Aparna Iyer: Yeah. To just add to what you said, Thierry, that when the growth returns, obviously, you will see an uptick in the margins, but we also need to remind ourselves that we need to also invest for growth and that will also remain a key agenda for us. There are areas of AI, we need to continue to invest in our people, in processes. And therefore, yes, there is an expansion possible with returning growth, but with investments for growth.
Abhishek Kumar: Sure. Thank you, and good luck.
Thierry Delaporte: Thank you.
Aparna Iyer: Thank you.
Operator: Thank you. [Operator Instructions] We’ll take our next question from the line of Manik Taneja from Axis Capital. Please go ahead. Mr. Taneja, please unmute your line. Since there is no response, we’ll move on to the next question from the line of Dipesh from Emkay Global. Please go ahead.
Dipesh Mehta: Yeah, thanks for the opportunity. Two questions. First about — in your prepared remark, you indicated ENU where demand remain healthy. But if I look our performance for last couple of quarters, ENU remained weak, at least from sequential growth perspective. And ENU, where we have — we used to have significant capability compared to some of our peers. So, if you can provide some sense about — and most of your peers so far indicated ENU is one of the resilient vertical from demand perspective. If you can provide some sense, how one should look demand trajectory for ENU vertical? And second is on manufacturing. Now manufacturing remained weak for some time. And — otherwise, manufacturing is showing strong demand traction. So, if you help us understand steps you’re taking to expand our capability in landscaping manufacturing? And how one should look at it from medium-term perspective? Thank you.
Thierry Delaporte: Okay. Understood. Thank you, Dipesh. So, first of all, I always caution a little bit any conclusion too rapidly drawn by looking at a Q-on-Q performance on — in a sector, because sometimes it just happens that in an account or in a geography, one event is slightly impacting the picture. What I would say is looking at ENU and manufacturing, so ENU is actually a reasonably good market. It’s place where there’s significant investment whether it’s on the engineering side or on the IT side. Significant investment made on the AI, GenAIs as well. So that’s a market where we are expecting to see growth for us. Manufacturing, you said it, it’s been mixed over the last few quarters, but there’s particularly, for example, if I look at automotive, it is an area where there’s significant investments.
We are really making significant inroads in this industry, in particular, through our investments, whether it’s on around the car cloud business or whether it’s on autonomous, automation and so on. There’s a lot that we’ve been doing, and we will see growth over the next quarters for sure.
Dipesh Mehta: Thierry, I’m looking — sorry, I’m looking from slightly medium-term perspective. Let’s say manufacturing, if you look at, from size perspective, for us, it is 6%, 7% of revenue. Now, 6%, 7%, whether you believe it is reflective of the market opportunity or you think it to change over next three, five years? And if it is likely to change, which area we are investing to drive that change?
Thierry Delaporte: I — you ask me to now to look at the crystal ball, right, and tell you what’s going to be the growth in the next four years in this industry, it’s hard to tell. I can tell you that I certainly wanted us to invest in the energy and utilities as well as in the manufacturing sectors. Those are two key sectors for Wipro. And we have big ambitions. We are working with large clients, and we’ll continue to do so.
Dipesh Mehta: Thanks.
Operator: Thank you. [Operator Instructions] We have a question from the line of Anmol Garg from DAM Capital. Please go ahead.
Anmol Garg: Hi, thanks for the opportunity. So, I had a couple of questions. Firstly, just wanted to understand that when can we start to expect net headcount addition. So, now that we’re expecting growth to come back maybe in medium term, can we expect that we’ll add supply from the next quarter?
Thierry Delaporte: So, Saurabh, you want to take that one?
Saurabh Govil: Yeah. So, look at the entire supply chain, today, lower attrition, and headspace for higher utilization, we have enough talent pool available. And for certain specific skills which we require, we’ll continue to hire. So, the current environment, we feel that it’s — from a supply, it will now be a constraint. As demand picks up over the quarters, we’ll definitely look at adding in more bigger numbers.
Anmol Garg: Sure. And secondly, if you can indicate how has been the trends in deal wins in terms of the net new versus renewals?
Thierry Delaporte: Net new versus renewal, so we are not communicating this information, but what I can say is that if we look at the large deals, actually the majority is net new.
Anmol Garg: Sure. Thanks. That’s it from my end.
Operator: Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference back to Mr. Dipak Bohra for closing comments. Over to you, sir.
Dipak Bohra: Thank you all for joining the call. If you have any further questions, please feel reach out — to reach out to Investor Relations team. Have a nice day.
Operator: Thank you. On behalf of Wipro Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.
