Wipro Limited (WIT) 2027 Q1 法說會逐字稿

Ladies and gentlemen, good day and welcome to Wipro Limited Q1 FY 2027 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.

各位女士、先生，大家好，歡迎參加 Wipro Limited 2027 財年第一季（Q1 FY 2027）業績電話會議。(操作員指示) 請注意，本次會議將被錄音，且今日電話會議時長為 45 分鐘。

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.

現在我把會議交給 Abhishek Jain 先生，企業財資副總裁兼投資人關係主管。謝謝，交給您。

Thank you, Yashashri. Good evening, and warm welcome to our Q1 FY 2027 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.

謝謝你，Yashashri。各位晚上好，誠摯歡迎參加我們 2027 財年第一季業績電話會議。我們將先由執行長兼董事總經理 Srinivas Pallia 介紹業務亮點與概況，接著由財務長 Aparna Iyer 提供財務概覽更新。此外，我們的人力資源長（CHRO）Saurabh Govil，以及首席策略暨技術長 Hari Shetty 也將出席本次電話會議。之後，操作員將開放線路，讓各位與管理團隊進行問答。

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 of 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，先提醒各位：在本次電話會議中，我們可能會在 1995 年《私人證券訴訟改革法案》（Private Securities Litigation Reform Act of 1995）的意義下，作出若干前瞻性陳述。這些陳述係基於管理層目前的預期，並伴隨不確定性與風險，可能導致實際結果與預期存在重大差異。相關不確定性與風險因素已在我們向美國證券交易委員會（SEC）提交的詳細文件中說明。

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

Wipro 不承擔任何義務在申報日後更新前瞻性陳述，以反映其後發生的事件與情況。本次電話會議將存檔，逐字稿將於我們網站提供。接下來，我想把電話會議交給 Srini。

Thank you, Abhishek. Good evening, everyone. Thank you for joining us today. Let me start with a quick view of the broader market. The macro environment remains resilient, but uncertainty continues to shape decision-making. Technology investment has not slowed. They have become more focused. Clients continue to invest in AI, data, cloud, modernization, cybersecurity, and productivity-led transformation.

謝謝你，Abhishek。各位晚上好。感謝各位今天加入我們。我先快速談談更廣泛的市場概況。宏觀環境仍具韌性，但不確定性持續影響決策。科技投資並未放緩。而是變得更聚焦。客戶持續投資於 AI、資料、雲端、現代化、資安，以及以生產力為導向的轉型。

Spending today is measured with more rigor and longer decision cycles. The AI disruption is expanding the market, not shrinking it. At the same time, conversations around AI are becoming more intense. As the tokenization landscape evolves, clients are focused on net productivity and require a tighter linkage between investment and outcomes.

目前的支出以更嚴謹的方式衡量，決策週期也更長。AI 的顛覆正在擴大市場，而非縮小市場。同時，圍繞 AI 的討論也愈發熱烈。隨著代幣化（tokenization）版圖演進，客戶聚焦於淨生產力，並要求投資與成果之間建立更緊密的連結。

Despite selective client spending, our pipeline remains healthy. We continue to see strong engagement across our markets and industries. We are executing a consulting-led AI-powered strategy to help our clients reimagine and redesign their enterprise around intelligence.

儘管客戶支出較為選擇性，我們的商機管線仍維持健康。我們持續在各市場與產業看到強勁的互動與投入。我們正執行以顧問諮詢為引領、以 AI 驅動的策略，協助客戶以智慧為核心重新想像並重新設計其企業。

With that, I'll now share our financial performance. All numbers are in constant currency. Our IT services revenue for quarter one was $2.61 billion, up 0.9% year-on-year, and down 1.2% sequentially. Our IT services margin was 16%, a 1.2% decline year on year. In our markets, Americas remains soft, declining both sequentially and on a year-on-year basis. We continue to see momentum in technology and communication sector and some good wins in the consumer sector.

接下來，我將分享我們的財務表現。所有數字皆以固定匯率（constant currency）計。第一季 IT 服務營收為 26.1 億美元，年增 0.9%，季減 1.2%。IT 服務利潤率為 16%，年減 1.2 個百分點。就各市場而言，美洲市場仍偏疲弱，無論季比或年比皆下滑。我們在科技與通訊產業持續看到動能，並在消費產業取得一些不錯的勝利。

As we move into quarter two, we are also seeing momentum build up in BFSI. APMEA revenue grew sequentially and on a year-on-year basis. We are encouraged by the momentum we continue to see in this market, particularly in the BFSI and consumer sectors. Our Europe SMU grew year-on-year with strong traction in BFSI, technology, and communication. However, energy manufacturing and resources remain soft.

進入第二季之際，我們也看到 BFSI（銀行、金融服務與保險）動能正在累積。APMEA 營收在季比與年比皆成長。我們對於在此市場持續看到的動能感到鼓舞，尤其是在 BFSI 與消費產業。我們的歐洲 SMU 年增，並在 BFSI、科技與通訊領域展現強勁牽引力。然而，能源、製造與資源相關領域仍偏疲弱。

We see a healthy pipeline across various regions in Europe such as UK and Nordics. During the quarter, order booking totaled $3.4 billion, and large deal bookings totaled $1.6 billion. Our order booking includes 13 large deals this quarter. Let me highlight two of these deal wins. A leading global animal healthcare provider selected us to modernize and manage digital operations across their global network of hospitals and clinics. Using Wipro Intelligence, we will help transform service operations, improve productivity, and enable predictive issue prevention. We are helping the client create a more autonomous technology environment. The goal is to improve experiences for clinical teams, employees, and customers while increasing operational rigor. In our second deal win, a leading European specialty chemicals company chose us to run and transform their complex application landscape. Leveraging AI-led capabilities through Winx, part of our Wipro Intelligence. Excuse me.

我們在歐洲各地區（如英國與北歐）看到健康的商機管線。本季訂單簽約總額為 34 億美元，大型交易簽約總額為 16 億美元。本季訂單簽約包含 13 筆大型交易。我想重點分享其中兩筆交易勝利。一家全球領先的動物醫療保健供應商選擇我們，為其遍布全球的醫院與診所網路進行數位營運的現代化與管理。透過 Wipro Intelligence，我們將協助轉型服務營運、提升生產力，並實現預測式問題預防。我們正協助客戶打造更自主化的技術環境。目標是在提升臨床團隊、員工與客戶體驗的同時，提高營運紀律。在第二筆交易勝利中，一家歐洲領先的特用化學品公司選擇我們來營運並轉型其複雜的應用系統版圖。透過 Winx（Wipro Intelligence 的一部分）所提供的 AI 引領能力加以運用。不好意思。

We will automate operations, improve delivery efficiency, and provide greater visibility through an AI-powered digital command center. The outcome here will be elevated service quality, higher productivity, and lower operating costs. Across markets and industries, we are helping clients reimagine operations by embedding AI at the core of their business, spanning both physical and digital worlds. In this context, let me share some examples of the work we are already doing with clients. One, for a global industrial manufacturer, we are reimagining finance and procurement through our Winx platform. Combining agentic AI, intelligent orchestration, real-time analytics, and AI-powered knowledge management to create a highly automated operating model. In my second example, with one of our healthcare clients, we are deploying multi-agent AI systems, reducing provider enrollment processing times up to 70%, while automating their manual effort up to 90%.

我們將自動化營運、提升交付效率，並透過 AI 驅動的數位指揮中心提供更高的可視性。其成果將是更高的服務品質、更高的生產力，以及更低的營運成本。在各市場與產業中，我們正協助客戶透過將 AI 內嵌於其業務核心來重新想像營運，涵蓋實體與數位世界。在此背景下，我分享一些我們已與客戶展開的工作案例。第一，針對一家全球工業製造商，我們透過 Winx 平台重新想像其財務與採購。結合代理式 AI（agentic AI）、智慧協同編排、即時分析，以及 AI 驅動的知識管理，打造高度自動化的營運模式。第二個例子，針對我們的一家醫療保健客戶，我們部署多代理 AI 系統，將服務提供者入網（enrollment）處理時間最多縮短 70%，同時將其人工投入最多自動化 90%。

Three, for a leading global technology company, we are improving the quality, reasoning, and safety of their next-generation AI models through expert-led data creation and AI evaluation. This is delivering significant gains in model accuracy and reasoning capability. With a life sciences client, our Winx platform is transforming pharma coexistence from a document-centric, labor-intensive process into an AI-native safety operation. This is powered by autonomous agents and regulatory-grade workflows. For a global energy leader, we are defining their enterprise robotic strategy and roadmap for physical AI-enabled autonomous operations. Collectively, these engagements demonstrate the breadth of Wipro's AI capabilities, from strategy and advisory to domain-specific solutions. The wins that I talked about also reflect a broader shift in enterprise priorities. In fact, interestingly, today, clients are looking beyond technology modernization alone.

第三，針對一家全球領先的科技公司，我們透過專家主導的資料生成與 AI 評估，提升其下一代 AI 模型的品質、推理能力與安全性。這帶來了模型準確度與推理能力的顯著提升。對於一家生命科學客戶，我們的 Winx 平台正將藥品共存（pharma coexistence）從以文件為中心、勞力密集的流程，轉型為 AI 原生的安全營運。其由自主代理與符合監管等級的工作流程所驅動。針對一家全球能源領導企業，我們正在定義其企業機器人策略，以及用於實體 AI 賦能之自主營運的路線圖。整體而言，這些合作案展示了 Wipro AI 能力的廣度，從策略與諮詢到特定領域解決方案。我剛才提到的勝利也反映了企業優先事項的更廣泛轉變。事實上，有趣的是，如今客戶已不僅僅著眼於技術現代化。

The focus is moving towards AI-enabled operating models that improve service quality, reduce operational complexity, strengthen resilience, and unlock sustainable productivity gains. This is where we are well-positioned. Let me now share a few additional updates. During the quarter, we closed the acquisition of Mindsprint and quickly transitioned from integration planning to execution. While we continue to deepen our relationship with Olam Group, we have also started to see good opportunities in the food and agriculture sector. You may recall last quarter, we launched AI-Native Business & Platforms Unit. Since then, we have moved decisively from strategy to execution. We are building multiple AI-powered industry platforms, developing new AI-native business models, and forging strong partnerships across the AI ecosystem. We have laid the foundation, strengthened the team with specialized AI-native leadership talent, and defined our roadmap to establish clear priorities for the next phase of growth.

焦點正轉向 AI 賦能的營運模式，以提升服務品質、降低營運複雜度、強化韌性，並釋放可持續的生產力提升。在這方面，我們具備良好定位。接下來我再分享幾項補充更新。本季我們完成對 Mindsprint 的收購，並迅速從整合規劃轉入執行。在持續深化與 Olam Group 的合作關係之際，我們也開始在食品與農業領域看到不錯的機會。各位或許記得，上季我們成立了 AI-Native Business & Platforms Unit（AI 原生業務與平台事業單位）。自那之後，我們已果斷地從策略走向執行。我們正在打造多個 AI 驅動的產業平台、開發新的 AI 原生商業模式，並在 AI 生態系中建立強而有力的合作夥伴關係。我們已奠定基礎，並以具備 AI 原生專長的領導人才強化團隊，同時制定路線圖，為下一階段成長建立清晰的優先順序。

As you would have been aware, we recently launched Applied AI Center of Excellence for Claude models powered by Anthropic. This strengthens our ability to help clients rapidly adopt frontier AI capabilities while maintaining enterprise-grade controls and governance. Capco, our BFSI consulting arm, won the AI Governance and Risk Excellence Award at the OpenAI Partner Summit. Our UK AI lab won the OpenAI Codex Hackathon for an AI-powered banking solution. With that, let me shift focus to the next quarter. In quarter two, we are guiding for a sequential growth of -1.5% to +0.5% in constant currency terms. As we continue to navigate macro uncertainty and geopolitical instability, our priority is to remain disciplined in execution, helping clients navigate complexity and creating sustainable value for all our stakeholders. With that, let me hand it over to Aparna to share financial performance in more detail. Thank you.

如各位所知，我們近期推出了由 Anthropic 驅動、面向 Claude 模型的應用式 AI 卓越中心（Applied AI Center of Excellence）。這強化了我們協助客戶快速採用前沿 AI 能力的能力，同時維持企業級的控制與治理。我們的 BFSI 顧問業務部門 Capco 在 OpenAI Partner Summit 上獲得「AI 治理與風險卓越獎」。我們的英國 AI 實驗室以一套 AI 驅動的銀行解決方案贏得 OpenAI Codex Hackathon。接下來，讓我把重點轉到下一季。第二季，我們在固定匯率口徑下的指引為季增 -1.5% 至 +0.5%。在我們持續應對宏觀不確定性與地緣政治不穩定之際，我們的優先事項是保持執行紀律，協助客戶駕馭複雜局勢，並為所有利害關係人創造可持續的價值。接下來我把時間交給 Aparna，請她更詳細分享財務表現。謝謝。

Thank you, Srini. Good evening, everybody, and thank you for joining us. Let me share a quick update on the financial performance, and then we can open up the queue for questions. Our IT services revenues grew 0.9% year on year in constant currency while declining 1.2% sequentially. This is well within our guided range. Our operating margins for the quarter were 16%. We declined 1.2% year-on-year. The reasons are because of the incremental impact of salary increase, ramp-up of large deals won earlier, and our ongoing investments in AI. This was partially offset by the rupee depreciation benefits and the other operational efficiencies. We remain focused on returning back to our previously stated narrow band. Net income for the quarter was INR33.6 billion. Our EPS for the quarter was INR3.2. Both grew 0.6% year-on-year. Moving on to our SMU and sector performance.

謝謝你，Srini。各位晚上好，感謝大家參與。我先快速更新一下財務表現，之後我們就開放提問。我們的 IT 服務營收在固定匯率下年增 0.9%，但季減 1.2%。這完全落在我們先前給出的指引區間內。本季營業利益率為 16%。年減 1.2%。主要原因是薪資調升的增量影響、先前贏得的大型交易進入擴量（ramp-up）階段，以及我們持續在 AI 上的投資。部分影響由盧比貶值帶來的收益及其他營運效率提升所抵銷。我們仍專注於回到先前所述的較窄區間。本季淨利為 336 億印度盧比（INR33.6 billion）。本季每股盈餘（EPS）為 3.2 印度盧比（INR3.2），兩者皆年增 0.6%。接下來談我們的 SMU 與產業別表現。

All the growth numbers that I will share will be on constant currency. A1 was flattish year-on-year, while declining 2.3% sequentially. Americas 2 declined 7.3% year-on-year and 2.5% decline sequentially. Europe grew 6% on a year-on-year basis while declining 0.9% sequentially. APMEA grew 13.5% on a year-on-year basis and grew 4.4% sequentially. Moving on to sector performance. BFSI grew 2.6% on a year-on-year basis while declining 1.2% sequentially. Consumer grew 1.9% year-on-year and 0.7% growth sequentially. Technology and communication grew 10.8% on a year-on-year basis and grew 0.2% sequentially. Health declined 2.6% sequentially and 3.0% year-on-year. EMR also declined 3.6% sequentially and 8.9% year-on-year. Our operating cash flow stood at 98% of net income for quarter one. Our gross cash, including investments, was at INR4.3 billion. Accounting yield for the average investment held in India was stable at 7.2%.

我接下來分享的所有成長數字皆以固定匯率口徑計算。A1 年增大致持平，但季減 2.3%。美洲 2（Americas 2）年減 7.3%，且季減 2.5%。歐洲年增 6%，但季減 0.9%。APMEA 年增 13.5%，且季增 4.4%。接下來看產業別表現。BFSI 年增 2.6%，但季減 1.2%。消費（Consumer）年增 1.9%，且季增 0.7%。科技與通訊年增 10.8%，且季增 0.2%。健康（Health）季減 2.6%，且年減 3.0%。EMR 亦季減 3.6%，且年減 8.9%。第一季營運現金流為淨利的 98%。我們的總現金（含投資）為 43 億印度盧比（INR4.3 billion）。印度境內所持平均投資的會計收益率維持穩定在 7.2%。

Our ETR was at 22.6% for quarter one versus 21.6% in the same time last year. In our terms of the guidance to reiterate what was stated by Srini, our IT services business segment is expected to be in the range of $2.574 billion-$2.627 billion. This translates to a sequential guidance of -1.5% to a +0.5% in constant currency terms. Lastly, in the recently concluded board meeting, our board of directors have declared an interim dividend of INR2. Including this dividend, our payouts in the last one year, we would be returning in excess of $3 billion in terms of the cash back to shareholders.

第一季有效稅率（ETR）為 22.6%，去年同期為 21.6%。就指引而言，重申 Srini 先前所述，我們 IT 服務業務部門預期落在 25.74 億至 26.27 億美元（$2.574 billion-$2.627 billion）的區間。這相當於在固定匯率口徑下，季增指引為 -1.5% 至 +0.5%。最後，在近期結束的董事會會議中，我們董事會宣告每股 2 印度盧比（INR2）的期中股利。包含本次股利在內，過去一年我們的股東回饋（payouts）將以現金形式返還超過 30 億美元（$3 billion）給股東。

With this, we can open up for Q&A.

接下來我們開放問答。

(Operator Instructions) Ravi Menon, Axis Capital.

（接線員指示）Axis Capital 的 Ravi Menon。

Hi. Thank you for the opportunity. Aparna, a little surprised that you have added headcount despite the guidance that implies a squential decline. Attrition still seems to be well under control. Utilization has also come off slightly quarter-on-quarter. Why add headcount now when you're still looking at a decline in revenue next quarter?

嗨。謝謝給我提問的機會。Aparna，我有點意外你們在指引暗示下季營收將季減的情況下仍增加了人頭數。離職率看起來仍控制得很好。利用率也較上季略有下滑。既然你們仍預期下季營收下滑，為什麼現在要增加人頭？

Our headcount also includes the people who joined us from the Mindsprint team, Ravi. If you exclude that, our headcount has actually gone down quarter-on-quarter. Our guidance, of course, includes the revenues from Mindsprint completely in quarter two.

Ravi，我們的人頭數也包含從 Mindsprint 團隊加入我們的人員。如果把那部分排除，我們的人頭其實是較上季下降的。當然，我們的指引在第二季已完整納入 Mindsprint 的營收。

Just to add, outside of spend, the headcount has actually gone down by 2,500 people.

補充一下，若不含該部分，人頭實際上減少了 2,500 人。

2,500 people. That's what.

2,500 人。就是這個數字。

Right. Thank you. Srini, in BFSI, most of those peers seem to be doing well, and you also spoke of how things seem to be looking up there. For this quarter, we had a decline. Was it a client-specific issue, and is this something that you expect to maybe hold us back a little bit in Q2 as well? Do you think BFSI comes back to growth?

了解。謝謝。Srini，在 BFSI 方面，多數同業看起來表現不錯，你也提到那邊似乎正在好轉。但本季我們卻出現下滑。這是特定客戶的問題嗎？你是否預期這也可能在第二季稍微拖累我們？你認為 BFSI 會回到成長嗎？

Ravi. Hi, Ravi. It's Srini here. As far as the BFSI sector is concerned, specifically for us, Ravi, if you've seen, we did see a year-on-year growth of 2.6% in constant terms. However, the sector declined 1.2% sequentially. If I were to give a little bit of a color in terms of how the sector has performed, Europe and APMEA, Ravi, actually year-on-year, we have seen a growth. In fact, Europe BFSI growth was led by ramp-up of the large deal we had announced earlier. If I were to look at APMEA, we continue to see very good traction with both in terms of ramp-ups and also existing deals and the new deal wins that we have seen. I also want to call out that we see good momentum in the BFSI in Americas as well.

Ravi。嗨，Ravi。我是 Srini。就 BFSI 產業而言，特別是對我們來說，Ravi，如你所見，我們在固定匯率口徑下年增 2.6%。不過該產業季減 1.2%。如果我補充一些產業表現的背景，Ravi，歐洲與 APMEA 其實在年對年都呈現成長。事實上，歐洲的 BFSI 成長主要由我們先前公告的大型交易進入擴量所帶動。若看 APMEA，我們持續看到非常好的動能，無論是在擴量進展、既有交易，或是我們看到的新案得標。我也想特別指出，我們在美洲的 BFSI 也看到不錯的動能。

Net-net, yes, Sirum, I agree with your comment. Having said that, we are also seeing good traction for us as well, Ravi.

總體而言，是的，Sirum，我同意你的評論。話雖如此，Ravi，我們這邊也同樣看到良好的進展。

Thanks, Srini. Really appreciate that. We can look at this as maybe a one-off client incident, something like that. Is there any cutback or did you lose out on any vendor consolidation? Could you comment on what caused the decline this quarter?

謝謝，Srini。非常感謝你的說明。我們可以把這視為一次性的客戶事件之類的情況嗎？是否有任何縮減，或是在供應商整併中失去了一些份額？你能評論一下本季下滑的原因是什麼嗎？

There are two aspects, Ravi. One is clearly some of the largest that we have won have taken a lot more time for us to scale, ramp up. I think now the clients are moving. That's the reason why I said BFSI Americas, because we have won a couple of deals out there, large deals out there. Some of them are coming back. The second one is the nature of the demand. Discretionary spend has been slower, and some of the decision-making has been slower, but we think it will come back. One thing that we are seeing while from a customer perspective, in the BFSI sector, there are a couple of opportunities that we see, Ravi. One is on the cost optimization and vendor consolidation. That remains the key drivers for our clients, right?

Ravi，有兩個面向。第一個很明顯，我們贏下的一些最大案子，需要我們花更長時間去擴大規模、加速爬坡。我認為現在客戶正在開始行動。這也是我為什麼提到美洲的 BFSI，因為我們在那邊贏了幾筆交易、而且是大型交易。其中有些案子正在回流。第二個是需求的性質。可自由支配的支出比較慢，一些決策也比較慢，但我們認為它會回來。我們從客戶角度看到的是，在 BFSI 產業裡，我們看到幾個機會，Ravi。其中之一是成本最佳化與供應商整併。這仍然是我們客戶的關鍵驅動因素，對吧？

This is very similar to the commentary that we gave in the last few quarters. However, Ravi, what we are now seeing is that these savings are getting reinvested by some of our clients into AI capabilities. That's where I think the new transformation projects and discretionary spend will come back. That's how we see it, Ravi.

這和我們過去幾季給出的評論非常相似。不過，Ravi，我們現在看到的是，有些客戶正在把這些節省下來的成本再投資到 AI 能力上。我認為新的轉型專案與可自由支配支出會在那裡回來。我們是這樣看的，Ravi。

Thank you, Ravi. One last question for me. On AI, your couple of peers have announced very different strategies. One setting up a very big, large data center. Somewhere else is looking at a small-capacity data center, which they think they will own the entire hardware stack. Anything that you're thinking along those lines?

謝謝你，Ravi。我最後一個問題。在 AI 方面，你們有幾家同業宣布了非常不同的策略。一家在建置非常大、很大型的資料中心。另外有的在看小容量的資料中心，他們認為可以自有整個硬體堆疊。你們有在考慮類似方向嗎？

Ravi, one is I think at a macro level, the way we see is that AI is a structural opportunity for us and for the industry in general, Ravi. Having said that, the success in AI to be honest, is not just driven by models, right? For us, having the client context, understanding the domain and the industry aspect of it, understanding the process, right? Priming the data for an AI implementation becomes very critical. Also clients are looking at security and change management, organizational change management in this context. That is where I would say that the direction that AI is moving on. For us, Ravi, very clearly, we have pivoted to AI. We are doing an AI-first approach and our consulting-led AI-powered strategy is all about that.

Ravi，第一個我想從宏觀層面來看，我們的看法是 AI 對我們以及整個產業而言都是一個結構性機會，Ravi。話雖如此，老實說，AI 的成功不只是由模型驅動，對吧？對我們而言，具備客戶情境、理解領域與產業面向、理解流程，對吧？為 AI 落地做資料準備（data priming）變得非常關鍵。此外，客戶也在這個脈絡下關注資安與變革管理、組織變革管理。我會說 AI 正朝這個方向發展。對我們來說，Ravi，非常明確地，我們已經轉向 AI。我們採取 AI-first 的方法，而我們以諮詢為主導、以 AI 賦能的策略就是圍繞這一點。

When you are doing a run aspect of it, which is application management, infrastructure or process, we are doing with AI-first approach, and we have clearly built a strong platform around WINGS, which we are gaining very good traction, which is our delivery platform. The second thing, Ravi, obviously you've been listening to a lot of commentary around that. The Software Development Life Cycles, there's a dramatic improvement in productivity. We have to have the context of if it's a pure-play greenfield project, which is like a tool like in, let's say, Python, the productivity is significantly higher. On the other end of the spectrum, it is a complex code. If you don't have the right target environment, which is a lot more legacy, deployment and production also becomes difficult. There, the productivity comes down significantly. That's how we see it.

當你在做 run 的面向，也就是應用管理、基礎設施或流程時，我們都以 AI-first 的方法來做，而且我們已經圍繞 WINGS 建立了強大的平台，這是我們的交付平台，目前取得非常好的動能。第二點，Ravi，顯然你也聽到很多相關評論。在軟體開發生命週期（SDLC）上，生產力有顯著提升。我們必須把情境放進來看：如果是純粹的綠地（greenfield）專案，例如用像 Python 這樣的工具，生產力會顯著更高。在光譜的另一端，是複雜的程式碼。如果沒有合適的目標環境，而那個環境更偏向舊式（legacy），部署與上線（production）也會變得困難。在那種情況下，生產力會明顯下降。我們是這樣看的。

For us, the biggest opportunity is all the new AI services that we are seeing in the market. We call that as Reimagine AI. I think it's very important also what we are trying to do. Maybe I'll double-click later, we have clearly created the AI-Native Unit which I talked about, where we are building the industry and cross-industry platforms. In fact, some of the margin dilution that the question that was asked, we are investing in this. I think it's very important for us to invest for the future. That's number one, AI-Native Unit. Second, we have the half a billion-dollar Wipro Ventures, and now we're very specifically, focusedly targeting those AI and data and security startups Which will also enhance our overall Wipro Intelligence platform. Three, we invested in our Wipro Innovation Network.

對我們而言，最大的機會是我們在市場上看到的所有新 AI 服務。我們把它稱為 Reimagine AI。我認為我們正在做的事情也非常重要。也許我稍後再深入一點：我們已經明確成立了我提到過的 AI-Native Unit，在那裡我們正在打造產業與跨產業的平台。事實上，先前有人問到的毛利稀釋，其中一部分就是我們在這上面的投資。我認為為未來投資對我們非常重要。這是第一：AI-Native Unit。第二，我們有 5 億美元規模的 Wipro Ventures，現在我們非常明確且聚焦地鎖定那些 AI、資料與資安的新創公司，這也會強化我們整體的 Wipro Intelligence 平台。第三，我們投資了 Wipro Innovation Network。

We actually launched 10 innovation networks for our clients, and that's actually picking up. The clients are co-innovating with us in those innovation networks. Finally, ecosystem partnering with the frontier AI companies. This is how we are driving AI across our industries and each industry are different in terms of adoption, but everyone wants to be in the AI journey, Ravi.

我們實際上為客戶推出了 10 個創新網路，而這確實正在起量。客戶正在在這些創新網路中與我們共同創新。最後，是與前沿 AI 公司進行生態系夥伴合作。我們就是用這些方式在各個產業推動 AI；各產業在採用上有所不同，但每個人都想踏上 AI 旅程，Ravi。

I have one more thing. When you said that there is not much productivity benefit in the old complex code. Can we say that all of the investor concern about significant erosion in the existing book of business, can we say that this is really unfounded?

我還有一件事。你剛才說在舊的複雜程式碼上，生產力效益不大。那我們是否可以說，投資人對於既有業務存量會大幅被侵蝕的擔憂，其實是沒有根據的？

The way I see it, Ravi, is that, I'm looking at for the industry and for Wipro, right? Like I said, what are the structural opportunities? Today, if you look at the traction that we have on the reimagine AI services, that's how I call the new AI services. One, AI advisory and change management. That's something that, for example, Capco is leading it. OpenAI gave us an award around that. Second is, data priming for AI, right? Enterprises are struggling with data, we have to be honest about that. Some enterprises have told us we've got too much data. We don't know whether we need all this data to get the AI right. Third is agent implementation and managing agents. Every organization is building tremendous number of agents. How do you deploy them? How do you orchestrate, deploy, and manage them?

Ravi，我的看法是，我是從整個產業以及 Wipro 的角度來看，對吧？就像我說的，結構性機會是什麼？今天，如果你看我們在 reimagine AI 服務上的動能——我就是這樣稱呼新的 AI 服務——第一，AI 諮詢與變革管理。例如，Capco 正在領導這一塊。OpenAI 也因此給了我們一個獎項。第二，是為 AI 做資料準備（data priming），對吧？企業在資料上確實很掙扎，我們必須坦白。有些企業告訴我們：我們的資料太多了。我們不知道要把 AI 做對，是否需要所有這些資料。第三，是代理（agent）的導入與代理管理。每個組織都在建立大量的代理。你要怎麼部署它們？你要怎麼編排、部署並管理它們？

Ravi, the tokenization, token economics, whatever you call it's actually skyrocketing right now. Especially the CFOs are saying, "Hey, what's my ROI? Do I use a high-end LLM for a particular process or a workflow? Do I use an open source model?" That's the conversation that's going on. We having the deep tech, we are able to actually have that conversation with the client. There are multiple new opportunities, whether it's MLOps, AIDC is something that's picking up within enterprises. You would have heard of Sovereign AI, that's another one picking up. Finally, every client want us to make their AI secure and responsible. To me, net-net is a positive in terms of new services that are coming in. Yes, short term SDLC life cycle will continue to bring in higher productivity and shorter development life cycle.

Ravi，代幣化（tokenization）、代幣經濟（token economics），不管你怎麼稱呼，現在其實正在飆升。尤其是 CFO 都在說：「嘿，我的投資報酬率（ROI）是什麼？」「我在某個流程或工作流上，要用高階的 LLM 嗎？」「還是用開源模型？」這就是目前正在進行的對話。我們具備深度技術能力，因此能夠真正和客戶進行這樣的對話。還有多個新機會，不論是 MLOps、AIDC 在企業內部也正在升溫。你也應該聽過 Sovereign AI（主權 AI），那也是另一個正在升溫的領域。最後，每個客戶都希望我們讓他們的 AI 既安全又負責任。對我而言，總體來看，新服務的導入是正面的。是的，短期內 SDLC 生命週期會持續帶來更高的生產力與更短的開發週期。

I just want to call out, it is going to be human plus AI always because in a software development life cycle, the business requirement, user stories, you need humans. At the same time, when you're deploying and productivity and taking into production, you need human intervention. Of course, AI can throw millions lines of code, but we need to make sure that code is optimized. That's how I see it, Ravi Menon.

我想特別指出，永遠都會是「人類 + AI」，因為在軟體開發生命週期中，商業需求、使用者故事都需要人。同時，在部署、提升生產力以及推進到正式上線（production）時，也需要人的介入。當然，AI 可以產出數百萬行程式碼，但我們必須確保程式碼是最佳化的。我就是這樣看的，Ravi Menon。

Thank you.

謝謝。

Nitin Padmanabhan, Investec.

Nitin Padmanabhan，Investec。

Hi, good evening. Thank you for the opportunity. First, wanted your thoughts on how should we see margins recovering to the band that we stated. Do you think it will be gradual through the year or do you think there's any element that can help a faster sort of recovery considering we don't have wage increases and that's done and behind. The second is, from an overall business perspective, when do you think the headwinds sort of recede where we can start showing some level of growth as a business? Do you think these headwinds are largely over in Q2 or do you see any specific things that could linger? Thank you.

嗨，晚上好。謝謝給我這個機會。首先，想請教你們如何看待利潤率回升到我們先前所提到的區間。你認為會在一年內逐步回升，還是考量到我們沒有薪資調升、且這部分已經完成並告一段落，有任何因素能讓回升更快一些？第二個問題，從整體業務角度來看，你認為這些逆風大概何時會消退，讓我們能開始展現某種程度的業務成長？你覺得這些逆風在第二季大致就會結束，還是你看到有任何特定因素可能會持續更久？謝謝。

Hi, Nitin. Srini here. On the margins aspect, Nitin, Aparna talked about it as well in our commentary. The reason why we had a drop of 120 basis points is number one, the impact of MSI we had, it's coming into this quarter. Second, the investments that we are making in AI and in deals. That's the second part. Third is some of the acquisitions that we made, they're actually coming into execution mode right now. That's the impact we had on the margin. Having said that, Nitin, our mission is clearly to go back to the narrow band that we've been talking about, 17%-17.5%. The question that you are asking is what is the time frame?

嗨，Nitin。我是 Srini。關於利潤率，Nitin，Aparna 也在我們的評論中提到。我們利潤率下滑 120 個基點的原因，第一是我們受到 MSI 的影響，這在本季反映出來。第二，是我們在 AI 與交易（deals）上的投資。這是第二部分。第三，是我們做的一些併購，目前其實正進入執行階段。這些就是對利潤率造成的影響。話雖如此，Nitin，我們的使命很明確，就是回到我們一直在談的較窄區間，也就是 17%–17.5%。你問的問題是時間表是什麼？

In the context of the volatility that we see, in the context of the revenue situation that we see, I do not want to predict exactly when we will get there, but the point is that we want to get there. If you have noticed in the last two years also, Nitin, despite the challenges with the revenue, we continue to stay focused on margin improvements. You can rest assured we will continue that path. I want to clearly articulate that we want to invest in our new AI-Native business. When you are doing an AI-Native business, you also need to have the right talent, and you need to have the right infrastructure to build the new products, new platforms and solutions as well. It's a combination of all this, Nitin.

在我們看到的波動性、以及我們看到的營收情況之下，我不想精準預測我們何時能達到，但重點是我們想要達到。如果你注意到過去兩年，Nitin，即使營收面臨挑戰，我們仍持續聚焦於利潤率改善。你可以放心，我們會繼續走這條路。我也想清楚表達，我們希望投資在我們新的 AI-Native 業務。當你在做 AI-Native 業務時，你也需要合適的人才，並且需要正確的基礎設施，來打造新產品、新平台與解決方案。這些都是綜合因素，Nitin。

Qualitatively, do you think it's fair to assume that it's gradual rather than quicker? Just a quantitative thought process is fine.

就質性來看，你覺得假設它是逐步回升、而不是更快回升，這樣的理解是否合理？只要給一個量化的思考方向即可。

The endeavor is to reach where we want to reach. If you look at, Nitin, there are multiple levers for us from an operational perspective, whether it's how you can take the cost out in FP&A, both in terms of automation, AI, and productivity. We have other levers including G&A and so on, so forth. The bench utilization has been higher. That's another lever that we have. How do you restructure the pyramid, right? In the context of AI, and how much of the projects and programs you can run it through agents, and how many of our current existing programs we can identify. These are all the levers that we are looking at, Nitin, and we'll stay focused on that.

我們的努力方向是達到我們想達到的水準。如果你看，Nitin，從營運角度我們有多個槓桿，例如在 FP&A 如何降低成本，包括自動化、AI 與生產力提升。我們也有其他槓桿，包括 G&A 等等。替補人力（bench）的利用率一直較高。這也是我們的一個槓桿。如何重塑人力金字塔結構，對吧？在 AI 的背景下，有多少專案與計畫可以透過代理（agents）來運行，以及我們能辨識出多少現有的計畫可以這樣做。這些都是我們正在檢視的槓桿，Nitin，我們會持續聚焦在這些方面。

The message I wanted to give you is that despite all this, we will also want to continue to invest in our future, which is very, very critical because the world is pivoting to AI and we have already pivoted to AI. We will continue our journey around consulting led and AI forward, and we'll stay focused on that. Wipro Intelligence platform, both delivery platforms and the cross-industry platforms, we are seeing good traction, Nitin. In the future, the consumption will be platform plus service, not just pure play service.

我想傳達的訊息是，即便如此，我們也會持續投資於未來，這非常、非常關鍵，因為世界正在轉向 AI，而我們已經轉向 AI。我們會持續推進以諮詢為主導、並以 AI 為先的旅程，並會專注於此。Wipro Intelligence 平台，不論是交付平台或跨產業平台，我們都看到不錯的動能，Nitin。未來的消費模式會是「平台加服務」，而不只是純服務。

Sure. From a growth perspective, when do you think the headwinds that you're seeing sort of recede?

了解。從成長角度來看，你認為你們目前看到的逆風大概何時會消退？

Yeah. If you look at it from a growth perspective, Nitin, typically we give just a one-quarter view of our guidance, right? Like I said, the demand environment remains soft, and that has reflected in our quarter two guidance. Having said that, Nitin, I just want to call out the point that I made that we are seeing good traction building up in Americas in the BFSI segment, right? Which was the question that Ravi had asked. Second, EMR, which is Energy Manufacturing Resources sector, which was very soft in Europe and APMEA. We have won couple of deals in Europe in this segment. We will see that coming into delivery, right? To me, also the way the customer takes the cost out, then they start shifting their budgets to AI. We are ready for that. That's how I see it.

是。如果從成長角度來看，Nitin，我們通常只提供一季的指引展望，對吧？如我所說，需求環境仍然疲弱，這也反映在我們第二季的指引中。話雖如此，Nitin，我想特別強調我剛才提到的一點：我們在美洲的 BFSI（銀行、金融服務與保險）領域看到良好的動能正在累積，對吧？這也是 Ravi 問的問題。第二，EMR，也就是能源、製造與資源產業，在歐洲與 APMEA 先前非常疲弱。我們在歐洲這個領域贏得了幾筆案子。我們會看到這些案子開始進入交付階段，對吧？對我而言，客戶在把成本降下來之後，就會開始把預算轉向 AI。我們已經準備好了。我就是這樣看。

I can't give a commentary in terms of how our quarters will go because I want to stay within the quarter two guidance.

我無法就我們接下來各季的走勢做評論，因為我想維持在第二季指引的範圍內。

Sure. Fair enough. Thank you, Srini, and all the very best.

了解。合理。謝謝你，Srini，也祝一切順利。

Vibhor Singhal, Nuvma Institutional Equities.

Vibhor Singhal，Nuvma Institutional Equities。

Yeah. Hi. Thanks for taking my question. Srini, a couple of questions from my side. I think two verticals kind of dragged the growth this quarter, energy and healthcare. You mentioned about energy that the softness in the European markets, and we've won a couple of deals, so good to hear that we'll probably have recovery in that soon. What's your take on the healthcare segment, as this segment has been one of our key segments in which we were one of the early pioneers, and at this point in time-

是。嗨。謝謝讓我提問。Srini，我這邊有幾個問題。我認為本季有兩個垂直領域拖累了成長，能源與醫療保健。你提到能源是因為歐洲市場疲弱，而我們贏得了幾筆案子，所以很高興聽到可能很快就會復甦。你對醫療保健領域的看法是什麼？這一直是我們的關鍵領域之一，我們也是較早的先行者之一，而在目前這個時間點—

Vibhor, sorry to interrupt you. We could not hear you properly. I'm sorry.

Vibhor，抱歉打斷你。我們聽不太清楚你的聲音。不好意思。

Oh, I'm so sorry.

喔，非常抱歉。

Could you just repeat the question? Thank you.

你可以把問題再重複一次嗎？謝謝。

Yeah, sure. Please.

好的，當然。請。

Go ahead, Vibhor.

請繼續，Vibhor。

Yeah. I hope I'm audible now.

是。希望我現在的聲音清楚。

Yes.

是的。

Yeah. Sorry for that, Srini. My question was basically on the two verticals which dragged the growth this time. One was the E&U, which you mentioned that it was because and good to hear that there are deals that we have and will ramp up in the coming quarters. On the healthcare vertical, what is the view that we are looking at? We were one of the pioneers of this industry. From the peers, we hear a lot of companies are kind of incubating their healthcare vertical because of the strong demand that they are seeing, especially from the payers side and some of course in the provider side as well.

是。抱歉，Srini。我的問題主要是關於這次拖累成長的兩個垂直領域。其中一個是 E&U，你提到原因，也很高興聽到我們手上有案子，並且會在接下來幾季放量。在醫療保健垂直領域方面，我們目前的看法是什麼？我們是這個產業的先行者之一。從同業那邊，我們聽到很多公司因為看到強勁需求，正在孵化他們的醫療保健垂直領域，尤其是來自支付方（payers）的需求，當然也有一些來自提供方（providers）的需求。

What is the outlook on that vertical in terms of deals that we might have won and when do you think that vertical kind of comes back to growth? I'll have a couple of follow-up if you can answer this, please.

就我們可能贏得的案子而言，這個垂直領域的展望如何？你認為這個垂直領域大概何時會回到成長？如果你能先回答這個問題，我還有幾個追問。

Sure, Vibhor. I think your observation is very valid. For us, the healthcare sector has de-grown by 2.6% sequentially. If you look at from a year-on-year basis, 3%. What has happened is, especially when I say healthcare, we have multiple segments. We have got payers, we got providers, we got life sciences, and we have got medical devices companies. These are the four industry segments within the healthcare sector.

當然，Vibhor。我認為你的觀察非常到位。就我們而言，醫療保健產業按季序列下滑了 2.6%。如果以年對年來看，是 3%。實際發生的是，尤其當我說醫療保健時，我們有多個細分領域。我們有保險支付方（payers）、我們有醫療服務提供方（providers）、我們有生命科學，還有醫療器材公司。這些是醫療保健產業內的四個產業細分領域。

Right.

對。

We have a huge presence in payers and providers in the U.S. The impact that we had is because of the U.S. healthcare ecosystem, right? Which is facing sustained pressure, both from structural and demographic forces due to the situation which is very much within the U.S. context, right?

我們在美國的支付方與提供方領域有很大的布局。我們受到的影響是因為美國醫療保健生態系統，對吧？它正面臨持續性的壓力，這些壓力同時來自結構性與人口結構的力量，且是非常典型的美國情境之下的狀況，對吧？

What we have seen in some of these companies are because of the pressures that they have from the whole government and so on, so forth, right? Their budgets have been flattish for us, and some places we have seen the negative growth. There is a lot of pressure in terms of taking the cost out. Most of the budgets right now have kind of being reallocated to some kind of discretionary spend, but towards AI. A big portion of it is on the compliance, Vibhor. To me, the more they use AI and automation aggressively and offset the cost pressures, I think that would help us going forward. We are staying focused on the regulatory mandates like I talked about, both Medicare, Medicaid and ACA. If you recollect, we have a huge platform that supports these aspects.

我們在其中一些公司看到的情況，是因為他們承受來自整體政府等各方面的壓力，諸如此類，對吧？對我們而言，他們的預算大致持平，而在某些地方我們看到負成長。在降低成本方面有很大的壓力。目前多數預算某種程度上被重新分配到一些可自由支配的支出上，但方向是 AI。其中很大一部分用在合規上，Vibhor。在我看來，他們越是積極使用 AI 與自動化、並抵消成本壓力，我認為這將在未來對我們有所幫助。我們仍聚焦在我提到的監管要求上，包括 Medicare、Medicaid 與 ACA。如果你還記得，我們有一個很大的平台支援這些面向。

The member onboarding in terms of member services that we need to do, how that has evolved for us in the last one to two quarters also had an impact on the numbers that you see. Having said that, if I look at the opportunities that we see, especially reimagining some of their processes with AI. Vibhor, claims is one important thing. Clients are looking at taking the cost out on contact centers. Also, now more and more with the HIPAA compliance and the regulatory compliance coming into picture, they are able to deploy AI more confidently into clinical operations, including regulatory processes. I see these as our new opportunities that are coming in. We are staying focused on that, Vibhor.

在會員服務層面，我們需要做的會員導入（member onboarding），以及它在過去一到兩個季度的演變，也對你看到的數字造成了影響。話雖如此，如果我看我們看到的機會，尤其是用 AI 重新想像他們的一些流程。Vibhor，理賠（claims）是一個重要項目。客戶正在尋求降低聯絡中心的成本。此外，隨著 HIPAA 合規與監管合規越來越受到重視，他們也能更有信心地把 AI 部署到臨床營運中，包括監管流程。我把這些視為我們正在出現的新機會。我們會持續聚焦在這些方面，Vibhor。

Got it. Any timeline that you would be able to provide that you think our healthcare vertical should see some recovery?

了解。你是否能提供一個時間點，你認為我們的醫療保健垂直領域應該會看到一些復甦？

Vibhor, like I said, I don't want to forecast beyond quarter two. quarter two is, all this that I talked to you about is baked in. Having said that, AI, like I said, AI is a structural opportunity. I see this opportunity in every industry verticals within the healthcare system, Vibhor, including for providers, because they also want to improve their efficiency. Let's look at providers today. They depend a lot on these products like Epic, who are also making it more AI. They are actually integrating their provider systems into payer systems and the members and the patients, they can actually have an end-to-end view of how the Medicare medical systems work as well. These are the opportunities that are coming in. We are having the conversations around that as well, Vibhor, but I'm not giving you a specific timeline at this point in time.

Vibhor，如我所說，我不想對第二季之後做預測。第二季方面，我剛才跟你談到的這些都已經反映在內了。話雖如此，AI，如我所說，AI 是一個結構性的機會。我在醫療保健體系內的每個產業垂直領域都看到這個機會，Vibhor，包括提供方，因為他們也想提升效率。我們看看今天的提供方。他們很依賴像 Epic 這類產品，而這些產品也正在變得更 AI 化。他們其實正在把提供方系統整合到支付方系統中，而會員與病患也能端到端地看到 Medicare 醫療系統如何運作。這些就是正在出現的機會。我們也正在就此進行討論，Vibhor，但我目前不會給你一個具體時間表。

Got it. This is helpful, Srini. Just my second question on the deal wins. The total deal wins and the large deal wins were down quite sharply on a year-over-year basis. I would assume it is just a timing kind of a thing because you mentioned the pipeline remains quite strong, so maybe some deals got pushed into Q2 or something like that. Is that correct, Srini?

了解。這很有幫助，Srini。我第二個問題是關於贏單（deal wins）。總贏單與大型贏單在年對年基礎上都下滑得相當明顯。我猜這只是時點問題，因為你提到管線仍然相當強勁，所以可能有些案子被推遲到第二季之類的。是這樣嗎，Srini？

Absolutely, Vibhor. If you look at our quarter one, we clearly had, like I said, $3.3 billion worth of bookings, out of which $1.6 billion were 13 large deals that contributed to that. Having said that, your point is valid. Some of the decisions on some of these deals have actually slipped to quarter two. I always tell my team, when it slips, you've got to really hold on. Don't let it slip and try and let's close it in M1, M2 rather than wait for the M3. That's the work that we are doing right now. Your point is valid. The observation is valid. The pipeline is healthy, and also there are deals around cost optimization and vendor consolidation.

完全正確，Vibhor。如果你看我們第一季，我們很清楚地有——如我所說——33 億美元的簽約（bookings），其中 16 億美元來自 13 個大型交易的貢獻。話雖如此，你的觀點是對的。其中一些交易的決策確實延後到第二季。我一直跟我的團隊說，當它延後時，你必須真的要抓緊。不要讓它再延後，盡量在 M1、M2 就把它結掉，而不是等到 M3。這就是我們現在正在做的工作。你的觀點是對的。這個觀察是成立的。管線是健康的，而且也有一些圍繞成本最佳化與供應商整併的交易。

I also want to call out, Vibhor, that I want to give a little bit of color in terms of the kind of pipeline we have. The pipeline, let me give you one color, Vibhor. One is sectors. Let me also give you the type of deals outside of these large and mega deals. I called out BFSI, if you remember. Americas and Europe, the pipeline is strong, Vibhor. If you look at from a consumer, we just won couple of deals in Americas. I wouldn't want to say that it is big piece, but it's definitely modest in Americas and Europe. In APMEA, consumer is weak. That's how I see it, Vibhor. Tech and comms, very strong in Americas. I think that's one place we are seeing double-digit growth that I talked about, and I think we continue to see strong momentum there.

我也想補充一下，Vibhor，我想就我們的管線類型提供一些脈絡。管線——我給你一個面向，Vibhor。第一是產業別。我也想談談除了這些大型與超大型交易之外的交易類型。我提到過 BFSI，你如果記得的話。在美洲與歐洲，管線很強，Vibhor。如果從消費（consumer）來看，我們剛在美洲贏了幾個案子。我不想說它是很大一塊，但在美洲與歐洲確實是中等規模。在 APMEA，消費領域偏弱。我就是這樣看，Vibhor。科技與通訊在美洲非常強。我認為那是我們看到我提到的雙位數成長的一個地方，而且我認為我們會持續看到那裡的強勁動能。

EMR, which you also called out after I said it. Right now it's strong in Europe because we come on back of two wins, and also it's strong in Americas, including our LATAM. A little bit modest in APMEA, I think, based on what's going on. Healthcare, now I did talk about it. Overall it's strong. I want to be careful in terms of what we call out. That's the color from a sector perspective, Vibhor. If I look at from a opportunities perspective, there are new opportunities also coming in like I talked about. There are clients who are talking to us on Sovereign AI. There are clients who want to build AI DCs. Those opportunities are also coming in.

EMR，你在我提到之後也點出了。目前在歐洲很強，因為我們在兩個贏單之後延續而來；在美洲也很強，包括我們的拉丁美洲（LATAM）。在 APMEA 方面，我認為基於目前的情況，稍微中等一些。醫療保健方面，我剛才也談過。整體而言是強的。我想在我們對外表述上保持謹慎。這是從產業別角度的脈絡，Vibhor。如果我從機會的角度來看，也有新的機會正在出現，就像我提到的。有客戶正在跟我們談主權 AI（Sovereign AI）。也有客戶想建置 AI 資料中心（AI DCs）。這些機會也正在出現。

The size and scale depends upon how much, for example, if you look at AI DC, how much of design and architecture you do, how much of implementation and management that you do depends on which part of the project and program that we are involved, and the size and scale and complexity depends on that, Vibhor. Overall, your point, our pipeline is healthy.

規模與量體取決於投入的範圍；例如，如果你看 AI 資料中心（AI DC），你做多少設計與架構、做多少導入與管理，取決於我們參與專案與計畫的哪一部分，而規模、量體與複雜度也取決於此，Vibhor。整體而言，你的觀點是對的，我們的管線是健康的。

Got it. Thanks for taking my question, Srini. Just one follow-up for Aparna, if I may. Aparna, I just wanted to get some color on how to look at the margins in the wake of the AI-driven deals that we are seeing at this point of time. I know it's difficult to make a one statement analysis that will give the margins, the deals will be margin accretive or dilutive. From an overall point of view, let's say we are also building SLMs for the client, or let's say the application layers for them, then there is the token cost involved. Overall, where does the math fit for these large AI-driven deals that we are chasing and we are winning in terms of margin vis-à-vis our current portfolio?

了解。謝謝你回答我的問題，Srini。如果可以的話，我想再追問 Aparna 一個問題。Aparna，我想請你分享一下，針對我們目前看到的 AI 驅動型交易，在這樣的背景下該如何看待利潤率。我知道很難用一句話就下結論說這些交易對利潤率是增厚還是稀釋。從整體角度來看，假設我們也在為客戶建置 SLM，或是為他們打造應用層，那就會涉及 token 成本。整體而言，對於我們正在追逐且正在贏得的這些大型 AI 驅動交易，就利潤率相對於我們目前的產品組合而言，這筆帳到底怎麼算？

Clearly, Vibhor, I think like you rightly said, one size doesn't fit all. It will depend deal to deal. Wherever the intention is to use AI for you to be able to drive higher productivity and take cost out for a large operation for a client where the cost takeout is priority, you will see that there will be a lot of forward productivity that gets baked into deals. Right? The reimagine AI that Srini spoke about, the parts which are newer, there you are going to be seeing newer spends on account of AI. There we are very confident we will drive a premium in rate realization. Similarly, service offerings around data, AI advisory, they'll all be very incrementally net positive to the rate realizations and margins. It will depend on what we are using the AI for and how we are structuring the deal.

很明顯，Vibhor，我想就像你說得很對，一體適用並不存在。這會因交易而異。只要目的是利用 AI 來提升生產力、並在客戶的大型營運中降低成本、且降本是優先事項，你就會看到很多前置的生產力提升會被納入交易條款中。對吧？Srini 提到的 reimagine AI，那些較新的部分，會因 AI 而產生新的支出。在那裡我們非常有信心能在費率實現上取得溢價。同樣地，圍繞資料、AI 顧問諮詢等服務產品，對費率實現與利潤率都會帶來增量的淨正面貢獻。這取決於我們用 AI 來做什麼，以及我們如何設計交易結構。

Large deals will remain competitive. You will have some amount of forward productivity that gets baked in. When you're looking at AI over smaller programs, where you're looking at things like data modernization, and you're looking at smaller pockets, and you're looking at newer areas, they will be accretive. That's been our experience thus far. Yes.

大型交易仍將維持競爭激烈。會有一定程度的前置生產力提升被納入其中。當你看的是較小型的 AI 專案，例如資料現代化、較小的切入點、以及較新的領域時，它們會是增厚的。這是我們迄今為止的經驗。是的。

Got it. Great. Thanks, Aparna, for the clarification, thanks a lot, guys, for taking my questions. Wish you all the best.

了解。很好。謝謝你，Aparna，釐清說明；也非常感謝各位回答我的問題。祝各位一切順利。

Rajiv Berlia, JM Financial.

Rajiv Berlia，JM Financial。

Thank you for the opportunity. Can you break the 2Q revenue guidance into organic and incremental contribution from inorganic?

謝謝給我提問的機會。你們能否把第二季營收指引拆分為有機成長與併購帶來的增量貢獻？

We're not doing that, Rajiv. We're not breaking our guidance out. If you look at it, last quarter, we had said that Mindsprint was coming in, and we had in the guidance baked in 45 days. In our actual Q1 results, we've had two months of the revenues being consolidated. You can do the math, but like we typically do, we only disclose in the first quarter, and after that, we don't make further disclosure.

Rajiv，我們不會這麼做。我們不會把指引拆分揭露。如果你回顧一下，上季我們提到 Mindsprint 會併入，且在指引中我們已納入 45 天。在我們實際的第一季結果中，我們合併了兩個月的營收。你可以自行計算；但如同我們一貫做法，我們只在第一季揭露，之後就不再進一步揭露。

The second part of the question is, if you see in the last earning calls, you mentioned about client insourcing impact in BFSI. Is that fully behind in this quarter, or do we see some impact from a going-forward perspective as well?

第二個問題是，如果你看前幾次財報電話會議，你們提到 BFSI 客戶內製（insourcing）的影響。這個影響在本季是否已完全結束，還是未來仍會看到一些影響？

No, I think that is behind us, Rajiv.

不，我認為那已經過去了，Rajiv。

Yeah. Thank you. That's all from my side.

好的。謝謝。我這邊就這些。

Abhishek Bhandari, Nomura.

Abhishek Bhandari，Nomura。

Thank you for the opportunity. Srini, all through the call, you guys have mentioned that the large deal environment remains very competitive. I was curious to understand, has the degree of competition increased, decreased, or is it stable? A related question is, how are you future-proofing your margins in the wake of such competitive pressures? We already saw some glimpse of margin headwind in Q1, which of course you will recoup through the year. If the market remains like this, how do you ensure that we don't trade off the margin for chasing growth?

謝謝給我提問的機會。Srini，在整場電話會議中，你們多次提到大型交易環境仍然非常競爭。我想了解的是，競爭程度是增加、降低，還是維持穩定？相關的問題是，在這樣的競爭壓力下，你們如何讓利潤率具備前瞻性、避免被侵蝕？我們在第一季已看到一些利潤率逆風的跡象，當然你們會在全年把它補回來。如果市場持續如此，你們如何確保不會為了追求成長而犧牲利潤率？

Abhishek, coming to the first question on the competitive landscape. From a broader industry perspective, Abhishek, if I look at it, AI is reshaping most of the spend allocations. What that means is, from a client perspective, the traditional IT, the traditional BPO that we do and the support aspects of it, those budgets are getting compressed. The clients want us to deploy more AI. The clients want us to kind of disrupt that aspect of the whole process to bring in agentic aspect of it. That is a, I would say, lever for our clients to improve their budgets for new spend pools around AI. The clients are also driving that, which is not just competition, but also clients want to take the cost out on that.

Abhishek，先談第一個關於競爭態勢的問題。從更廣泛的產業角度來看，Abhishek，如果我觀察，AI 正在重塑大多數支出配置。這代表從客戶角度，傳統 IT、我們所做的傳統 BPO 以及相關支援面向的預算正在被壓縮。客戶希望我們部署更多 AI。客戶希望我們在整個流程的那一塊帶來顛覆，引入更具 agentic（代理式）的特性。我會說，這是客戶用來改善其預算、為 AI 相關的新支出池騰挪空間的一個槓桿。客戶也在推動這件事；這不只是競爭，同時客戶也希望在那部分把成本降下來。

We do have opportunities for us to go and talk to our clients in terms of, for example, how we can deploy WINGS and bring in end-to-end productivity benefits and make it more agentic. Of course, the clients are also looking at the experience aspect of it, velocity aspect of it, and so on and so forth. If that is the place where there is compression, there is definitely competition, Abhishek. The reason I'm saying is that sometimes we will have to look at client to client in terms of their ability and propensity to implement AI. We have seen certain clients who want to do it in a lot more faster way, and some of them are saying that we want to spread it out. In that context, the pricing aspects also changes.

我們確實有機會去和客戶討論，例如我們如何部署 WINGS，帶來端到端的生產力效益，並讓它更具 agentic 特性。當然，客戶也在看體驗面、速度面等等。如果那個領域正在被壓縮，確實就會有競爭，Abhishek。我之所以這麼說，是因為有時我們必須逐一評估不同客戶在導入 AI 的能力與意願。我們看到有些客戶希望更快推進，而有些客戶則表示希望把節奏拉長、分階段推進。在這樣的情境下，定價面也會隨之改變。

We have to relook at how the solutioning happens because when you deploy AIs quickly, the token cost also increases for our clients. They are looking at total cost of ownership. That is something that we've been carefully working on, Abhishek, and this is something that I think as an industry, as Wipro, we will all continue to evolve. Coming to the margin pressure. It's actually related to that, right? If you look at large traditional deals, cost optimization, vendor consolidation, there will be margin pressures because sometimes we want to invest into the deals for now to make it more long-term as well, Abhishek. If it is a net new reimagine AI kind of projects and programs, the margins are much better.

我們必須重新檢視解決方案設計的方式，因為當你快速部署 AI 時，客戶的 token 成本也會上升。他們在看總持有成本（TCO）。這是我們一直非常謹慎在處理的，Abhishek；我認為作為一個產業、作為 Wipro，我們都會持續演進。再談利潤率壓力。其實也與此相關，對吧？如果你看大型傳統交易、成本優化、供應商整合，會有利潤率壓力，因為有時我們希望先在交易上投入，讓它更具長期性，Abhishek。如果是全新的 reimagine AI 類型專案與計畫，利潤率會好很多。

If it's a traditional work where you have to bring in the productivity through AI, at the same time help the clients to shift the budgets, there are competitive pressures.

如果是傳統工作，你必須透過 AI 帶來生產力，同時也要協助客戶轉移預算，那就會面臨競爭壓力。

Got it. Thanks, Srini, and all the best for the year.

了解。謝謝你，Srini，也祝你們今年一切順利。

Thanks, Abhishek.

謝謝，Abhishek。

Thank you. I would now like to hand the conference back to Mr. Abhishek Jain for closing comments. Over to you, sir.

謝謝。我現在想把會議交回給 Abhishek Jain 先生作結語。交給您了，先生。

Yeah. 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 day. Thank you.

好的。感謝各位參加本次電話會議。若因時間限制我們未能回答到任何問題，歡迎隨時聯繫投資人關係團隊。祝各位有美好的一天。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。我謹代表 Wipro Limited 宣布本次會議到此結束。感謝各位加入，現在您可以掛斷線路。