Wipro Limited (WIT) Q2 2023 Earnings Call Transcript

For the period ending September 30, 2022

October 12, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, good day and welcome to the Q2 FY '23 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. [Operator Instructions] 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.

Aparna Iyer

Thank you, Inba. A very warm welcome to our Q2 FY '23 earnings call. We will begin this call with business highlights and overview by Thierry Delaporte, our 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 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 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.

Thierry Delaporte

Thank you, Aparna,. 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, you've seen the macroeconomic conditions across almost all markets and sectors have changed, right?

In speaking to our clients every day, we're seeing a change in the level of optimism as business around the world are dealing with inflation pressure with geopolitical turmoil with energy crisis also 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 continue 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 on bookings. Our bookings in total contract value terms grew 24% year-on-year in Q2. Two of the four markets, Americas One and Europe, grew more than 30% year-on-year.