We will now begin the question-and-answer session. We will take our first question from the line of Abhishek Kumar from JM Financial. Please go ahead.

My first question is on the guidance. Is this just the furloughs or are we also seeing flow-through of the client-specific challenges that you mentioned, which kind of informing slightly mutish guidance for next quarter?

Thanks, Abhishek. As far as Q3 guidance is concerned, clearly furloughs like Aparna called out has one and also the number of working days obviously is much lower. We also have some slowdown in Europe, thanks to client specific reasons. Having said that , we see good momentum in our deal pipeline across Americas 1 and Americas 2 and also APMEA. We do have good pipeline in Europe too. The focus for us is to actually win some of those and maximize our deal bookings for this quarter.

Next question is on your Energy and Utilities. You had mentioned last quarter also there are certain client-specific challenges here. Are these now behind us or are they still there in front of us? How should we think about E&U as a continuous headwind to our overall growth?

So, like Srini shared in his speech as well, it is work-in progress. There is a good pipeline, there is a demand across vendor consolidation cost takeout, and there are very, very good deals in the pipeline. We have to focus on conversion for us to improve our overall performance in E&U. That's all that we have to say this… it's all down to execution.

Just to add a little bit more color to what Aparna said, Abhishek, specifically in the energy sector, we are seeing opportunities around cost optimization and vendor consolidation as well, which is a good news.

Maybe just what I wanted to understand here is, are there any ramp downs that are continuing in few clients that is impacting us? And if that is so, when do we expect those ramp downs to be behind us?

Yes, our guidance for Q3 has several puts and takes ; it has furloughs, it does have fewer working days, it also factors in certain impact of certain client -specific challenges that we have alluded to in Europe. All of this is factored into the guidance as we start Q 3. Given the momentum that we are building up, if you see there are performance across market units in sectors, it has improved, and it is becoming a little bit more secu lar than what it was maybe three or four quarters back. So , we are hopeful that we will build on that momentum once we are behind the seasonality of Q3.

We have a next question from the line of Nitin Padmanabhan from Investec. Please go ahead.

Aparna, wanted your thoughts on the drivers that are helping margin, the initiatives that are sort of offsetting the wage increase impact and the revenue headwind, special things?

So, we have a set of traditional levers that have been at play. We have been improving our utilization consistently over the last few quarters. I do think the levels at which we are, we have to continue to sustain that. In Q2, we have dipped our utilization slightly, but we are well above the benchmark that we would like to be at. Secondly, offshoring is also a lever that we have flexed. Going forward, what are the levers that we will use? There are the traditional set of levers -- fixed price projects, pyramid improvements. The other lever that's very topical to us is around G&A optimization. We have spoken about that. We have done some work on it over the last few quarters. Some of it is paying off as we get into Q3. Also, some of the acquired entities , as they are getting integrated into the organization, there are certain synergy benefits that we are realizing around overheads and G&A. Those are some of the levers. If you look at our SMU wise profitability metrics that we share, I think Europ e and APMEA have improved profitability and Americas 2 has improved profitability year -on-year. So, there is a good again orientation towards profitable growth, which is leading to operational improvements, Nitin.

The second question was around; I think a lot of work has gone behind building deal momentum and sort of looking at the cost and all of those things over the last couple of quarters . In that context, do you think that return to growth could happen sooner rather than later overall? Are you happy with the way things are moving, or do you see there are further areas that require fixes before we are able to really move back to growth?

Nitin, we have grown in Q2. I think the key for us is to really build sustainable growth that we can deliver consistently, right? And that is still work -in-progress. There are parts of the business which are performing much better. We have alluded to Capco I think , BFSI as an overall sector is doing very well, Americas 1 has momentum that's secular, right, and Americas 2 outside of (EMR), Energy and Manufacturing is doing well. So, there is more secular return in some sense of momentum at least in Americas for us to bounce back to growth deterministically, Europe and APMEA also have to chip in. APMEA, we are seeing some early signs of stabilization. Europe is still work-in-progress. And that's something that we will have to look at before we are able to give you a better color. Srini, if you want to add something.

Sure. So, Nitin, let me give you in the context of the deal pipeline that we have built. All I can say at this point in time is healthy, there is momentum around the deal pipeline and it's also secular across the four markets and across the six sectors that we operate in, which is for me a good news. I think the focus for me and my team right now is how do we secure those winds quickly within Q3 and move forward in Q4. The advantage in Q4 is that the f urloughs and the number of working days would change. That itself is one of the positives and the deal momentum and the wins could actually add to that. So, net-net, Nitin, I think I continue to state that we have good momentum. We need to execute to that.

Are you seeing an increase in smaller deals within the pipeline that could convert faster? Your peer had mentioned that in the recent call . Some of your peers have been suggesting that they're also seeing heightened smaller deals within their closures as well. So, just curious to know your thoughts on what you are seeing on this aspect?

So, Nitin, while we talk about the pipeline, it's a combination of both large deals, mid-size deals and smaller deals. That's number one. Number two, if you look at our own bookings for Q2 of the 3.6 billion, 1.5 billion came in from large deals. But if you remove that 1.5 billion, the balance is a combination of both mid-size deals and smaller deals. Second, if you look at the kind of opportunities that we get especially when during the discretionary spend around Capco , BFSI, some of them tend to be much smaller , they need not be large deals. Overall, I think the way I see it is , we do have smaller deals, mid-size deals and large deals and we continue to remain optimistic on those pipeline.

We will take our next question from the line of Sudh eer Guntupalli from Kotak Mahindra AMC. Please go ahead.

So, just your internals are looking very good , deal wins are looking good, you seem to sound more confident on a broad-based set of segments this time versus last quarter, however, the guidance seems to be a bit counterintuitive. So, in that backdrop, a couple of questions. So, when you say furloughs, so this time around most of the other companies are actually indicating that furloughs are just in line with normal seasonality with some of them actually saying the furlough impact will be lower than the previous year and historically, we had a relatively slightly better H2 compared to H1. So, why is furlough such a game changer for Q3 guidance, that is number one? And number two, when you say client-specific issues in Europe, is it some part of the business that you want to rationalize as a new CEO, and you have taken a strategic call to kind of cut that business or is this something where we have a certain client because of whatsoever their specific reasons has been hurt ing us? Again, I'm asking the Europe question because surprisingly this quarter Europe has been good for most of the companies which reported so far and we have been having very localized teams in Europe. So, it's surprising why we are facing those challenges while others are not. So, just those couple of questions, first on furloughs, second on Europe.

Sudheer, in terms of our furlough, the visibility that we have is very similar to what we experienced last year and that's the assumption that we are factoring in . Obviously, during the quarter we will have to work through it with our clients. As far as lower working days is concerned, that's also something that is very seasonal for Q3 compared to Q2, both of which are factored. Additionally, we have called out for us, which is factored into our guidance is the softness that we have in Europe, and I will ask Srini to respond to the questions that you posted in Europe.

Thanks, Aparna. Hi, Sudheer. So, I think Aparna answered the question on f urloughs. I think for us relative to what you heard from other companies seems to be constant what happened last year at this time. Maybe it could be very specific to the clients that we are engaged with and the decisions that they take because some of the sectors have a lot more f urloughs than the rest. So, maybe that's one reason why we have some impacts. we continue to have the same level of impact on furloughs. Now, coming specific to Europe and client -specific need, I would say a couple of clients where we have been working with them have actually changed the direction because of which there has been some ramp downs. So , it's very, very specific to the combination of some of the industries and Europe which is actually contributing to that slowdown for us and weak growth both in this quarter that you've seen, Sudheer. But having said that , I want to reiterate that the countries and the specific industries that we are focusing in those countries, the pipeline has built up and right now myself and my team are focused on winning those.

So, is it fair to expect that possibly when we look through this furlough and specific impacted time period of December quarter, subsequently we will be able to build that secular growth momentum, part of which we had seen in this quarter as well?

Sudheer, as a process we just guide for the next quarter, which is Quarter 3. So, you are right, in Quarter 3, we got impacted for the reasons that we stated. Having said that, some of them will not be there in Quarter 4 and also with the deal pipeline and the momentum that we have that should also help us going into Quarter 4, but I will not be able to predict how the Quarter 4 is going to be at this point in time.

Thank you. We will take our next question from the line of Gaurav Rateria from Morgan Stanley. Please go ahead.

My first question is with respect to the large deal momentum. If you look at the rolling 12-month data for a while, you were stuck at $4.5 billion and now we have crossed that and gone to $4.7 -$4.8 billion. Just trying to understand what has driven this change. Is it more specific to Wipro in terms of the initiatives around largest put in place which is triggering this increase and increase in the win ratio, or something has changed around the pipeline or our approach to the overall large de al wins, so just trying to understand how sustainable this improvement is that we are seeing here?

So, Gaurav, if you look at in the context of a large deal, what is very important for us is to be proactive with our clients. Second, we have to lead with consulting and with infuse AI or AI power solutions. So, the industry and cross-industry solutions that we have also help us solution it right for the client and customize it right for the client. So, the deal win that I talked to you about in the transportation industry very clearly demonstrates wherein we brought in our consulting arms and we brought in our industry specific domain solutions to win that particular aspect. Second, it is also disciplined right how you build the pipeline both proactively, how do you qualify that pipeline and then go for the win and the whole process and the nine yards that you do. So, picking the right deal that you want to go after also makes a big difference around. So, there are very small changes, but sometimes these changes can impact. Now going back to a question on sustainability, like any large deal at the end of the day, it is a binary, right, so I will not be able to predict how it is going to go, but if you have noticed, we are consistently being above billion dollars every quarter in terms of the large deals.

The second question is for Aparna. You did allude to couple of factors which were specific initiatives of Wipro and topical to the company on margins, so have those initiatives already played out in the form of resulting in margin tailwind in the last two quarters or do you think that there are some more that will be flowing into the margins over the next 2 quarters?

Certainly, there is a lot of effort that is still in process in order to improve Gaurav, if you notice that we still have to absorb two months of salary increases and it is also seasonally weak quarter in terms of furloughs, so all hands on the deck, I th ink what will be very key is to execute Q3 when and the topical levers are also at play. We still feel that there are optimizations that we can still do and achieve.

Thank you. We have our next question from the line of Sandeep Shah from Equirus Securities. Please go ahead.

Just wanted to understand Srini, post you took control, what in your assessment are the internal factors outside the macro factors which is affecting the demand? We have to correct, or we have to rectify for us to go into a sustainable consistent growth path.

Sandeep, if you look at it, what is very important is we have laid out our five strategic priorities and we have to consistently stay focused on that. So, if you look at the focus on large accounts in our priority sectors and prioritized markets, I think that is helping us. If you look at the growth that we got in the top five accounts, top ten accounts reflect some of the focus that we have brought in. And we have to stay focused, we have to be consistent around that going forward. Second is the large deals that I just talked about, the question that Gaurav asked about right, we have to be proactive, we have to shape the demand, and we have to understand the client, both the business and the technology needs and bring in the right industry and cross industry solutions upfront for the client to feel comfortable about Wipro and how we can execute for them. Third one is the industry solution itself that I talked about, right, consistently stay focused on that, which are consulting led and AI powered. We have had some good successes in the last two quarters and a little of this gets into implementation, then becomes more referenceable. I think you can actually more and more depend on those solutions. The fourth one is building talented scale. I did talk about the fact that we have to have the right mindset, skill set, and tool set across our employee base after the initial 230,000 people who got trained on the basics of Gen AI, now we have got 44,000 employees doing that. So, how do you lead with AI in the projects, whether it is in software development cycle or engineering, how do you infuse AI into projects which are more on the managed services, be it application infrastructure or process and then how do you actually build AI powered solution, which is the conceptualization itself starts with AI, right. And so those things we need to stay focused on building their talent also for the specific customers and the clients that I talked about on the academies right. Sometimes it is important to understand the industry the client has been, the specific technology landscape that they are in. So, it becomes much easier for it to execute. And the last point, Sandeep is the customer centricity, client centricity. We have defined 5 pillars of client centricity. We got to deliver. We have got to innovate our delivery as the technology landscape changes. So, if we stay focused on these five top priorities that we called out quarter after quarter, year -on-year after, I am sure we will continue to get better.

But despite this top five priorities every quarter, we have somewhere or the other portfolio related issue which keeps our growth rate marginally positive, negative or flattish. So, any timeline when you expect whatever rectification we wanted to do would be over and we can come back on a consistent growth path?

Fair comment, Sandeep, very fair comment. And if you look at it right, if you look at it from a markets perspective, this quarter has been a little different from the last quarter where three out of the four kind of showed us some sequential growth, which I think is a positive right step. As far as the sectors are concerned, I think we have continued to lag both in Manufacturing and energy and utility. Having said that, I think we have got good momentum going in other sectors, be it BFSI which I talked about healthcare, technology and communications and also consumer. I think we will continue to stay focused on those four, bring in acceleration the momentum in those four sectors while we do the correction in both Manufacturing and E&U which is more specific to Wipro than what you see in the industry.

And when do you expect those correction to start yielding result in Manufacturing and E&U?

So, Sandeep, I don't give guidance beyond Quarter 3 . But having said that, I did tell you that specifically if you look at in Manufacturing sector, I called out automotive segment, I called industrial segment. We are seeing pipeline and traction out there for us. Now, the question is do we win those, if and when we win the deals that will show up on the revenue side sooner than later. On the Energy and Utilities segment, I did talk about specific deals in the energy sector, which has around cost optimization and vendor consolidation. Some of those deals are in the process, but I think you have to win. So, if we do this, if we execute this pipeline and deals that we have in these two sectors, Sandeep, things should get better, but at this point of time, I can't give you a specific timeline.

And your earlier commentary suggests 4Q could be better than 3Q?

So, Sandeep, what I said was the headwinds we have when it comes to number of working days and furloughs, some of them may not be there in Quarter 4. That is the comment I made, Sandeep.

And just the last thing, post the budget, there is a tax ruling change on the buyback, so any view will we consider buyback as a continued option to cash return to the shareholders or we may move to dividend because the tax treatment of both being neutral going forward, in buyback, we still get a benefit of a reduced share count?

You have said it, Sandeep, we do think that there are benefits of buyback compared to the dividend even after the budget that has been announced. But that said I think we are drawing up our revised capital allocation policy in line with this track plan that we are putting together for the next 2-3 years. And I think we will be in a position to share a more detailed and informed answer to your question in terms of what is going to be our approach. I think that is work in progress and we will do that.

And just related question, as we have indicated earlier, we now look for string of pearls kind of an M&A rather than a big-ticket M&A?

Sandeep, the way I see M&A is a strategic advantage for us going forward. We do continue to look for opportunities in the marketplace, whether it is in specific white spaces, markets or sectors. So, in that context, Sandeep, the first thing is to look at what are the opportunities that you have in market and then take your decision. So, I am not calling out anything like a string of pearls, but all I am trying to do is, I want to be very deliberate and very focused in terms of what we want to do with M&A, but M&A is a big part of our strategy.

Thank you. We have our next question from the line of Sumeet Jain from CLSA. Please go ahead.

So, firstly, Srini, Aparna, I wanted to know from you in this guidance of -2 to 0%, what are you building for BFSI next quarter? Are you still building in growth momentum to continue, but given it has high furloughs, but you are seeing a strong momentum?

So, our BFSI business also has a component of Capco which has higher furloughs compared to the rest of the work consulting in general and of course Capco is far more susceptible to furloughs. It is factored into our guidance. But other than that, I think the momentum in BFSI has been fairly strong. We have done well. If you look at our Quarter 2 growth, it has done well across all market units. It has done across various service offerings. So, we do think that the momentum in the BFSI sector from a volume trajectory is good, it has also been impacted more deeply by furloughs and that is factored as a part of our guidance.

I just wanted to understand how long this decline in Manufacturing and E&U, the energy utility verticals will continue given that for the last 7 -8 quarters now it has been declining. So, the ramp down in the client specific areas should have been over by now. So, is it like a structural problem we are facing in these two verticals? Because when I look at Manufacturing, particularly, it has seen very strong growth for most of our peers plus the SAP S/4 HANA transformation is a big opportunity, which you also mentioned is playing out in your logistics client, so I just want to unde rstand how Manufacturing E&U will play out, let us say over the next 6 -12 months, forgetting about just next quarter?

Sumeet, first and foremost, these are verytwo2 important sectors for Wipro. We have been in Energy and Utilities and Manufacturing sectors for a very long time. I have personally driven this business in the past. Having said that, your observation is right that we have been slow relative to the peer group in terms of our growth or rather lack of growth. However, like I mentioned, in Manufacturing for example, there are specific segments we continue to focus on, for example, automotive right. There are opportunities, for example in software defined vehicles, which is our Cloud Car that is more on the engineering side of it, for example. Second, you yourself mentioned SAP S/4 HANA. Thanks to our acquisition of rising and now we can lead with consulting in SAP S/4 HANA. So, to me, Manufacturing and Energy and Utilities are very important sectors we are staying focused on and we also have the pipeline like I mentioned, we were in energy, we do our pipeline and cost optimization and also in terms of cost transformation. So, what is important for us, what we need to do Sumeet is to double down and focus on these two sectors and bring growth back.

Look forward to that revival maybe in few quarters. And secondly on the deal side, we can see our reported deal wins have been good, but the conversion to revenues have been a bit slow. So, is it like there is a delayed conversion of deals to revenue or is it like the duration of these deals is much longer? So, the ECV is lower leading to a lower revenue conversion?

Large deals typically have a cycle for ramping up, right. One of the large deals that we had earlier alluded to that we had won it will take several quarters to ramp up. On the contrary, there is another large deal that we won in Q2 that has instantly ramped up and is giving us revenues. I think it depends on deal to deal. Overall, we are not concerned about the deal conversion being slower. We are happy with our large deal bookings. In fact, while we don't give out a number, the Net New in these bookings is fairly good, especially in Q2. I think we just need to focus on winning more and the conversion will happen. Yes, it takes 2 to 3 quarters for it to fully ramp up and deliver, but that will happen, Sumeet.

Are you seeing any sort of delay in deal closures because of US election related uncertainty in the US geography?

So, Sumeet, I know you have been tracking US politics irrespective of which party comes in, which leader comes in. Traditionally, the US economy continues to grow , and the US is a dominant economy. If you look at it post COVID as well in terms of growth, I will say the impact of politics will not be that significant at least from my vantage point, Sumeet.

And just lastly, when I look at your number of active customers, it has been consistently coming down for last 7 to 8 quarters. So, any particular strategy we are following out there?

No, not really, Sumeet. I think we had referred to the exit of certain tail accounts in context of one of our market units, which was up in APMEA, I think this was several quarters back. Other than that, we have also said that this number typically gets impacted because of the discretionary spend environment being weaker and as a result, it also impacts the number of clients, especially at the bottom end of the pyramid. What I think you should also take heart with is that our top client, our top 5 or top 10, in fact our top 25 clients are doing really well. So, I am not going to read too much into that number. I think we need to focus on driving differentiated growth in our future metal accounts and that is what we are focusing on.

Thank you. We have our next question from the line of Ankur Rudra from JP Morgan. Please go ahead.

Maybe the first question, Srini, if you can elaborate a bit more on the US BFS strong credit sale and also how that leads into discretionary spending, your business at Capco has a very high exposure to the capital market segment and the segment, which is seeing very strong growth recovery over the recent results season. Many of your peers have commented about how they expect that to help them. If you could elaborate how you expect to see that opportunity?

Since the question is very specific to the US and BFS, the strategy for us in the US market is to combine Wipro's strength of execution with Capco's consulting capabilities. So, if you look at the banking financial services, capital markets, insurance, I think our go-to-market strategy is to combine the expertise of both these companies and take it forward. Now, specific to discretionary spend comment that you made, obviously if C apco is growing for us that means there is a discretionary spend because their dependence is completely on discretionary spend which to me is good news in the context of what is coming in the future for us because some of this discretionary spend could be also transferred to the downstream revenue as well Rudra. So, I would say at this point of time, I continue to be optimistic around the spend in BFS segment especially in the US.

And just to read a bit more into your previous comment you said and how the US has been a dominant economy and financial services, if I might add, is a dominant vertical. At what point does US BFS strength overcome all the small pocket challenges you are seeing all of your other verticals where the smaller challenge you are seeing is overwhelmed by this and overall good momentum begins to look a bit stronger?

So, Ankur, for us to really grow well at an overall org level, I think we need to have nearly all cylinders firing, right. And I think that is the endeavor. Yes, we are happy with the momentum that we have in BFSI. I think not just the US but across we have a good momentum in BFSI, and we are happy about that, but I do think we need to at least arrest the decline and stabilize E&U and Manufacturing, which Srini spoke of, and I think that is very key. We need to have more and more sectors joining in. I think Health is doing well. BFSI has done well. We are seeing deals that we had won ramping up giving us growth in technology and communications, so 3 sectors good, consumers also done well. So, if you are able to revive and win new deals in energy and Manufacturing, I think that will hold the key.

Just one question maybe on AI and generative AI, overall deal wins have been relatively strong. How are you seeing the adoption of Gen AI in particular into your deal construct to an extent? Are there any early conversations about potential productivity p assthrough or gain share as a result of those constructs in the deals you win?

Ankur, specific to Gen AI, the way I see it is there is definitely excitement and opportunity for a company like Wipro. We want to be AI powered Wipro and clearly we are investing big into Gen AI. In terms of the engagements, I would put it in three bucke ts. Number 1 is we have AI LED projects, whether it is in a software development cycle or product engineering that is one stream. The second one is infusing AI into the managed services right, which could be for existing or for the new ones where the point that you made it is also operational efficiency, customer experience that you can improve and the third is AI powered solutions that I talked about which is you are conceptualizing your solution for a process into with AI being the core. So, to me, this will continue to grow and there will be productivity benefits in each of these areas. At this point in time, the way I see it is that there are specific projects in Gen AI which are going to help the clients in terms of improving some of their back-office operations, if you will, right. So, those are the projects that you get, but it is not necessarily a specific SDLC lifecycle, but it is an opportunity for the client to improve their processes or operations and so on and so forth. So, those are the three buckets, Ankur, I would say Gen AI and we will continue to improve. Net-net, I think Gen AI will be positive for us and for the industry.

Thank you. We will take our next question from the line of Kawaljeet Saluja from Kotak Securities. Please go ahead.

The question I had for you Srini is that when I look at your performance in Manufacturing in EU in maybe communication though it has changed somewhat this quarter, it does indicate that it is not so much the environment but shares losses in consolidation exercise. So, at a broader level, I wanted to have your view that I was Wipro positioned as let us say vendor consolidation exercises at an overall level and then going into verticals if there are any nuances as such?

You know one of the things that I am really excited is the opportunities and the vendor consolidation. One of the large deals that I did talk about today is a vendor consolidation which is a very large deal where we are doing end to end operations for us across infrastructure applications and the process. To me, there are multiple deal wins around vendor consolidation. We have our own opportunities. We have our own wins where we have displaced com petition. And if I look at the current pipeline, there are opportunities and Kawal what happens sometimes is the combination of cost optimization and vendor consolidation comes together in the broader context of cost benefit to the client. Sometimes the vendor consolidation happens purely because you are alr eady dominant in one area. You can actually take care of the adjacent areas and bring in experience and operational efficiencies as well. So, I am very excited about the opportunities for vendor consolidation for us, Kawaljeet and we are winning.

And in this example that you gave on vendor consolidation, who did you consolidate out? Are you consolidating out other India heritage vendors or are these legacy vendors who are on their last legs?

Kawaljeet, I am sure a lot of people are listening to this conversation. All I can say is that it is a variety of vendors across the spectrum. That is all I can say.

The second question I had is for Aparna. Aparna, when I go through your expenses in the IFRS financial statements, it appears to be quite busy with the number of notes. Was there any one -off benefit into the quarter because there seem to be a number of line items in which there are some one- off charges, there are one -off gains, if you can just walk in through, what is really happening in margin there?

Kawal, if you look at it, we did have a higher S&M and we have a lower G&A. And if you look at SG&A as a bucket, there is no change. If you look at our operating margin improvement that has come through the gross margin improvement. The noise that you have referred to, yes, we have had certain one-off credits which are a part of our financials, but there are also hits which are in its part and parcel of every quarter and what I will request is perhaps Abhishek or Dipak can take you through those items. But if a broader direction that you can look at is S&M and G&A as a bucket have more or less remained flat and the improvement is coming in through the gross margins.

And Aparna what kind of environment do you require to get to your aspirational band of aspirational margin number? Actually, it is not even aspiration is getting there almost. But you can just walk me through it?

So, are you asking me for levers?

Environment, the type of environment required to get to the EBIT margin that you aspire for here?

Kawal, we have laid out, like you rightly said, we are one step closer to that 17% -17.5% target ban that we had laid out several quarters ago, we are happy with the performance that we have had in Q2. We have taken one big step towards that. Obviously in Q3, we will have to work through the headwinds that we are starting the quarter with. I think all hands on the deck as far as Quarter 3 execution is concerned, perhaps at the end of Quarter 3, we will be in a better position to tell you how the margins look beyond. I think over a long term for it to like really to let us say touch and sustain beyond 17% operating margins, we said that the revenue environment also needs to improve. A lot of the margin improvement that we have delivered is on the backdrop of revenue decline, so certainly the growth in revenues will help the trajectory both to surpass that 17% and also sustain, Kawal.

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.

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 Investor Relations team. Have a nice evening. Thank you once again.

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