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 our 79th Annual General Meeting. This meeting is being conducted through video conference as per the circulars issued by the Ministry of Corporate Affairs and SEBI. Since the necessary quorum is present via video conferencing, this meeting is officially constituted. I now declare this meeting open. Before we get into the proceedings of this meeting, let me take a moment and introduce you to the 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; Dr. Patrick Ennis, Independent Director. And to my left are Mr. Srini Pallia, 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, Company Secretary. In addition, Mr. Anand Subramanian, Partner, Deloitte, Statutory Auditor; and Mr. V. Sreedharan and Mr. Pradeep Kulkarni from V. Sreedharan & Associates, who are secretarial auditors have also joined us today. I now request Sanaulla Khan, Company Secretary, to read out the arrangements made for the members at the 79th Annual General Meeting.

Thank you, Rishad. Good morning, once again, shareholders, and welcome to the 79th Annual General Meeting of Wipro Limited. The company has enabled the members to participate at the 79th AGM through the video conferencing facility. The proceedings of this Annual General Meeting are also being webcasted live for all the members as per the details provided in the notice to the Annual General Meeting. The proceedings of this meeting are also being recorded for compliance purposes. In accordance with 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 of July 9, 2025. During the period commencing from 9:00 a.m. IST on Saturday to July 12, 2025, till 5:00 p.m. IST on Tuesday, July 15, 2025. The remote e-voting has been blocked on July 15, 2025, at 5:00 p.m. Indian Standard Time. The members joining this meeting through video conference who have not already cast their vote by means of remote e-voting may vote through InstaPoll e-voting facility provided at this meeting. The members who have cast their vote by remote e-voting prior to the Annual General Meeting shall not be entitled to cast their vote once again. The Board of Directors has appointed Mr. V.Sreedharan, Partner -- V.Sreedharan & Associates as the scrutinizer for this meeting. Based on the report 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, et cetera, are available for inspection to the members. Members seeking to inspect such documents can send an e-mail to [email protected]. I repeat [email protected]. I now request Mr. Rishad Premji, Chairman, to continue with the proceedings of this meeting. Thank you, Rishad.

Thanks, Sana. I'm satisfied that all 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 the items as per the notice, I would like to inform the shareholders about the performance of the company during the financial year '24-'25 and the general outlook for the IT sector. Once again, thank you for joining us today. It's great to see so many of you online. Financial year '25 was a year of significant change for Wipro and for the world. As Srini took over as our CEO and Managing Director, we entered a fast-moving, unpredictable environment. The macro landscape kept shifting and technologies like AI were scaling rapidly. AI, especially generative and agentic AI is becoming a game changer. It's helping us rethink how we work, uncover new growth opportunities and deliver great value to our clients. Through all of this, we've stayed focused on our clients. We've executed with discipline and made bold investments to prepare for what's next. These choices are shaping and will shape Wipro's next chapter. In financial year '25, we reported $10.5 billion of revenue, which was a 2.3% decrease year-on-year in constant currency. Net income stood at INR 131.4 billion, showing strong growth of 18.9% year-on-year. Our IT services operating margin was 17.1%, an improvement of 0.9% over financial year '24. Earnings per share came in at INR 12.6 per share, up 20.3% from last year. Our operating cash flow was close to $2 billion at 128% of net income. Starting from financial year '26, we expect to return to shareholders at least 70% of the net income cumulatively over a 3-year period. A one-to-one bonus issue in quarter 2 and an interim dividend of INR 6 per share in quarter 3 highlight our strong commitment to returning value to our shareholders. This December, Wipro turns 80, a milestone that's rare in any industry. For nearly 50 years, we've been in the technology business, navigating disruption through continuous innovation, strong client trust and a long-term mindset. Our innovation strategy today is driven by what we call the Wipro Innovation Network. This global ecosystem brings together our innovation labs, Wipro Ventures, which is our start-up ecosystem, partner labs, cloud studios and the Topcoder community, all working as one. It allows us to co-create faster and deliver next-generation solutions at scale in collaboration with our customers. Wipro Ventures, which celebrated its 10-year anniversary this February, has played a big role in this journey. Launched in 2015, it was designed to connect our enterprise clients with the global start-up ecosystem. Today, with a $500 million commitment, it supports early to mid-stage companies that are building cutting-edge enterprise software, many focused on AI and on automation. We help these start-ups scale, bring their ideas to market, and deliver real strategic value for our clients. Another key focus of the company is inclusion, and it is core to how we hire and grow. Today, 37% of our workforce is women and 37% are Gen Z. We continue to build a diverse, multigenerational workplace that values gender, ethnicity, orientation, ability and more. We were honored to be recognized as a DEI Lighthouse by the World Economic Forum in 2025. We continue to sharpen our focus on becoming a consulting-led AI-powered organization. Our acquisition of Capco a few years ago gave us a strong start in financial services consulting. Since then, we've been expanding and strengthening across other industries. AI is now at the heart of how we work and how we move. It helps us move faster, improve quality, boost productivity and deliver better experiences, all focused on working at scale. As we move from being AI augmented -- from AI augmented operations to truly autonomous systems, Agentic AI is opening up the next frontier. Intelligent agents are becoming -- are beginning to act independently, driving outcomes at scale. We've already built over 200 agents in partnership with our hyperscalers. Together, we're helping our clients reimagine business models, unlocking greater efficiency and driving new growth. Agentic AI is also making a tangible impact across Wipro's internal operations, from HR and finance to legal and beyond. As an example, our medical claims solution now processes over 10,000 employee claims every month, entirely touchless. This automation boosts both speed and service quality, setting a new benchmark for internal efficiency. Supporting all of this, we're building an AI-first workforce. Almost all our employees, starting with me, have completed foundational Gen AI training. Over 87,000 have gone through advanced role-specific upskilling. This includes teams in HR, sales, finance and in delivery functions. Through our talent at scale program, we've partnered with leading academic institutions to set up 63 centers of excellence, providing training in high-demand skills. All these efforts show our deep commitment to long-term value creation and building stronger client relationships. We're also deeply committed to creating an inclusive, supportive workplace where everyone feels they belong. This year, in particular, we have put even more focus on employee well-being and self-care, helping people thrive both personally and professionally. Our approach is flexible and thoughtful, meeting people where they are in their journey. We know well-being isn't a one size fits all, so we've built a framework that offers tailored support, which covers physical health, mental well-being and work-life balance. Our goal is to make sure every associate feels empowered, supported, valued and equipped to do their best. Our commitment to sustainability and social responsibility also stayed strong in financial year '25. We're ahead of schedule on our climate change program that we committed a few years ago. Today, 84% of the electricity used in our facilities comes from renewable sources, and we're on track to close the remaining gap by financial year '27. We maintained 31% water reuse in line with our targets. We also advanced our work in education and health care, improving access and quality of education for 2.7 million children and enhancing primary health care for 700,000 women and 1.3 million children. Over 15,000 of our colleagues at Wipro gave more than 30,000 hours to community initiatives last year. Looking ahead, we know the external environment may stay uncertain, but resilient businesses are built at times like these. We've used this time to invest in our people, deepen our client relationships and stay grounded in our purpose. Wipro's 80-year journey has never been about short-term wins. It's been about long-term stewardship, constant reinvention and doing business the right way. We will carry that same spirit forward with clarity, humility and determination. To our clients, our employees and to you, our shareholders, thank you. Before we start the proceedings, I want to invite Srini Pallia, our CEO and Managing Director, for a few opening comments. Srini, over to you.

Thank you, Rishad. Good morning, everyone. I'm happy here -- to be here with you today. As many of you know, I completed my first year as CEO this April. Having been part of Wipro for over 3 decades, I have always had a deep connection with the company, yet this past year has given me a renewed appreciation for Wipro and the incredible contributions of our passionate employees. Upon reflection, I am proud of the progress we have made in many important areas. There were certainly challenges and areas where we could have done better. In 2024/'25, the global business environment stayed uncertain all year. In the fourth quarter, uncertainty deepened with new headwinds regarding the direction and quantum of tariffs. Business sentiment took a significant hit, especially in the consumer and manufacturing sectors. Some of the clients prefer to recalibrate their transformation programs in the wake of this uncertainty, yet the demand for technology-led reinvention remains strong. Clients wanted AI-powered solutions that delivered velocity, experience and sustained business value. We, at Wipro, enable this shift for our clients and continue to serve as a trusted transformation partner. For FY '25, our IT Services revenue was $10.5 billion. This reflects a 2.3% decline in constant currency. Even in this challenging environment, we delivered growth in key areas. Americas, our largest region, grew 1.2% year-on-year. Capco posted a 6.6% increase year-on-year. We expanded our operating margin to 17.1% driven by operational discipline and excellence, and we continued to invest in our future. We strengthened the Wipro Innovation Network and advanced our AI and consulting capabilities. We continue to build differentiated talent at scale. We aligned our global business lines to reflect client buying patterns. Our focus remains clear, to execute against 5 strategic priorities. As part of that, we deepened relationships in our core markets and priority sectors. The large account strategy gained momentum with steady growth in our top 5 and top 10 accounts. We drove impact through consulting-led AI-powered solutions. Our teams now engage early in our clients' transformation journeys, helping define road maps, identify AI opportunities and align with the business goals from the start. In fact, this shift allows us to lead with insight and not just execution alone. We closed 63 large deals worth $5.4 billion, a 17.5% increase year-on-year. We also won 2 mega deals. These wins reinforced our ability to deliver at scale and lead complex transformations. In fact, AI is now at the center of every one of these engagements. It enables greater productivity, efficiency and smarter experiences for our clients. Our renewed focus on client centricity contributed to improved customer satisfaction and better Net Promoter Scores. We also invested heavily in talent and leadership development. Through the Wipro Leadership Institute, we are developing high potential talent, moving top performers into critical roles, and we launched a sponsorship program to help in their growth journey. With AI first and AI and everything as a guiding approach, we are driving transformation across a few dimensions. First, we are changing the game for our clients with AI. We are building innovative AI-based industry and cross-industry solutions tailored to address specific business challenges. Second, we are infusing AI and delivering better for clients. By integrating AI across the software development life cycle, we are accelerating development, improving code quality and reducing defects. Third, we are operating better as a company with AI. With ourselves as client 0, we are building and testing AI solutions internally to drive both efficiency and experience. We continue to invest in building AI talent and platforms. Today, Wipro AI platform and WeGA Studio help us to curate data, build and train models within our responsible AI guardrails. Through AI academies and personalized learning pathways, we are building future-ready AI capabilities and skills at Wipro. We also sharpened our strategic focus through targeted M&A. During the year, we acquired U.S.-based applied value technologies to enhance our application services and also unlock new growth opportunities. As we continue to transform, the spirit of Wipro remains our anchor. It reflects our identity built on integrity, inclusivity and a commitment to doing what's right. We deepened our focus on inclusion and belonging. We are building a workplace where everyone can grow and lead. These efforts are central to who we are and how we create long-term value. Finally, as we enter FY '26, our focus is clear. We aim to drive consistent profitable growth. We will scale our consulting-led AI power transformation engine. And we will keep investing in our people, leadership and culture. This is the Wipro we are building, more agile, more relevant, and more focused on outcomes that matter. Thank you to our shareholders, our clients and Wiproites for your trust and belief. As we near our 80th year, we move forward with clarity, confidence and purpose. Thank you. Over to you, Rishad.

Thanks. Thanks, Srini. The notice of the 79th Annual General Meeting and the annual report containing audited financial statements, including consolidated financial statements for the year ended March 31, 2025, and the Board's and Auditors' reports have been sent by electronic mode to those members whose e-mail addresses are registered with the company or depositories. These documents have also been made available on our company website. Considering the above, the notice is taken as being read. Deloitte, our statutory auditors, have submitted their report for the financial statements for the year ended March 31, 2025. The auditors' report does not contain any qualifications, modified opinion 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 being read. In terms of the Notice of the 79th Annual General Meeting, the following items of business are to be considered for this meeting: one, to receive, consider and adopt the audited financial statements for the company, including consolidated financial statements for the financial year ended March 31, 2025, together with the report of the Board of Directors and Auditor's report. Two, confirm the interim dividend of INR 6 per equity share declared by the Board of Directors on January 17, 2025, as the final dividend for the financial year 2024/'25. Three, to consider appointment of a director in place of Mr. Srini Pallia, who retires by rotation and being eligible offers himself up for reappointment. Four, to appoint V. Sreedharan & Associates, practicing company secretaries, as secretarial auditors of the company. We will now be glad to answer any questions which any member may like to ask on the financial statements or on other matters. The InstaPoll e-voting facility will now be activated for members who are participating in this meeting and have not already voted through remote e-voting. The InstaPoll facility will remain active until 30 minutes after this meeting. We will commence the Q&A session briefly. [Presentation]

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

Thank you, Rishad. In order to ensure a very smooth interaction and participation, I request all the shareholders to note the following guidelines for the Q&A session. We have about 20 shareholders registered as speaker shareholders and we will take them in the batches of 5. The Q&A session will be anchored by me, and I will call the preregistered speakers to ask their queries or clarifications one by one. I will invite the speakers in the batches of 5, and we will answer those 5 questions before moving 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 video. Members are requested to mention their name, folio number and location. Members are requested to restrict their questions to 2 minutes so that all speakers can get an opportunity to share their views. In the interest of time, I request members not to repeat the questions raised by the previous speakers. It may also be noted that the company reserves the right to limit the number of members asking questions depending on the availability of time at this Annual General Meeting. I now request the first set of speaker shareholders to come online and start asking their questions. Our first shareholder today is Prakashini Shenoy, and I request Prakashini Shenoy to ask her question. Can we have Prakashini Shenoy, please?

Sir, I'm Prakashini Ganesha Shenoy from Bombay. Chairman, since we are meeting for the first time during the year, I wish one and all happy, healthy, wealthy and prosperous 2025. Respected honorable Chairman, the dignitaries of the board, and my fellow shareholders, good morning to all of you. I received the AGM report well in time, which is colorful, informative, transparent and contains all the information set for the corporate governance. I thank Ms. Niharika, Mr. Khan and Mr. Rajat for the same. Without which, I would be in a position to speak. Thank you all 3 of you. The Chairman and the CEO has given a beautiful picture regarding the company and its working in all parameters. Thank you, Chairman, sir, and CEO, sir. At the outset, we thank you to the board for recommending dividend for the financial year '24/'25. I'm also glad to note that the company has done outstanding work in the field of CSR activities. Congratulations for various sports which the company received. This shows the sincerity and hard work one and an all stuff. Chairman, sir, last but not the least, my personal request to you, please continue with VC so that people all over will have an opportunity to express their views. Sir, now my questions. My first question is, what is the performance of our various applications and our market share? Next question is, highlight the future road map for growth and risk in the business due to global situation. My next question is, [ future parent ] company, [indiscernible] planning for Digital India? When are we going to plan to increase revenue? And my last question is, what is the strength of the company and the percentage of women working? I wish Srini good luck for the bright future and [ wish all ] that the profit of the company shall reach the peak in due course. Chairman sir, I strongly and wholeheartedly support all the resolutions put forth in today's meeting. Thank you, Chairman, sir.

Thank you. I now request the next shareholder, Ms. Sujata to come online and ask her question, please.

Good morning to all of you. This is Sujatha from Bangalore. I'm a Charted Accountant. I have noted down a few questions. First and foremost is that, I congratulate the Board for maintaining the quorum and the way how it has been conducted. But my humble request is that considering the size of the organization, if you look at the number of today, hardly 25 to 30 people have attended because of online. So being a pioneer, being a reputed company, why can't you consider arranging for a physical AGM? Because when we connect with the board, when we connect with the members, when we connect with the stakeholders, it makes a lot of difference. Because as a prudent investor, I expect my company to do well. At the same time, I also want to contribute something. So probably can consider it as a request, right? So number 2, with respect to the financials, I understand we all adapt technology and everything is going fine, but still, I could get the hard copy only yesterday. So I'm very sorry about it. Probably you can consider rectifying it in the following AGMs. So I just want to know, as with respect to the Trump's tariffs, what is the company's future vision or how is it going to tackle? Will it have any impact for the industrial support as well as the company in particular? My question #3 is that, yes, I fully appreciate there are -- 33% is the women workforce as mentioned by the Chairman. But if you look at the Board as such, there are very few women directors, probably the norm requests, which is governed by the company set, but still, considering the capability and the other general workforce in place, you have to consider expanding the workforce even in the Board. It is just not limited to the -- what is stipulated in the act. So -- and fourth question, what I want to understand is, with respect to the contingent liability, what is the position of GST liability? If you can throw some light on that, it would be great too. Thank you so much.

Thank you. Can we have the next shareholder, Mr. Gundluru Reddappa, please.

First of all, Founder Chairman, Azim Premji, sir; Rishad, sir; our 1 year successfully completed, Srinivas Pallia, sir; and Aparna, all other independent directors, scrutineer, auditors, Company Secretary, Sanaulla, good morning. Myself, Reddappa Gundluru, I'm attending this AGM from Hyderabad. As a shareholder of Wipro Limited, I'm very happy and proud because my company creating the wealth to the stakeholders continuously. Founder Chairman, sir, we have very good memorable primitive and physical AGMs '18, '19. Really, we learned so many things how to behave society. Such a wonderful person we met you. We have very good memory. So thank you so much, sir. God will bless you abundantly with health and wealth. Rishad, sir, your speech is very wonderful, amazing and informative, sir, thank you so much. Srinivas, sir, you have given detailed information. Very good information, SP, covered all the things, sir. Such a nice information given to us. I felt very happy, sir. Sir, governance is very wonderful. Transparency with the highest standards. [Foreign Language]. Our Founder Chairman, Azim, amazing person, the same person, the same way, transparency maintaining under leadership of our Chairman, Rishad, keep it up. A special kudos to all the KMPs, the annual report preparation. Wonderful annual report, sir. Colorful. The cover page to last page, numbers are speaking, quotas are speaking, detailed information as the statutory compliance. Keep it up, sir. And CSR, is a tremendous CSR. No need to ask the CSR question in the Wipro. We know the heart of our Azim, sir. Keep it up, sir. Thank you. Sir, financially, I would like to thank once again the entire Board of Directors. Every year, something -- you return as a gift to the stakeholders. The bonus 1:1, dividend INR 6. Thank you so much for wonderful gift to us. Thank you. Congratulations for the acquisitions. Congratulations to the many more awards you won. Here are my question. Under our [ Powerpay ] there is some helping plants filled with AI-powered future-ready [indiscernible]. Thank you. Here, I have some -- few questions. About the financial performance. Can you please provide more details on the -- it was revenue growth strategy and how we plan to sustain it? And how we see gross profit margins in the next 2 quarters, quarter-on-quarter? Another question, sir. What is our headwinds? Nowadays, geopolitical issues going on, competitions going on. So [ despite of our ] headwinds we're facing, Mr. Srini sir, can you please provide information? There's another -- my concern is, what is the geopolitical impact on our revenue? And what is the outlook for financial '26? What is your vision? I would like to know, sir. And business strategy, what is our company plans to expand in existing or new markets, particularly in the IT services and digital transformation? And how do you plan to address in this competition maintained to market share in the -- now with this IT service industry? These are my view, sir. I don't have any financial questions, sir. Thank you so much for Company Secretary for giving this wonderful -- the annual report, link, and also -- thank you, Rajath, sir, [ Roli Agrawal ji ], and the Honey madam, Niharika, etcetera, they are always reachable sir. Sir, e-voting has been done. There are no questions on the e-voting -- resolution, sir. I wish the good health to you, happiness to you, wisdom to you, entire Board of Directors, a hard-working family, sir. Sanaulla, sir, I called so many times. You're not responding us, sir. What is this, sir? So many times call you. Text message given you. Everything is going on. You were also a good person, but please respond to the -- any emergency about my company performance and any other issues I will call you, sir. Not -- I will call never personally, but I call only the information about the annual report and all. Please respond to the shareholders.

Can we have the next shareholder, please? Mr. Kaushik Sahukar.

We can't hear you. We will come back to him, Sana.

Yes. Can we have the next shareholder, Mr. Atanu Saha?

Good morning to respected Chairman, esteemed directors and key management personnel. At the outset, one of the best corporate leader, Mr. Azim Premji, is in good head. We really pray for your health, sir. It's immense pleasure to interact with you once again this year. I'm also deeply grateful to our Company Secretary, Mr. Sanaulla Khan for granting with this opportunity. Coming to the agenda of the meeting, I would like to seek only one clarification. With Board announcing our weak revenue forecast for June quarter, sequential decline of 1.5% to 3.5% range, and concerns around pricing pressure during renewals while simultaneously investing heavily in GenAI initiative. How does the company plan to manage near-term top line stability with long-term AI-led transformation without compromising margin of client renewal rates. Before concluding, I would like to share a thought in my view, reflect personality and potential of our company. The cloud AI plans are like a rocket. We flow AI plant are like the rocket. But if the fuel, that is revenue, falls short instead of breaking them more, it may land in a [indiscernible] of client losses. Wipro AI plan [Foreign Language]. I am personally committed to putting them a best effort, but with the organization support the journey becomes even more meaningful. And in that spirit, I am once again request a kind consideration, Mr. Rishad and association in the area of certification audit, including Form 15CB. I sincerely hope the management will extend us meaningful opportunity that [indiscernible] professional resilient, and not nearly offer verbal assurances followed by prolonged silence. I request to break your silence this time, sir. I'm surprised world's top company like Wipro...

Thank you Mr. Sahukar. In the interest of time, we have many more shareholders to speak. Thank you for your question. We will answer that. Can we have the next shareholder, please? Mr. Atanu Saha. Sir, please ask your question, please. Please ask your question.

[indiscernible] these many employees working as a specialized and [indiscernible] which was that you already read from [indiscernible]. And do you have any -- do you have to think about the [ deep work out ]. And this is a question which and already have -- what the Chairman speak really, and thanks to our -- this is only 1 question. And a matter of time, [indiscernible] the sustainable goods, INR 17 crores, they already -- Page #5, management and opportunity. So how do we maintain [indiscernible], that is very important for everybody. Thank you very much. I already casted my vote. I do forwarding to our moderator. Thank you very much.

Thank you. So we have finished the first set of 5.

So there are a bunch of different questions. One is on our strategy, which I will let Srini answer at the end. There were a couple of questions on the percentage of women in the organization. As I mentioned in my speech, 37% of the company is women, over 19% of our leadership, which is our top 800 people, women, that number has gone up 2.5x over the last 4 to 5 years. I also hear the comment on more women on our Board. Just to provide clarity today. Of the 6 independent directors that we have, 2 of them are women, so 33% of our independent directors are women, but 2 out of 9, which is a little over 20% of the overall Board is women, but we will keep that point in consideration. There was also a comment on doing this AGM physically as opposed to virtually. One of the reasons why we have stuck with the virtual medium as we've just felt, this gives more of an opportunity for more people to participate, but we will certainly keep that request in mind. There was a specific question on contingent liability on GST, which I'll let Aparna answer in a second. So the only other comment that I will make is certainly, the environment, and Srini alluded this as well, remains uncertain. There is uncertainty on a bunch of different fronts. Certainly, the uncertainty with tariffs, this uncertainty in the geopolitical context, and what we find is customers more and more are getting more acclimatized to living in a world that is more uncertain. And so while their focus has stifled on discretionary spending and focused more on cost consolidation and vendor consolidation, we find the emergence, at least in some industries, of short-term thinking on discretionary coming back in pockets, but the environment certainly remains uncertain. It has not gotten any worse but not gotten significantly better at the moment. With that, I'll hand it over to Srini, just maybe to comment on our strategy, and he alluded to that in his speech as well, but maybe he can provide more visibility on that.

Thank you, Rishad. I think Rishad talked about the uncertainty that's going on, the geopolitics that's going on. I'd also like to bring in one big technology shift that's going on in the world, which is AI, agentic AI. So what we have done is -- there are 2 parts to that. From a technology perspective, we talked about the Wipro Innovation Center, where we are actually focused on 5 fields of innovation, which is around agentic AI, quantum, robotics, cyber resilience and blockchain. These are the emerging new technologies where we are actually collaborating with academia, with our partner labs, and with our own client labs, building solutions for the future, which is going to be a lot more resilient and in touch with the technology shifts that are happening. So that's one part of our strategy. The second part of our strategy, what we called as 5 strategic priorities, which is looking at the future and working backwards in terms of what we need to do. So there, we have a clear-cut game plan, number one. We said we're going to go after the focused markets and priority sectors. So we clearly called out what those countries are, what those regions are where Wipro wants to double down. We also picked up 5 sectors across the globe where we won't really invest deep in consulting and also bring in a lot more technology transformation for the clients to impact their business transformation, be it banking financial services, energy manufacturing resources, consumer, technology and telecom and health care. These are the 5 industry sectors we pick globally. And country by country, we have a specific sector strategy. Second, we said, within these markets that we have defined, we are going to prioritize and build large client relationships where we are going to be more proactive, work with our partners, bringing the best and also make sure we understand the disruptions that the clients are going through and we can actually help with them and be ahead of the curve. Third, we called out what we call as industry and cross-industry solutions, which are consulting-led and AI powered. These are actually AI native solutions that we are going to build around. We have solutions around wealth management, network management, health care, which is around payers and so on and so forth. These are our solutions working with our partners, bringing the right technology for that particular business process. We're also building a talented scale. I did talk about it, right? This is also what is very important for us as the technology shift is creating the right mindset, the right skill set and the right tools that are required for us to be ahead of the curve and help our clients. And last but not the least, client centricity. We are focused on that, thereby helping improve our customer satisfaction and Net Promoter Score. And in terms of, I think there was a very specific question on AI, how are we doing that? If you were to imagine 3 tracks, there's 1 track, which is an entire software development life cycle or the product life cycle. We are bringing in third-party tools and our own AI platform, our own studios to help accelerate the project and program development, make it a lot more efficient, bringing the velocity, experience and efficiency. Second, we work with a lot of clients and run and operate across applications, infrastructure as well as BPO, which are all managed services. We are focused on infusing AI so that we can actually bring a better experience in addition to efficiency for our customers. And we are also building the solutions that I talked about, which is changing the game. With this, we are future ready and we are abreast of the technologies, and we will continue to invest in our people and what's coming ahead of us. Back to you, Rishad.

So there was also one -- you want to answer the GST? There's also a question on part-time workers. Maybe you can just share the number of subcontractors that we have, Aparna.

So on the contingent liability, so I wanted to tell you that these are liabilities that we have in the normal course of business. These are -- if you look at the size of it, it's very -- it's not material considering our size of operations, and we are taking all legal course that is there available within the law, and we feel quite confident about defending them. Those are the points that I want to make. And subcontractor -- number of subcontractors that we have continues to be in line with the operations. We've got about 9.5% of our workforce, which is subcontractors that we continue to use of our total workflow.

So we will now move on to the second set of 5 shareholders. I once again request the shareholders to be brief so that all the shareholders will get an opportunity to speak. In the second set, the first name that we have is Hutokshi Sam Patel. Can we have the shareholder online, please? Please go ahead. If we are not able to get this shareholder, can we have the next shareholder, Celestine Elizabeth. Can we have Celestine Elizabeth, please? Yes, ma'am. Go ahead.

Respected Azim Premji, Founder Chairman; Chairman, Rishad Premji, other members of the Board, my dear fellow shareholders. I'm Mrs. C.E. Mascarenhas, speaking from Mumbai. First of all, I thank the company secretary, Mr. Khan and his team; and especially Roli Agarwal for sending me annual report plus registering me as a speaker and giving me this platform to guiding me to download the Microsoft team and all that, very good shareholder services. The annual report is full of information and adhering to all the norms of Corporate Governance. Dividend is good. Wipro has always been rewarding the shareholders. Thank you so much. Also, I congratulate you for all the awards and accolades received during the year. Very good CSR work, and lots of importance given to the ESG. Now my question on the ESG is, have you gone for rating? Who is the rating agency if it is rated? And if it is good rating, then is there any thoughts for getting ESG bonds? Then we are the leaders in semiconductors and embedded systems designs. We are engineers of software-defined solution, world-class testing and vertical labs, Cloud Car eco. In which of these we are enjoying very good margins? And do we get repeat orders from our clients? How many clients are added in the last 6 months in the business process services and how much margins we are getting in this line of business? 1,881 patent granted till date, how many are there patents to be passed? Do we find any challenges due to Trump tariff policy? And how are we trying to de-risk that? Lastly but not the least, future road map for the next 5 years, which vertical will be the growth engine along with good margins? Wipro is creating a long-term value, more agile and transparent and AI changing the entire ecosystem. I support all the resolutions. I wish my company all the best.

Can we have the next shareholder, Mr. Dinesh Bhatia, please? We can't hear you, Mr. Bhatia.

We can't hear you. Do you want to go to the next one and come back again.

Can we have the next shareholder, Mr. Bharat Raj? Mr. Bharat Raj, please. Please go ahead, sir.

Good morning, Mr. Chairman, entire Board of Directors. I'm Bharat Raj from Hyderabad. Chairman, sir, performance, congrats to you. Dividend payout. And my congratulations for completing 80 years, sir. In this 80 years of completion, Chairman sir, can expect a special dividend of INR 8, switching out INR 8 for completing 80 years, can you consider this please? Wonderful CSR and awards. My question is that in this financial [indiscernible], reached the target INR 1 trillion revenue -- and expect in this finance year or next financial year, which INR 1 lakh crores revenue, there is a big revenue, you are INR 88,000 crores. So only INR 12,000 crores are left. And next -- in this financial year, INR 150 crores. Chairman, sir regarding this U.S.A and Russia, Russia and Ukraine and European, these are impacts -- that our revenue impact in the European countries [indiscernible]? In Annual Report, [indiscernible]. Every company is going for the GenAI. So at present we have employment around 2 lakh employees are there in our company, sir. If the AI is ready to use, the employment will come down, you face the challenge. For the Microsoft recently they removed somewhat 5,000 employees [indiscernible]. So in future also my company will remove employees if the AI is invested in our program or in our company. So how we face this challenge, sir, please let me know. And regarding this [ existing CEO ], who has breached the contract of our company here. So how do you feature, how you made a strong the HR, sir? Future company maybe also do this, sir? Take this challenge, sir. So how are you making this HR system strong. So in the future, no employee or any other person will breach contract of our company secrets and areas regarding the company issue, sir. Please let me know. I thank my Secretary, Mr. Khan, he's always accessible. They send me the entire annual report and the link. Once again my best wishes to you, Mr. Khan. Chairman, one personal request, sir. On the hybrid AGM, sir. Like, in festival we used to have the weekend meet. We honor you in the AGM. Our Chairman, Azim Premji, used to there. We wish all of them. So hybrid mode, whoever want to attend, will come, sir. If they want to attend the VC, they'll attend the VC. So this is nothing peanut for my company. My revenue is also -- cost of expense also they have been. So Rishad ji, next year conduct hybrid mode, so that who want to come to the place, they come and meet you, and who don't want to come, they will come, they'll attend...

Can we have then next shareholder, please. Mr. Yusuf Yunus Rangwala.

We can't hear you, Mr. Yusuf. You're on mute. Do you want to try Mr. Bhatia again, and then the first person, the first person who couldn't be heard?

Yes. Can we have Mr. Dinesh Bhatia, once again. Can we try? Or Hutokshi Sam Patel? Yes, Mr. Bhatia, please good ahead.

We're unable to hear you, Mr. Bhatia. I think you're still on mute. Now we can hear you. Go ahead.

This is [ Dinesh Bhatia ] from Mumbai. Yes, I'm very happy and very proud shareholder. First I will thank our Sanaulla Khan for giving us links. Sir, this is a very good platform,sir. And our company has been 65 pages, sir. This is a very excellent annual copy, sir. We have never seen -- What is your company [indiscernible]. There are so many other businesses in this competition. We are manufacturing the stock, product [Foreign Language] but that is our sister company, if I'm not mistaken. Wipro are manufacturing all the other product that is our sister company. Why are you not merging that company with here, sir? [Foreign Language] Why are you not merging with this company? My question is that. And what are the total number of staff working at us? I am coming [Foreign Language] I'm coming after 3 months. Can you meet me, sir? Can you give me appointment of [indiscernible] this is my humble request. Sir, at time of Diwali. Please tell us some sweet or good news, sir. This is my humble request. [Foreign Language] 79th Annual General Meeting. [Foreign Language] Thank you very much. [Foreign Language]

Thank you.

Thank you. Thank you.

Can we try once again, Mr. Bhatia and he was coming online. Mr. Bhatia, please.

You had a person right in the front who was not able to hear. I forget, what is the name of that gentleman?

Yes, [ Hutokshi Sam Patel], if you want to try that once again.

Okay. So we'll try and answer some of these questions. So Srini has in the earlier set of questions answered, and I have also commented on the uncertainty as well as on our strategy. So in the interest of time, we won't repeat it because I think Srini provided a very comprehensive view in terms of what we are driving in terms of our business, but also to differentiate ourselves. There were a couple of questions on innovation and patents. Let me just say this, that it's one of the things that Srini needed to do, which is the Wipro Innovation Network, where we work across Wipro Ventures and our Partner Labs and our Cloud Studios and across the 5 areas that he talked about. And so innovating both with our customers and on our own is a core part of the organization, which also reflects in the patents that we have both signed -- we have sort of, the kitty of patents we've built over time, which is now over 2,000 in the company. We leverage this both to monetize it as well as to offset it with patents from other peers and competitors and customers that we work with. There was a question on the business process management business. That business has done very well for us. We continue to sign scale large deals, including one that we announced last quarter, which is a GBP 0.5 billion deal in the wealth and insurance space that we shared. Then profitability in that business. There was a question on that as well is actually very good. In fact, in many areas, it's better than the rest of the technology business. That business continues to do very well and remains an important area of focus for us. There was a question on special dividend. We will keep that in mind. But let me just share that we have shared that we have increased our capital allocation to a minimum of 70% of our net income cumulatively over 3 years. We've done a one-on-one bonus issue in Q2. We've done a INR 6 dividend. And we've also shared that the Board will consider a dividend in the upcoming meeting tomorrow. There was a question on Russia and Ukraine, just to give comfort. We talked about the geopolitics holistically. We do no business and generate no revenue from these markets. So I just wanted to provide that clarity as well. The comment on the AGM is heard, and we will keep that in mind to consider a hybrid AGM going forward. There was a question on remerging of our sister company in the consumer care and infrastructure engineering space. Let me just share that 12 years ago, we demerged it intentionally because we found the pathways for these businesses were very distinct. And so we have no intent of remerging them at the moment. And that's it. I mean there was a question on ESG. Do you want to provide any color on that? That would be helpful.

So on ESG, we obviously have put out reports as per our guidelines, it's audited by Deloitte. We are also rated by DJSI. We've been in their top 10% for the last 14 years. So a lot of information is available in the annual report, and you should look at it.

Thank you. We will now move to the third set of shareholders. The first name is Hiranand Kotwani. Mr. Hiranand Kotwani, can you please come online and ask your question? Yes, sir, please go ahead.

Namaste, am I audible?

Yes.

Namaste to all those are listening to me. It is a great pleasure and pride. I'm Hiranand Kotwani joining from Kalyan. A lot has been spoken and lots of information that have been given. I will not waste the time. Certainly, I've asked Mr. Chairman one question regarding the interim dividen. You said in your report about the interim dividend. How dividend works? Please narrate from working and investment in how expenditure [indiscernible] question. I have a question to Mr. Srini, he said that robotic technology, our -- how much outlay for the robotic technology? How it will yield in the America? We heard that due to the tariff [indiscernible], some panic buying is reported in U.S. and how many -- has been created are uncertainty in the cost, some sectors you have grown well. Can you take this sustainability growth in [indiscernible]. Thank you and good luck. Certainly, so many questions already asked. I will not waste the time. Best wishes for all.

Thank you so much.

Thank you. Thank you, Mr. Hiranand. May I request now Runal Pawar to come online and ask the question? Runal Pawar. Please go ahead, Mr. Pawar. Speak Mr. Pawar. Sir, you are on mute. We are not able to hear you.

You want to go to the next question then come back?

Yes. Can we have the next shareholder? Jaideep Bakshi? Yes, please go ahead. Mr. Jai, please unmute.

Yes. Very good morning. Myself Jaideep Bakshi, connecting from the city of Kolkata. First of all, I convey my greetings to our Founder Chairman, also Chairman and CEO and other key management persons for today's video conference meeting and also convey my thanks to our Company Secretary, Mr. Sanaulla Khan for giving me an opportunity to express my view and also to Roli Agarwal on the Secretary Department for keeping in constant touch and helping out to join this video conference. So the initial speeches was very much interesting and also the video presentation and share the impact of the AI technology today and also the AI-empowered speaker registration was great. Sir, I just want to know how we are planning to counter the headwinds as the world is witnessing at present? And the transformation program as game-changer for clients by helping out to the -- through AI solutions? Sir, in this calendar year, we have imported training to Defense Institute for approvement to new levels. So what is our thought process for the Wiproites for upskilling their program? And CSR activity has always been great and also your initiatives in the renewable energy has also been great. And thanks once again for rewarding the shareholders with the dividend of INR 6 and also the bonus we have passed on to you. So just share the thoughts on the new acquisitions for application service for long-term value creation for the clients. And nothing to add more. I have supported all the revisions and hope our company move for future forward with confidence and trust of all the Wiproites. Thank you and continue with this DC in future so that we can get connected.

Thanks very much.

Thank you. Can we have the next shareholder, Mr. Ashit Kumar Pathak.

Am I audible, sir?

Yes, sir. Please go ahead.

Good morning, respected Chairman, Board of Directors, Company Secretary, fellow members joining at 79th AGM Wipro Limited. My name is Ashit Kumar, joining from Dum Dum, Kolkata. Excellent service from our respected Company Secretary, Mr. Sanaulla Khan [indiscernible] and excellent financial performance regarding shareholder and the bonus there and interim dividend. Sir, I just have one brief question. I just [indiscernible] quality. Share your thoughts about the potential acquisition and CapEx allocate. And lastly, we had acquisition in Capco. So share your thoughts. How we take gain from this acquisition? And Page 118 restructuring scheme of arrangement that is -- share your future optimism of this arrangement. Number two, deregistration of 11 subsidiaries. Have we monetarily benefited about this deregistration with subsidiaries? And sir, I notice our finance cost very higher than previous financial year. We're about INR 9,813 million. Share your thoughts on cost -- reduction of finance cost and also how much debt we are providing in this financial year? I noticed our debt near about INR 161.8 billion. 182 page, some pending disputes mentioned, but the currency figure not mentioned there. I noticed there. How we may promptly [indiscernible] this dispute? And the Page 194, some present status of 36 pending complaints, mostly in investment and also 92 in [indiscernible] and investment in 36 [indiscernible], present status of this. And all, are we ongoing in bench role at present? And also total attrition rates at present and CapEx program for research and development in this financial year? And finally, how we strategy taking transparency and ethical AI to protect us from empathic cyber crime by AI and data malware. It is a very important factor at present. Where is data malware is happening in this current financial year? So share your thoughts how we taking our section from this side. And finally, very good company and also how we take opportunity to take cost reduction RBI 5.5% repo rate announcement. So that is very, very important for any acquisition and any business prospect? I pay to God for good health of our respected Chairman and everybody to my company. Thank you, sir.

Thank you.

Thank you. Can we have the next shareholder, Mr. Santosh Kumar Saraf? Yes, sir, please go ahead.

[Foreign Language]

Thank you. We'll answer these questions, sir.

So Mr. Saraf, we'll make sure that if we can find that photograph of you and Mr. Premji and Sana, you can just take that as an action, we'll can certainly send it to you if we can find it. You had a question on ESG. Let me just say a couple of things. One is, and we have publicly shared this that we have committed to transform to net zero by 2040 and which is true decarbonization, just not carbon offsets. As I shared in my speech, now 84% of the power we use in all our campuses is renewable energy. And by the end of next year, which is financial year '27, we hope to be at 100% renewable across our campuses. We also have a commitment in terms of our usage of water, biodiversity, reuse of waste, et cetera. And I also shared the statistic on 31% of water on our campuses now is reused. So we have a very, very strong orientation and a very sincere commitment to ensure that we can do the best to preserve the environment and that is very much a part of our journey on transforming to net zero by 2040. You can certainly read more about that in our annual report. We're very much committed to nation building and serving the nation. India has this unique position now where it's really become the -- a talent destination for the world. It's certainly on the digital and technology side and many of the things that we are building from an innovative perspective through the Wipro Innovation Network is trying to serve customers, both globally as well as here in India. So that is very much front and center in our thinking as well. There was a couple of questions on acquisition. Let me just say this that we remain very committed to looking at acquisitions that can bring us differentiation. Differentiation either in terms of market access, differentiation either in terms of customer access, unique customer access or differentiation in terms of bringing us specific capabilities that we feel we can significantly enhance. And so that journey of looking at acquisitions remains and continues. There was a question on Capco. And the Capco acquisition has worked out well for us. In fact, our best performing unit last year, and Srini shared this, was Capco, which grew at 6.6% year-on-year. So we will continue to look at acquisitions that makes sense. There was also a question in the previous group and a question on this group on skilling. Look, the whole agenda for skilling and reskilling is very integral to the thinking at Wipro and certainly integral in terms of how do we leverage AI and enable our employees to leverage AI. As Srini and I both shared, we've had virtually all of our employees go through a GenAI 101, and there are 87,000 employees, there are different levels of GenAI 201,301, 401. So the thinking on reskilling and leveraging new technologies, both AI and others, is a core part of how do we help keep our employees relevant as technology continues to change and evolve. One of the things we've also done is now we are working very closely with colleges, and we are working with 63 colleges going back into semester 5 and 6 to how to develop and correct -- develop the curriculum with schools that can then enable people graduating from colleges to be much more job ready when they graduate at the end of semester 8. So we're working closely with schools to design that curriculum, and also providing students the opportunity to intern with us as a part of the journey between semester 5 and semester 8. There were a couple of other questions in -- Srini, I don't know if you want to talk a little bit about the robotic or intelligent technology. And then maybe, Aparna, you can answer some of the financial questions that we had.

Sure. So there was also a question on AI. For us at Wipro, it has to be -- AI has to be ethical, responsible, reliable and secure. So we have clearly created guardrails around our Wipro AI platform. In fact, we help our clients to make this a lot more ethical and responsible like I talked about, a very strong governance around data. So that way, we keep our AI and our programs are on AI, very secure and safe. In terms of Quantum, the question that has been asked, Quantum is an evolving technology, it has been there very -- for a very long time. However, now we are actually partnering with few academic institute and a pharma companies to actually look at research work at a cell level, and that's actually really evolving. As Quantum becomes a lot more commercial, I think that will also have an impact on AI, we are very excited about the opportunity to work on Quantum, and we already have that in our labs working. I think as far as -- I think I covered that.

Okay. I think there were 2 or 3 questions. One was regarding the debt levels. You will notice that as of March 31, we had gross cash of about $6.2 billion. And our net cash is also about $4.2 billion. The borrowings are typically what we do for certain acquisitions because it makes sense from a tax efficiency standpoint. We also have certain short-term borrowings that support our working capital needs. Outside of that, our debt levels are very low, and we remain very conscious about adding more debt to the balance sheet. You had a question on what is the currency that has not been mentioned in terms of the disputes. The amounts are there. It's in rupees million. For you to read that table, you should read it in rupees million. I think those were the two questions that was asked. There was also a question on R&D. I think we spent about 0.5% of our revenues on R&D, and some of the details are there in terms of where we spend it on, including some of the newer technologies, like agentic AI, robotics, et cetera, which is all a part of that.

Yes. And there was another question, just I recall, on attrition. And our attrition for last year, the trailing 12 months has been about 15%.

That is correct, yes.

We'll go to the next set of questions?

We'll now go to the last set of shareholders. Mr. Manoj Kumar Gupta, please. Yes, please go ahead, sir.

Good morning, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I've joined this meeting from my resident City of Joy, Kolkata. I feel proud to be a shareholder of Wipro. And I thanks to your entire team of management and with the team of secretarial department to help the shareholders to join the meeting through VC. Especially, special thanks to our Company Secretary and his entire team to help me to join this meeting through VC and convey our best regards and wishes to your beloved, father, Azim Premji for his strong leadership in this sector. We have a great respect and regards. In my life, I have got a chance to meet him once in my life at ITC Sonar in Kolkata in 2005 when he came to deliver key note speech in CII program. So once again, I cordially invite him to come to Kolkata to visit Maa Kali temple to get her place to get more success to lead the company on new heights with your family, sir. And sir, I have nothing to ask any questions, but I will suggest due to VC meetings will continue because you are in Bangalore, we are in Kolkata. So that the all credit goes to our beloved Prime Minister Narendra Modi who inspired the digitalization so that we can talk to you on VC meeting. So keep continue this VC meeting. This is the -- because Pan-India can join the meeting, sir. And sir, plan for -- what's your plan for subsidiaries? Have you any plans to reduce the number of subsidiaries in future? And I thank your 250,000 employees for their hard working. And thanks for your bonus, sir [Foreign Language] at a premium of 8%, 9% for 3 years redeemable like other companies. So you should consider in future. And sir, you are the master in the health sector. And if you remind in 2023, BGBS, Bengal Global Business Summit. I meet you when you were sitting in your car, I told you that please do something under CSR for Kolkata and health and education, kindly do something in that regard, sir, health and education. With this, I thanks to you and your teams are, thank you.

Thank you. Can we have the next shareholder, Mr. [ Manjunath Mosali ]. Please go ahead, sir.

Good morning, everyone. Thank you for all your meetings. I'm more happiness for this meeting. We wanted for bonus shares and dividends.

Okay. Any questions, Mr. Manjunath?

Sir 2026, what is the company growth? We can learn that, sir?

Okay. Can we have the next shareholder, Geetu Chadha. Please go ahead.

My voice is audible?

Yes, please go ahead, sir.

Thank you so much for giving me the chance to speak with you. First of all, last year [Foreign Language] Sir, I'm coming to the direct point. Sir, [Foreign Language]

You've asked a lot of questions. Give us a chance to answer some of them. So we've taken note of them, some of the others, which I can answer offline. But let us answer some of the questions because otherwise, we won't be able to get to all of your questions.

[Foreign Language]

Yes. So let us answer them, Mr. Chadha. You've raised a lot of important questions. Let us try and answer them if that's okay. Okay?

Yes. Can we have the next shareholder, please, Mr. Abhishek Chaudhary.

We can't hear you, Mr. Chaudhary. You're on mute.

We can't hear you. Can we have the last shareholder, Mr. Mani, please. Mani Sundaram.

Mr. Mani you're on mute. Namaste.

We can't hear you, sir.

Sorry, sir.

Please, go ahead.

Page 25. I'm happy to attend this meeting by means of video conference. Founder Azim Premji, Rishad Premji, Company Secretary, all directors, all the independent directors and share department have given good support to attend the meeting. Convey my regards and thanks to all the director company [indiscernible] And they've given good [ efficience ] and also given very enthusiasm, velocity and efficiency to each and everybody of the shareholder. And a small request, we have connected video conference Pan-India meeting, I have been settled in Tamil Nadu, very happy. In future, you can conduct a hybrid meeting. And some clarification in some -- in our annual report -- Hello. Hello.

Yes, we can hear you Mr. Mani.

Also Page -- we had Page#61 EPS, INR 12.56, pretty good. CSR [indiscernible] happy sir. And 182 Page #182, a lot of disputes from 1992 onwards as a settlement with the company to settle the disputes, and thank you. Thanks a lot. I requesting management for planned visits.

Thank you. Thank you.

[indiscernible] for generation in wind and solar also very same nation to the all...

Thank you, Mr. Mani.

Thank you, sir. Thanks for giving the chance, very happy.

Great. Thank you, so there was a couple of questions, and I'll let Aparna answer most of them. The comment has come up a couple of times on the format of the AGM. We will certainly take your comments into consideration and try and find the best medium as to how we can consider this next year. There was a comment on profit after tax and EPS not being good. Just to clarify, our profit after tax grew at 18.9% last year, and our earnings per share grew at 20.6% last year, which we think is pretty good performance for PAT and for EPS. I'm sorry, Mr. Chadha, you were not able to participate last year in the AGM. We will certainly look into why that happened, but I'm glad you were able to participate actively in this meeting and ask some of your questions, and we'll make sure we get some financial questions answered. So Aparna, why don't you answer that and also answer the question on the subsidiaries, which has come up in a couple of conversations.

The number of subsidiaries that we have is higher because every time we make an acquisition, the acquisition comes with its number of subsidiaries. After they get integrated into our systems, we do try and rationalize the number of subsidiaries year-on-year. Over the last 2 to 3 years, we have rationalized a number of subsidiaries. That's a continuous attempt that we make. Your point on -- Mr. Chadha raised a few questions on the financials. One was on profits. Rishad has clarified, we grew actually 18.9% on our net income. The reason why our planned property and equipment is lower is because the intangible assets, some of them get amortized over a period of time. That's why the value is going down. If you look at the plant and equipment, you will see that it continues to be robust. There is nothing of concern. Your point on why IT products revenue reduced, it's a segment we don't really focus on stand-alone product sales. They are actually sold integrated with our services revenues. So it's not a big area of stand-alone focus. And as a result of that, you will see some volatility in the revenues. I would request you to look at our overall revenue, which have done reasonably well. If you look at -- you raised a point on the Chairman's compensation going up. There is a point -- a part of his compensation is linked to the incremental net profits that we make and as a result -- because our net profit grew 18.9% and our EPS grew 20.6%, as a result of that, the compensation linked to that component has also risen. And that is the reason why it's gone up. You raised a point on why other income is down. You're looking at stand-alone financials. You had many questions around subsidiaries. There are certain intercompany transactions that kind of vitiate the financials of a subsidiary -- you should look at only consolidated financial statements, and that's the reason why we provide it. If you look at our consolidated financial statements, if you look at our other income, in fact, last year, we grew upwards of 60% year-on-year. And some of the other points that you're also noting will go away when you look at our consolidated financial statements, and that's the right way to look at it.

Terrific. So Sana, are we done with all the questions?

Yes, we're done.

Okay. Thank you for all of you who asked questions. I'm sorry, some of you were not able to unmute and ask those questions. Please reach out to us off-line, and we will make sure that we answer those questions as we can. Since all the items of business as per the notice of the 79th Annual General Meeting have been taken up, I now declare the proceedings of this Annual General Meeting is completed. As mentioned earlier, the Insta Poll e-voting facility will continue to be available for 30 minutes after this meeting. And again, on behalf of the Board of Directors and the management team of Wipro, I convey my sincere thanks to all of you, all of our members for attending and for participating in this meeting. Thank you once again. Take care.