Wipro Limited (507685) Earnings Call Transcript & Summary

Hello, everyone. I'm Rishad Premji, Chairman of Wipro Limited. On behalf of our Board of Directors, I welcome all of you to the 78th Annual General Meeting. This meeting is being conducted through video conference as per the circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India. Since the necessary quorum is present via video conferencing, the meeting is officially constituted. I now declare this meeting open. Before getting into the proceedings of the meeting, let me take a moment and introduce you to people who are present here today. To my right is Mr. Azim Premji, Founder Chairman; Mr. Deepak Satwalekar, Independent Director; Mr. Patrick Dupuis, Independent Director; Ms. Tulsi Naidu, Independent Director, and Dr. Patrick Ennis, Independent Director. And to my left is Mr. Srini Pallia, our Chief Executive Officer and Managing Director; Ms. Aparna Iyer, Chief Financial Officer; Mr. N.S. Kannan, Independent Director; Ms. Paivi Rekonen, Independent Director; and Mr. Sanaulla Khan, our Company Secretary. In addition, Mr. Anand Subramanian, partner, Deloitte Haskins & Sells LLP Statutory Auditor; and Mr. V. Sreedharan and Mr. Pradeep Kulkarni from V. Sreedharan & Associates, Secretarial Auditor, have also joined us today. I request Sana Khan, Company Secretary, to read the arrangements made for the members at the 78th Annual General Meeting. Sana?

Thank you, Rishad. Dear members, welcome to the 78th Annual General Meeting of Wipro Limited. The company has enabled the members to participate at the 78th AGM through the video conferencing facility. The proceedings of this Annual General Meeting are also being webcast live for all the members as per the details provided in the notice. The proceedings of this meeting are also being recorded for compliance purposes. In accordance to the provisions of the Companies Act 2013 and the SEBI Listing Regulations, the members have been provided with the facility to exercise their right to vote by electronic means, both through remote e-voting facility and e-voting at the Annual General Meeting. The remote e-voting facility was made available to all members holding shares as on the cutoff date, July 11, 2014 -- 2024. During the period commencing from 9 a.m. IST on Sunday, July 14, 2024, until 5 p.m. IST on Wednesday, July 17, 2024. The remote e-voting facility has been blocked on July 17 '24 at 5 p.m. IST. The members joining the meeting through videoconferencing facility have not already cast their vote. They can, again, by means of remote e-voting cast their vote or through the Instapoll e-voting facility provided at this meeting. The members who have already cast their vote by remote e-voting facility prior to the AGM shall not be entitled to cast their vote once again. The Board of Directors has appointed Mr. V. Sreedharan and partner of V. Sreedharan & Associates as the scrutinizer for this meeting. And based on the reports of the scrutinizer, the combined results of remote e-voting and the e-voting done at the meeting today will be announced and displayed on the website of the company and will also be submitted to the stock exchanges as per the requirements under the SEBI Listing Regulations. The register of Directors shareholding, register of contracts, copies of audited financial statements are available for inspection to the members. Members seeking to inspect such documents can send an e-mail to [email protected]. I now request Mr. Rishad Premji, Chairman, to continue with the proceedings of the meeting.

Thank you, Sana. I'm satisfied that all the efforts feasible under the circumstances have been made by the company to enable members to participate and vote on the items being considered at this meeting. Before we take up items as per the notice, I would like to update the shareholders on our company's performance during the financial year 2023/'24 and give a general outlook for the IT sector. Dear shareholders, a very warm welcome to all of you again. Before I get into the year gone by, I want to formally welcome Srini Pallia to his first AGM. Srini, as all of you know, took over as our CEO and Managing Director in April this year, and I'm incredibly excited and confident in him leading Wipro forward. Let me first talk about the financial highlights of financial year '24, and then I will then share my views on the broader environment. Financial year '24 has been a challenging year for us as a company. The global economic fluctuations this past year have affected our clients' technology spending and led to uncertainty in market demands. However, despite these challenges, I believe the fundamentals of our business remain unchanged, and we remain fully committed to investing in our future. For financial year '24, we reported revenues of $10.8 billion, representing a decrease of 4.4% year-on-year. Our net income stood at $1.3 billion. The IT services operating margin for the year was 16.1%, which is a 50 basis point expansion over financial year 2023. Earnings per share for the year was at INR 20.89, which is the equivalent of USD 25 -- $0.25, showing a year-on-year increase of 0.8%. Additionally, our operating cash flow reached a record high of INR 176.2 billion, which is the equivalent of $2.1 billion, reflecting a year-on-year increase of 34.9% and accounting for 159% of the net income for the year. Although discretionary spending was subdued in the first half of the year, we saw promising signs in our consulting business in the second half, which is a positive early indicator. Just like in past years, we've kept investing in our future. We took a majority share in Aggne, a leading consulting and managed services company serving the insurance and insurtech industry. This strengthens our value proposition in a fast-growing part of the insurance vertical. Now let me talk about AI and how it is creating new opportunities for growth. As you all know, there's a significant shift in how businesses perceive AI, especially Generative AI. What was once the topic of curiosity has now become a cornerstone of long-term strategies for creating value. AI presents a distinct opportunity to reshape industries, reimagine experiences, enhance efficiencies and foster innovation. Our goal is to lead this transformation for our clients as well as within our own organization, Wipro. Last year, I shared with you that AI would be a strategic area of growth for us, and the investments and the intensity has only grown in financial year 2024. We continue to make significant investments in our AI 360-degree strategy throughout '24. We are building an AI-powered Wipro, embedding responsible and secure AI into every solution, tool and process across our organization. We have broadened our strategic partnerships with leading AI players such as Microsoft, Google, Amazon and NVIDIA. Additionally, we've launched our own AI platform through our innovation arm, Lab45 to speed up AI adoption. Developing talent is also crucial to our AI strategy, and I believe a key element for success. Alongside our strategic partners, we have teamed up with leading universities like the Indian Institute of Technology and the Indian Institute of Science. These partnerships are helping us drive research, strengthen the AI talent pipeline and upskill our workforce. We have trained over 225,000 employees, starting with myself in GenAI fundamentals. An additional 30,000 employees have received advanced training tailored to their specific roles. We have been intentional in serving as client zero for our own AI solutions, disrupting ourselves in the process. We have leveraged our talent to build GenAI based solutions that streamline our internal processes create delightful experiences and boost productivity throughout our company. Let me give you an example. WiNow, our AI-powered enterprise chatbot for self-service is used by nearly all of our employees and has processed around 6.5 million queries. This significantly boosted productivity in crucial tasks like approvals, onboarding and other administrative functions in addition to creating a delightful employee experience. In our business engagements, we have been working with clients across industries to help them navigate their AI journey and build AI strategies that are unique to their specific businesses and their industries. Our industry and consulting-led AI solutions are driving early results within our clients. We've achieved, for example, superior patient outcomes in health care. We've boosted the recommendation for financial advisers. We have driven cost and operational efficiencies in industries like life sciences and transportation. We've had many such successful client engagements, and our intent to do more is growing. We realized that widespread AI adoption demands strong change management and a commitment to inclusivity. Our change management approach focuses on placing human interactions at the core of AI development. This human-centered approach will help us bridge the gap, build trust and maximize AI's potential. For us, this responsibility is an extension of our core ethics and our purpose. At the heart of our company is a unifying spirit, the Spirit of Wipro, that brings together our employees, clients, shareholders, partners and communities in which we live and serve. We adhere to a cultural framework defined by 5 fundamental key principles, which are leading with purpose, prioritizing the well-being of our associates, sustaining our communities, fostering inclusivity and nurturing a mindset that propels us towards our ambitious goals. As all of you know, sustainability is key for us at Wipro. It's woven into our very fabric, into our very being. I'm proud to share that we are on track to achieve our net-zero goals by 2040. At this point in time, 76% of our energy footprint is renewable. We have cut our Scopes 1 and 2 emissions by 80% as of March 31, 2024. In addition, we are helping our clients reach their sustainability goals as well. Diversity, equity and inclusion is a core value across our company and within our communities. I'm happy to share that we've increased the number of women in senior leadership at Wipro by 240%, reaching 18.7% in 3 years. Our efforts to support our employees with disabilities and our LGBTQ+ staff have led to a significant increase in our employee resource group membership. Our community initiatives are now in 17 countries. They support 225 programs in areas like education, primary health care, digital skilling and urban ecology. These initiatives have helped 4.5 million people, including a significant proportion of vulnerable populations. The Wipro Foundation has empowered nearly 420,000 women in underserved communities, offering them gender and maternal care programs. These achievements, all of our achievements would not have been possible without our dedicated associates, and I want to thank them personally for their passion and for their commitment. Also, I want to extend heartfelt thanks to you, our unwavering shareholders. Your support and confidence in our vision have been instrumental, especially during these challenging times. I'm confident about our future, and I'm convinced that our best is yet to unfold. We will continue to innovate, inspire and create value for all stakeholders, charting a course towards a more prosperous tomorrow. I would now like to invite our CEO and Managing Director, Srini, to share his perspective on the year gone by. Srini, over to you. Thank you.

Thank you, Rishad. Good morning, everyone. It's an honor to be here today as the CEO and Managing Director of this iconic company, where I began my career 32 years ago. Thank you for your trust and confidence. Rishad has given you a good overview of our business and the year gone by. As he said, financial year 2024 was a difficult year for the industry, which impacted our performance as well. Despite these market challenges, we pressed on with our transformation and focused on preparing our company and workforce for an AI-driven future. I believe these investments will allow us to move past the challenges of the past year and capitalize on the technology transformation taking place in our industry. I'm confident that we will be able to achieve profitable growth. Towards the end of my remarks, I will share our plan for putting Wipro back on the growth path. But first, let me provide you a brief overview of our financial performance. In financial year 2024, we reported gross revenue of $10.8 billion, and operating margin of 16.1%. Additionally, I'm happy to share that we secured large deal bookings totaling $4.6 billion in total contract value. This actually represents a 17.4% growth from the previous year. In financial year 2024, we increased the revenue share from both our top 5 and top 10 clients. Additionally, we also expanded our base of 100 million plus accounts by adding 3 more clients to this bucket. As we enter financial year 2025, we will continue to streamline our operating model for greater efficiency. We are investing in new capabilities, solutions and partnerships to propel us into an AI-first era and delivering last thing value for our clients. We are on the brink of a big technological change. And clients across the industries are excited to use AI to transform their own businesses. At Wipro, we have been strategically preparing for this very moment. Last year, we launched Wipro ai360, a comprehensive AI-first ecosystem backed by a significant investment. I'm pleased to report that our strategy is unlocking business value for our clients and for us. During his address, Rishad touched upon training and upskilling our workforce in AI and GenAI. In addition, I'm delighted to share that we also hold 470 AI patents and our Lab45 AI platform is fully operational and ready to use. We also put in place strong guardrails to ensure compliance and safety throughout our AI journey, benefiting both our clients and our company. We are also working very closely with partners to develop both industry-specific and cross-industry solutions, empowering our clients to accelerate GenAI adoption. The benefits and return on investments from GenAI are becoming more apparent from better stakeholder experiences to revenue insights and overall cost optimization. Additionally, we are putting more emphasis on a domain-led consultative approach to engage with clients, helping them to transition to an AI-first future. Now looking ahead to financial year 2025. Our top priority is to execute with speed on the 5 key strategic areas that we outlined at the end of financial year 2024. Let me cover those 5 priorities now. Number one, accelerating large deal momentum by working closely with both clients and partners and proactively shaping large deals; two, strengthening relationships with large clients and partners and investing early on the next set of accounts that have the potential to grow into large accounts. Number three, focusing on AI powered industry-specific offerings and consulting-led business solutions. Fourth, building talent at scale around industry solutions with an AI-first approach and ensuring that every associate is trained on specific industry and also client context. Finally, driving client centricity and delivery excellence with execution rigor and speed. These 5 strategic priorities are designed to help us leverage technology shifts and drive ongoing profitable growth. Now working together, with our 230-plus employees, clients and partners, we will seize this opportunity to unlock the next stage of our growth. Our guiding light will be our clear vision, our defined priorities, commitment to our values and a relentless pursuit of excellence. I'm excited about the journey ahead and look forward to writing the next chapter in Wipro success story with all of you. Thank you for your continued trust and support. Let me now turn it back to Rishad. Over to you Rishad.

Thank you. Thank you, Srini. The notice of the 78th Annual General Meeting and the annual report containing the audited financial statements including consolidated financial statements for the year ended March 31, 2024, and the Board's and auditor's reports have been sent by electronic vote to those members whose e-mail addresses are registered with the company or depositories. These documents have also been made available on the company's website. Considering the above, the notice is being taken as read. Deloitte Haskins & Sells LLP statutory auditors have submitted their report for the financial statements for the year ended March 31, 2024. The auditors' report does not contain any qualifications or modified opinions or adverse remarks. There being no qualifications, the entire report is not required to be read in this meeting, and the auditors' report is being taken as read. In terms of the notice of the 78th Annual General Meeting, the following items of business are to be considered at this meeting: one, to receive, consider and adopt the audited financial statements of the company, including the consolidated financial statements for the financial year ended March 31, 2024, together with the reports of the Directors and Auditors thereon; two, to confirm the interim dividend of INR 1 per equity share declared by the Board on January 12, 2024, as the final dividend for the financial year 2023/'24; three, to consider appointment of a Director in place of Mr. Azim Premji, DIN# 00234280, who retires by rotation and being eligible offers himself for reappointment; four, reappointment of Rishad Premji, DIN # 02983899 as a Whole Time Director of the company; five, reappointment of Mr. Azim Premji DIN # 00234280 as a Non-Executive and Non-Independent Director of the company. Six, approval of the Wipro Limited employee stock options, performance stock unit and/or restricted stock unit scheme 2024 for grant of employee stock options, performance stock units and/or restricted stock units to eligible employees under this 2024 scheme. Seven, Approval of Wipro Limited employee stock options, performance stock unit and/or restricted stock scheme 2024 for grant of employee stock options, performance stock units and/or restricted stock units to the eligible employees of group companies of the company. We will now be happy to answer questions members may have about the financial statements or about other matters. The InstaPoll e-voting facility will now be activated for members who are participating in this meeting and have not had a chance to vote through remote e-voting. The InstaPoll facility will remain active until 30 minutes after this meeting. We will now commence the Q&A session in a few minutes. Thank you.

I now request Sanaulla Khan, our Company Secretary, to share a few guidelines for the Q&A session. Sana?

Thank you. Thank you, Rishad. In order to ensure a very smooth interaction and participation, I request the members to note the following guidelines for the question-and-answer session. The question-and-answer session will be anchored by me, and I will call the preregistered speaker shareholders to ask their queries or clarifications one after the other. I will invite the speakers in the batches of 5, and we will answer these 5 questions before we move on to the next batch of 5 speakers. Members are requested to unmute their microphone before speaking and also enable webcam if they wish to appear on the video. Members are requested to mention their name, folio number and location and are also requested to restrict their questions to 2 minutes so that all speakers or shareholders will get an opportunity to share their views. In the interest of time, I request the members to not repeat their questions raised by the previous speakers. I may not -- I may be -- it may be noted that the company reserves the right to limit the number of members asking questions depending on the availability of time at this meeting. I now request the first set of shareholders to come one after the other, starting with Santosh Kumar Saraf. Mr. Saraf, thank you for joining this meeting, sir. You're audible. Kindly go ahead and ask your question.

[Foreign Language]

Thank you. Thank you, Mr. Saraf. We now request the next shareholder, Mr. Kaushik Sahukar, to come on the screen and ask his question. Mr. Kaushik Sahukar. Yes, Mr. Kaushik, thank you for joining this meeting. Go ahead.

I hope I'm audible, sir.

Yes, yes. You're audible. Please go ahead.

[Foreign Language] today I raised some key questions that are essential in understanding our company's position in the ever evolving competitive landscape. How does Wipro Limited maintain its competitive edge in such a dynamic environment. What innovative products has Wipro introduced or plan to introduce in this increasingly competitive world? I believe that more a company invests in R&D the stronger it has become positioning it as a leader in the industry, can we continue to trust in the [indiscernible] of Wipro Limited business model and how can the company ensure that shareholders value remain intact. Additionally, Wipro's main business focus is generating revenue through artificial intelligence, AI now and Wipro through its use of AI manufacturing and equipment to support especially abled person to improve their mobility and make their lives more meaningful. While this business may not be highly lucrative, reducing people's pain and hardship will garner a lot of blessings. The company should consider taking such initiative. Before I conclude, I want to express my sincere gratitude to entire secretarial team including Honey Gajjar for connecting with me and granting the opportunity to be associated -- to be part of such memorable event. Additionally, I request the support of the company in associating with me in the area of certification audit [indiscernible] Form 15 CB. I believe CSR is helping the needy at the crucial times when they approach the company for help. I'm confident that Wipro carries the vision and commitment to support those in need. I'm confident that Wipro carries -- I have been requesting support from our company for the last 5 years. But since my request has not been considered as management might be busy with other important event. However, I'm sure that this time it will be considered. Sir, I would like to say that I was associated with Wipro in the past 3, 4 years and my association has been stopped and payment has also stopped not intimating the reason. Can you kindly intervene in the matter and if possible reset our association with the company and help me to lead my life with dignity? Finally, I propose utilizing the substantial savings from commercial mode of this meeting for the benefit of [ speaker ] shareholders. This could involve arranging site visits for shareholders or distributing token of appreciation such as sweets or small gift to our esteemed [ speaker ] shareholders.

Thank you, Mr. Kaushik. Thanks for joining. I now request Mansi Ameesh Masurekar to join this meeting and ask her questions. Ms. Mansi, please. Yes, ma'am, please go ahead. We can see you.

No, no. I think you're on mute.

We are not able to hear you.

We can hear you now.

Chairman, sir. and members of the Board. I'm Mansi Masurekar, a member of an stem organization called Millennium Man and a proud shareholder of your organization. Sir, my question to you is GenAI will be a key priority for IT service providers. And which industry do you think that we'll be seeing the early adapters of this technology? And what are the potential risks and challenges associated with integrating AI into company's operations? Thank you.

Thank you, Ms. Mansi. I now request Yusuf Yunus Rangwala join this meeting and ask his question, please.

[Foreign Language]

Yes. Please go ahead.

[Foreign Language] Sir, he is a very hard working and very particular [Foreign Language] Annual General Meeting. [Foreign Language] INR 1 dividend that you've given, that is very good. And our Sanaulla Khan, [Foreign Language] IT world ranking [Foreign Language]. Total number of staff [Foreign Language]. Total 2,25,000 employees, how many there are women employees? And sir, on [ Page # 17 ] as you may see our activity, Wipro Foundation, which helps our people, 62,000 child are benefiting in this scheme. This shows how our foundation are caring for the poor. Chairman sir, [Foreign Language] around 600, sir. Sir, when was the last bonus given sir? Many years passed you didn't declare a bonus. [Foreign Language] Can I expect in the coming year a bonus from you 1:3, sir because you're having a very excellent results. Sir, foreign country [indiscernible] as you mentioned, [ 1,01,374 ] are total number of clients as you mentioned in the balance sheet, and nothing more to add. [Foreign Language] electric division, bulb, tube lights. Santoor brand, group company [Foreign Language] I would like to know what it is this, sir, because they've given the address of the company, but they is a private limited company, but this question have introduced what -- because this is a sister company [Foreign Language] Chairman sir, [Foreign Language] very hard-working Director, and we will be with him, and I support all the resolutions [Foreign Language]. Nothing more.

Thank you Mr. Yusuf.

So Rishad, we are done...

[Foreign Language].

Thank you. Thank you.

Thank you, Mr. Yusuf.

So thank you all for your questions. I apologize. I'll try and answer them in English. It will be easier for me. And I'll answer them in no particular order and try and cover everybody. There was a question from you Santoshji and from you, Mr. Yusuf on our Consumer Care business. As you will know that this business was demerged from Wipro Limited back in 2013, and that's now a private limited company. So it's completely separate from this company. I know in the past, when we used to do meetings in person, you would have the opportunity to also avail of the benefits of some of that, and we'll try and see whether we can evaluate ways in which you can still evaluate the benefits despite the fact that we don't get together in person. There was a comment on government projects. Look, we do look at government projects. We've worked with government very closely over the many years that we've been in existence in India. And we will continue to look at those projects selectively, both at the central level as well as at the state level. There was a question on insurance cover, which I didn't follow up. One of you can take that, but we can maybe do that at the end, if that's okay. There was a question on just fundamental competitive differentiation and on GenAI, and I'll tie that together. As Srini mentioned and as I mentioned, we are going to be very purposeful and very focused on driving consulting an AI-led differentiation in our offerings to customers and then infusing AI in everything that we do in the company. And we're looking at AI very fundamentally from 3 different lenses. One, is how do we disrupt ourselves as an organization and both Srini and I talked about that. So how do we leverage AI within the organization? Two is how do we disrupt the work we do for our -- that we currently do in delivering work for our customers and how do we transform that, leveraging AI. And, three, is how do we take differentiated context-specific, company specific, industry-specific solutions to customers in the area of AI. We've invested tremendously in 2023 and we've strengthened our investments in 2024, and we will only enhance these investments as we move forward in 2025. There were some questions on CSR and our efforts. I talked about this in my opening comments. We have -- we spent over INR 200 crores a year on CSR on varying different areas from education to health care to digital skilling to urban ecology. We have covered 225 projects across 17 countries. Over the last year, 1.5 years, we've expanded beyond only doing projects in India as well. And that's a core part of our mission and our focus as a company, and that will only go and increase further and intensify. There was also a question or a comment on just risks associated with AI. One of the things we talk a lot about and you will read a fair amount in our annual report as well is our whole framework around responsible AI and everything from a social, environmental, ethical lens, how do we bake that into everything that we do in the company. Every solution that we build goes through a council that evaluates it for safety, for security, for privacy and every opportunity we look at. Women employees, there was a question on women employees. About 36.6% of all employees in the company are women today. And as I talked about in my opening comments as well, of our leaders, which is of roughly our top 800 to 1,000 leaders in the company, 18.7% are women, and this is an increase of 240% of where it was 3 years ago. Your comments on bonus are noted, and we will take that into consideration as well. Is there anything else that you want to touch on? Thank you.

Thank you, Rishad. We will now go on to the next set of 5 shareholders. starting with Mr. Chetan. Mr. Chetan, please start your mic and switch on your camera and ask your question. Mr. Chetan, are you there? Okay. We'll move on to the next shareholder, Mr. Jaideep.

I think Chetan...

Mr. Chetan, if you are there, please go ahead and ask your question.

Sana, why don't we come back to Chetan.

Mr. Chetan, we will come back to you. In the meantime, we'll move on to the next shareholder, Mr. Jaideep. Can you please ask your question, Mr. Jaideep?

[indiscernible]

Mr. Jaideep, we can't hear you very well. If you can just speak up, please.

Am I audible now?

Yes, you are.

Yes.

Good morning, Founder, Chairman, Chairman, MD, Board of Directors and other participants in today's meeting. Myself, Jaideep Bakshi, connecting from the city of Kolkata. Thanks to our company secretary, Mr. Sanaulla Khan, for giving me an opportunity and presenting a detailed annual report and to the entire secretarial team for good investment services and maintaining through this -- and conducting this video conference in a smooth manner. Thanks once again for the INR 1 dividend you have passed on to us. Sir, our technology and IT consulting service enable enterprises to build innovative solutions and address complex digital transformations. Any hindrance we faced or foresee in our application service kindly highlight? The impact of challenges resulted in lower revenue earnings plans to overcome the same. Companies are embracing innovative technology to take their organization to forefront. How is Wipro helping out through AI or GenAI, cloud solution, et cetera, or enhancing operational efficiency and unlock innovations? Sir, future growth and plans through joint venture and expanding with existing partner, kindly share some light? Program for upskilling employment -- employee talent and target for future R&D expenses. Congrats once again for having 36% women employees among our total workforce. And congrats for target -- for increase in our usage of renewable energy and CSR spending and recognitions received for hard work by the dedicated employees. What is our thoughts regarding risk management? Kindly share some thoughts. I've supported all the resolutions and hope continue our growth prospects and recharge our industry with enhanced operational efficiency and fill the next wave of innovation. Thank you, sir, and continue with this video conference, so when -- we can keep in touch with you in future. Thank you. [Foreign Language].

Thank you.

Thank you, Mr. Jaideep. The next shareholder is Mr. Atanu. I request Mr. Atanu to.

Mr. what?

Mr. Atanu. Yes.

Am I audible, sir?

Yes. sir. Yes, yes. Please go ahead.

I, Atanu Saha, a shareholder of Wipro Limited. My respected Founder, Sir, Azim H. Premji, sir, and our Chairman, Rishad A. Premji, and our Deepakji and Aparna madam, Tulsi Naiduji, N.S. Kannanji, and Paivi Rekonen, and Patrick Dupuis, Dr. Patrick Ennis and CEO, our Palliaji, and CS, Sanaulla Khanji, and all my shareholders and our auditors, our scrutinizers and also shareholders and all viewers for today and also tomorrow. Thanks to give me a chance to speak today, its -- our organization is organizing its 78th Annual General Meeting. Sir, first of all, I thanks to that give me chance -- or give our chance to use Microsoft because we are habituated to use Zoom and also [indiscernible]. So it's a really good chance to use Microsoft. Thanks. Another one, this is the annual report, which is I already got it. It's a complete total what you have done throughout the year, busiest year completely/ It is really beautifully organized way. But one thing I'm just informing you, sir, this is [indiscernible] the volume. I could not get that page number, the volume where the NASDAQ volume is not there, NASDAQ volume, but it is available on NASDAQ. Sir, whether it is on 11 July, it is already over. The vote -- the casting vote is already over on 11th July. Do you have any plans to at least it's my request, do you have any plan for the matter of ADR and you take a separate color or separate [indiscernible] for depository receipts. Sir, the matter of that capital results. Sir, it is written there that are not clearly available. Sir, do you explain it? And another one that is [indiscernible] ideally, coming 2025, so this is the 10-year highlight is necessary because [indiscernible] Azimji hand over to our current Chairman. So at least, it's really grateful for us to know about the 10 years for how it's good time created for us. I, Atanu Saha, I wish a good year ahead with good results and good dividend and also bonus issues. Thank you, sir. I already casted my vote. Thank you. [Foreign Language].

Thank you. Thank you.

Thank you.

I now request Mr. Ashit Kumar Pathak to ask his question, please. Yes, sir.

Am I audible?

Yes. You are audible.

Good morning, respected Chairman, our new CEO and MD, Board of Directors, Company Secretary fellow members joining at 78th AGM of Wipro Limited. My name is Ashit Kumar Pathak joining from Dumdum, Kolkata. At first, my esteemed gratitude to our Company Secretary, Mr. Sanaulla Khan, and leadership team, mostly Ms. Honey Gajjar and Akshitha Talanki for nicely cooperating with me for joining the demo and site verification and allow me to speak. Sir, your opening remarks is very -- most valuable for my company's prospective -- business prospectives, also our new MD and CEO. Now coming to my points. Sir, we -- in your opening remarks you mentioned, ai360 and significant existence of GenAI. If possible throw some highlights our mostly expected top line and bottom line for these initiatives in current financial year. And in balance sheet, I noticed Wipro enters into agreement with Desjardins, share your thoughts for future prospective for this arrangement. Sir, any new acquisition plan in global market after Capco in current financial year, if possible throw some highlights and present our market share in domestic market with our product portfolios? All our staffs working in hybrid mode or WFH mode and present attrition rate. And sir, my previous speaker also mentioned about bonus, sir, and any buyback plan in current financial year. I noticed media report, IT company is facing some challenges in overseas operation. Mostly geopolitical turbulence, legal, compliance and regulatory norms, currency exchange and inflation rates and managing global teams and foreign policy, if possible, throw some highlights about this. How we can mitigate these challenges? Next in domestic operations, talent acquisition and retention is the very most factor -- challenging factor. So if possible, throw your highlights. Cost pressure, cybersecurities and risk services, security incident, customer engagement, data management, tax planning and high attrition among management team, internal and external issue and global demand uncertainty and thirst of large deal announcement and ineffective turnaround efforts. Please share your thoughts how our company's management team mitigating these challenges? Nothing to say more. I'm appreciating to my company's management team, nicely achieved revenue $10.8 billion, though growth is down 4.4 due to challenging years you mentioned. I think this challenge will be recovered as soon as possible with the respected our PM and also new emerging Indian economy. And I pray to God for all of your good health and prosperity and also our respective Chairman also.

Thank you. Thank you very much.

Thank you. Our next shareholder is Mr. Amarendra Nath Ray. Mr. Amarendra, please ask your question.

Am I audible, sir?

Yes.

Am I audible and visible, sir?

Yes, you are. You're audible and visible. Thank you.

Good morning, respected Founder Chairman, Mr. Azim H. Premji, Present Chairman, Rishad A. Premji, other Board of Members present; myself, Amarendra Nath Ray, an equity shareholder of Wipro Limited joining video conferencing from Kolkata. It is 78th Annual General Meeting organized by the company through video conferencing. Special thanks to our experienced Company Secretary, Mr. Sanaulla Khan, for giving me an opportunity to express my views, and his secretarial department for rendering good investor service, sending annual, report joining link with speaker serial number well in advance and conducting video conferencing in smooth manner. Sir, I want to congratulate our Company Secretary and his secretarial department for bringing out 490 pages annual report which is colorful, exhaustive, self-explanatory, transparent to its facts and figures are all in place and adhere to the all norms of corporate governance. Sir, company's revenue from operations in FY '23/'24 has decreased compared to the previous year. Profit after tax also decreased compared to the previous year. Sir, I would like to know what steps taken by our company to increase profitability? And how is our company overcoming the competition from other competitor planning to create shareholders' value? Sir, which are the verticals in the business which have been less affected and also significantly affected by the current macroeconomic conditions? Sir, what is the attrition rate, I would like to know? And what are you doing to stop or keep attrition rate minimized? Congratulations for various awards, accolades received by our company and CSR activities done by our company. Sir, I have full trust on our strong, efficient management. I wish your company's prosperity. I hope our company will grow up newer high near future. Thank you for patient hearing. Over to you for further proceedings. Thank you, sir. Thank you.

Thank you. Rishad, we are done with the 5.

Chetan wants to come back?

No, we will go to the -- he is in the next set.

So again, thank you, Mr. Jaideep, Mr. Atanu, Mr. Ashit Kumar and Mr. Amarendra for your questions. I'll try and answer them as again, I can in bulk one. Thank you for some of you for making your compliments on the annual report, and we appreciate that. We appreciate that we continue to try and build and improve the annual report every year. Thank you also for many of your comments and observations which I noted. Heard again the comment on bonus. That is also noted. There were a couple of questions on just some of the challenges of last year, lower profit of last year. As we mentioned, it obviously was a tough year. It was a tough year for the industry more broadly. It was a particularly tough year for us. One of the things we did notice is that discretionary spend came down substantively last year, and consulting spend came down substantively last year. That's the largest part of our overall portfolio. The good news, as I also mentioned is we're starting to see in the second half of last year, spend coming back in the consulting area, and that usually tends to bode well downstream a few quarters later for the technology spend. And so we are hopeful that as we move into the second half of financial year 2025, we should see spend taking up as well. We are very purposeful and focused about driving large deals, which Srini mentioned, focusing on building a new set of large accounts, taking a very solution-specific consulting-led, AI-infused, AI-powered approach to all our customers, and we are confident that, that should bode well as we move forward as well. Profitability has expanded by 50 basis points. Last year, we were at 16.1% compared to 15.6% the year before, and we ended the year at 16.4% in quarter 4 of financial year '24. So the trajectory for profitability improvement and operating margin improvement is moving in the right direction. Attrition rates are down substantively last year compared to the year before. I think we're roughly at 14.5% for last year. So attrition rates are very much in a range we feel is manageable, and we're comfortable. We continue to deeply invest in people, both from a retention plan by providing both financial waste retained people as well as opportunities and growth parts for people to retain them as well as the opportunity to scale and upskill and particularly in new technologies, which are going to be incredibly important. So we both talked about the fact that we've trained over 225,000 of our colleagues on GenAI 101 starting with me. We have about 30,000 colleagues trained on GenAI 201 levels and above. So we are really scaling on a very real time active basis all our employees to be future ready to be ready for the opportunities that will unfold as we move forward as well. We continue to look at -- there were some questions on partners and on M&A. We continue to look strategically at making investments where relevant and how relevant and that's been an active part of our strategy historically and nothing changes. That continues. And so we will continue to look at opportunities to build newer partnerships to deepen the partnerships that we have. I alluded to 4 or 5 of them in my opening comments, and we will continue to look at M&A as well. So thank you.

Thank you, Rishad. We now move on to the third set of shareholder, Mr. Hiranand request Mr. Hiranand to ask his question, please.

I'm audible?

Yes, you're slightly soft, Mr. Hiranand, if you could just increase the volume on your side, that will be great. Please?

Is that okay?

Yes, it's better. Thank you.

[indiscernible] to all from Hiranand Kotwani. I'm speaking from Kalyan, near Mumbai. It's a great pleasure to participate [indiscernible] Wipro. Certainly, this gentleman, Rishad and Srinivas [indiscernible] I'm of the opinion that dividend INR 1 is not up to the standard of goodwill of Wipro. INR 1 dividend has been given is very less. In the future of this gentleman Srinivas [indiscernible] confidence in us that in the future we will get good dividend and good set of results will come in the near future. Coming to the point gentlemen. The Chairman, what is the stock option the policy, how you give the stock out to the employee at the various prices? How policy regarding at what price you give them? And how many years if they apply? What then would you give? And what's the lapse if it lapse some time period for the stock option? Will you iterate the stock option policy of our organization. There are so many women harassment, sexual harassment reported at various level, how are you dealing with them? How many go to the court of law or do you over hand to the police? How you deal with them because every, in all [ sectors ] even this year, more than 100 cases this time. And you're all [indiscernible] gentlemen reported me. So how you deal with that? Increase the work safety and work culture all these [indiscernible] certainly the growth will come and dividend we expect that future will be good. How you are going to enhance the value so many verticals, you're are going to unfold. Nothing more to address. Wish you all the best management. Thanks and good luck.

Thank you, Mr. Hiranand.

Thank you. I now request Mr. Reddappa Gundluru, please.

Thank you, moderator for giving this opportunity to speak in front of the professional Board. Mr. Chairman, Rishad, sir, Azim Premji, and my CEO Sriniji, and my Company Secretary, Sanaullaji and all other Non-Executive Directors, Scrutinizers, auditors and my fellow shareholders of this video conference of Wipro. [Foreign Language] Sir, my name is Reddappa Gundluru. I'm from Hyderabad. As a shareholder of Wipro, I'm very happy and proud. I'm your oldest shareholder. Sir, I have very good [indiscernible]. I have very good progress with our latest dividend payment, Azim Premji, sir, and Rishad sir. Sir, as I requested for the physical report of annual report, received well in advance. It has very good information, colorful photos. Everything is there, sir. Special thanks to annual report preparing department, Secretary, wonderful annual report. And also I found there is wonderful governance, like ethical, world-class governance. Thank you, appreciation to concerned team. And also, Chairman sir, in your speech, I came to know lot of written up. So I don't have any queries, doubts or other.

Sir, you're breaking up.

Yes, Yes, Some technical issue, sir. Sir, I would like to thank on this CSR, wonderful CSR, sir, greatest company for the needy. Thank you, sir. Financially, you've strong balance sheet, strong numbers. And also, thank you for wonderful dividend, continued dividend. Sir, my question is, what is the impact on this geopolitical issues in Russia and Israel and elsewhere? So many issues and globally? So what is the challenges we are facing also any impact on our company future growth? I'm also very much interested in bonus already my other shareholders requested. Sir, please consider October time. And also final question is, sir, what is your future vision Srini? You have any targets, any acquisitions I would like to know, any major projects, any major deals in the pipeline, I would like to know from Mr. Srini. So these are my views, sir. There is no specific question on balance sheet. I support all the regulations, welcoming and also Azim Premji, once again the Board and Independent Director. I'm very happy and proud. Thank you Sanaullaji for a wonderful cooperation and your team. I wish good health to all the Board of Directors this year. Thank you. Thank you very much.

Thank you, Mr. Reddappa.

Thank you.

Thank you very much, Reddappa. I now request Mr. Abhishek Jay to ask his question, please.

Can you hear me, sir? Am I audible?

Yes. Please go ahead.

My name is Abhishek, shareholder of the company. My DP ID is IN301637, client ID is 41359155. So first of all, I congratulate the management on the eve of Annual General Body Meeting. So I trust all is well with you and your family in this challenging situation. Our company deserves much more respect than the current market cap after completing more than a decade of successful operations, profitability, dividend history and becoming one of the strongest brands in their respective segment. I would like to know as of date how many employees are there in the company? And there's a request from other shareholders also, sir, kindly try to give a job opportunities to the shareholders, their children who are eligible for the job, which is being -- if there is an opening, and they have applied and they match the criteria when there are some recommendations from some part of the shareholders. Just try to consider the request. What are the steps being taken by the management to reduce the other expenses, legal professional charges and the audit fee? Sir, myself and my team are running a legal firm, [indiscernible]. So I would respect the management to kindly enroll the firm in the employment of the company, and we'll be glad [indiscernible]. I made a request last year also sir, if you go put me to your concerned team, I'll share my credentials with them. And nothing much to answer. The company is doing really very well. I do appreciate the corporate governance part of the company. The corporate governance is really excellent, and the Company Secretary and the entire secretarial team are always accessible. For the meeting also they have called back several times to join and the Company Secretary team ensure that all the participants join and seek their clarifications in this annual general body meeting and make this annual general body meeting a grand success. Nothing much to ask sir company and the Board of Directors, a great success and prosperity in the coming future. Sir, one more small request, sir, kindly try to consider hybrid AGMs in the years to come, sir. Most of the companies, they have started conducting hybrid AGM because some senior citizens are facing a lot of issues and discrepancies in joining this AGM in the structural platform because of the digital challenges and industrial platforms, maybe you consider hybrid AGMs in the years to come. Most number of shareholders can join you in the meeting. You can get their valuable suggestions and ideas.

Thank you. Thank you.

That will be helpful for the management in the future. Nothing much to ask sir. Thank you very much. Thank you for giving me the opportunity, sir. Hope to see you next year.

Thank you, Mr. Abhishek. I now request Bharat Raj to ask his question, please. Mr. Bharat Raj?

Sana, why don't we answer this? And if he's back and if Chetan is back, these are the last left then?

We have only two more.

Okay then, go ahead.

Mr. Bharat Raj, are you able to hear me?

Hello. Audible, sir?

Yes, you are audible, Bharat.

Yes. Very good morning, Chairman, entire Board of Directors. I'm Bharat Raj attending from Hyderabad First of all, sir, wonderful performance in this financial year, and thanks for the dividend and the wonderful CSR program, sir. I thank the management for winning the case regarding our ex-CFO who have breached the ethics of our company, sir. Sir, Chairman, sir, one question I want to begin to know. What is your future plans regarding these employees who are senior employees breaching the company ethics and who are going -- doing fraud, sir? So what initiations you are taking, if somebody, like, senior management once again does the same thing? So how we are strong, sir? Please recommend sir, because we have given a lot of opportunities for the senior employees. But suddenly, they're shifting the company and doing image bad and damages. So the Chairman take serious actions on this regarding this issue, sir, because Wipro is not a small company. If anything issues goes, our share price will come down, lot of impact can be in the share price, sir. Chairman, sir, please conduct the hybrid AGM, sir, because physical AGM is very important so that we'll have an interaction with our Chairman, sir. Hybrid means physical and video conference, sir. Once again, sir, I thank our Company Secretary, Khan is always accessible and send in turn the annual report, sir. Every shareholder is requesting for the bonus sir, liberal bonus, 1 share to 2 shares, sir. I hope this year, you'll look into this issue, sir with -- this is nothing sir love and affection of our Chairman, sir. Once again, all the best for the coming years. May God bless you, and I congratulate and best wishes to our new CFO. I hope under leadership, my company financials will grow, and you will support our Chairman also in this regarding higher dividends and bonus also. Once again, sir, take care. God bless you. Thank you very much.

Thank you very much.

Thank you. Thank you, Mr. Barat. Faisal Hawa Mr. Faisal Hawa, please ask your question.

You're on mute, Mr. Faisal.

We can't hear you, sir.

So sir, just some questions from my end. One is that what are the context and the kind of discussions that take place in our Board meetings? I would like to be like a fly on the wall and try to understand that what are the kind of to and fro discussions? What are the kind of key questions that Independent Directors address to us and particularly on strategy? And if at all possible, easily, then I would like this question to be answered by an Independent Director so that I have an understanding of how strategies are discussed at our end. And particularly where involvement of new personnel or new capital is involved. That's one. Second is, sir, can you just explain whether this GenAI will result in lesser hiring over the years and will lead to much more productivity and a lot more into data management and data mining and probably less of software coding, et cetera. So if you could just elaborate on that, too. Third, sir, I have, what is that, over the years a lot of people who have left us at senior positions have gone on to make their very big corporations, and that itself shows the strength of our own company. But that also gets me to the next thought is it that Wipro at this point of time has become much more bureaucratic and that's where the entrepreneurial spirit has gone missing? So is the company taking any kind of steps to make a structure where the more people are more entrepreneurial in nature and have time to be devoted like how Google has 20% of time to be devoted for new ventures? Or does the Indian culture or context will allow for such a thing to happen? So I would prefer a very detailed answer on this. And also three steps that you have taken to improve -- Wipro already has a super culture, but 3 steps that you have taken to further improve the entrepreneurial structure of our company. And again, sir, with ESG dashboards be also a very big business for us, online dashboard where companies track their carbon footprint, et cetera, on a realtime basis. Will that also emerge as a big business going forward? And who also lobby with U.S. governments and what are the kind of spendings we do on those lobbing to gain more government business or more business from the various states of USA. And I mean, what -- if at all, there is a priority that you have for any one country going forward, which country would that be? And if at all you can give some reasons and what's the difficulty in engaging with that country's business would be. Then again, sir, is it possible that you give us a thought. Every leader has something which he wants his company or his team to do. So what is that one thing that you deeply believe in as a strategy, but you can never get your team to believe in or really collaborate or follow up with you on it? And sir, for me, Mr. Azim Premji has been a huge inspiration. And in my own way, I try to always understand that what he would do in many life situations that I face. So may I just request Mr. Azim Premji to suggest us 3 books, which have deeply affected his life and also to write a brief kind of autobiography, which would give his struggles and I mean there are a lot of press articles written on him. But those are always articles which are much with the halo effect. And they don't really capture each and every aspect of his personality. So that is one request I would like to make for him. And secondly, Mr. Rishad Premji, if you could also suggest 3 books that we could read so that we are more in depth on what are the technology changes, not only in the IT industry, but in overall technology world that's happening, which could further change our lives or careers. Sir, sorry, I had asked a lot of questions, and this is it. Thank you so much.

Thank you much, Faisal.

Thank you. One last shareholder, we have, Rishad. Mr. Chetan, if you are there, kindly join and ask your question.

Can you hear me, sir?

Yes.

Yes, please.

Can you hear me sir?

Yes, yes. We can hear you, Mr. Chetan.

Thank you, sir. Thank you so much for giving me the chance to speak with you. First of all, I'm really thankful to the secretarial department and entire team for giving this chance secondly. And operationally, he called me. Sir, today is the rainy day in the Delhi so the network issue is so high. Sir, first of all, secretarial department [Foreign Language]. Thank you, sir. Thank you so much for giving me the chance.

Thank you, Chetan. So I'll get a bunch of people to help me answer some of the questions. There have been some very specific lots of questions. Let me just make some high-level comments. Again, we will take into consideration this request on hybrid meetings. One of the reasons to do these meetings in a remote virtual form was to be more inclusive to allow more people to participate, but we will take into consideration your request for hybrid meetings. Again, appreciate your appreciation for the work that we're doing on CSR. Again, I've heard the request and ask for bonuses. A couple of the specific questions that I'll try and answer and then hand over some of the other questions to some of my colleagues here. There was a question on dividend right up front. One of the things we've stated explicitly is that we look at a dividend payout ratio or a return to shareholders of 45% to 50% of net income over a 3-year time frame. And if I look at over the 3-year time frame from financial year 2021 to financial year 2024, we've returned 54%. And we will keep that very much in mind returning monies to shareholders. And so that philosophy remains unchanged because we want to make sure we have enough monies as well available for other strategic things like we want to do, which is both organic as well as inorganic opportunities for growth. There was a question on stock options. We don't give stock options. We give restricted stock units. We cover a large part of our senior leadership on 3 fundamental avenues; one, on performance, two, on values, three, on the potential for performance. We cover this as a part of tenure and time-based retention, which are restricted stock units as well as performance-based units, and it's a combination of these two. And that's the philosophy we've been following for several years. We evaluate giving options to stock units to our leaders on an annual basis. And this is approved by the Nomination and Remuneration Committee and also approved by our Board. The comment that was laid on sexual harassment, we'll take this very, very, very seriously. One is we want to make sure that we have an environment in the company where people feel comfortable speaking up and expressing their concerns, and we have a very formal process through our POSH committee, which is our Prevention of Sexual Harassment Committee as well as our [ ombuds ] process to ensure that all cases are heard very closely and understood and then subsequently dealt with in a manner most appropriate to what is discovered. We take this very, very seriously. It's a core part of what we stand for as a company. There was a question on geopolitical issues, and I think it came up earlier as well, which I missed answering. We have not seen a direct impact of the wars on our business directly. We obviously continue to monitor this very, very closely. But if you ask me, there's been a direct impact of the wars in our business, I would submit no. There was a question on job opportunities. We are a fair employer. Everybody has an opportunity to look at jobs in Wipro. We evaluate everybody, whether you're a shareholder or a shareholder's son or relative on merits. And so please, if you feel you want to have an opportunity in the company, please do apply, but we'd follow a standard process for evaluation of jobs inside the company. There was a question on leadership leaving as well as on how do we create an environment for keeping leaders. Look, we pride ourselves that we've been a very entrepreneurial company through our history. In fact, we've read many, many CEOs that have gone out to build organizations. The reality is sometimes people have opportunities that give them a bigger leap in their careers and so people leave for those opportunities. We pride on the fact that we empower people young. We give them opportunities to grow when they're young. And we think we create enough of an opportunity to be highly decentralized and highly empowered in leaders running their businesses. So I think that entrepreneurial spirit that has always been a part of the secret sauce of Wipro, I think, continues. And for people -- and we are very particular about ensuring that we ensure that our contracts that we sign with our colleagues and our employees, we hold to. And that philosophy has not changed and will not change going forward as well. I'll hand it over to Mr. Deepak Satwalekar, who is our Lead Independent Director. There was a question on how, and what the Board engages on. Maybe he can make a couple of comments on that Deepak.

Okay. Thank you very much. I'll just briefly touch upon how the process is and what do we cover. This is done not just at the Board level but through the various committees that the Board has. One of the more important areas that we focus on and cover is on the area of succession planning. And we're happy to say that this year, the process has gone smoothly because we've had a change and a smooth transition at both the CFO and the CEO level. So you've seen both of them over here. So that is a big one. The other, of course, is focusing on the business and which lines of business which geographies in the world that we would focus on is what we would look at. All of this, of course, is keeping in mind the risks that are involved in all of these areas that we go into. So the risk factor is taken in detail in the Audit and Risk Committee and then brought up to the Board. There has been a lot of reference to the Wipro way of doing things, and therefore, the ESG occupies an important element. And I think that is looked at very seriously as to how are we meeting our targets on doing business the right way. So I think there is a significant degree of engagement at the Board level and in the committees on the direction in which the company should be going. And if there is a change, there is well debated before we embark on that change. Thank you.

I'll also hand it over to Srini Pallia, there were some specific questions on strategy and disagreeing on strategy. So Srini, if you want to.

I think this was specifically a question from Faisal. First, I'll answer the question from Faisal, regarding GenAI impact on coding, data and hiring. So clearly, if you look at, in the context of coding, specifically the way we leverage GenAI, both in the software development life cycle and also on the managed services. In the software development life cycle, as we continue to implement more and more GenAI tools, the productivity obviously improves both in the terms of coding as well as testing. And this is a journey as GenAI continues to improve, we will see more productivity benefits on that. The second aspect is on the data. Data is extremely critical for AI to be right. So in addition to the responsible AI and Secure AI that Rishad talked about, having the data, the foundational data, data strategy, the entire data management governance becomes very, very critical. So it's a very important part that you brought up. And coming to the process areas, whether it's how you improve business process areas, in addition to the data, whether it's in the context of customer experience or employee experience or a better supply chain visibility, we will have a combination of both GenAI and data impacting us. Now the way I see it is that in the long term, mid- to long term, GenAI will be actually a net positive opportunity for a company like Wipro, and we want to actually -- we want to build on to that capabilities and thereby enhance our market share within the business. As far as the strategy is concerned, we have actually called out -- today, I called out the 5 strategic priorities that we have, including the large deals, including building larger -- stronger relationship with our large clients, building talent at scale, there was a question around that. So these are the areas that as an organization, the entire Wipro Executive Board team that supports me and also the Wipro Executive Committee team, they're all -- we are all together, united to drive this so that we bring the growth back, especially the profitable growth that we're looking for.

Thanks, Srini. And I also hand it over to Aparna. Aparna is our CFO. And there were some specific questions on right issue and SG&A and margin expansion and directors compensation.

Yes. I'm going to take like Rishad clarified, we had issued stock options or restricted stock units only to the key leadership, the top 100 to 200 employees. There is absolutely no plans for doing any rights issue. If you look at our balance sheet, our reserves are very healthy and there is no need for us to do a rights issue. So that's not under consideration at the moment. To your point on the compensation and remuneration of the chairperson, it has actually gone down year-on-year. There is part of the compensation that's linked as a commission to an incremental net profit that the company makes. In FY '24, since our net profits declined year-on-year that commission did not amount to anything. And, so therefore, you will actually see that in FY '24, the compensation is actually done. We continuously benchmark the compensation that we give up, and there is enough governance around it. To your point on our cost of revenues declining year-on-year. It was done in line with the revenues. And in fact, a lot of the cost of revenue reduction was done consciously by improving our utilization and our operating metrics such as FPP, productivity, and increasing the pressures. So that our operating margins could improve. And as you would note, our operating margins in FY '24 improved by 50 basis points year-on-year despite the revenues declining. And that was the reason for the cost of revenue decline.

Good. Thank you. I know Faisal you had a request for books. We'll have to think about that. We don't want to sort of throw off something off the fly. So maybe we can come back and connect through Sana down the road please. Sana, I think, we're done with all the questions, right? Okay. So I think we're done with all the questions from the preregistered speakers. So all the items of business as per the notice of the 78th Annual General Meeting have been taken up. I now declare the proceedings of this Annual General Meeting is completed. As mentioned earlier, the InstaPoll e-voting facility will continue to be available for 30 minutes after this meeting. And on behalf of our Board and our management, I want to thank everyone for attending and for participating in this meeting. Thank you, and be well. Thank you.