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

October 15, 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 October 12, 2022. The audio recording of the same is available at https://www.wipro.com/investors/quarterly-results/.

Thanking you,

For Wipro Limited

GOPALAKRISH	Digitally signed by
NAN	GOPALAKRISHNAN
	KOTHANDARAMAN
KOTHANDARA Date: 2022.10.15
MAN	11:53:14 +05'30'

1. Kothandaraman General Manager- Finance

Wipro Limited

Q2 FY 2023 Earnings

Conference Call

October 12, 2022

wipro.com

Management

Thierry Delaporte

Chief Executive Officer & Managing Director

Jatin Dalal

Chief Financial Officer

Saurabh Govil

President & CHRO (Human Resources)

Stephanie Trautman

Chief growth officer

Aparna Iyer

Vice President & Corporate Treasurer

wipro.com

Moderator:Ladies and gentlemen, good day and welcome to the Q2FY23 Earnings Call of Wipro Limited.

I hand the conference over to Ms. Aparna Iyer - Vice President and Corporate Treasurer. Thank you and over to you.

Aparna Iyer:A very warm welcome to our Q2 FY'23 Earnings Call. We will begin this call with business highlights and overview by Thierry Delaporte - Chief Executive Officer and Managing Director, followed by financial overview by our CFO - Jatin Dalal. Afterwards the Operator will open the bridge for Q&A with our Management team.

Before Thierry starts, let me draw your attention to the fact that during this call we may make certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are associated with uncertainties and risks, which may cause the actual results to defer materially from those expected. The uncertainties and risk factors are explained in our detailed filings with SEC. Wipro does not undertake any obligation to update the forward-looking statements to reflect 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.

Thierry Delaporte: Hello, everyone. Good evening. Thank you for joining our Q2 Earnings Call. And for those of you joining us from the U.S., good afternoon, I guess maybe good morning for some.

Since the last time we spoke in July, we have seen the macroeconomic conditions across almost all markets and sectors have changed. In speaking to our clients every day, we are seeing a change in the level of optimism. As businesses around the world are dealing with inflation pressure, with geopolitical turmoil, with energy crisis, also the rising interest rates. Almost every major economy is experiencing economic deceleration.

And it's against this backdrop that we delivered a strong quarter. Our business strategy is sound and our value proposition continues to resonate with clients across markets. This is reflected in robust bookings, healthy deal signings, growth in revenues, as well as operating margins.

Let's start, our bookings. Our bookings in total contract value terms grew 24% year-on-year in Q2. Two of the four markets, Americas 1 and Europe grew more than 30% year-on-year. We said in the past that large transformative deals are a key pillar of our growth strategy. Indeed, they will allow us to demonstrate the true power and scale of our services, talent and operations. Large deals are where we deliver maximum value for our clients. So, I am pleased to share that large deal wins have continued to be really strong.

In Q2, we signed 11 deals with a total contract value of USD 725 million. This actually follows an exceptional quarter in Q1 when we clocked over a billion dollar in deal signing. And this strong booking trajectory translates into a 42% year-on-year growth in our large deal bookings, in the first half of this fiscal year. Over the last few years, we have steadily increased our win rate, improved the quality of our pipeline. As of today, our pipeline has, a well-balanced, mix of transformation growth and cost take-outs engagements.

wipro.com

Now, this mix may change in the coming quarters based on external conditions that I talked about earlier. But we expect continued strong demand for our comprehensive portfolio of services. We know that technology in good times like and bad has become the underlying success factor for any business. Regardless of what the problem is, increasingly technology is the solution. And I believe we are better positioned than ever before to help our clients tap into the true power of technology, whether that's to drive growth and transformation, or manage cost or build a sustainable future.

Speaking of sustainability, we continue to build sustainability into everything we do, including across our tech stack. You will see us leveraging our sector domain expertise and a strong partnership to develop new, low carbon impact solutions for our clients. Our enterprise scaling and sustainability process experience is helping us standout in the market and leading to strong client demand. Overall, with our deep engineering expertise and comprehensive set of offerings, we are well positioned, to be the partner of choice for our client as they face a growing set of headwinds.

Now, turning to our revenue growth, we recorded 4.1% growth in constant currency terms sequentially, and 13% on a year-on-year basis, that translates into double digit growth across all markets.

Business growth translate into growth for our colleagues, and I am happy to share that we rolled out quarterly promotions to our employees in July. And salary increases effective September. And yet, we have achieved operating margins of 15.1%.

As we continue to enhance our portfolio with the newer and more strategic service offerings, our clients are recognizing the value we deliver. This is increasingly reflected in our improved price realizations. This combined with operational excellence, automation, higher productivity are the key levers for margin improvement.

As every quarter I will now have share some finer details on markets, service offerings and sectors. Let's start with our markets.

In Americas 1, we grew 15% year-on-year in the 2nd Quarter with all sectors showing strong growth. During the quarter, the fastest growing sector in the market was Technology Products and Platforms which grew 26% year-on-year. Order bookings in total contract value terms grew nearly 34% year-on-year in Q2.

Now moving to Americas II, we grew 12% year-on-year in Q2. Manufacturing and Energy and Utilities led the performance, recording a growth of more than 20% each year-on-year. Financial Services grew 17% year-on-year.

Moving on to Europe, our European business delivered a year-on-year growth of 12% in Q2. Most of the markets recorded strong double-digityear-on-year growth with Benelux, UK, and Ireland and Southern Europe leading the pack.

Our order book in total contract value terms grew at 36% year-on-year, which is quite massive. Our APMEA business grew at 11% year-on-year in Q2. Regions that did particularly well during