, together, these platforms help our clients modernize faster and operate smarter.

Third, the Wipro Innovation Network. This connects our labs with partners, startups, universities, and deep tech talent around the world. This ecosystem helps us explore new technologies and build solutions for the future.

We launched innovation Labs in three cities in the US, Australia and the Middle East, expanding our network, growing our global footprint and strengthening our role as a trusted innovation partner. We're also partnering with client GCCs to drive transformation and turn their cost centers into high impact innovation hubs.

Let me now share two examples of large deal winds that we had leveraging the Wipro Intelligence. First a leading global education provider in the UK, which is expanding rapidly across markets has chosen us as its strategic partner for a multi-year transformation.

The goal is to build a single secure, intelligent operating model that can scale with their growth and improve stakeholder experience. Using WINGS, we will standardize core processes, embed automation and AI-driven insights. And optimize costs through a global delivery model.

Second, a leading US based fitness technology company. I selected Wipro for a multi-year transformation to accelerate its shift to a subscription-based wellness model and support global expansion. We will use both WINGS and WeGA to embed AI and automation across IT infrastructure and core functions driving efficiency, productivity, growth, and better customer experiences.

These engagements highlight a clear trend. Clients are bringing us in much earlier and recognizing the step change in the way we deliver and innovate. I would now I'd like to update you on HARMAN DTS.

First, a warm welcome to all HARMAN DTS employees joining us. With the acquisition now complete. We have added engineering and AI capabilities that truly complement what we do. This strengthens our engineering global business line and helps us accelerate AI-driven product innovation for clients. The integration also opens new regions and high growth industries and allows us to take on larger, more complex transformation programs.

As our teams come together, we look forward to entering new markets building deeper client relationships and turning innovation into long-term value. Finally, Guidance for Q4. In quarter 4 we are projecting sequential IT services revenue growth of 0% to 2.0% in constant currency. With that, I will hand it over to Aparna for the detailed financial. Over to you Aparna.

Thank you, Srini. Good evening, ladies and gentlemen, I wish you all a very happy New Year. Let me share a quick update on the financial performance.

Our IT services revenue for quarter 3 grew 1.4% sequentially in constant currency terms and 1.2% sequentially in reported currency. Revenue grew 0.2% year on year in reported terms, while declining 1.2% year on year in constant currency terms.

A constant currency revenue growth numbers included 0.8% as contribution from the HARMAN DTS acquisition that was closed in quarter 326. Our operating margins for the quarter was 17.6%, an expansion of 40 basis points over the adjusted operating margins for Q2 and 10 basis points improvement on a year-on-year basis.

I would also like to highlight that this is one of our best margin performances in the last several quarters. As we move to Q4, we will need to factor for incremental dilution of HARMAN DTS, that said, our endeavor, as always, will be to maintain the margins in a similar band as in the last few quarters. Adjusted net income for the quarter was INR33.6 billion and adjusted EPS for the quarter was at INR3.21 an increase of 3.5% quarter on quarter and flat year on year.

Moving on to our strategic market unit and sector performance, all the numbers I will share will be in constant currency. Americas grew 1.8% sequentially and grew 2.8% on a year-on-year basis. Americas declined 0.8% sequentially and 5.2% on a year-on-year basis.

Europe grew 3.3% sequentially and declined 4.6% on a year-on-year basis. APMEA grew 1.7% sequentially and 6.6% on a year-on-year basis. From a sector standpoint, BFSI grew 2.6% sequentially and 0.4% year on year. Health grew 4.2% sequentially and 1% year on year. Consumer grew 0.7% sequentially while declining 5.7% year on year. [Econ com] grew 4.2% sequentially and 3.5% on year-on-year term. EMR declined 4.9% sequentially and 5.8% year on year.

To give an added color, Capco was flat on a year-on-year basis in Q3. Before I move on to other financial parameters, I'd like to draw your attention to two specific one-off charges that we took in our P&L that also impacted our net income. These changes are not included in our -- these charges are not included in our IT services segment margins.

First is an increase of [INR302] crores towards gratuity expenses due to implementation of the new labor codes. Second is regarding the restructuring exercise that was completed during the quarter, and its impact is about INR253 crores. I'd like to confirm that we've now completed the restructuring we wanted to do and do not anticipate any further charges.

Our operating cash flows continue to be higher than the net income, and so that 135% of net income for quarter 3. Our gross cash, including investments, is now at $6.5 billion. Our net other income in Q3 grew 15% sequentially.

Accounting yield for the average investments held in India was at 7.2%. Our effective tax rate at 23.9% for Q3 '26 was better than the quarter same quarter last year of 24.4%. In terms of our guidance, we would like to reiterate what was stated by Srini, we expect our revenue from the IT services business segment to be in the range of $2.635 billion to $2.688 billion.

This translates to a sequential guidance of 0% to 2% in constant currency terms. Our guidance includes the incremental two months of revenue from HARMAN DTS. It is impacted by fewer working days in Q4 and certain delayed ramp ups in some of the large days that we won earlier in the year.

Lastly, I'd like to share with you that in our recently concluded Board meeting, the Board of Directors have declared an interim dividend of INR6 per share. With this payout, the cash distributed to our shareholders during the current financial year will be in excess of $1.3 billion, and we will be able to significantly exceed the minimum threshold that we had laid out in our capital allocation policy for the block ending financial year 2026.

With that, I'm going to ask [Yashaswi] to open it up for Q&A.

(Operator Instructions)

Nitin Padmanabhan, Investec.

Hello, good evening. Wishing you a very happy New Year. I had a couple of questions. So one is I think this quarter we lost almost $24 million of revenue in energy manufacturing resources. I just wanted your thoughts on that vertical and, how do you see the deal pipeline there? When do you think this can sort of, turn around?

The second is, you alluded to some delays and ramp ups impacting growth for next quarter to give some, if you could give some color there, I presume this is related to the last deals. By when do you see this sort of, beginning to ramp, going forward? And third, when are we expecting to have the wage hike cycle? Yeah, those are the three. Thank you.

So, Nitin, I'll take your second question, and then on EMR I'll ask Srini to answer and on attrition we have sort of here he can take that, on hike salary hike.

Nitin, in terms of our large deal conversion, each deal is different. One of the significant deals we had in Q4 of the last financial year, Phoenix is now fully ramped up, and its revenues are fully realized, and it's part of our quarter 3 performance.

So that's on track. Some of the other deals, given the nature of the deals that we've won. We've earlier also highlighted that these deals will take a few quarters to ramp up, so it's a question of it coming in through the course of the next few quarters, and therefore we've called it out saying that in Q4 we may not be able to realize the full impact and therefore we're calling it out.

The other lever that is playing out is typically furloughs do come back, but Q4 continues to have lower working days, which is not really -- this is in some sense offsetting for those furloughs and therefore we've given you the guidance we have, but these deals should continue to convert. Each deal is different. We're confident it will take some time, but it will, ramp up. Srini, you want to talk on and then --

As far as EMR is concerned, our performance in this sector clearly has been impacted, based on the macroeconomic uncertainty we have seen, some during tariff-related and also some disrupted supply chain issues that we faced.

However, our pipeline continues to remain strong in the sector and essentially, the significant, pipeline is around either vendor consolidation or cost takeout. And if I were to give a little bit of color to your specific segments, we have -- we see good momentum in energy in both Americas and Europe and as far as manufacturing is concerned, we are seeing that in Europe.

Also, our Capco business, which is doing -- some -- is also seeing some traction on the energy consulting side. So net, that's the situation that, we have right now, with the EMR or sort of --

In salary hikes, we will take a call in this -- the next few weeks, in terms of when should we be doing it. Our intention is to look at it this quarter, but we'll confirm it during the next couple of weeks.

Perfect. That's helpful. Just one clarification, do you think, EMR should start getting back to growth, sometime next year? That's the last question from my end. Thank.

So as far as is concerned, Nitin, I'll just repeat that one is the pipeline. Like I said, specifically, we have a good momentum on the pipeline in energy in both Americas and Europe, and as far as the manufacturing is concerned, it's in Europe. I think our focus right now is to convert these deals, and then, that should drive the revenue growth for us, and we are just staying focused on winning some of those deals.

Perfect. That's very helpful. Thank you so much and all the very best.

Thank you.

Vibhor Singhal, Nuvama Equities.

Thanks for, taking my question, and congrats on a solid performance. So, actually my question was mainly on the -- basically the, consumer vertical. You mentioned about the challenges in the, EMR vertical. Banking has been doing well for us, in the consumer vertical, the growth was kept in this quarter. We continue to decline. On a [MY] basis, how do you see the outlook in this vertical? We know this vertical also has been impacted a lot by the tariff uncertainty, that has basically backed the producers.

But any in your conversation with the clients in terms of our interactions in the pipeline, do you see it turning the corner in coming quarters, or do you think it will be some time before some charity emerges in this vertical.

Thanks, Vibhor. If you look at our consumer sector, clearly, if you recollect, I talked about it before as well that, I know, the tariffs had an impact on this, and that is reflected in our numbers.

And also, if you like, there was a large SAP program, which was put on hold last year by our customers, and again the client is yet to reinitiate and that's, that is one of the things that is impacting our year on year performance as well, in this particular thing, in this particular market, sector, however, the overall trend, that, we see right now is mixed here for us in consumer.

Some of the winds we had earlier this year is slowly ramping up, and that should, support the growth in this sector. I do not have a, from a quarter 4 perspective, whatever growth we are seeing, that's big thing into our forecast.

Got it. And similar thing on the, basically I think vertical. I know it's not that big a vertical, but, I think, both, tech and health vertical appear to be doing good. Any specific, project ramp up that we saw in this quarter which led to this growth, or do you think it's a growth which we can sustain in the coming quarters as well?

Sorry, which sector did you refer to Vibhor.

Aparna, tech and the healthcare, both of them separately.

In some sense in healthcare, we've been consistently doing well, and we've had a affected both in our year-on-year performance seasonally. Obviously, we have the open enrollment season that really does improve our health performance in Q3.

So, that is also added to the, performance in terms of our tech and com, we've continued to do well in some of our large, technology players, and, there is a little bit of the HARMAN acquisition numbers which is also reflected in the overall sector's performance, and, I think, communications in general have done has been better for Europe and Apnea. That's the color I can give you.

Perfect. That's really helpful. But now just one last question from my side. You mentioned about, the few heads winds in Q4 that you would be facing. And if I look at our guidance, it is 0% to 2% at the console level. And if we were to, let's say, extrapolate the two-month incremental impact of, HARMAN acquisition, the organic growth will probably fall somewhere between 1.5% to 0.5%. is that the right understanding? And the is the reason for that very much as you mentioned in your opening remarks as well?

We hope for some reason we're not able to hear it clearly. Can you just slow down the question?

Yeah, hi, can you hear me?

Yes.

I'm sorry, his line is disconnected. We'll move on to the next question. (Operator Instructions)

Ravi Menon, Macquarie

Hi, thanks for the opportunity and congrats on a really strong margin performance this quarter. Now that we've come to sequential growth, seasonally, we got a -- I, surprised that, organically we seem to be hinting at slight decline, possibly, at the lower end of our guidance, next quarter, and Capco should also be coming out of from the furloughs, that it's had this quarter, right?

So could you, talk a bit about that and, beyond that, I do you think that sequential growth, is possible, looking at the pipeline and, the slight improvement possible if we have on the demand environment.

So, I will ask Srini to talk, through the demand environment. We guide based on the visibility that we have at the start of the quarter. I've shared with you that some of the furloughs that typically does come back, been, partially offset by the lower working days that we're also seeing this year and to that extent we are seeing some softness continue, right, but, that said, our endeavor would be to obviously, execute the quarter better through the next 90 days, right?

So, if I look at it, there is no significant change in the demand environment, specifically the discretionary spend as the uncertainty continues. Second, January is the time when many of our customers will finalize the budgeting process. We'll have a much better, understanding and view of where they're going to spend.

But having said that, if I look at the current pipeline that we have, a significant piece of this pipeline is around cost optimization and vendor consolidation, which are the key levers for our clients, and they're, using this as a lever for savings, and they want to reinvest these savings, into AI capabilities and also, some of the advanced transformation projects that they want to do.

At, for us, we believe this is an optim opportunity for us to capitalize on this, and we'll make strategic bets in, each of these sectors and markets, continue to invest in our clients for the, to do this from a fuller visibility, like Aparna said, there is uncertainty in the market and the customer continue to remain and wait and watch mode. Why at this stage our guidance, represents the best visibility we have. And if there are any further updates, we'll definitely share Ravi.

Thanks. And since those, when you talked about vendor consolidation, and cost takeout and clients actually using those savings for, transformation, are they actually giving both to the same vendor, or, how do they prefer to split that out? What's that you're seeing, at least in the events that you have.

So Ravi, it's a mixed --. There are certain clients who are doing that and continuing with their current partners, and there are certain clients who are changing and there are certain clients who are increasing the scope and using multiple partners as well. So it clearly varies from client to client.

Alright, thanks. And one last question on the HARMAN DTS, what segments, do you think, this really improves your, possibility of, win rates --

So Ravi, if I understand the question, how the HARMAN DTS acquisition will help us. Right?

Correct, yeah, which sectors do you expect the win rates to improve?

Yeah, so clearly, HARMAN, brings in both, design to manufacturing, capabilities and, AI powered product innovation, in that context, clearly, the sweet spot for a combined, unit is, especially the engineering, global business plan that we have is the tech and com sector. That's -- I think, primarily the one where we see a significant, opportunity. And the other three sectors I would pick are health, consumer, and EMR Naveen.

Okay thanks so much. Best of luck.

Sandeep Shah, Equirus Securities.

Yeah, thanks for the opportunity. Just the first question is, because of delay and ramp up of deal wins, of the last two-three quarters, is it fair to assume if those ramps up in the first quarter next year, then the seasonal softness which generally comes in the first quarter may not be true next year.

So Sandeep, yes, in some sense, that will be the objective that we ramp up enough so that we can offset for some of the weakness that could arise. That said, we don't guide for Q1, but we would like to clarify that it's just delayed, and some of those do take time to ramp up and, confident that it will ramp up and we will keep you posted.

Okay, just Aparna, and I wanted to understand the guidance on the margins which you said narrow band, narrow band compared to Q3 margins or earlier range.

So you again, no, we don't guide for margins. You've seen our performance over the last eight quarters. We've consistently improved, right? I think, all credit to the team. We have been fairly resilient on margin, and we will continue our endeavor to keep it, but that said, we will have to invest for growth and that's the number one priority, right? We've acquired DTS HARMAN, and you know that will, mean an incremental dilution to our margins that we will have to absorb.

Two, we continue to, chase and win large deals, and they come with a different margin profile. And these are very important investments we have to make, and you know there will also be decisions that will have to be made on wage increases that Saurabh spoke of lot of moving part.

Our endeavor is going to be to make sure that we keep it in that band of 17% to 17.5%. If you recall, we had said that while we stated that band with the acquisition, we will see pressure to that. Right now we are continuing to hold that ban, which itself is a positive, but, like I said, we will have to take it quarter to quarter. There will be some quarters where we'll have to invest in our people, in our deals, in our clients, and for growth, so we will make those trade-offs.

Yeah, this last couple of questions, the deal TCB in this quarter, both on large deal and total has been slightly softer versus, very strong momentum in the earlier three quarters. So any reason where is it declined decision making being slowed down, or it's the intense competitive pressure which has led to some decline in the win ratio? And the last question of --

Yeah, typically, like I said, some of these deals, they tend to club, right? We are contesting a lot of large deals. They are in the cycle. We are hopeful of closing them. You will continue to see the momentum on large deal wins, at a billion dollars or maybe, we're just shy of eight by $100 million. That's been the normal trajectory obviously in the first half we had a few mega deal wins, four to be specific.

We hope to win more, right? So, I wouldn't read into it in terms of slower decision-making cycle or competitive pressure. I would just say that they tend to lump up. We have a lot of good deals and we will see the momentum pick up.

Okay, and just the last question, Aparna and with the war chest of $6.1 billion though we are distributing dividend, but is it fair to assume that buyback continues to remain one of the options in the mind to, give this excess cash back to the shareholders?

We have said that buyback will continue to be a means by which we will return cash to our shareholders. It's certainly an option on the table, and we will consider it at an appropriate time.

Okay, thanks and all the best.

Thank you.

Kumar Rakesh, BNP Pariba.

Hi, good evening, and thank you for taking my question. I have just one question. Srini, do you think, given the kind of mix which you have both of vertical and the capability at the pro, you would be able to get back in line with the industry average revenue growth, or would it make sense to just slow down your margin, get to mid team sort of a margin, be able to better compete with some of your peers, maybe with GAAP peers as well. Or maybe acquire some of the companies to reset the mix what's your thought on that.

Kumar, clearly, firstly, if you look at our inorganic strategy, it's very clearly aligned to the strategic priorities we called out. We constantly look for sectors in the markets combination in terms of where we need to invest, where we need to acquire new capabilities, and if you look at specifically and DTS, clearly, it's giving us a combination of both, what I would call as capabilities and also a few new markets that they're already in. So we will continue to look at opportunities for us, Kumar, as we continue to move forward.

Our strategy is both growing our organic and inorganic and continue to invest in organic, and you're right, we do have cash, and as far as that is concerned. It is an opportunity for us to look at the market, scan the market, and do the right investment that makes it a win-win for us.

Got it. Thanks a lot for that.

Rishi Jhunjhunwala, IIFL.

Yeah, thanks for the opportunity. Just wanted to understand. X of HARMAN doesn't look like there would be, much of a sequential growth, in 4Q, and 1Q, as we were discussing earlier in the call, historically has had some, weak seasonality, I noticed a pretty sharp increase in our, overall headcount, in this quarter. So just wanted to understand, given, the outlook for the next couple of quarters, what is driving this, and how do we read that.

The headcount for this quarter is primarily driven from two things. One is the acquisition, DTS acquisition, and second is, one of the large deals in Phoenix we had done, as they were rebadging on people. So I think when we ramped up the deal, so that's been the reason for seeing the ramp up in this quarter.

Otherwise, from a hiring standpoint and supply side, I don't see a challenge. Attrition has been at 2% percentage low for the quarter, trending the same in the next quarter. Passion is looking up a neck of the furloughs which we are out of the leads people have taken so we are fairly confident in the head count supply side to manage the demand.

Understood, sir. The second question is just wanted to understand this restructuring cost that we have, booked in our, financials. Is it in the same nature as what, we did in one queue? And if not, if you can give some color around that.

The restructuring basically as pivoted on obsolete skills tests and family in two areas. One is in Europe, where we have a tough labor law, and second is in Capco. These are the two big areas that we did that similar to what we had done in Q1.

Understood. And just last thing, there was a, bookkeeping question. There is a spike in DNA in this quarter. Any particular reason? And is that a normalized level going forward as well? Thank you.

We have taken an, provision for that in the full day charge, and I think that's the line item that will show an increase, but that's been the usual course of business. You should see that go off starting next, quarter.

I was asking about depreciation and amortization.

Okay, and typically we do assess the intangibles, every year, and if based on the expected forecast, etc. Sometimes we tend to accelerate, such amortization. In this quarter we did accelerate some amortization towards one of the earlier acquisitions, and that's reflected, and that should also normalize.

However, we will have an increased amortization charge coming in for the DTS HARMAN, so yeah. So you should wait for the next quarter to get the license.

Sure. Got it. Thank you so much.

Thank you.

Kawaljeet Saluja, Kotak Securities.

Hi, Aparna. I have just a couple of, questions, for, you. First is, that at $6.5 billion it seems that you have plenty of excess cash. So how do you intend to, flush this excess cash out, would it be through dividends or is buyback on the cards? If buyback is on the cards, then what are the considerations, set required? to move towards that path, yeah, that's the first question.

Okay, you're right, we did, note that we've been having, excess cash, and as a result of that, last year we increased our capital allocation, and we said that we would start increasing our dividend payouts. We did that, we paid out INR6 in the last financial year. This year we've almost paid 11 per share, which is about $1.3 billion. We should all, nearly account for like, if I had to just, annualize our YTDPS, this is about 88%, 89% of that.

So at least what the increased dividend is doing is we're not adding to the excess cash. And leaving enough for, watches for whatever acquisitions and organic investments we need to make is, buyback an option to still consider in terms of returning excess cash to shareholders?

Yeah, indeed it is, and, what are the considerations for that, we will have a discussion with the board on that, and we will come back, typically considerations include. You know whether we have enough net cash available in order to pursue the investment we need and we will keep the market posted covered. But other statutory considerations are quite in the in the place for buyback.

I'm sorry, just can you just repeat that last part again? I missed it, yeah.

Oh, I said, there are some statutory considerations that, you can't do a buyback within 12 months, if you can't do it if there is a merger pending for NCLT, etc. None of that is -- I mean, all of that is conducive covered.

Okay, so let's say if you had to theoretically decide to do a buyback today, you can do that, whereas in the past there was an NCLT process or merger which would have acted as an impediment. There's no such impediment. I mean you can do that as in when you. I know it's the right time, yeah. Is that the way to look at it?

Absolutely.

Noted. The second question is for you and, Srini. Let's say, if those two mega deals ramp ups were not delayed, then, what would the guidance have been for the March quarter? Any way to detail it out either quantitatively, which may be difficult, or even qualitatively, that would be very helpful to understand the growth trajectory, yeah.

Obviously we can't talk about it quantitatively and qualitatively, like I've said, it's only delayed. These ramp ups should happen. And each deal is different in its nature, right? For example, something like Phoenix, which was entirely net new and fully, where there was a clear go live date and readiness, we've been able to do that and that that's fully into our revenue starting Q3, so that played out perfectly to plan right now in some of the other larger deals that that mega deals that we could be winning in terms of vendor consolidation. These deals typically have both an element of renewal and new. Obviously, the renewal is fully in and that continues and you know we're not seeing any changes in terms of the expectation.

In case of the new, the element of new, some of these things are taking longer either due to, client situations where there could be some changes in the client environment that they're going through and therefore there is a little bit of a delay in terms of the timing of the ramp up. Or it could just be the nature of how it is going to, play out, right, because, we will have, it will take six quarters, that's what I earlier alluded to, so it is going to take that time. And we're hopeful that this will flow through in the coming quarter.

Noted, and thank you so much. All the best.

Thank you, Kawal.

Thank you, 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, sir.

Yeah, thank you all for joining the call. Have a nice day. Thank you.

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