Yogesh Aggarwal : Srini, first of all, congratulations on your promotion. Just a couple of questions I have. Firstly, on the structure a few years back under theory, Wipro moved to the geographic structure, which was a bit of a unique setup compared to other companies. So are you looking to go back to the vertical structure? Just any thoughts on that? And then I have a follow-up, please.
Srinivas Pallia : I think the four strategic market units that we have and the four GBLs structure that we have, it will continue. No plans to make any changes, Yogesh.
Yogesh Aggarwal : And the second thing, Srini, I mean, your headcount continues to decline. It’s down like 10% and 87% utilization. So just sometimes get a feeling, are you guys even looking at any kind of an imminent pickup in growth because this is quite a bit of tightening — operational tightening happening?
Saurabh Govil : So Yogesh, Saurabh here. Headcount has come down. It was driven by operational efficiency. As you see our utilization has been all-time high in Q4. We have the supply side, as demand picks up, we’ll be able to quickly ramp up and we are comfortable on that part. So I don’t see that as a challenge. We just have learned I think we and the industry that all over hired at the point of time that post COVID. So, we just want to be more cautious, more judicious and as we move forward. But as demand environment improves, we don’t see a challenge.
Operator: The next question is from the line of Sudheer Guntupalli from Kotak Mahindra AMC.
Sudheer Guntupalli: Congrats and all the best on your new innings. Given that the organization had already gone through sweeping changes over the previous two to three years, certain change fatigue could have set inside the company and employees. So do you see that change fatigue as a bottleneck to be able to make any incremental changes you need and turn around the growth path or maybe delay that growth turnaround?
Srinivas Pallia : [Sunil] the advantage I have is I’ve been through this transformation journey, right, in the last four years. Clearly, in my mind, we don’t need a structural change the four SMUs and the four GBLs is good to go. What we need is to change our strategic priorities, which meets the market dynamics, which meets the changing technology landscape. And what we need is bringing a lot more execution rigor in the markets and in the sectors and in specific accounts that we call both the large accounts of us and also the future large accounts. I think if we can execute to that bringing in the best of our solutions with the consulting led and AI infused, I think we can differentiate and make a difference to our clients.
Sudheer Guntupalli: Second question to Aparna on Capco. If the growth here is so strong, one would have anticipated that the company level margin expansion to be slightly higher given this is an on-site heavy and fixed cost heavy business. So should we assume that second operating leverage will probably come with some amount of a lag?
Aparna Iyer : Yes. So Sudheer the Capco, like I said had also the benefit of a seasonally furlough quarter of Q3. So the bounce back of Q4, the growth rate that we talking about also has — was aided by that. There is a base effect to that. Two, yes, as the stability returns, we will see operating leverage. For now, we are just waiting. This is not something we’ve shared with you for two quarters. Given the interest in Capco’s performance, we’ve shared it. We are also encouraged, we are watching. It’s too early to say whether this is a very definitive deterministic trend. We will watch for how they perform over the next few quarters. And certainly, the operating leverage should play out with a lag.
Operator: The next question is from the line of Sandeep Shah from Equirus Securities.
Sandeep Shah : Srini congratulations and all the best. My question is related to one of the questions asked by previous participant. Most of your earlier colleagues in our CEO role has also highlighted and focused in terms of a rigor on execution. But somewhere that has not worked and improved the organic growth rates of Wipro consistently. So what according to you in your past three decades experience in Wipro is going wrong in the execution rigor is it delivery? Is it sales? Is it client mining or is it hunting? And where you believe weakness is higher and how do you plan to rectify that?
Srinivas Pallia : What I’m doing right now as we speak is based on my own experiences over the period of years. Second, I’m looking at all the areas across the markets, what’s working and what’s not working, whether it’s to do with the large deals, whether it’s to do with large accounts and account growth, whether to do with the solutions and approach to each of the sectors. So what I’m doing, Sandeep is taking a talk of all that, while I called out the priorities, right, we got to bring the strategic priorities that we call out to an execution rigor. And you’re right, once you have the right strategy, right set of accounts, right set of sectors that you really want to focus on, then you have to be staying there for time to because some of these deals that we have won, it does take time.
