Core Insights - ColorTokens Inc. has announced a strategic partnership with Wipro Limited to launch the Breach Ready Security Solution, an AI-powered Zero Trust microsegmentation security defense solution for global enterprises [1][4] Company Overview - ColorTokens is recognized as a leader in enterprise microsegmentation, focusing on preventing the lateral spread of ransomware and advanced malware through its Xshield™ platform, which visualizes traffic between workloads and devices [5] - Wipro Limited is a leading technology services and consulting company with over 230,000 employees across 65 countries, dedicated to innovative solutions for digital transformation [6] Product Features - The Breach Ready Security Solution provides comprehensive visualization of the security landscape, real-time risk identification, and ransomware and malware impact mitigation across various environments, including cloud, IoT/OT devices, and data centers [2] - The solution integrates ColorTokens' Xshield™ platform with Wipro's CoreProtect framework to deliver Zero Trust-based network segmentation, offering network security assessments and 24/7 managed services [2][3] Industry Impact - The partnership aims to enhance cyber resilience for enterprises in major industries such as Banking, Financial Services and Insurance (BFSI), Healthcare, Pharma and MedTech, Manufacturing, CPG and Retail, and Energy and Utilities [3] - Insights from early implementations of the Breach Ready Security Solution have refined its offerings, helping enterprises minimize financial losses and reputational damage from advanced cyberattacks [4]

Core Perspective - Veuu has formed a strategic partnership with Wipro Limited to enhance the healthcare payment process through an AI-powered instant payments platform, aiming to improve claims payments in the industry [1][4]. Group 1: Partnership and Collaboration - The collaboration between Veuu and Wipro is designed to bridge the gap between healthcare providers and payers, facilitating immediate reimbursement for providers [1][2]. - Wipro's expertise in healthcare data management and revenue cycle solutions complements Veuu's AI capabilities, creating a targeted solution for instant payments in healthcare [4][5]. Group 2: Technology and Innovation - Veuu's platform leverages advanced AI technology to predict claims denials and payment outcomes, providing providers with immediate feedback on claim status within milliseconds [3][4]. - The instant payment feature eliminates lengthy reimbursement waits, significantly reducing costs for payers and minimizing fraud instances [2][3]. Group 3: Benefits to Providers and Payers - By ensuring timely payments, the partnership addresses the operational capital disruptions faced by providers due to delayed reimbursements [4]. - The platform allows for efficient fund transfers at reduced rates, optimizing the payment process and lowering overall healthcare costs [4][5]. Group 4: Company Overview - Veuu is positioned as a sustainable FinTech ecosystem that utilizes AI to revolutionize healthcare payments, aiming to drive down costs for payers while enhancing the quality of care [5]. - Wipro Limited is a leading technology services and consulting company focused on innovative solutions for digital transformation, with a global presence of over 230,000 employees [6].

Financial Data and Key Metrics Changes - IT Services revenue for Q3 was $2.63 billion, reflecting a sequential growth of 0.1% and a year-on-year decline of 0.7% [9] - Total Contract Value (TCV) of bookings was $3.5 billion, with operating margins at 17.5%, an expansion of 0.7% quarter-on-quarter and 1.5% year-on-year, marking a 12-quarter high [10][24] - Earnings per share (EPS) and net income grew 24% year-on-year and 5% sequentially, driven by margin expansion and better treasury returns [25] Business Line Data and Key Metrics Changes - Capco business saw improved demand with order book growing 9% year-on-year and revenue growing 11% year-on-year [10] - Health sector grew 6.7% sequentially and 4.5% year-on-year, while BFSI sector declined by 1.9% quarter-on-quarter but grew 3.4% year-on-year [12] - Technology and Communications sector declined 0.6% quarter-on-quarter and 5.3% year-on-year [13] Market Data and Key Metrics Changes - Americas 1 grew 3.9% sequentially and 3.7% year-on-year, primarily driven by health and technology sectors [11] - Europe declined 2.7% sequentially and 4.6% year-on-year, while APMEA declined 2.1% sequentially and 8% year-on-year [11] Company Strategy and Development Direction - The company is focusing on AI-driven innovation and has closed 17 large deals worth $1 billion across various markets and sectors [13] - Emphasis on large accounts and expanding into new business lines, with a sequential growth of 7.3% in top accounts [16] - Investment in AI education with 50,000 employees holding advanced AI certification, and a commitment to building a diverse and high-performance culture [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2025, with a gradual recovery in discretionary spending and strong demand in the Americas [8][36] - Guidance for Q4 is a sequential growth of -1% to +1% in constant currency terms, reflecting current visibility [27] Other Important Information - The Board approved increasing the payout percentage to 70% or above of net income over a three-year period, effective FY '26, and declared an interim dividend of INR6 per share [26][27] - The company is actively hiring, planning to recruit 10,000 to 12,000 people in the next fiscal year [102] Q&A Session Summary Question: On deal wins and future growth trajectory - Management noted a robust large deal pipeline, particularly in BFSI and EMR segments, and emphasized that large deals are lumpy and seasonal [31][33] Question: Discretionary spending trends - Positive signs in discretionary spending were noted in the BFSI segment, with a healthy overall pipeline [35][37] Question: Margin expansion despite wage hikes - Margin expansion was attributed to improved execution, utilization, and conscious reductions in overheads [38][42] Question: Growth outlook and guidance rationale - Management explained that guidance is based on visibility and reflects improved execution and demand environment [51][53] Question: Specific sector performance outlook - BFSI was impacted by furloughs but is expected to see budget upticks, while healthcare budgets may grow at a slower pace [60][62] Question: Non-top 10 client performance - The company remains focused on both hunting and mining opportunities across all client segments [72][73] Question: Future hiring plans - The hiring engine is active, with plans for significant recruitment in the upcoming fiscal year [102] Question: Capital allocation strategy - The company prefers both dividends and buybacks, with a commitment to a 70% payout over three years [111]

Core Viewpoint - Wipro Limited (WIT) has shown a downtrend recently, losing 5.2% over the past four weeks, but a hammer chart pattern suggests a potential trend reversal due to increased buying interest [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottom formation, suggesting that selling pressure may be exhausting and that bulls are gaining control [2][4]. - The hammer pattern is characterized by a small candle body with a long lower wick, indicating that the stock opened lower, made a new low, but closed near or above the opening price, signaling potential support [3][4]. - This pattern can occur across various timeframes and is utilized by both short-term and long-term investors [4]. Fundamental Analysis - Recent upward revisions in earnings estimates for WIT serve as a bullish indicator, correlating strongly with near-term stock price movements [6]. - The consensus EPS estimate for the current year has increased by 3.7% over the last 30 days, indicating analysts' optimism about WIT's earnings potential [7]. - WIT holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [8].

Financial Results - Wipro Limited's Board approved the financial results for the quarter and half year ended September 30, 2024, under IndAS and IFRS[2]. - The financial results are audited and comply with the requirements of Regulation 33 of the SEBI Listing Regulations[10]. - The auditor's report confirms that the standalone financial results present a true and fair view of the company's financial position[10]. - The financial results were prepared in accordance with Indian Accounting Standards and the provisions of the Companies Act, 2013[49]. - The Company confirmed that its statutory auditors issued unmodified opinions on the consolidated financial results for the three and six months ended September 30, 2024[49]. Bonus Share Issue - The company recommended a bonus equity share issue in the ratio of 1:1, providing 1 bonus share of ₹2 for every fully paid-up share held[3]. - The actual number of bonus equity shares to be issued will be determined based on the fully paid-up equity share capital as of the record date[7]. - The Board approved a bonus share issue in the proportion of 1:1, subject to member approval, which will adjust the Earnings Per Share retrospectively[70]. Revenue and Profit - Revenue from operations for the three months ended September 30, 2024, was ₹168,958 million, a 1.4% increase from ₹166,807 million in the same period last year[23]. - Profit before tax for the three months ended September 30, 2024, was ₹37,081 million, up 30.4% from ₹28,481 million in the same period last year[23]. - Profit for the period for the three months ended September 30, 2024, was ₹27,135 million, representing a 31.6% increase from ₹20,613 million in the same period last year[23]. - Total comprehensive income for the period ended September 30, 2024, was ₹26,819 million, compared to ₹20,814 million in the same period last year, indicating a 28.8% increase[24]. - Profit for the period attributable to equity holders of the Company was ₹32,088 million, up from ₹30,032 million year-over-year, representing a growth of 6.8%[49]. Expenses and Tax - Employee benefits expense for the three months ended September 30, 2024, was ₹95,036 million, a decrease from ₹96,427 million in the same period last year[23]. - The company reported a total tax expense of ₹9,946 million for the three months ended September 30, 2024, compared to ₹7,868 million in the same period last year, reflecting a 26.4% increase[23]. - Total expenses for the three months ended September 30, 2024, were ₹189,860 million, a decrease of 3.8% compared to ₹197,435 million for the same period last year[48]. Cash Flow and Assets - Net cash generated from operating activities for the six months ended September 30, 2024, was ₹71,547 million, compared to ₹63,860 million for the same period in 2023, reflecting an increase of 12.6%[27]. - Total assets increased to ₹921,131 million as of September 30, 2024, up from ₹816,486 million as of March 31, 2024, representing a growth of 12.8%[26]. - Cash and cash equivalents at the end of the period were ₹41,751 million, compared to ₹43,698 million at the end of the same period in 2023, showing a decrease of 4.4%[27]. Strategic Focus - The company plans to continue focusing on market expansion and new product development to drive future growth[48]. - The Company is focused on expanding its market presence through strategic acquisitions and partnerships in various regions[51]. - The Company has a diverse portfolio of subsidiaries and joint ventures across multiple countries, enhancing its global presence[50]. Segment Performance - Total segment revenue was $222,620 million, a decrease of 1.8% compared to $225,427 million for the same period in 2023[65]. - IT Services revenue for Americas 1 was $68,393 million, showing an increase of 2.6% from $66,813 million in September 2023[65]. - The IT Products segment generated revenue of $663 million, down from $1,469 million in September 2023, reflecting a decrease of 54.9%[65]. Shareholder Returns - The company completed a buyback of 269,662,921 equity shares at ₹445 per share, resulting in a total cash outflow of ₹145,173 million[25]. - The paid-up equity share capital remained stable at ₹10,463 million, consistent with the previous period[49].

Financial Data and Key Metrics Changes - IT services revenue for Q2 was $2.66 billion, reflecting a sequential growth of 0.6% in constant currency, nearing the upper end of guidance [5][14] - Operating margins expanded to 16.8%, an increase of 35 basis points quarter-on-quarter and 71 basis points year-on-year [6][14] - Total bookings reached $3.6 billion, an 8.4% increase quarter-on-quarter [6] - Net income grew 21.3% year-on-year, driven by higher operating profits which increased by 11.4% year-on-year [15] Business Line Data and Key Metrics Changes - Capco business grew 3.2% quarter-on-quarter and 6.9% year-on-year, indicating strong traction [6] - BFSI sector delivered 2.7% sequential growth, marking the third consecutive quarter of growth in this area [7] - Technology and communications grew by 1.6% sequentially, while manufacturing declined by 2% [7][8] - Energy and utilities experienced a sequential decline of 3.7%, but opportunities for vendor consolidation were identified [8] Market Data and Key Metrics Changes - Americas 1 achieved sequential growth of 1.2%, driven by healthcare, technology, and communication sectors [6] - Americas 2 recorded a sequential growth of 0.8%, supported by strong demand in the BFSI sector [6] - APMEA grew by 0.3%, showing early signs of stabilization [6] - Europe saw a sequential decline of 0.1% due to weak demand and client-specific issues [7] Company Strategy and Development Direction - The company is focusing on five strategic priorities, including expanding large accounts and investing in AI opportunities [5][8] - Emphasis on building a strong talent pool with over 44,000 employees trained in advanced AI [11] - The company is committed to maintaining margins despite expected revenue headwinds in Q3 due to seasonal furloughs [12][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged economic uncertainties but expressed confidence in the long-term potential of the business [5] - Q3 revenue is expected to be affected by seasonal furloughs and fewer working days, guiding for a sequential revenue growth of -2% to 0% [12][16] - Management remains optimistic about deal momentum across various sectors, particularly in the Americas [17][26] Other Important Information - The board of directors recommended a 1:1 bonus share issue, subject to shareholder approval [15][16] - The company is revising its capital allocation strategy in line with its long-term plans [15][16] Q&A Session Summary Question: Guidance on revenue impact from furloughs and client-specific challenges - Management indicated that guidance reflects both seasonal furloughs and client-specific issues in Europe, but there is good momentum in deal pipelines across various regions [17][21] Question: Status of energy and utilities sector challenges - Management noted ongoing challenges but highlighted a good pipeline and demand for vendor consolidation in the energy sector [19][20] Question: Drivers of margin improvements amidst wage increases - Management cited improved utilization, offshoring, and G&A optimization as key levers for margin maintenance [23][24] Question: Timeline for consistent growth in manufacturing and energy sectors - Management emphasized the importance of winning deals in these sectors and acknowledged the need for continued focus and execution [50][60] Question: Impact of U.S. elections on deal closures - Management downplayed the potential impact of U.S. political changes on business growth, citing the resilience of the U.S. economy [63] Question: Strategy regarding active customer numbers - Management explained the decline in active customers is due to exiting certain tail accounts and emphasized strong performance among top clients [64]

Core Insights - Poppulo has been selected by Wipro Limited to provide communications solutions for its global workforce [1][2] - The partnership aims to enhance employee experiences through personalized communication and data-driven insights [2][3] Group 1: Partnership Details - Wipro seeks to offer personalized experiences in various employee processes, including listening, travel, and reimbursement management [2] - The Poppulo Harmony platform will enable Wipro to deliver tailored messages and relevant content based on employee needs [2][4] Group 2: Leadership Perspectives - Wipro's Chief Employee Experience Officer emphasized the importance of effective communication for enhancing employee experience [3] - Wipro's future success is linked to its ability to communicate timely information that boosts employee engagement [4] Group 3: Poppulo's Capabilities - Poppulo allows Wipro to create efficient all-company communications while targeting specific employee groups with relevant content [4] - Advanced analytics from Poppulo will help communication teams understand content effectiveness and make necessary adjustments [4] Group 4: Company Background - Poppulo supports enterprise organizations with omnichannel communications, digital signage, and workplace management [5] - The company has over 4,500 customers, including more than 40 of the Fortune 100 [5]

Financial Data and Key Metrics Changes - IT services revenue for Q1 was $2.63 billion, reflecting a sequential decrease of 1% in constant currency, which was within the guided range for the quarter [12][29] - Operating margin was 16.5%, an increase of 0.1% from the last quarter [13][29] - Net income at INR 30 billion grew 6% sequentially, and EPS for the quarter at INR 5.75 grew 10% year-on-year [30] Business Line Data and Key Metrics Changes - Americas 1 delivered a sequential growth of 0.4%, with positive momentum in consumer and communication sectors [14] - BFSI in Americas 2 achieved a sequential growth of 1.4% and a year-on-year growth of 12.1% [14] - Capco business achieved a sequential growth of 3.4% [14] - Europe and APMEA experienced sequential declines of 1.4% and 4.2% respectively [15] Market Data and Key Metrics Changes - Banking and financial services grew 0.5% sequentially, while manufacturing and energy sectors experienced declines of 3% and 6.3% respectively [16] - Overall bookings for the quarter were $3.3 billion, with large deal TCV of $1.2 billion [17] Company Strategy and Development Direction - The company is focusing on large deal creation and has secured 10 large deals in Q1, exceeding $1 billion [18] - Strengthening relationships with major clients and strategic partners is a priority, with revenue from top 10 accounts growing 1.3% sequentially [21] - The company is developing AI-powered industry solutions to help clients transform their business models [22] Management's Comments on Operating Environment and Future Outlook - Management noted that clients remain cautious, with low discretionary spending, but there is optimism in sectors like BFSI and consumer business in the U.S. [6][12] - For Q2, the company is guiding for a sequential revenue growth of -1% to +1% in constant currency [28] Other Important Information - Cash flows for Q1 were $479 million, representing 132% of net income, with a current cash balance of $5.4 billion [30] - The company is actively investing in talent development and has rolled out an AI-powered career development platform [25] Q&A Session Summary Question: Were there any negative surprises in Q1 performance? - Management stated that performance was within the guidance range, and there was no significant change in the demand environment, with clients remaining cautious [6] Question: What is the outlook for the telco deal won in Q1? - Management indicated that such deals typically take time to ramp up and will realize full revenue potential over a few quarters [33] Question: How has the average tenure of deal wins changed? - Management noted that deal tenures are becoming shorter, with three to five-year deals becoming more common [36] Question: What is the strategy for implementing GenAI in internal software development? - Management highlighted three deployment areas for GenAI, including enhancing employee experience and improving productivity in software development [38][41] Question: What is driving the depreciation and amortization down? - Management indicated that there were no specific one-offs affecting depreciation and amortization for Q1 [47] Question: What is the current drag in BFSI? - Management noted that BFSI in Americas is performing well, while Europe is experiencing some softness due to macroeconomic factors [70] Question: Is there any impact from corporate actions in Europe? - Management clarified that the softness in Europe is due to a combination of factors and not specific to any one client [89] Question: What is the outlook for revenue growth? - Management refrained from commenting on growth beyond Q2 but acknowledged a cautious demand environment [74]

Revenue Sources and Market Exposure - Approximately 60.1% of the company's IT Services segment revenue is derived from the Americas, including the United States, while 28.4% comes from Europe[38]. - The IT Services segment contributes 99.5% of total revenue, with approximately 40% of revenues generated in non-U.S. Dollar currencies, exposing the company to exchange rate fluctuations[88]. - The company may experience revenue declines if clients are unable to pay dues, influenced by macroeconomic conditions and credit crises[37]. - The company is exposed to risks from geopolitical conflicts, which could negatively impact client spending and overall revenue[46]. - The company faces significant risks due to economic slowdowns in the Americas and Europe, which could adversely affect technology spending by clients[38]. Operational Risks and Challenges - The company has substantial fixed operating expenses, making it vulnerable to fluctuations in project timing and volume, potentially impacting profitability[31]. - The company faces risks related to government contracts, including potential termination without cause and the right of clients to audit contract costs, which could negatively impact revenue and profitability[58]. - The complexity of larger projects may lead to client dissatisfaction and potential contract terminations, affecting future revenue streams[114][115]. - The company may face challenges in integrating acquired entities, which could disrupt ongoing business and increase expenses[76]. - The company may face challenges in managing its administrative and operational processes as it continues to grow, which could harm shareholder value[97]. Investment and Growth Strategies - The company is investing in new technologies and services, but success is contingent on continued demand and effective cost management[36]. - The company is making substantial investments in AI technologies, including Generative AI, but faces risks related to competition and regulatory scrutiny that could affect demand for its services[65][67]. - The company has transformed its service portfolio to focus on digital, cloud, engineering services, and cybersecurity through organic investments and acquisitions[183]. - Wipro's strategic priorities include accelerating growth, strengthening client partnerships, and leading with business solutions[218]. - The company has increased hiring of local employees in the U.S. but faces uncertainty regarding the availability of non-immigrant worker visas, which could impact revenue[55]. Financial Performance and Profitability - The company’s profitability may be affected by increased wage pressures in India and other operational locations[32]. - Wage increases in India may diminish the company's competitive advantage and negatively impact profit margins, as historical wage costs have been significantly lower than those in the U.S. and Europe[86]. - The company’s profitability could be reduced if business growth does not keep pace with substantial investments in new facilities and infrastructure[69]. - The company’s credit rating and India’s debt rating could adversely impact its ability to raise financing and affect operational results[131]. - The company may incur substantial costs for environmental regulatory compliance and other ESG initiatives, reflecting increased focus on sustainability[138]. Regulatory and Compliance Issues - The company is subject to stringent data protection regulations, such as GDPR, which could impose significant fines for non-compliance, potentially affecting financial results[99]. - The company is facing increasing regulatory burdens related to privacy and data protection, with significant penalties for noncompliance under laws such as GDPR and CCPA[103][104]. - The California Privacy Rights Act (CPRA) took effect on January 1, 2023, modifying the CCPA and creating a new enforcement agency, which may increase operational burdens[104]. - India's Digital Personal Data Protection Act (DPDP Act) was passed in August 2023, expected to introduce substantial penalties and compliance costs[105]. - The company anticipates ongoing costs related to compliance with evolving privacy laws and regulations, which could adversely affect its financial condition and operations[106]. Market Trends and Economic Outlook - Global technology spending grew at a slower pace of 4.4% year-over-year in the calendar year ended December 31, 2023, with enterprise software and IT services being the main growth drivers[201]. - The Indian IT services sector is expected to grow by 2% year-over-year in fiscal year 2024, driven by infrastructure management, cloud-based software testing, and consulting services[203]. - Enterprises are expected to gradually improve spending in fiscal year 2025, with a focus on cost optimization and operational excellence initiatives[206]. - The engineering services sector is projected to grow at 7.4% year-over-year, focusing on digital engineering and new product development[205]. - AI-related activities have seen a 2.7x growth in industry collaborations, product launches, and enterprise GenAI strategies, indicating a significant focus on AI for IT service providers[204]. Legal and Liability Risks - The company may be subject to litigation and damages for deficient services or IP rights violations, which could adversely affect its financial position and reputation[56]. - The company may face significant liabilities from security breaches that exceed its insurance coverage, impacting its financial condition[113]. - The company maintains various insurance policies, but coverage may not be adequate for all potential losses, which could materially harm its financial results[116]. - The company is subject to various environmental laws and may incur substantial fines if held liable under these regulations[141]. - The company faces risks related to compliance with numerous legal and regulatory requirements, which could result in fines and penalties[134]. Corporate Governance and Structure - Wipro Limited has over 230,000 employees across six continents, focusing on AI and digital transformation solutions[180]. - The company emphasizes high standards of internal control over financial reporting to maintain investor confidence and comply with regulatory requirements[171]. - Wipro's commitment to corporate governance and compliance has resulted in increased administrative expenses and management focus[174]. - The company is listed on the NSE, BSE in India, and its ADSs are listed on the NYSE, being a constituent of the Nifty and NYSE TMT Indices[181]. - The company has issued US$750 million in senior unsecured notes due in 2026, bearing interest at a rate of 1.50% per annum[133].

Financial Data and Key Metrics Changes - IT Services revenue for Q3 FY '24 is reported at $2.66 billion, at the top-end of guidance [7] - Net income for the quarter is INR 26.9 billion, an increase of 1.8% quarter-on-quarter [45] - Operating cash flows reached $576 million, which is 177% of net income and the highest in the last five quarters [44] - Operating margin improved by 1.8% sequentially, standing at 16% despite seasonal furloughs and salary increases [9] Business Line Data and Key Metrics Changes - Consulting business, particularly Capco, reported double-digit sequential growth in order bookings, indicating strong performance [13] - Revenue in the Americas 1 market unit grew 2% sequentially, led by healthcare, which grew 9% [14] - Revenue in the Americas 2 market unit saw a 1.3% drop, but total contract value for order bookings increased by 46% sequentially [15] - Revenue from Europe decreased by 4.3% sequentially, despite winning four large deals worth nearly $300 million [16] - APMEA revenues declined 5.4% quarter-on-quarter, but margins rose 240 basis points to 13.8% [17] Market Data and Key Metrics Changes - The demand environment remains cautious, with clients focusing on efficiency and returns on investment [12] - There are signs of stabilization and a slight pickup in discretionary spending, particularly in the consulting sector [51][52] - The energy and utilities (ENU) market is expected to see significant investment, particularly in AI and GenAI [78] Company Strategy and Development Direction - The company is focusing on vendor consolidation and adding new clients while growing existing relationships [11] - Investments in AI and automation are central to the company's strategy, with AI components now included in long-term large deals [22][31] - The restructuring of low-margin businesses is ongoing, with a focus on higher-value transformation projects [17][37] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the market, noting green shoots of recovery but emphasizing the need for continued monitoring [51] - The company expects a sequential growth guidance of -1.5% to +0.5% in constant currency terms for the next quarter [33] - Management highlighted the importance of investing in people and processes for future growth, even as margins are expected to improve with returning growth [72][73] Other Important Information - The company declared an interim dividend of INR 1 per equity share [44] - The total contract value for order bookings in Q3 was $3.8 billion, with large deals over $30 million increasing from 11 to 14 compared to the previous year [8] Q&A Session Summary Question: Outlook for the industry and visibility on pipeline - Management noted that while the market has been slow, there are signs of stabilization and a potential increase in discretionary spending [50][52] Question: Performance metrics for Capco - Capco's performance is material for the organization, with strong bookings reported despite previous slowdowns [58] Question: Growth guidance and cautiousness - Management explained that the guidance reflects a cautious level of optimism, considering the current market conditions [65] Question: Trends in deal wins - The majority of large deals are net new, indicating a positive trend in client acquisition [84] Question: Demand trajectory for ENU and manufacturing sectors - Both sectors are expected to see growth, with significant investments being made in AI and GenAI [78][79]