Ladies and gentlemen, good day and welcome to Wipro Limited Q2 FY27 earnings conference call. As a reminder, all participant lines will be the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. 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.

Thank you, Yashashree. Good evening. Warm welcome to our Q2 FY27 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 via CFO Aparna Iyer, We also have our CHRO Saurabh Govil on this call. Afterwards, the operator will open the bridge for Q&A with our management team. Before Srinivas 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 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 for 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 the transcript will be available on our website. With that, I would like to turn over the call to Shini.

Shini, over to you. Thank you, Abhishek. Good evening. Thank you all for joining us today. This quarter, demand... Anil Raibagi Madhav, Anurag Behar, Malay Joshi, Subrahmanyam, Saurabh Govil, Rishad Azim Hasham Premji, Jasjit Singh Kang, Amit Kumar, Rishad Azim Hasham Premji, Jasjit Singh Kang We continue to see strong momentum. Clients are focused on cost optimization, legacy modernization, and scaling agentic AI across their enterprise. Digital native and new age firms are driving demand in our technology sector. Investments in custom silicon designed to manufacture and physical AI are creating opportunities We also see growth emerging across AI model ecosystems, from model training and evaluation to execution. In EMR sector, we have seen some good wins in previous quarters, and those deals are ramping up. This sector continues to gain traction Across markets, specifically I would like to call out BPS and Engineering. In consumer sector, we are seeing good traction in CPG travel and transportation. Our recent new wins and revenue from OLAM deal have also supported our performance in this sector. However, healthcare in US Anil Raibagi Madhav, Anurag Behar, Malay Joshi, Subrahmanyam, Saurabh Govil, Aparna Iyer, Nagendra Bhattacharya, Srinivas Pallia, Sanjeev Jain, Amit Kumar, Rishad Azim Hasham In quarter 2, our IT services revenue stood at $2.61 billion flat sequentially and up 0.6% year on year in constant currency. Our operating margin for the quarter was 16.5% and improvement of 0.5% compared to last year. Within our markets, 3 of our 4 SMUs Srinivas Pallia, Sanjeev Jain, Amit Kumar, Rishad Azim Hasham BFSI, Consumer and EMR Apnea maintained strong traction, growing sequentially and year on year. Growth was fueled by consumer, tech and comms. Coming to deal wins and pipeline, this quarter we closed $2.6 billion in total contract value and signed 9 large deals. Our bookings reflect a healthy mix of new businesses and expansion of existing engagements. Let me give you an example of a consulting-led AI power transformation deal. A global financial institution engaged Wipro to accelerate its transformation through an AI-enabled operating model. Through this engagement, will modernize software development, drive greater efficiency across the lifecycle, and scale AI-powered ways of working, resulting in faster execution, broader AI adoption, and an agile operating model for our client. This win, among others, including a large deal in energy last quarter reflects growing impact of our consulting-led strategy in originating larger opportunities. Beyond large enterprises, we also see strong traction in deal wins and pipeline in the mid-market segment. These organizations understand that AI can be a force multiplier in scaling capabilities and redefining their competitive landscape. As an example, a global mid-market consumer products company selected us to accelerate their technology transformation by establishing an AI capability center in India. Through this engagement, we will scale engineering and technology operations to support ERP modernization, cloud native platforms, and AI capabilities for our client. Outcome will drive innovation, improve engineering productivity, and strengthen global delivery model for our client. We are beginning to see tangible returns from our strategic investments Made in recent quarters. Mindsprint has strengthened our position in food and agriculture, opening new market opportunities. Harman DTS has boosted our engineering capabilities, helping us win new logos and deepening existing client engagements. We will continue to make these investments even when they create near-term margin headwinds. They enhance our strategic position, expand addressable markets, and build a stronger foundation for future growth. In April, if you recollect, we launched our AI Native unit to help clients transition from traditional delivery models to AI Native enterprises. We are making rapid progress. With over 2,000 engineers, including FDs, forward deployed engineers, we are seeing growing success in outcome-based deals and driving non-linear growth. This investment is already delivering results. Let me share a few examples. One, an SLM deployment for a major US retail bank. Implementation of an AI-powered digital plant for one of the largest petrochemical companies in the Middle East. And three, an enrollment and billing SLM deployment for a leading US healthcare payer. In addition, we also built industry-specific SLMs for wealth management, insurance, Healthcare, Aviation, and Asset Intensive Industries. Combined with our AI agents and orchestration platform, these capabilities enable us to transform virtually any business workflow into an AI native workflow, helping our clients unlock new levels of productivity Anil Raibagi Madhav, Anurag Behar, Malay Joshi, Subrahmanyam, Saurabh Govil, Rishad Azim Hasham Premji, Jasjit Singh Kang, Amit Kumar, Rishad Azim Hasham Premji, Jasjit Singh Kang and Design to Manufacturing. In fact, these services and solutions position us well across the full AI value chain and help us capture opportunities that extend beyond traditional technology spend. With that, let me share our guidance for the next quarter. Q3 for us. will remain impacted by seasonal furloughs. We are guiding for a sequential IT services revenue growth of minus 1.5% to plus 0.5% in constant currency. Despite a challenging macro environment, our business remains resilient. We are very encouraged by emerging opportunities across markets. AI will expand new growth avenues and accelerate demand for higher value transformation. Signs of this are already evident in the momentum we are seeing across our new AI services. I will now invite Aparna to share details on our financials. Thank you. Go to you Aparna.

Thank you Srini. Good evening everybody and thank you for joining us. I'll share a quick update on the financial performance for quarter two and after that we can open it up for Q&A. Our ideal services revenue grew 0.6% year on year in constant currency terms. Revenues were splat sequentially in constant currency terms. Our operating margins for the quarter was 16.5% and expansion of 0.5% sequentially. Operational improvements, repeat depreciation, offset by our continuing investments in business have been the underlying factors driving this improvement. We will work towards improving the margins even as we create headspace for growth. In terms of the SMU performance and sector performance, I'll share a few numbers. All of them are in constant currency terms. Americas too grew 0.9% sequentially, declined 4.7% on a year-on-year basis. Europe grew 0.6% sequentially and grew 5.1% on a year-on-year basis. Apnea grew 3.1% sequentially and 13% on a year-on-year basis. America's one business was soft and declined 2.1% sequentially and 2.7% on a year-on-year basis. From a sector standpoint, the FSI grew 1% sequentially and 1.3% on a year-on-year basis. Consumer grew 2.6% sequentially and 6% on a year-on-year basis. Energy manufacturing and resources grew 1% sequentially while declining 6% year-on-year. Technology and communications declined 2.6% sequentially while they continued to grow on a year-on-year basis at 7%. Health declined 3.8% sequentially and declined 6.5% on a year-on-year basis. In terms of other key financial parameters, our net other income, which includes the interest income, declined 68% sequentially, primarily because the investable surplus reduced quarter on quarter owing to completion of a buyback in June 2026. As a result of the lower other income, our net income was reported at 32 billion rupees for the quarter. It declined sequentially by 5%. However, the EPS, which is the right metric given that we completed a buyback for the quarters at 3.23 rupees, it increased 0.9% sequentially and 4.2% on a year-on-year basis. We remain relentless in our cash flow generation. Q2 is yet another quarter of robust operating cash flows. We generated 156% of net income. With this, our gross cash as of 30th September was at 4.6 billion. Our effective tax rate was at 23.9%. Flattish compared to same quarter last year. Accounting yield for the average investments held in India was at 7.1%. In terms of the guidance, like Srini said, We expect our revenues to be in the range of $2.571 billion to $2.625 billion. The strength rates show sequential guidance of negative one and a half to a positive half percent in constant currency terms. We can now open the line up for Q&A. Thank you.

Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take our first question from the line of Girish Pai from B.O.B. Capital Markets. Please go ahead.

Yeah, thanks for the opportunity. I would ask about the TCV number which is down quarter on quarter quite a bit both from a large deal and a total TCV perspective. Were these numbers up to your expectations? If not, what exactly transpired in the quarter?

Hi Kiresh, Srini here. As far as our TCV of quarter two is concerned, we had few deals where the contract could not be signed on time. because of which they are slipping to this quarter and both the deals that we could not sign will get signed. As far as we are concerned, the pipeline is very robust and in addition to these two deals, we have a very strong pipeline for quarter 3 itself and we are very optimistic of better closure in quarter 3 as far as TCV is concerned, Girish.

Okay, the other thing I want to ask you is regarding GCCs. There seems to be a tendency of some customers selling off their GCCs to vendors like you and I've seen this happen with HCL Tech and TCS and all that. So are there many more such deals in the pipeline? I mean, are there many more customers wanting to sell off their GCCs for whatever reason?

So Girish, if you look at GCCs, there are four opportunity areas. One is the Anil Raibagi Madhav, Anurag Behar, Malay Joshi, Subrahmanyam, Saurabh Govil, Aparna Iyer, Nagendra Bhattacharya, Srinivas Pallia, Sanjeev Jain, Amit Kumar, Rishad Azim Hasham Premji, Jasjit Singh Kang or any monetization opportunities.

Okay. Lastly, when is the salary increase going to happen?

Girish, you would note we just gave a salary increase effective 1st March 2026. So it's been just a few months since we rolled out. So right now, it's not under consideration.

Okay. Thank you.

Thank you. We'll take our next question from the line of Sudhir Guntupalli from Kotak Mahindra AMC. Please go ahead.

Hi Sudhir, thanks for the opportunity. My question is, as the AI tech diffusion happens from the hardware layer downstream into consulting and services... Hey Sudhir, sorry to interrupt you.

We could not hear you properly, Sudhir.

Hello. Hope I'm clear now.

Yeah, much better.

Yeah, yeah. No, Srini, thanks for the opportunity. And my question is, as the AI tech diffusion happens from hardware layer downstream into consulting and services, and the fact that most of the players now look to be excessively leveraged in the overall ecosystem, any thoughts on using your cash-rich balance sheet to make very big bank acquisitions Like we had done in the cloud, we beat the likes of Capco, Rising, etc. So any thoughts of using our net cash balance sheet this time around, which could be a source of your competitive advantage?

So Sudhir, if you look at broadly, our growth strategy is both organic and inorganic. As far as inorganic play is concerned, we look for opportunities which can enhance our strategy, which is consulting-led and AI-powered. within the sectors or priority sectors and the markets that we go after. As far as acquisitions are concerned, our strategy will continue to be the same. We will look at opportunities that can enhance our value. Just to give you a context here, if you look at the acquisition that we made with Harman DTS, it actually gave us capabilities around design to manufacture and connected services. If you look at as part of the OLAM deal, We actually acquired Mindsprint and that has given us capabilities around food and agri sector, supply chain and also farm to fork process. So we will look at those opportunities Sudhir and constantly look out for that.

Got it Shani. Thanks. That's it from me.

Thank you. We'll take our next question from the line of Ravi Menon from Access Capital. Please go ahead.

Thank you for the opportunity. So when the downturn in spending started in BFSI, you guys were the first to be impacted because of the high exposure to consulting. Now when the spending is starting to pick up, at least it seems like it from the results of your peers, BFSI seems to be doing well. You're not saying to get the full benefit of that. Is there anything that's holding us back? Any client-specific issues, anything like that in BFSI? All this consulting not really picking up and these are more vendor consultation deals than others have seen.

So Ravi, if you look at BFSI from a Wipro perspective, we grew 1% sequentially and 1.3% on an year-on-year basis. We had some good wins in this quarter, that is quarter 2, and we actually won a consulting-led transformation deal that I covered in my opening remarks. One of the mega deals we had announced earlier where ramp up was delayed is now starting to ramp up. Additionally, if you remember, a specific customer in BFSI in Europe had earlier decided to move part of the work to the captive, which impacted our revenue. The good news is that we are now seeing good momentum building up with this customer and it is reflecting in the growth numbers in the current quarter and going forward. Also, Capco, which is our Consulting arm for BFSI has done a very good performance including growth across continent, APMIA continental Europe and UK. So that's where we are. As far as BFSI segment, if you were to look at from a market perspective, Ravi, technology spending in BFSI remains resilient and AI and data investment are growing meaningfully. and you know some of them are through relocation and some of them are through productivity takeout so and again across bank you know BFSS segment starting with the banking a lot of work a lot of opportunities for us around core application and data modernization you know like you know it also includes all this cloud migration I know some of the clients are looking for application rationalization creating you know AI ready data foundation so and to me, BFSI is, we have a very strong pipeline and BFSI as a sector remains very resilient for us.

Thanks, I really appreciate that. In the last two or three years, we have seen growth in one or two quarters when we have a large deal, maybe even a consolidation deal. And I guess since the overall spending environment was muted, we've seen declines Do you think now we have a clear trend where, at least in BFSI, we see consistent growth in the coming quarters?

Like I said, I'm very optimistic about BFSI as a sector for us and for the industry as well.

Thanks. Would you expect this to lead growth for you in the coming year? Sorry? Would you expect this vertical to lead growth for you in the coming year? Or would you expect one of the other verticals to actually be the growth leader within your portfolio?

So, you know, Ravi, you know, I'll let my team compete. It is between BFSA and tech. All right.

Thank you, Srinivas. Appreciate that. Best of luck.

Thank you. Before we take the next question, we'd like to remind participants to ask a question, please press star and one on your phone. Next question is from the line of Sandeep Shah from Equiris Securities. Please go ahead.

Yeah, thanks. Thanks for the opportunity. Just some clarification. Sir, you see earlier alluded in the earlier quarter earnings call, there are some client specific issues. So any status update on the same? Do you believe largely behind or may have some impact in the second half? Second, the guidance for this quarter will have some inorganic acquisition led growth could have been built through alpha. So can you quantify that and even for the 2Q what was the organic growth?

So Sandeep, I just wanted to reiterate the client-specific issues that we had highlighted are largely behind us and effective Q3, a large part of it should be done. I think your second question was around acquisition and inorganic growth. We have referred to this in the past. When we spoke of MindStrength, it was actually an acquisition that we did in the context of a deal because we found the capabilities to be something that could add value to Wipro at an overall basis as well. And that was the reason why we did it as part of a structured large deal with Dolab. We did have one month revenue that came through. The other one that you are referring to in terms of Alphanet is more of like a tuck-in within a large client where we are looking at consolidating vendors out. We're not calling out the impact of that specifically. It was not very material.

Okay. And just a last question. You also said that going forward, margins may keep increasing despite investment. So do you believe we may again by Q4 be in the target range of 17, 17 and a half?

Sandeep, we are endeavours to continuously improve margins from where we are. Like I said, we rolled out a hike and therefore the margins had come down and the operational improvements will continue to kick in through the quarter and that does help the margins go up. We will also have to invest for growth. There are two areas. One is, of course, in terms of Thank you. Thank you.

Next question is from the line of Girish Pai from B.O.B Capital Markets. Please go ahead.

Yeah, thanks for the follow-up opportunity. Srinivas, this is more to do with the industry, not so much about Wipro. What do you see as the outlook for demand over the next 12 months? Is it better than what you saw in the last 12 months? That is question number one. Second, the deflationary pressures. How long do you think this will continue? Are we in the early stages or the middle of the deflationary cycle or we are at the end?

So Ganesha, like I said, there is no change in the demand environment. However, the client discussions today are increasingly about accelerating AI adoption, AI deployment, and also innovation. Many of our clients are innovating, leveraging AI. The idea for them is to clearly create long-term business value and also Look at the return on investment. So from that perspective, the demand environment continues and AI continues to accelerate. And we see a lot more opportunities around AI. However, cost optimization and vendor consolidation continue to be other drivers for our clients. In this context, what I would say is I would look into our pipeline today, the pipeline for quarter three, quarter four, and year ahead. It is extremely strong. and like I said quarter three we should have a very good bookings based on what we see and some of the deals that could not be closed in the papers could not be signed in last quarter they will also move in. So net net I would say we also need to look at from sector to sector like I said BFSI I was optimistic now if you look at tech which I said we just said that BFS and Tech would be the two sectors who could compete for the growth at Wipro. And within tech space, there are multiple opportunities that we have. Some of them are AI moving beyond software and becoming part of infrastructure, products and also physical operations of the business. So if you look at AI data centers or AI factories or AI foundry services, Also, you know, in this segment, we are seeing good traction. That's why I called out physical AI and autonomous business aspects because we are helping bring AI into machines and physical operations by applying AI to machines and the real world operations, if you ask me. This will help our clients not just from a productivity, but also safety and responsiveness. So this is another sector we continue to grow in addition to BFS sites. I talked about EMR, it was a good quarter and we are seeing very strong traction especially in the energy segment within EMR and while EMR has overall grown sequentially and we see this traction with some of the wins based on the previous quarters. So again, this is another segment that we continue to see traction because we did take some time to Start bringing growth back here and now the growth has come in. So it goes by sector to sector and also goes by market to market. If you look at US economy, very strong and I think we continue to see strong pipeline out there. Europe, despite what's going on, some of the countries there, the clients are definitely looking at not just the cost optimization, vendor consolidation, they're also re-looking at their AI strategy, sovereign AI, specifically in the context of Geopolitics.

And the question of deflation, where are we in the cycle?

So, you know, we've spoken about this in the past, Girish. You know, typically our contracts are about two to two and a half years in terms of the average tenor, right? And we've been in this cycle for at least last two years. and or thereabouts one and a half to two years. So in some sense, a lot of the contracts that we've had have been refreshed and renewed. So, you know, in some sense that we should be at that inflection curve in a few quarters. That's the way we read it. And yeah.

Okay, thanks.

Thank you.

Thank you. We'll take our next question from the line of Vibhor Singhal from Nuam Equities. Please go ahead.

Hi, thanks for taking my question. So two quick questions from my side. So Srinivas, I'm sorry I got disconnected in between, so I don't know if you've answered that before. On the healthcare side, just wanted to pick your brains on We saw weakness in this quarter and it's been kind of continuing for some time for us. Healthcare is a vertical where I think a lot of companies in our space are very excited about their opening up their new basically verticals in terms of healthcare which suggesting to us that there is very little outsourcing penetration in this segment. So how do, what does our takeaway in the sector Anil Raibagi Madhav, Anurag Behar, Malay Joshi, Subrahmanyam, Saurabh Govil, Anurag Bhalchandra Nisal, Srinivas Pallia, Sanjeev Jain, Amit Kumar, Rishad Azim Hasham Premji, Jasjit Singh Kang, Amit Kumar, Rishad Azim Hasham Premji, Jasjit Singh Kang

Anil Raibagi Madhav, Anurag Behar, Malay Joshi, Subrahmanyam, Saurabh Govil, Srinivas Pallia, Sanjeev Jain, Amit Kumar, Rishad Azim Hasham Regulatory mandates like the program interoperability, especially in the Medicaid aspects, the prior authorization reforms. I think these are also getting into the mix as far as we are concerned. However, from a context of Wipro, we have built our end-to-end platform-based services, which again, obviously, is resonating well with our customers. and this is a major differentiator because we are able to bring in ACA, Medicare and Medicaid together in a single platform. We are also seeing demand from first-time outsourcers in the healthcare segment now who are looking at outsourcing IT services especially because of the sustained cost pressures that they're going through. We expect health to benefit an account of seasonality in quarter three, though not to the extent Seen previous years, Vibhar.

Got it, got it. Srinivas, really helpful. And just one last question on the deal win side. So I think the deal win in this quarter, I know you alluded to that in the opening remarks. So was it mainly because of the, I mean, some slippages that we saw in this quarter towards maybe which could possibly come in the next quarter? Or as I think we've kind of heard a lot of companies pointed out that in this quarter we had Some pullback in clients and some slow decision making because of the Gulf War. So if you could just throw some color on that, that would be really helpful.

Sure, Vibhar. We had confirmed orders in quarter two. Unfortunately, some paperwork did not get signed. So those deals, we will pick it up in quarter three. So they're not going anywhere. There is no impact on that aspect. So it is good news that they're getting signed now. Also, like I said, the pipeline for quarter three is very robust. We are very optimistic on the deals that we have at this point in time. And these are all good deals and should give us the revenue, you know, once we close these deals, should give us revenue upside in quarter four as well. So the focus right now for us is to close these quarter three deals. And all I can tell you is that it is robust and it is positive.

Got it, got it, got it. Great. Thank you so much for taking my questions and I wish you all the best.

Thank you. Next question is from the line of Ashwin Mehta from Ambit Capital. Please go ahead.

Hi, thanks for the opportunity. Just to follow up what Vibhor asked. So you've seen health exchange enrollments drop by almost 18% in June. We typically used to do this business. So just want to get a sense on how big is this business in our healthcare industry? Anil Raibagi Madhav, Anurag Behar, Malay Joshi, Subrahmanyam, Saurabh Govil, Anurag Behar, Malay Joshi, Sanjeev Jain, Amit Kumar, Rishad Azim Hasham Premji, Jasjit Singh Kang Any particular segment or where these cuts have happened? Any color on that? And given the improved deal flow, do you think the fourth quarter will be a positive growth quarter for us?

Okay, Ashwin, thank you for your question. So let me take some of them, right? And if I missed anything, you just alert me again. In terms of the bookings and therefore will our quarter four outlook be better? That is the visibility that we have at the moment. We are very confident about the deal pipeline flow and like Srini said, we're expecting to close some of those deals in the early half of this quarter and that should increase our confidence of, you know, increase the confidence for the outlook for Q4 for sure. Your other question was around...

This was around the health enrollment. As far as we are concerned, we don't call out a specific number, Ashwin. We just give the overall health numbers. And like I said, we did have and impact because of some of the policy related changes that happened to some of the US payers and the idea here is to look at proactively creating some of the newer deals and first time outsourcers were also considering taking the especially because of the cost pressures they would like to outsource so the deal pipeline continues to build up here so from that perspective I think we should see good time sooner than later and if you remember Ashwin Last many quarters, health has done very well for us and we have significant capabilities and competencies in this sector.

Okay, thanks. And just a follow-up in terms of the headcount cuts this quarter, what was the driver for that?

The headcount, if you look at it, year-on-year, it's flattish. Particularly in this quarter, if you look at it, first half, We don't go on campus. So, you know, that's the thing. We'll be going to campuses to hire, given the volume growth in the second half. So I think it'll even out as we move forward. We're also driving productivity for my AI for them. That is also coming. I hope for creation to improve.

Okay. Thanks a lot and all the best.

Thank you. Next question is from the line of Dipesh Mehta from MK Global.

Please go ahead. Thanks for the opportunity. A couple of questions. First of all, just to get sense about furlough, how do you expect furlough to play out this year? Second question is about the two deal which you referred, which got delayed in terms of signing. Whether we close both the deal in terms of signing this quarter or it is yet to be signed kind of thing? and last is about let's say if I look overall vertical perspective except health broadly we are seeing on growth momentum recovery and on the positive side health also we are hopeful of things to improve considering broad-based growth returning are we confident let's say sequential growth resuming for us in maybe a couple of quarter down the line if you can provide that sense thank you so you know in terms of the furlough

They are from every quarter three for us and that's the seasonality that plays out both in terms of low number of working days and the furlough. They are not unusual. They are expected to be broadly in line with what was there last year. That's at least what we baked into the guidance and we will try and optimize from here on. Your second question, Dipesh was on The large deal wins, whether they've been already closed. Like Srini said, they are in the progress of being signed. And we are confident of securing both the deals. And we will share that with you when we meet next in January. Your other question was on whether we can be confident of sequential growth in quarters to come. That is the end of it. We would certainly, we are trying to grow the business consistently, sequentially in terms of the organic growth and that will be the end of it. You know we don't guide for the year. We guide only for the quarter but based on the pipeline and the confidence that we have, we will share more with you when we meet in January.

Understood. Thank you.

Thank you. We'll take a last question from the line of Gaurav Ratiria from Morgan Stanley. Please go ahead.

Hi, thank you for taking my question. Srin, just wanted to understand, you know, various service lines that we have, at what stage of the journey we are in in terms of transformation led by the AI infusion that we are doing across the board?

Sure, Gaurav. If you look at from a From a strategy perspective, we called out consulting late AI powered Wipro. Second, we called out Wipro intelligence stack as from an execution perspective. There, we had three categories. Build AI, which is supported by our Vega platform. This is around the software development lifecycle, product development lifecycle. We called out Run AI, which is more on run and operate. Anil Raibagi Madhav, Anurag Behar, Malay Joshi, Subrahmanyam, Saurabh Govil, Anurag Behar, Sanjeev Jain, Amit Kumar, Rishad Azim Hasham Premji, Jasjit Singh Kang I talked about new AI services where we are investing and that continues to grow for us because these are the services that were not existent in a few quarters back but they are really picking up because AI is also evolving. The adoption and deployment of AI is also a priority for our clients. So this part really helps them. And the third piece is our AI native unit where we are building industry and cross-industry platforms. Specifically in pure industry segment, whether it's to do with aviation, to do with healthcare, to do with telecom, right? And to do with mortgage, to do with insurance and so on and so forth. These are platform play. It's like software as a service or such a combination of platform for software services. And we are seeing a very good fraction here because we are reimagining the end-to-end process with AI for our clients. and you know this platform actually fits in where they can actually transform their business processes. So net net I think you know AI is really you know helping us in the context of pipeline and also in the context of winning them in the marketplace.

Got it. Got it. The second question is, you know, this 3Q guidance has have an impact of probably furloughs and some client specific challenges that are, you know, flowing through in 3Q as well. Is there also an element of the deals getting pushed out, which kind of has an impact on the guidance in 3Q? And if the deal wins get bunched up in 3Q, Could that have a positive influence on the 4Q revenue conversion metrics?

Yes, Gaurav. The short answer to that is yes. It will have a positive impact on the quarter 4 outlook for revenue. To your other point on whether the quarter 3 guidance includes the impact of some of these large deals getting pushed, you know, we guide in a range, right? Obviously, and what you should look at the guidance factoring and the majority I mean what is really largely leading this is basically the furloughs and low working days and outside of that you know we will we'll have a range to operate and assuming we are able to convert some of these things you know it should also help in in-quarter execution of quality got it thank you so much all the very best

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

Thank you all for joining the call. In case we could not take any questions, please feel free to reach out to the Investor Relations Team. Have a nice day.

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