Financial Data and Key Metrics Changes - IT services revenue for Q2 FY 2026 was $2.6 billion, with a sequential growth of 0.3% in constant currency and a year-on-year decline of 2.6% in constant currency [5][12] - Adjusted operating margin for the quarter was 17.2%, an improvement of 0.4% compared to the same period last year [5][12] - Operating margins contracted by 60 basis points quarter-on-quarter and 10 basis points year-on-year, impacted by a one-off charge due to a client bankruptcy [12][14] Business Line Data and Key Metrics Changes - Americas 1 grew 0.5% sequentially and 5% year-on-year, while Americas 2 declined 2% sequentially and 5% year-on-year [12] - Europe returned to sequential growth of 1.4% after several quarters, while APMEA grew 3.1% sequentially and 2.6% year-on-year [12] - BFSI grew 2.2% sequentially but declined 4% year-on-year, while healthcare declined 0.2% sequentially but grew 3.9% year-on-year [12][14] Market Data and Key Metrics Changes - Strong performance in healthcare, technology, and communication sectors in the Americas [5] - Europe and APMEA markets showed growth, with BFSI leading the recovery in Europe [6][7] - Tariff uncertainties impacted consumer, energy, and manufacturing sectors, leading to reevaluation of supply chains [7] Company Strategy and Development Direction - Focus on AI-powered transformations and vendor consolidation as key drivers for growth [8][10] - Introduction of Wipro Intelligence, a unified suite of AI-powered platforms, to enhance client capabilities [9][10] - Strategic partnerships in Europe to modernize operations and improve customer experiences [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth despite current challenges, with expectations for revenue growth in Q3 projected between -0.5% to +1.5% in constant currency [11][15] - Emphasis on converting strong backlog into revenue while maintaining operational discipline [11][15] - Management acknowledged ongoing pressure on margins due to investments for growth but aims to maintain margins within a narrow band [12][22] Other Important Information - The company closed $4.7 billion in total contract value and signed 13 large deals in the quarter [8] - The Harman Digital Transformation Solutions acquisition is expected to close in the upcoming quarter, which is not included in current revenue guidance [15] Q&A Session Summary Question: Thoughts on deal to revenue conversion in BFSI - Management noted that large deal wins in BFSI are expected to ramp up in Q3, contributing to future growth [18][19] Question: Outlook on margins - Management indicated that while there are headwinds due to large deal ramp-ups, operational improvements and forex factors have been positive [21][22] Question: Growth outlook despite strong deal wins - Management acknowledged the positive momentum from large deal wins but guided for a cautious outlook due to potential volatility [27] Question: Client-specific challenges in Europe - Management confirmed that previous client-specific issues are behind them, and they expect growth to continue in Europe [52] Question: Impact of bankruptcy on revenue - Management clarified that there was no impact on Q2 revenue from the bankruptcy provision made [85]