Wipro Limited (507685) Earnings Call Transcript & Summary

Hello, and a very good morning to everyone. I am Rishad Premji, Chairman of Wipro Limited. On behalf of our Board of Directors, I welcome all of you to this 80th Annual General Meeting of the company. This meeting is being conducted through video conference as per the circulars issued by the Ministry of Affairs and SEBI. Since the necessary quorum is present via video conferencing, this meeting is officially constituted. I now declare this meeting open. Before starting the proceedings of the meeting, let me introduce you to people who are present here today, along with me in Bangalore. To my right is Aparna Iyer, Chief Financial Officer of Wipro Limited; Mr. Deepak Satwalekar, an Independent Director; Ms. Paivi Rekonen, Independent Director; and to my left is Mr. Srini Pallia, the Chief Executive Officer and Managing Director of Wipro Limited; Mr. Sri Naidu, an Independent Director; Ms. Laura Miller, an Independent Director; and Mr. Sanaulla Khan, the Company Secretary. Mr. Azim Premji, the Founder Chairman, has joined us for the AGM through video conferencing from Bangalore ; and Mr. N.S. Kannan, Independent Director; has also joined us for the AGM through video conferencing from Mumbai. In addition, we have Mr. Anand Subramanian, Partner, Deloitte statutory auditors; and Mr. V. Sreedharan and Mr. Pradeep Kulkarni, Partners at V. Sreedharan & Associates, who are secretarial auditors who have also us today. I request Sanaulla Khan, Company Secretary, to inform the members about the arrangements which have been made at this AGM.

Welcome to the 80th Annual General Meeting of Wipro Limited. The company has enabled the members to participate at the 80th AGM through the video conferencing facility, and the proceedings of this Annual General Meeting are also being streamed live for the benefit of all the members as per the details provided in the notice to the AGM. 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 the facility to exercise their right to vote by electronic means, both through remote e-voting facility and e-voting facility at the AGM. Remote e-voting facility was made available to all members holding shares as on the cutoff date that is Wednesday, July 8, 2026, during the period commencing from 9 a.m. Indian Standard Time on Saturday, July 11, 2026 till 5 P.M. Indian Standard Time on Tuesday, July 14, 26. The remote e-voting facility has been closed from 5:00 p.m. Indian Standard time onwards on July 14, 2026. Members who are joining the meeting through video conference who have not already cast their vote by means of remote voting, may please work through InstaPoll e-voting facility provided at the end of this meeting. The members have already cast their vote by remote voting prior to the AGM 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 the purpose of this Annual General Meeting. 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 requirement under the SEBI listing regulations. The register of Directors shareholding, the register of contracts copies of audited financial statements et cetera, are available for inspection to the members electronically. Members seeking to inspect such documents can send an e-mail to corp-secretarial&wipro.com. I now request Mr. Rishad Premji, Chairman, to continue with the proceedings of the meeting.

Thank you,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 2025, '26 and the general outlook for the IT sector. Good morning, and thank you all for joining us again. This year, we, as a company, Wipro turns 80, 8 decades is a remarkable milestone. Few companies remain relevant across multiple areas of change and technological innovation. From a company founded [indiscernible], our partners and our employees that they continue to place in us. In previous years, I have used this forum to walk through my shareholder letter. This year, rather than repeat what many of you have already read, I would like to spend a few moments reflecting on the year behind us and then discuss a topic that is shaping the future of our industry, artificial intelligence. Let me first begin with the performance for the company for financial year '26. The industry remained cautious throughout the year in prioritized efficiency, consolidation and cost optimization even as conversations shifted towards AI and modernization. In this environment, we remain disciplined. Revenue declined 1.6% in constant currency to $10.5 billion. The IT services operating margin improving our payout ratio for the block of the 3-year period ending financial year 26 to 87.8%, ahead of our committed target of 70%. In April, the Board approved a INR 150 billion share buyback, our largest ever, reflecting our commitment to return substantial operating cash flows to shareholders. At the same time, we continue to invest in AI capabilities, platforms and talent, while maintaining our focus on margins and cash generation. One of the questions I'm asked most often today is what AI means for companies like Wipro and for the technology services industry at large. We believe AI represents one of the most fundamental shifts of our time. Alongside efficiency gains, it is creating new opportunities for innovation, transformation, and growth while accelerating demand in areas such as data, modernization and AI-powered IT. Our clients have moved beyond pilots and began embedding AI into core business processes and operations. The focus is shifting from experimentation to execution. We are already seeing the effects of that shift in the nature of the work that we see. In operations, the role of people are shifting away from routine transaction processing towards exception handling, compliance, insight and decision support. In technology, AI is changing the economics and speed of modernization and software engineering thus creating new pools of growth. But this truly is easier said than done because real enterprises are complex, the technology states processes and operating models have evolved over decades within regulatory authority and operational constraints. Realizing business outcomes from AI is more than just deploying technology. Organizations must reimagine processes and workflows, they must modernize data and enterprise architecture, all while taking people along. For most organizations, this will not be a single project or system deployment. It will be a journey of transformation over time. Along that journey, organizations will need new capabilities, new operating models, and new ways for people and AI to work together, all underpinned by responsible AI and governance. Helping enterprises navigate this complexly while deeply understanding their particular unique context will require the technology services industry and Wipro to be at the heart of this transformation. This is where we believe as Wipro, we bring a distinctive advantage. It is an advantage built over time. Many of our client relationships span years and, in some cases, decades. We have worked alongside clients through multi-technology transitions. We understand their businesses, their operating environments, their processes, their systems their priorities and most importantly, have built trust with their teams over years. So what are we as Wipro doing? We continue to invest in AI capabilities, platforms, partnerships and talent. Our AI approach is anchored in what we call Wipro Intelligence. Our unified suite of AI-powered platforms, solutions and transformative offerings. Through Wipro Intelligence, we see the AI opportunity across the sector. WeGA is our AI-powered engineering platform that helps modern ology estates accelerate software development and transform how applications are built and maintained. And as we help clients reimagine their businesses through new capabilities and offerings that unlock new sources of growth, innovation and value. At the start of this year, [indiscernible] financial in we also stated the program reduced migration effort by close to list processing while improving turnaround times and operational efficiency. We are seeing this transformation happening in operational efficiency. We are seeing this drag. We are seeing this transformation happening within Wipro as well with us being client 0. AI is helping us simplify and accelerate important business processes. As an example, in the finance function, monthly financial closing cycles have reduced from 24 hours to 8 hours. Planning activities that once to a month can now be completed in 5 days. These gains are not just about efficiency. They enable faster decisions and a better use of human expertise. At the same time, we continue to invest in talent. A significant majority of our workforce has completed advanced AI learning pathways, and we are building and scaling new roles and capabilities such as exponential engineers, AI architects, and FTEs or forward deployed engineers. While we continue to invest in our business and our people, our commitment to sustainability and community remain equally resolute. Renewable energy now accounts for 94% of our operations, putting us on track to reach 100% before 2000, which is our target. We reduced absolute freshwater consumption by 4.6% despite higher return to office levels, and we recycled 98% of our waste. Nearly 31,000 employees contributed more than 35,000 hours of volunteering through our Be the Change Platform. Since financial year '21, our initiatives have now touched nearly 6 million people across more than 20 countries. As we look ahead to our ninth decade, I remain confident in our ability to adapt to the change while staying true to the values that define us. That confidence does not come from knowing exactly what the future will look like or what the future will look like. It comes from the strength of our people. It comes from the trust and depth top line relationships. I will now invite Srini Pallia, our CEO and Managing Director, for his comments. Srini, over to you.

Thank you, Rishad. Hello, everyone. This year's master 2 important milestones for Wipro. Like Rishad said, 80 years since we were founded, and 25 years since we became the first Indian IT services company to be listed on the New York Stock Exchange. These are not just milestones. They are proof of our ability to adapt and stay relevant through constant change. Our journey has been built on long-term relationships deep client trust and by evolving alongside our clients. Today, as AI adoption accelerates. We are moving forward with clear intent. AI is reshaping how companies operate, compete and grow. Of course, the pace of change is accelerating and expectations are much higher. For us and for everyone, the focus is on measurable results and sustained business impact. Our clients are looking for partners who can reimagine with AI, helping them modernize their technology state simplify complexity and make AI work safely and also effectively across the enterprise. Let me now summarize our financial performance before sharing more updates on AI. For FY '26, our IT services revenue was $10.5 billion, a decline of 1.6% in constant currency. Our bookings grew 14% to $16.4 billion. In fact, our large deal bookings grew year-on-year to $7.8 billion. We also won 4 deals with TCV over $500 million. Overall, in the last financial year, we closed 50 large deals. We also expanded our operating margin to 17.2%. Well, to reinforce what Rishad said, we continue to make targeted investments for the future. We set up AI native business and platforms unit to deepen our AI focus. We are investing in building AI capabilities as we pivot towards a platform plus services model. We have committed $500 million to Wipro Ventures to invest in frontier start-ups across AI, data and security, allowing us to co-innovate and deliver differentiated value to our clients. In fact, Wipro Ventures helps connect our clients with emerging technologies and dynamic startups, bringing those innovations to solve real-world industry challenges. We have strengthened our ecosystem through partnerships and by closely collaborating with frontier labs, AI leaders, startups and global academic institutions. We have set up joint parter labs and centers of excellence. Our investments in the Wipro Innovation Network continues with the launch of 10 labs globally in the last 1 year, to accelerate co-innovation with clients. Through this network, we are investing in fraud tier technologies, including fully autonomous agent AI, physical AI, quantum computing and space tech. We have recently set up an applied AI center of excellence for Claude models powered by Anthropic. Our U.K. AI lab won the open AI Connex Hackathon for a consulting-led AI forward banking solution. While Capco or BFSI Consulting business unit, on the AI Governance and Risk Excellence Award at the Open AI Partner Summit. Together, these accolades and investments validate our ability to innovate at the frontier while applying AI responsibly in public enterprise environments. In fact, beyond AI, we have made other strategic bets to shape our future. One, the acquisition of HARMAN's Digital Transformation Solutions, which is now part of our engineering global business line strengthens our engineering and platform capabilities. In fact, it boosts our portfolio with AI-led, end-to-end engineering solutions across key industries and sectors, specifically health care, high-tech and industrial manufacturing. It brings in deep expertise around connected assets for smart factories, patient care and eminent network security. It also strengthens or design to manufacturing offerings and has opened new markets for us in South Korea. We also continue to drive deeper, multiyear end-to-end AI transformation programs. Our partnership with Olam Group, along with the acquisition of Mindsprint, strengthens our position in supply chain and agribusiness, expanding our ability to deliver AI-powered, IP-led and domain-centric transformation across form to 4 value chain while opening new growth opportunities in this sector, architecting Wipro around AI. Enterprise AI opportunity is not just about models. In fact, it is about understanding where work happens, where constraints exist and where value can be unlocked. At the core of our AI strategy is Wipro Intelligence, our unified suite of AI-powered platforms, solutions and transformative offerings. In fact, Wipro Intelligence gives us a common execution foundation. It brings together platforms and in industry solutions along with partner innovation to drive delivery capabilities to enterprise scale outcomes. Wipro Intelligence also leverages frontier AI models into enterprise-grade solutions and workflows. Through WINGS and WEGA, which Rishad also talked about, our delivery platforms within Wipro Intelligence, we are integrating AI across operations and software development. AI is now central to all our engagements with several hundred deployed enterprise grain agents driving automation, productivity and tangible client outcomes. Success in AI is not driven solely by model. It requires integrating domain, process, data, cloud, security and of course, organizational change management. When these elements come together, transformation becomes real. Our Reimagine AI services include air consulting and advisory, data transformation, process, redesign, modernization, physical and trusted AI systems. These are all interconnected and not separate initiatives. In fact, this is also driving a shift in commercial models, moving from effort-based pricing to consumption, transaction and business outcome models. I would now like to share some more details about our AI native business and platforms unit, which we launched at the last quarter. With this in it, our goal is to build and scale led platforms, incubate new AI native businesses and create differentiated industry plays. In fact, this unit will focus on scaling enterprise-grade agentic AI and building industry, cross industry and perpetual platforms to drive measurable outcomes for our clients. It brings together product management, engineering and forward employed capabilities and engineers to accelerate real-world impact. This unit will also develop and scale domain-specific enterprise-grade small language models that delivers targeted intelligence lower operating costs for our clients and specific business outcomes. These SLMs, which are small language models, will power specialized agents support sovereign AI requirements and provide an efficient foundation for deploying AI at scale across industries and functions. Of course, building AI talent is a priority for us. Technology transitions rely heavily on talent transitions. At Wipro, we are building an AI-ready workforce at scale, enabling structured learning and growing a base of agent skills and certifications. In fact, AI skilling is now embedded into delivery, driving productivity and better client outcomes. Our focus is on role-based capabilities across the AI spectrum, starting with advisory to deep tech. Finally, as we look ahead, the role of IT services is expanding and evolving. The questions around AI will continue to evolve. Expectations will become sharper. Hence, our focus is to stay grounded in execution and delivered outcomes at scale. Let me now conclude by summarizing our focus and strategy. One, lead with our consulting-led AI-powered strategy; two, help our clients reimagine the processing build AI platforms and create new operating models; three, bring together domain, process, data, cloud, security, and change management to skill AI responsibly, for strengthen client relationships through measurable business impact; and invest in differentiated capabilities that help us lead times partners and employees for your continued trust and support. Thank you all.

Thank you, Srini. The notice of the 80th AGM and the annual report containing audited financial statements including the consolidated financial statements for the year ended March 31, 2026, along with the Board's and auditors' reports have been sent by electronic mode to all those members whose e-mail addresses are registered with the company or its depositories. These documents have also been made available on the company's website. In view of the same, the notice of AGM is being taken as read. Deloitte, our statutory auditors have submitted their report on the financial statements for the year ended March 31, 2026. The auditor's report does not contain any qualifications, modified opinions or adverse remarks. Hence, the auditor's report is also being taken as read. In terms of the Notice of the 80th AGM, the following items of business are being 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, 2026, together with the reports of the Board of Directors and auditors thereon. Two, to confirm that the interim dividend of INR 5 per equity share that we declared -- that was declared by the Board on July 17, 2025, and INR 6 per equity share declared by the Board on January 16, 2026 as the final dividend for the financial year ended March 31, 2026. And three, to appoint a director in place of Mr. Azim H. Premji Dinn number 00234280, who retires by rotation and being eligible offers himself up for reappointment. We will be glad to answer questions now, which any member may like to ask us on the financial statements or more broadly on other matters. The in staple 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 the conclusion of this meeting. We will commence the Q&A session shortly. Thank you.[Presentation]

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

In order to ensure smooth interaction and participation, we request the members to note the following guidelines for the Q&A session. The Q&A session will be anchored by me, and I will call the preregistered speakers by their name to ask their queries, clarifications 1 by one. I will invite the speaker 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 also requested to restrict their questions to 2 minutes so that all speakers will get an opportunity to share their views. In the interest of time, I request members not to repeat the questions raised by the previous speaker. It may be noted that we will reserve the right to limit the number of members asking questions depending on the availability of time at the AGM. I now request the first set of speakers to come on screen and ask their question. The first name is Prakashini Shenoy. Ma'am, if you can come on screen and ask your question, please.

Am I audible, sir?

Yes. Please go ahead.

Thank you. Thank you, sir. I'm Prakashini Ganesha Shenoy from Bombay. Respected honorable Chairman, the dignitaries of the board and my fellow shareholders, good morning to all of you. I received the AGM report welding time, which is colorful, informate you, transfer engine contains all the information as per the corporate governance. I thank the Company Secretary and Mr. Rajat for the same. I should not forget to thank them onto for reminding me of today's easy. Thank you once again. The Chairman and CFO has seen visible picture regarding the company and it's working in all parameters. Thank you, sir. Congratulations for completing 18 long years. At the outset, I'm thankful to the Board for a commanding dividend for the financial year '25, '26. I'm also glad that the company is doing outstanding work in the field of CSR activity. Congratulations to one and all for issuing various awards. Now my question. My first question is finely highlight the future road map for growth and risk and business due to global situation. My next question is how do we adopt digital technology to increase productivity? And my last question is, what is our Board's dividend distribution policy? 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 view. I wish the company good luck for a bright future and break on that the profit of the company shall reach total due code. Sir, I strongly and rapidly support all the resolutions put forth in today with you. Thank you, Chairman, sir.

Thank you.

Our next set of speaker shareholder is [indiscernible]. .

And also, how are we going to maintain our leadership position for long term so for 5 years or long term, sir? And what is our dividend payment policy and any further buybacks will come in the long term or not sir?

Sure. Thank you. Our next speaker shareholder is Mr. [ Nitesh Gupta ]. .

[Foreign Language].

Thank you. Thank you, Nitesh G. Our next shareholder is [ Santosh Saraf ].

Yes, sir, please go ahead. Respected Chairman and Board members and fellow shareholders. My name is Santosh. Hope I allow you in shape and good health. Namaskar. So namaskar to our Founder, Chairman, Mr. [indiscernible] who is graded through the video compete. I wish long life and good hell. I have remember in the '26 when I attained a physical meeting in the Bangalore and us seem to give a photograph with me because by age, but allow me to come again, we take a photo, but maybe solid to us today in a long came year as I asked your sector many times. Please send me a digital company or hard copy because it's a [indiscernible] sir. I used to meet you to [indiscernible] again, give him [indiscernible] In the 2019, so I also projecting the meeting rising. Please Rishadji, [indiscernible]. So please, I won't go boldly that manageable set a budget and explained so many good. After this, there is no -- it's an [indiscernible] . But as you have it or bad habit, I'm asking 1 or 2 questions to you, but take other ways that I have is regarding Wipro long-term performance. Despite industry's growth, people have constantly like behind peers in the revenue growth and market share. Food management later explained the case tax region behind this underperformance and what Jane has been implemented to ensure sustained improvement in growth and margin growth or worse. So are you any plan to increase disclosure on the ESG sustainability metrics. Sir, what competitive advantage differentiated as from domestic and internet completed sir. that he explained so many about AI type not go to a rage, but I have full faith in Wipro. We wish you financial '26, '27, our company, and all our directed all our employees and our company healthy and prosperous year. The last again so I request to -- nobody knows when I go. So please as you see can we have digital to a hard copy to me. Thank you. Namaskar.

Thank you. Thank you, Mr. Saraf. The next shareholder is Hiranand Kotwani, Mr. Hiranand Kotwani, please.

On our respected person attending a meeting. I am Hiranand Kotwani. This company is really doing very well and systems. [indiscernible] is well taken. Cash generation, focus on margin, optimism, cost up to a decline. How you see the future? Because the accretion of mind regarding the decline in the action -- we are diversified. We will cope up. These people are well competent 1 or came a note, you not as how still we got the gentlemen related to a whole picture, no question to us. But certainly, I have 1 global academic partners, who are our global academic partner. If you could elaborate, minority of our global [indiscernible] we are dealing with your ability to experience is well acknowledged working well.

Rishad will answer these five.

Thank you to all of you for your comments and questions. I'll try and answer as many of them and if I can't try and get Srini and Parna here to help me as well. There was a consistent question on the future of the company and where are we investing and where we hope to drive differentiated growth through. As both Srini and I talked about, our fundamental focus is how do we drive a consulting-led AI-powered story going forward to serve our customers. We're investing in a very systematic basis on what we call Wipro Intelligence, which is our unified suite of offerings. We are focused on 3 fundamental areas: one, how do we deliver better to customers in the and operate part of the business through our WINGS platform we are focused on how do we help our customers build better through our WEGA platform, both on the software development cycle as well as through building out agents, and we are focused on how do we help our customers reimagine their businesses, leveraging AI in both talked about one of the big investments we've made in the organization in the early part of this year is setting up a dedicated AI native business and platforms unit, which will be focused on building enterprise-grade agent first-led platforms that are highly, highly industry and industry-specific and dedicated. We are investing tremendously in Wipro Ventures, which is a $0.5 billion fund through which we engage with young, new age companies across the spectrum with a very strong focus in the AI space. We have a pool of about 8 companies that are now dedicated within that portfolio to the AI space. As she mentioned, we've set up a Wipro innovation network where we can collaborate and coordinate with our customers, bringing a whole bunch of our tools as well as our capabilities as well as partners to create differentiated solutions for customers. We've built out tell over the last few years, but we are very committed and focused on building this differentiated story in a world that's becoming more and more AI first for the future. The other big question that came up was on our dividend and buyback policy. As we have shared very crisply, I believe, and clearly that our dividend policy is that we will pay a 70% of net income over a batch of 3 years which will be a combination of the ways we return that cash, which can be through a combination of dividend and buyback. We have declared INR 11 as dividend last year in financial year and we also announced at the beginning of this year, our largest buyback of INR 15,000 crores, which we've just completed over the course of quarter 1. So we remain very committed to returning that money to shareholders. At the same time, we remain very committed to not deploy ourselves of any investments that we would like to make. The other investment element that I would like to add that we are also very committed to is M&A and doing selective M&A as in shared we've done an M&A in the connected services space through the HARMAN DTS acquisition. We've done a captive takeover of Olam, which is a large strategic long-term commitment in the agri and food space, but by monetizing that upfront for our partner. And we continue to look at opportunities in M&A as well. Santosh, we will make sure to try and find that picture and get it to you if we do have that, I'll make sure somebody follows up to at least look for that picture. And then the -- I think on ESG disclosures, I think we disclosed I think in fair depth and clarity what we are doing in the ESG space, if there are specific questions that you have, you can come back to us off-line, and we can certainly try and answer them. And the last question there was from here and an ad was on skilling. Srini, I don't know if you want to talk a little bit about what we're doing on the skilling side.

So I think the question also was in terms of our engagement with the global academic partners. So one is, as far as the skilling is concerned, we are very specifically focused on training and upskilling that 240,000 employees, and we are very specific personal-based trading programs for our -- from a deep tech an advisory that I talked about. So these training programs, we're also doing it with our partners, the hyperscalers and the AI native and frontier companies as well. So skilling is something that we feel brings in a lot more depth understanding of processes of our clients across the industries, data because data pricing becomes very critical for AI to be successful and of course, all the technology et that come with it. In terms of the partnership, I just wanted to call out 2 specific examples. In fact, 2 months back, we were at MIT to understand what's the next after AI because we are talking about agent, but also there's a lot of opportunities on the physical AI that I talked about, so understanding human at, robotics in that context, understanding the space take. So MT is 1 of our global partner around this. And here in Bangalore, we have Indian sub science, where we work with them on the data security and other aspects as well. So the relationship with academic institutions is very important because we are able to incubate some new ideas as we move forward in terms of the changing and evolving AI.

Our next set of shareholders, we'll go ahead now. The first shareholder's name is Ashith Kumar Pathak, Mr. Ashit Kumar Pathak, please ask your question.

Am I audible, sir?

Yes, you are.

Very good morning, respected Chairman, MD and CEO, Board of Directors, Company Secretary, fellow members joining at 80th AGM of Wipro Limited. My name is Ashit Kumar Pathak, joining from Kolkata.As for my same gratitude to our Company Secretary, Mr. Sanaulla Khan; and internal Seciera team for excellent cooperation for attendees of the AGM and speaker name registration. Sir, your opening remark is very, very more powerful. I have noted that all the valid points. You also mentioned the key fundamental areas. That is a very excellent and appreciating for this, also our excessive or sins. Also, very good performance. I noticed the net income increased to 2.2% to $1.43 billion. Net income margin rose also 14.2%. I noticed it. And also R&D expenditure near about INR 4,499 million. and significantly have paying the dividend INR 11 per equity share and EPS rose to 2.1%, creating 12.2 share. Excellent, excellent and significantly are noticed in the balance sheet economic interest vested in iron coffee, excellent test. But if you allow me, I have some brief points, I'm quickly finishing. Number 1 is how the newly established AI native business and platforms, you need to differentiate itself from existing service lines in terms of revenue growth, share your thoughts. Next, with revenue from Americas 2 declining in financial year '23. What specific are announced studies are in place to regain growth, share your pot. I noticed with a generated from operating activities decreasing by INR 2,108 million. metals are being taken to incur capital efficiency in Page #52 it mention. So report giving a cash out for INR 26,000 million for business acquisition in financial year. What do we expect return on investment, which you look forward, share your thoughts. I noticed our ratio declined from 2.8 to 14.9% Also, current ratio decreased to 2.7 2.05, out of my company both an to restore market valuation and investor confidence. Share your talk about this. I noticed the into total base near above 16 7,874 million what is our strategy to optimize debt-to-equity ratio. Page #26 mention on Page 71, with unsecured notes $750 million mentioned Wipro IT harvest LMP in 2026 and realize the PCB creation strategy for creating up and engineering talent. Share your thoughts about this, how does both evaluate the impact of the high rapid structure initiative on overall business productivity and client satisfaction? How will the company ensure the epical governance of AI, particularly regarding the privacy of client data and port platform. However, by company plan to mitigate the pricing pressure arising from competitive intensity mentioned in the Netcom report outlook, share your thoughts. My final question is, I noticed what is the specific contribution of generative AI in our ECB and operating margins in this coming financial year, which we are looking forward. And how are we mentioned, but general but generative AI, depressing our traditional IT service revenues of opening entirely new revenue streams, share your thoughts. And I notice Capforce performance had various challenges and much come recently executed INR 5,000 crores rebuybacks at INR 250 per share. Share your thoughts on our strategic road map for return in the consultancy business to robust double-digit growth as we have to for your good health and also our founder, good health. Namaskar. My pronounce to him also and everybody good health. Thanking you so much for your time.

Can we have Mr. Reddappa Gundluru, please, the second shareholder? Mr. Reddappa? While Mr. Reddapa is joining, can we have the shareholder, [ Amit Kumar Banerjee ].

Yes, Go ahead. Yes, Mr. Reddapa. Go ahead.

Thank you so much, sir. First of all, [indiscernible]. So as shareholders are very happy though about the company performance. All other executive directors, and Mr. Khan for company growth, Mr. [ Ritemji ], Rishadji and also [indiscernible] deliver very good speed from even the picture of [indiscernible] to integrate product 36th team's annual report, the enterprises to lead and [indiscernible]. In your speech half of many times that you -- and that's not happening very good manner. Thank you so much for it reflects to my company. We put strong focus and innovation fishery kudos to all the management, especially Srini and Rishad, sir. And I sincerely appreciate the Chairman and CEO, CEO of our entire leadership team or steering the company through challenging global enrollment, we were continuing to invest in a cloud cybersecurity, digital engineering and other talent development. I also think the company secretary, can, the Investor Relationship is very good. Mr. [indiscernible] always support you reachable and also or netting and connecting this AGM smoothly and merit subcut governance and transparency. Once again, I would like to thank what the corporate governance is ships are under leadership my company, maintaining very good world-class transparency for governance especially accountable credibility and overall licensing integrity there. Thank you. Your other bits doing well. So I have 2 questions. First one is transferring the industry rapidly, right? So what percent of Wipro's revenue is currently generated from the artificial intelligence related projects? What are the targets remain [indiscernible]. So I would like to know whatever the programs are connecting to the skill development about the [indiscernible] and other things, sir. Fourth one and final one is what is outlook for the large deal wins and client spending as that markets such as U.S. and Europe, I would like to know with this to my questions, sir. I already -- e-voting has been done, no questions on the resolution. [Foreign Language] and the Board and continue to commitment to creating long-term value for the shareholders which resets are dreams and Wipro team and employees, continued success and good health rate give more with health and their Board of Directors. [indiscernible] It's not a simple thing, sir. [indiscernible].

Thank you. Thank you, Mr. Reddappa. Can we have the next shareholder, Mr. Amit Kumar Banerjee, please.

Good morning to everyone, respective Chairman of the meeting, other Board Members present. My name is Amit Kumar Banerjee of the City of [indiscernible] Kolkata. Thank you for giving an opportunity to speak. It is our 80th Annual General Meeting of Wipro Limited. Yes, welcoming address very nice and informative. I thank [indiscernible]. As Wipro's performance is concerned on the review year '25, '26 is very nice, good growth, operational efficiency and strong financial presentations. Company has low debt a strong dividend yield up, investors value. Market price of the share INR 177 currently [indiscernible]. Net profit increased by 11.15%. EPS also improved 11.55 from last year as comparison. Sales during this year also increased by 4.04%. So how you evaluate the new AI negative outcomes to ensure sustained margin and revenue growth. Beyond the recent under billion buyback. What is the long-term capital allocation strategy, considering Wipro's robust operating cash flow? Current -- I mean the carrier growth, how does Wipro support upscaling and lateral movement internally for someone in the job. I hope our management will improve -- if we can see also move forward sustainable growth with new technologies and also with brand Wipro. I thank our company and his secretary team, a good investor services. Also thank to all time bills was smoothly rated a conferencing meeting today. Myself, Amit Kumar Banerjee, -- over to you for the proceeding. Thank you .

Thank you, Mr. Banerjee. Can we have the next shareholder, [ Guido Chanda ]?

[Foreign Language]

Sir, thank you for your questions. I think we have to give an opportunity to other shareholders also. If you can drop us an e-mail with your questions, we will respond to that basically. Thank you. Thank you for your questions. Can we have the next shareholder, [ Christian Lalcheda ]. Yes, sir, go ahead. .

Can you hear me, sir?

I request you to be short and brief as we are running out of time. So that should give an opportunity to other shareholders also. .

Okay, sir. Thanks sir. I am not repeating any query from the management. First of all, I am really thankful to the entire Secretary team to give me the chance to speak with you. And moderator also set to [indiscernible]. Thank you, sir. On the paid number, [indiscernible] lifetime expected credit loss ones per lifetime credit loss. [Foreign Language]