Ravi Menon : Srini congratulations from the new role, wishing you the best. I guess the first question is on the top 10. You’ve seen not to the top line, but even the top two to five, there has been growth. Your BFSI has actually seen pretty strong growth as well. I look at it healthcare, all the things you’re doing well. So what — and the ones that are actually not doing well seem to be relatively smaller segments like communications or high-tech. Could you give us some comment on whether the weakness in these segments is the reason why you’re still looking at muted growth outlook for next quarter? Should we expect that in your biggest verticals you’re actually seeing growth?
Srinivas Pallia : Maybe I will ask Aparna to give some color to that.
Aparna Iyer : So, Ravi, yes, this quarter for us in terms of BFSI within quarter-on-quarter sequential growth after at least four quarters of being very soft. Healthcare has continued to do well and we will continue to see the momentum build on. We are very happy with both our positioning, offerings and the kind of growth that we are seeing in that sector. [ANU] and manufacturing, the — we do believe that has been soft for Wipro and there is some muscle to be built. We have a good pipeline. We have interesting deals in the play and we’ll see how they convert, more hopeful of getting back to growth in the second half in these sectors. Consumer and life sciences, again, it continues to be impacted by the overall spend environment owing to higher inflation.
And as a result, that’s — those are the broad colors that we wanted to share with you from a sector perspective. And therefore, it’s a little bit of a mixed bag. So yes, we are seeing green shoots. And we will see — we see early signs of stability because now we’ve had two quarters where we’ve consistently seen not just consulting but other parts of BFSI coming around. But very early to say whether this is deterministically shifting, right? So we continue to remain cautious in that space. We’ve shared with you an outlook that basically has component of everything that I’ve just taken you through.
Ravi Menon : And the utilization number at 84.8%, this excludes all the acquisitions, right? So how should we think about where, say, for example, Capco’s utilization might be — should that be a margin lever if the BFSI demand comes back?
Aparna Iyer : Certainly, we don’t share our utilization, including some of the acquired entities that is correct. Overall utilization, even outside of the acquired entities has been — we’ve seen a very remarkable progress that we’ve made over the last four to five quarters in that lever. We are very happy with where we are and we hope to sustain it even as the demand comes back. And maybe we will have to invest for growth at some point in time. But for now, we will try and hold to that utilization. In Capco, certainly, that is a lever. And we’ve got an incredible asset like Srini said. We have to drive more synergy wins and basically press on the revenue acceleration in Capco and that should do a lot of good to the margins as well.
Operator: We have a next question from the line of Kawaljeet Saluja from Kotak.
Q – Kawaljeet Saluja : Srini many congratulations on your elevation to CEO role. I have three questions for you, Srini. The first one is the fact that you have been with the organization for more than three decades and have been quite a remarkable performer. You cannot say the same thing for Wipro organization as a whole. So what is in your view or your — what is your assessment for the reasons for Wipro’s challenges and aspects of Wipro’s business that require a fix?
Srinivas Pallia : Having been here for three decades, all I can say is that if we continue to focus on those five key priority areas that I called out just now and definitely execute that, right, with the speed and the rigor that we need to bring in I think we can make a difference. So to me, strategy with a combination of execution is what can give us the outcomes that we are looking for. The second part, Kawaljeet in the recent past as a — Wirpo as an organization, we have high exposure to discretionary spending. And hence, we have sometimes the softness on BFSI during those periods. And that could be another factor that you would have seen us grow a little slower.
Kawaljeet Saluja : So you basically think that there’s nothing wrong in just those portfolio challenges, et cetera, those are tactical challenges, which are there and just a simple focus on execution would do that trick.
Srinivas Pallia : So Kawaljeet if you look at it the way we are structured, we have got the four markets, right? And each of the markets are different. They have different responses to the macro environment that we are looking at. So that’s number one. Second is if you look at Wipro as a company, right, in the last few years, we’ve gone through a significant transformation. And for a transformation like this, sometimes we have to make some adjustments across the organization and this can lead to different views. I think from my perspective, my vantage point, right, my knowledge of our clients and our business. And of course, the point that you made having the lifelong connections across our company should help us — move us into actually actions quickly, Kawaljeet. That’s what I’m looking for.
Kawaljeet Saluja : The second question that I had, Srini, is that your organization has seen plenty of churn, senior executive churn. So what are the measures that you will put in place to reduce the churn levels?
Srinivas Pallia : Sure, Kawaljeet. Maybe I’ll ask Saurabh to respond to that.
