Wipro : Recording of Analysts/Institutional Investor Meet/Con. Call

May 02, 2022

The Manager- Listing BSE Limited

(BSE: 507685)

The Manager- Listing

National Stock Exchange of India Limited (NSE: WIPRO)

Dear Sir/Madam,

Sub: Transcript of the Analyst / Institutional Investor Meeting

Please find attached herewith copy of the transcript of the Analyst / Institutional Investor Meeting held on April 29, 2022. The audio recording of the same is available athttps://www.wipro.com/investors/quarterly-results/.

The video recording of the earnings press conference is available athttps://www.wipro.com/newsroom/press-releases/2022/wipro-press-conference-q4-fy-2021-22/.

Thanking you,

For Wipro Limited

M Sanaulla Khan Company Secretary

Q4 FY 2022 Earnings Conference Call

Management

Thierry Delaporte

Chief Executive Officer & Managing Director

Jatin Dalal

Chief Financial Officer

Saurabh Govil

President & CHRO (Human Resources)

Stephanie Trautman

Chief growth officer

Rajan Kohli

Global Managing Partner & President

Aparna Iyer

Vice President & Corporate Treasurer

Moderator:

Ladies and gentlemen, good day and welcome to the Q4 FY'22 Earnings Call of Wipro Limited. As a reminder, all participant lines will be in 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 '*' then '0' on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Aparna Iyer --Vice President and Corporate Treasurer. Thank you and over to you, ma'am.

Aparna Iyer:Thierry Delaporte:

Thank you. A warm welcome to our Q4'22 Earnings Call. We will begin the call with Business Highlights and Overview by Thierry Delaporte - Chief Executive Officer and Managing Director, followed by a Brief Overview on our latest acquisition, Rizing, by Rajan Kohli -- Managing Partner, IDEAS Business Line, and then a Financial Overview by our CFO - Jatin Dalal.

We also have with us as a part of the management, Stephanie Trautman, our Chief Growth Officer, and Saurabh Govil -- Chief Human Resources Officer.

After the initial comments from the management, the operator will open the bridge for Q&A.

Before Thierry starts, let me draw your attention to the fact that during the call, we may make certain forward-looking statements within the meaning of the 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 from 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 the events and circumstances after the date of filing. The conference call will be archived, and a transcript will be made available on our website. Over to you, Thierry.

Thank you, Aparna. And good evening, everyone. Thank you all for joining us today. To those of you joining us from the US, good afternoon. Fridays are often known to bring good news. So, today is no different, at least for us.

In my opening remarks, I will sum up of the year that has gone by, I'll elaborate on the demand environment, provide details on sectors, markets, service offerings, and share a business outlook for the quarters ahead.

I'll start by acknowledging that we've had an outstanding year; we've delivered revenues of $10.4

billion at an industry-leading growth of 27%-plus in constant currency terms. Crossing $10 billion of revenue is a significant landmark for us and we are now aiming higher.

Revenue growth has been our fastest ever in absolute terms. We've added one-fourth of our revenue just this year.

Our order bookings in 'Annual Contract Value' terms grew 30% year-on-year. And we are finishing off the year with the highest ever pipeline.

Through the year, we have made significant investments, both organic and inorganic in strengthening our solutions, go-to-market, the leadership team, as well as the broader talent pool.

We have added over 45,000 new employees on a net basis, which is also the highest ever.

We also continue to invest in our internal transformation. We know this will bring agility into our processes, and help us serve our customers better.

Operationally, we delivered 17.7% operating margins which is ahead of our stated range.

Finally, our net income in absolute terms is the highest ever, which grew by over 13% year-on-year, and EPS expanded by 17% year-on-year.

No doubt, it has taken a tremendous amount of discipline and determination to remain resolute in our pursuit of growth and execution excellence. I'm proud of what we've been able to achieve.

Now, on to our Q4 performance and the demand environment. Our revenue growth during the quarter was at 3.1% in constant currency terms and 28.5% year-on-year.

We've been consistently growing at or over 3% for six quarters now. Our growth continues to be broad-based across all our key markets, service offerings, and in most of our sectors.

During the quarter, we had a net addition of over 11,000 colleagues, which sets us up well for future growth.

Business environment is still very good. The demand for IT services is strong, propelling our business forward. This is reflected in the state of our pipeline, our order bookings, and our overall growth rates. In fact, look at the order book, this quarter has grown 38% year-on-year in terms of annual contract value.

We continue to close large transformation deals and see rapid expansion in small and mid-sized deals as well. This represents growth in our existing accounts, as well as the expansion of our market portfolios.

Equally notable is the pivot to high growth services as we help our clients transform and digitize their businesses. We've had significant wins that put design at the center of the experience and combines our iCORE and iDEAS capabilities to reimagine IT, back office and customer experiences.

There's continued focus on our hyperscaler partners. This will not only help us win more in the market together, but it's also providing the alignment and investments we need to scale talent, assets, and industry solutions for the future. For example, our industry alignment with Microsoft has strengthened our partnership dramatically. We worked closely with Microsoft to define and take to market solutions that are focused on established priority scenarios that align with Microsoft's Industry, Cloud-first Vision.