Q1 2021 Wipro Ltd Earnings Call

[music].

Ladies and gentlemen, good day and welcome to Q1, Fytwenty quarterly Investor Conference call for Pro limited.

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I now hand, the conference or what the mix up or not yet vice president corporate treasurer from that broke.

Thank you and or what are your mom.

Okay.

Oh, they want more come to walk to work hard to anyone earnings call, even if they can.

No I tell you get a 45 [laughter] well I find it seems like Oh, well, that's like business highlights as you can actually all of you if we took into or not.

Oh no.

Do you any.

Management team.

Okay, Let me try anything [laughter]. During this call you mean pushing forward looking statement within the meaning all private Securities Litigation Reform Act 1995.

Statements are based on management's current expectations [laughter] look I'm talking about these [laughter], yeah, I'm, sorry, [laughter], where they see this does not undertake any obligation to update the forward looking statements Trust.

Events and circumstances after the date.

The conference calls it yeah.

[laughter] he made available on <unk>.

Okay.

Thank you Uh huh.

Hi, good evening, ladies and gentlemen, it's it's really long before to speak with you today.

Last Monday, Joan we grew as the Chief Executive Officer.

And I'm excited to join we broke and going to do it.

Great privilege to be up to lead we broke.

Such an exceptional global company, we'll see tradable lygus.

I have known we grew as one of the pie in the R&D to industry and over the years I've come to grade you respect in admired the company feeds values.

Lets people.

And its capabilities.

The mobile.

Founder Chairman Mr. <unk> extraordinary leadership.

Oh this company for over 50 years.

And here you know equally exceptional generosity use degenerate.

I have great respect for the work done by embracing Foundation told you don't need age.

Andy.

Today, 67% Economico no Sheeple, we broke adds great the meaning to what we do.

Well I speak to you I mean.

No more pandemic.

We just few borrowing in the strict.

50, your families will be all Paramount concern as we navigate these extraordinary times.

The panic.

Brought about Lasky changes you know ways of working.

I've heard a remarkable stories from our customers a bonus and Cody.

How are we on how we after death, the you'd be man self today and the you don't be table varied and education, we have shown in keeping all promise to customers and community.

Sure Brian.

Well the last few years few weeks I've been spending time.

Well the only started a few days ago I'd be spending time over the last few weeks, we see all he does indeed cross units in functions.

I think a holistic view a call business and better understand all Bolton challenges.

This is if he had defining payout for industry, that's what we broke.

Disruption.

As always being a part of business.

The challenge he's on you, but I know.

We broke columbia's tree of 75 years.

Has no go Khomeini challenges, we then that's going to raise Indians.

I'm showing novation supposed to you all the age is will help us people it and transform.

Finally.

I'd like to state that profitable gross use our most important agenda.

Spiky immediate changes I have absolutely no doubt that we will emerge stronger.

Over the next few weeks working closely with German reshot brain he knows the senior leaders.

I hope to finalize the plan to drive improvements across all these views you know quest to achieving this treaty gross so I look forward to meet doing better than next time with more details on our strategy in vision for the organization.

With that I have you don't go to Jackie voice comments on the business performance and highlights for Q1 21.

Justin Thanks, Thank you very much yielding a good evening, it's great to talk to you all.

You know it doesn't mean, Oh tremendous squad up or all of US I can't talk on the also seemed to go Oh, then we started but why does I think behave very very little visibility as to what we are getting into.

One of the Deltic watches as you thought that the journey.

Thank you.

Do you, obviously know Susan Lucky deal done you look also look what though and then go to pick up the questions.

I want to go lets just highlighting leap up.

Number one.

Employee.

Safety and retina.

They can be done all financial fulfillment and you just beat on demand outlook and parties AMOLED and I couldn't you shouldn't that you announced today.

So let me start very briefly about the video managed auto patient.

Yeah, well continue to work extensively film home.

And any pointing down we go into more than pool called in 2500 be building out offices.

And he has been able to do one seamlessly, including delivering transition, including new limiting too complex development projects, including meeting all actually.

But oh requirements O film home.

Our teams have done a great the well knows on them says do you mean can make that.

Who made sure that yet available for each of the organization has has come out of it.

You need shaking like for like reach out and really.

Oh health and wellness programs, including some sort of counselling simple when somebody needs has and and somebody to golf.

So that's well done my first aspect.

Second I will make let me talk about the financial disciplines.

As you know we delever.

Constant currency 7.5, loosing decline and you know you know on a yard oneo basis.

We declined about 4.4% in constant currency.

Our performance on margin was very satisfactory.

We delivered an expansion operating margin.

By 1.4 percentage points on Oh, no sequential basis, and we delivered.

While 60 appoint 60 basis point to 0.6% on though while you wait a bit.

If you see.

We also done very bad on cash conversion, which is opposed metric we track very closely.

I want to performance on our operating national 197%, all our EBITDA.

And I'll.

Oh free cash flow was hundred and 57 bozen ordinary income as you know we had one month extra sandy last quarter.

And you know we had been benefit in quarter, one, but do you any fight big Big Tobey I think the teams have done do you must give us job to remain very cost conscious and cash launches in adult squad.

I just goes it comes down in the PNM Oh, you know be have.

Oh, a slight expansion of other income mutuals lagged the by the larger golf, but they can you have all cash and he how about $4 billion off cash them basically point pulled back we had last quarter national debt on our balance sheet I'll, let you Diablo slightly high Tech 92.1 person.

Our net income was young young a slight.

And our he is a little it's because we had a buyback as you know in September last last year.

But as good old was 5.7 person you O'neil.

Well, what do you had quite happy with Doe Baby came together and exiting the quarter now let me talk little bit about the demand in London.

Do you mind environment is driven by.

Once we go out as Pcs.

The policies glow.

I can do is collaboration entity cyber.

Yeah, we're also seeing great uptake.

Putting like media.

As Steve on.

Excellent traction for for our did you do operations and platform offerings.

Indisposed Scooby data.

From our sectors standpoint.

Why do we have had a tough quarter, one probably across all sectors.

What specifically the I've seen some stability returning you know it can do motor business unit.

In our Tech business unit and Ah you know what communication business unit.

For those.

We've been watching closely as to how how's the attraction unfolds getting look also khwaja too.

Well the funds from our perspective, we started the quarter rich because I've been trajectory, but we we executed well on many fronts, including on on revenue front to be able to come and then they'd be game.

Now, let me talk little bit up all the acquisition that we announced today. It's a it's eat acquisitions acquisitions are smaller acquisition, but it gives us a good access into northeast drugs in it gives us access into the into new set of customers that we don't have internationally.

So this is retail public to public sector and manufacturing. So this is it's a profitable business, which has been growing rapidly and although all you know it provides us a good eight oh opportunity in gums off.

So seeing this deadline, which is very capable and very very close something to do.

Oh for global business.

Well, what all I think a deemed it real game, but came together quite well in quarter, one or a they set when I started I'd say that when you started via that you maybe just be didnt go visibility as to what's going to getting into but I think they stay together and delivered a good quarter for our partner Sanchez.

So.

With that we have a happy to big nutrition.

Thank you very much so.

Ladies and gentlemen, even I'll begin the question and answer session.

Anyone who wishes to ask a question May press star one onto touched on telephone.

If you wish to move yourself from the question Q, you May press star and too.

Participants other question do use handset quite asking questions.

Ladies and gentlemen, we will feed for the moment when the question do you assemble.

To ask a question please press star and fun.

[noise].

The first question is from the line off so do you go into probably from multi dose of all the financial services. Please go ahead.

I would even at different times looking at opportunity homogenous I mentioned before her especially across 911 was very impressive in fact, because because then even hopped equally quite as one of your thought process on the sustainability of there's a cost structure not much into them. So you look at it more like the one thing I do I guess it cost control.

Are you paying a this would be something which is sustainable going forward.

So did the thanks for your question.

Oh, you know be Oh.

Let me give me a little bit more color, Hey, I think.

You know that three components or am I didn't expansion for quarter one.

One is the operations, which is nearly one person there'd be a you know the elite bank dr. the traditionally but.

Oh, we mined there's a lot or Oh man, it's you laid out people ready bad.

Really head to head to look at what do they do you have been workflows.

We look there.

You know you've seen you'd lasers and improving isn't also raised a improving.

All I think a and of course that there is a component on automation, which is not visible to externally Oh. There's also paid up so what all 18, we did a very good job he's done so managing our workforce Waller requirement.

In an environment that anyway highly uncertain. So there goes one one company.

Second is the of course, that's a very tight watch all every incremental spend that you have to be also loop that existing spent and they'd be able to giving us the book or the Bang for the book as David do you think doesn't equal leap day than if they were not then you're really loved them that those things should continue.

Oh, so that's what appears on person. Another one person is there's been a politics.

And we had begun realty is gonna slightly allows the provision for doubtful that reaches more call as expected the.

They do clause.

This this is driven by and vitamin and not bio specific situation or specific customer or or or or they need any specifics. If he's brought that might oh digit about wind quite so they did about 1.41 0.1 0.4 person you know sequentially I mentioned that deal done.

And as you can see I think they've done well on operations and therefore, we believe that we should be able to keep our operating margin.

And at all then in quarter two Oh.

Also.

He sees that as you already articulated in his opening remarks.

Our.

Our who go to remain growth as an organization.

Profitable growth that you want the wall stuff and definitely we need to making let me leave it to make those investment than that good old is the airports Brad.

And subject to that yes, we will try and keep it can now.

Thanks, if I back I mean has good when you kind of or some other large companies had actually reported very strong north and that's why because led by volcker, let take the contact they can applications et cetera, I. When we did not seem to have gotten a similar benefit is that you could difference in our service offerings in the has and will become a I'm talking to you what part.

So on what it comes right outlook, because I know, what because I was hoping that it.

Yes, I mean, it's hot die pretty close I I thought because I've been part of the accretion and hybrid or regress to be who paid the flipside means they use our global head of <unk> do you.

Oh, so being shared that ER, we do believe that are there the other thing.

Ah once they really being in TV, you, Oh technology, and and so many gauge any don't soap though that it can be in quarter, two oh, there would be used.

We also see what else stability, but are there will be used we will wait and watch Oh, Hello, Dan vitamin console Dr. Vincent so that's the though the sort of comment you don't know there will be used and I was a good bit to to respond on that.

Yes. Thank you.

All right, let me just in mind that you know.

Q4 for US is a high volume seasonal business with.

Actually in our pair segment for opening them.

So we typically expect a little better pressure coming into Q1, obviously Atlas extended Colin.

Mostly volumes are dropping due to patients pushing out there like opinions.

She also translated into soccer loans size, you know paying provider segment.

Medical device and life Sciences losses impact on volumes based on that based on in inbound calls associated with the same procedures.

I would say that our pipeline is strong.

We won a new deals both an existing and new logos.

And any further expanded labeling that clients, especially in the <unk> cloud <unk> and we do Oh, we do you saw a lot of demand for the movie and unusual locations that are looking.

We are watching elections, obviously, a isn't there that could have an impact, especially in our and you see a ah exchanges U.S.

Sure.

<unk>.

Yeah.

Thank you very much.

The next question is from the line off coverage it suddenly jump from Kotak.

Please go ahead.

Oh Gee trilogy. Your line is unrelated you May go ahead with your question.

Yeah, Hi, Oh, you know congratulations on extremely strong margin performance.

Kind of closer to me Hey, sorry.

Yeah, you are taking any question, but if you hit a you know I go first question for me.

Yes, I am I am.

Right So Terry.

Come on board the push that I had though.

First 19 <unk>.

What about Oh, you know getting the pro our backyard.

Apart or getting back there, but actually go with it so what would be up a few parity. So frustrating I feel like where do you do.

Okay understood. Okay. So first first of all I must come first one thing I've been a little bit cheating ways. The concept offers day, because I definitely been working before my Thursday last Monday, and so I PDK did.

Oh, the last street four weeks for five weeks actually connecting with as you know the leadership team connecting with our chairman or reshot premji connecting with the board members and so on so you know I've already had a good time to really get.

Flavor for the business the clients you know our employees better understand the power and the strength of our culture, most all values and so all I.

Having said that the abuse lead a you know starting now are looking at the priorities for as you say the first 90 or 100 days.

No I look at it in a different buckets on the first one we cheese de operation, So I'm someone who likes to jump and dive into the train She's day one.

And so it's literally starting to engage with.

You know our leaders, India operations every day, and and really be aktiv or did they today operations we have.

Are you know a quarter to to deliver all across the street and there's a great sense of attention paid to how we will be dealing with the house and the safety of our employees. So that he is really specific to the current situation where we are.

But also to the fact that you know, it's actually day to day operations for US Yes, the world has changed.

So those are so so does our or the way our day to day operations look like as well.

Several aspect for me is connecting so connecting with our clients I've really started to engage basically on day, one and I'm spending time with clients.

To listen to them to meet them to understand what we are doing and how you know what their expectations are so this is also incredibly important.

Because.

You know I see you know I have great passion for clients great passion for <unk>, you know spending time with them.

And building partnership with them and equally important as you can imagine is really connecting with our employees. So I've also starting to engage and we'll do a lot more of that.

I'm a people person so I'd like to connect you know physically but you know it's okay. In the current environment abuse Lee I need to accept we won't accept the situation and May last so we are using the new Oh technologies to really connect then actually it's working well you can connect with the board.

From different places at the same time, you can jump from one country to another and few seconds.

And I'd be connecting and will connect more with a different parts different groups, you know senior leadership young probationers.

Women Wipro.

Best talents and so on and so on and then obviously why we are doing so we is constantly and then fast you saw on you know, let's grow and and the appetite for deals and clients.

I would work on you know the bigger plan to redefine or to confirm our strategy our vision our ambition for for the years to come and where I can potentially contribute.

To accelerate the gross.

To a build according to a cohesive team and continue to grow top talent.

True constantly challenge status coincide Nobody's Asian.

And see where we can be midmorning, but more efficient more productive.

Have less time.

Internal more time for our clients and four employees and finally, how we can streamline our crosses seasons on so.

To respond rapidly to your question now I would say, it's good to be a good balance between.

You know the need to dive into the operations.

You know and <unk>.

Protect the safety and security if our people and at the same time work on a bigger plan I don't want to jump on conclusions now he told me day seven but work on the Big Atlanta cannot plan that I will come in share with you at some point in time.

Right I just a follow on question TV.

Thank you to treat north right. It's early days or you know what do you think Oh I know withdrew what I've done better now of course, it only seven days for you at Yeah. That's true, but do you have come across it grew as a competitor why the right that gap, So where do you want to guard early toxic and shared.

Yeah, I can tell you one thing.

This is exactly what I will not do a jump, but conclusions and compare with you know a cab Jimmy night I don't want to do that at all because I don't think it's a right up to seven days and I don't think it leads to anything I think I still need to learn and listen and and observer and.

And better and get a better feel they wouldn't be appointing time I will start to draw conclusions.

But what is clear is that you know.

The <unk>.

The <unk> the values of Wipro are completely unique.

The central suppose if we were always completely unique.

This is a global company as you say I've known we pro for you know for 20 years.

Being competing with Wipro for 20 years long, sometimes draw sometime but truly formidable competitor.

And you know what what I would say after seven days is yes, it's a global company, which is an even bigger hawk than what I told you before dynegy in the system. The passion of the employees for the company the love their how we broke his.

Oh for me outstanding and I want to build on that or even though you do you have to come.

That's very helpful. Thank you I'm definitely Olympic suspicion that I've, just one more question because that they're not so based on my you know that Didnt. Just a question on the margin I'm just trying to understand our you know what drove the margin improvement given that your employee head count decline was there any one person you all your blended.

Right.

Back to your volumes that yet, though revenues declined by seven constrain.

This is 70% realization decline I should think a recent that's still our you weigh the nature of profitability and second is that and I also thought back to the employee Boston dollar basis declined by 9% on a quarter on quarter basis, which means that you haven't yet that makes the.

Gave us confidence they shouldn't err on the list are quite aggressively I just wanted to your thoughts on a couple of these assets.

Yeah sure I will speak about the pause so and I, we don't seem like sort of to talk about the second month or so color data that they're not pipes, Oh, I'm, all set wall, which I Unfortunately, not visible externally.

As I mentioned in my opening remarks, you go live date very aggressively no valuable workforce ultra liberal beginning from the one of the quarter. So we weren't able to leverage a lot of internal talent.

Then actually laws are utilized it is number one instead of anybody ever Garland.

I can these are there.

In in some form your utilization need also factored all new laws in new laws, who as you can imagine has been relatively lower for the quarter and Oh pools that also plays into revenue, but that is one of the things, we just get utilization or to come out even back then Baltic wasn't plentiful.

And your colored point on realization I I would say, they're saying that 7% drop is definitely not 30 utilization dropped.

There is a part which is the utilization and there is certainly a bug, which is volumes and as a you would also but he should that entertaining like this no company well how zito volume decline. So we also have held a share of our volume decline and the reason why there is a part which is also do you.

Ladies and.

I want to talk a little beat on reevaluation also realize there shouldn't be because he has.

As a few component as you know that ER wasn't digest component could be price discount.

The second in <unk>, but I will come on onto it at the end, but you know business, which is run at 60% plus fixed price projects.

Oh, there is oh, they're not impact on or on a realization because of the element based contracts that we have.

Are you not in such a business that we have bead based on the elements that we are able to service and you would appreciate that went to eliminate go down when for example, ally's manufacturing phone is not operating it's gone.

There there wouldn't be a deep in the elements, which are serviced by the true.

But I cannot or will need to reduce the stuff from those projects because they're all doing some specific work so serving specific element or deployed sort of specific technology. So element based contract that's going into two there is always oh, so didn't among adult change request.

Additional business that flows into existing fixed base business, which had an impact on realization. This quarter. It has had an adverse impact because because there was a sort of at least in the beginning of the.

Walter as you can imagine a lot of decision, making wasn't books, so think space, where there has got impacted by that I suppose that has been an impact on pricing also but I would say that has been relatively smaller and I'm confident that the valuable part of the realization of Big based project, we should see an uptick as they invited then becomes too normalcy.

During the call. So next couple of quarters.

On a variable pay I would say Oh, I would require sort of to talk about it but I would I would oh I would only make one comment there.

Our operational savings has been significant in terms of Ah W and im done so there might have execution.

Oh compared to the leverage also available days or so to be one Greg some can do.

Thanks, Justin So can we are exactly the when we bought into this is bad.

Talking about true in Q1, you know independent started them, you're looking or revenue impact and costs one of the things weird carload and which we tried to do as far as possible was that you wouldn't minimum wages.

He will be put given that there isn't significant volume drop.

Hello, and good collectively the might also push it come together in this thing.

Like in the previous year for most of our people you heard the.

Given hundred person greater be paid which was paid to them for two for 100% really big which was paid to Ireland, where is the middle or Cindat pandemic in the month of me.

The leadership to the bigger cuts, but we've got to do that people have so.

Got these numbers.

So as the considered as you know superior execution across all costs, better because rather than making it one especially good.

Okay. Thanks, so much and wish him the best.

Thank you very much.

The next question is from the line offers just Sonic from Nomura. Please go ahead.

Hi, Thanks for taking my question mentality that someone buys.

Just a if I if you look at the outlook for some other areas. There's other talk about sequential improvement into Q rights are wanting to understand what are you seeing summer demand, it's but everyone. When do you see recovery coming through.

That's why one on the new discussion by the Hog attraction is improving across flying a and if you can just give it anymore color on what.

Yes. Thank you.

Yes so.

You don't view save that we see stability in.

In quantity.

Or however, you know there the situation is very through it. So it is really I would say $90 plays to to say that you know this is the definitiveness that we've seen that environment, but we certainly see.

So do you know much greater visibility than we had in the beginning of quarter one.

Oh, but having said that it's and it's an evolving environment or water from the mine site.

From from in you know a lot this market in the United States as well as a on a supply side, but a lot of just the deliveries and decide in India. So I don't think reagent position due to two Betty a you know accurately predict works going up I know, we played by the year, but we certainly see Oh greater.

Stability in that kind of what that compared to Q1.

Second our you know from a environment standpoint, we certainly believe that you should see.

We should see enough speaking, but foam and so in the views that I mentioned SBQ that communication.

His those we should should hopefully to back though because some of the lake to so there is excess garbage got pushed out probably they will come back some of the volumes related to that could come back.

Well invest we will will play by the yard in the course of quarter to fishing.

Okay, and just one last question from of the exercise and find the beacon seems to be slightly more BARDA president is fairly decent right and that's fair. So just wondering I understand what you're seeing from a beer besides the sector or maybe some of the competition is starting to see improvement in that caution at least from the culture on whats.

Yeah.

[laughter].

And they should that has been done can you help.

Yep.

Yeah, Okay. So they shipped a this is I'm glad that I need a financial services globally. So let me give you a little bit Hello, Framo, Yeah, Hi standpoint, So Richard as you know you know also the bankers have gotten into this cycle with a pretty robust balance sheet right because no none of the banks want it to be in that same situation I think.

Do you see a global financial crisis, that's obviously, everybody shorting, our balance sheet strength and what that has done is that or you don't need the banks spend a lot lower than what the spending at that so that is one that I don't think I'm certain that the specifically with the unemployment that doesn't it.

And you have like a drop in mention do not biggest market.

People are worried about delinquencies that is one second week, all wasn't going to straight or could even be negative or you know from from a from a bank as well as a the financial institutions perspective, they're very carefully.

In terms of the uncertainties and you would've seen the Ghafar report the Doctor has been cool, but definitely a 4% decline in terms of the spending.

Back.

There are also some green shoots of yet seen a lot of or discussions around a that come side of the bank, where people are spending to cut costs and yet architected and anybody other than that part of media.

But the.

So you know.

Yeah, we would see how it goes.

From some of the Saudis perspective, I think he's done a good job in terms of Q1.

But I think become more piano they'll be able to to give up much better at this situation.

Oh, okay.

Okay.

Thank you very much.

The next question is from the line off Sandeep Shah from C.N.B. Please go ahead.

Yeah, Thanks very much.

And we'll see my first question is to community.

Just to understand as you say north you guys, who lives in the press release that Youre agenda is on coffee table growth.

And Doug will also likely back to school has been lagging the industry growth rates.

Yes, well he's the similar situations how actually in the initial try to eat as compromise the modeling to get so good work going around that the whole why is one of the POS wanted who worked hand in hand and was not able to who were successfully so do you believe how profitable growth and grow turnaround.

Going hand in hand could be like attached critical situation and maybe a difficult task, where do you have to close to compromise or pick up on margin, who get equal don't at all so youre planning to try to get on to see.

Okay. So so yeah, it's a it's a very sure equation.

In my answer I'll be elite Academy, because I think that you know, whereas you can imagine with the.

You know seven days under my belt. Its you know, it's it's just kind of answers require you know specific to the situation of every business, but let's be clear on my priorities.

I am the I will drive an obsession for gross in the organization obsession for gross for growing.

Topline everywhere.

But I I mentioned profitable girls, because I don't believe.

That you can you know.

Negotiate one for the AWS.

This is opposed CBD that maybe one quarter or do you know you get more off one in the last of Yosef decide you know cannot always happen, but on a long term you need to drive both growth and profitability and we can do it or we can do it.

Gross it's talks with gross that's also a one important point you know you you can.

Dr. Brock give it is true cost reduction quarter after quarter, but it's very difficult to drive gross.

If you're not investing and NCR Youre your point on catch 2022.

So it starts with gross Okay. My view is that drive gross it's going to be about certainly high energy absolute focus on that.

I'm ready to focus the R D investments to.

Ah you accounts that matters to us to.

To do you know leveraging the offerings, where we have strengths.

And the industries and to position we have no industry.

It will take to take some bets and we will take some bits and we will be board I mean are going after these bets.

But the focus will be on.

Gross.

Not to do you expense of profit.

Okay. Okay fair enough, thanks, and the second question to get them or just about the modest savings, which Oh. This is also helped by work from home and be locked down but as the growth comes back what percentage of Stephens, which you are what you didn't want to when maybe possible because of a football.

That impacting compute.

You are saying Oh, they looked comes back to normal situation. What is the knockdown situation. There's much more law, but of course is better because right now.

Yes. So so certainly there are certain expenses, we could come back a like for example, yet it at historically low value of cartilage you can see in call financials.

And that would come back as as you you claim back on activity.

There would be but at the same then there would be certain expenses there can be Hello, Hey, Ben you say four for like the how's the quarter or one third of the quarter in quarter, one that will give it's cool that makes it a in quarter. Two so there are some pause it really was also that.

Like centers that will come back which are increasing activity.

Oh I wouldn't do it would be that are commensurate with the additional opportunities then goes that we have seen.

Oh, so in some form you should get anywhere from growth onto the expenses.

But model what will we see that we should be able to.

'cause holiday liver disease in second quarter also on what we can do we remain focused on cost or just a human it's not a one quarter journey.

We'll continue to question all incremental spend that that as needed.

Oh, and we hope to be very clear Oh, it's a need that you don't you build a murder what are different.

Diamond please.

The operating model that go though parity.

And if we are not going she is also looking at every cost item in asking whether in the new well. This is also required or not required. Then we are not doing just just do that cost. So we'll go to look at you know ideas that we couldn't focus imported one in quarter. Two also so I would really put it in people get you know the call segment.

Well, that's boss, which will give full benefits and also the third bucket, where the cost that we have not been able to look good in a short term can we look at it now.

Oh, so those are the cost plays and therefore I made a coming into two big question that you know, we would try and keep it in a narrow band.

Oh of course subject to the investments that we need to make and I think dead, we can compromise and what we need to who invest for growth.

Have you announced when acquisition you feel good who Oh, you know be able to remain focus on on strategic assets that we won't glad that could also be dilutive. So those investments we live in ready open.

Oh, but qualitatively what we're trying to look at can do remain as close as possible to though to the a two to line up or exit.

Oh, thanks, Thanks, and all the best for the management.

Thanks.

Thank you very much.

The next question is from the line off appreciation Dr. from Elara capital. Please go ahead.

Yeah, Hi, thanks, or the opportunity you know a part of the question was on started earlier, but Ah would Lakeland. This 10, a you know how did the demand.

On the you know de bookings played out in June versus man, if there's any commentary or color in terms of the progression could be helpful. Thank you.

I liquids volume would be our chief operating officer too.

Hi.

Yeah.

It's done so deep auto book or what do you have seen haystack, Judy the latter half of the quarter.

We see the but any momentum pick up.

Our I played continue to remain very healthy and you've seen that you know, we also announced a couple of could be.

The Phillies itself.

And ER, what you're seeing you studied the velocity of decision making.

It's still not at the equally levels. However, our order book could be LD.

It has improved year on year and our pipeline is robust.

We're also seeing back in terms of demand the nature of services that we have seen definitely has seen a good pipeline for our offerings on cloud.

In short intact and loved because our customers lysaght able to work from home Intermodally.

Somebody infrastructure services, and our Oh, but they stop they should send platforms ambitious addressing a good momentum and these services along with <unk> and get it isn't ticket instead of just that's down so so what do you see a good momentum or on the order book site ER and no doubt about that I play looks combustion held.

[noise] Ah. Thank you just a clarification you said the book is a you know has increased year on year. If you can also compare it to march or equal the letters that would be helpful. Thank you for taking my question.

Yeah. So are you know black will discuss we don't we don't disclose the individual cited the order book and be a of the PCB lumps, but I can tell you that D. The order book has a into the year on year Oh.

Yes.

Thank you.

Thank you very much.

The next question is from the line off Diviya Nagarajan from yes. Please go ahead.

Hi, Thanks, and congrats on the strong execution in a tough quarter.

Most of my question savvy nonsense, and just kind of last year. He asked a question on a separate perspective if any.

It is in your next they didn't have a span so [laughter] last few yes, the changes that they're seeing indicted that Atlanta.

What do you think are the key trends that you think I'm going to accident because of what's missing and just downtown and.

That's exactly.

I want to hit us that once what is being at a national financial sector has a higher than the last five years and how the fact that hurdle.

Just to mention kits.

Okay. Thanks for the question. So so yeah the.

You know I think we all recognize that the we are you need to three where you really do you have today.

He is not the reality of the day after so things are changing rapidly.

What what you know a couple of trains one we all agree on the fact that technologies more pervasive inside the organization that every companies investing in technology, and therefore, you know enabling technology to address business issues.

What we've seen over the years over the last year's is that there is a growing component of of this technology spend that is being down outside well not not say outside but that is being driven by the business and it's not the only.

Three good if you like by de I'd departments.

Chief Marketing officer, our spending in technology, Chief you know sell so piece a head of operations head of manufacture and they know head office supply chain.

Different function leaders are spending in technology and therefore, it's an evolution you know we need to adapt and abuse sleep be the.

For soft connection inside the company's between the business and de I'd ideas always required absolutely essential to drive scale, and particularly D to all these investments and.

Oh, Yes trade if you like those are the investment on those technologies, but I think it's clear that you know we have to be prepared.

To connect with Cxos.

And very different stakeholders inside companies to engage strategy discussions where technology can play a role.

I think a second by saying you know, it's very clear that.

Are you know the company than I've not invested enough in there a digital transformation over the last years I felt.

The pain.

During the crisis of the last weeks.

And there will be an acceleration of their transformation over the next quarter the level of adoption of cloud into different markets, he's going to accelerate tremendously.

And now without you know not even talking about the potential of you know fiveg.

For a lot of the technologies that we are.

Talking about so I think you know I would say.

That you know the winners email in the industry would be the one who have been able to adapt and shift a the fastest to do evolution of there's demand.

And and and be able to you know come on one side and work with the clients the buttons to drive efficiencies simplify organizations, a reduce the cost of running operations and so on and on deals aside reinvest at least part of these savings too.

No.

A new technology, and new ways of working crude helping creation off or a new revenue streams or through innovation and technology. So it's going to be about being able to adjust being able to accelerate.

Stake as close as supposed to go to our customers and here and get a deep understanding of the challenges of each industry and be able to respond to it.

Services need to be sector specific to address those those needs a those those requirements from our clients.

Yeah. Thanks for that and secondly, my question to earlier comment that you have got danya temporary workforce and they separate them off. The fact that you had at this system because at this downtime.

What what or how would you kind of.

Okay.

Yeah talent and building up the bench as they monetize what I mean that some of that that's anywhere across comes back on do you think that are you happy now.

You know.

Slack in the system, Stan because utilization I think I'd have thought about that [laughter] means that you will have to then we'll chase hiring as demand comes up how should we think about 50 question.

So two we held a right now transition Oh, they literally deals talent in in the company.

Having paid back though you know.

Right now you know as the as as we always say that due to the higher up higher for for revenue. So because there's a need to hire externally we will definitely look at it but Ah Ah those action that we took was was the for the well they're very straightforward.

I would say a straightforward don't make better access kids that are when we when we sold a reduction in come off our revenues some of our own employees became available for the book and if we heard US instead, we feel the liberal with if we could so with all customers we did not meet the.

Also the variables when cooked and therefore, we sort of reviews that really able was broken put out on employee to service those requirements and how easy. It goes up then we have all the channels available for.

Our utilization.

So do you want to add anything yeah, that's too.

One is that you know the geographies the developed markets via when they become Guardian follow and.

That's helping a little more cost perspective.

To our.

Talent available for us as and when demand comes you can quickly could come back when or how does anybody.

It's a win win for the employee Telecom me Youre not going in hiring people Brendan demand comes back or you know getting also come back.

The other one is also whats called sourcing in the top good platform and I'll leave that so that's another grants and you'll see a number of traction among top gear.

In the quarter, we have seen them actually might come back with these two would be right was themselves.

You know when demand comes back.

Thank you know the bank.

Thank you very much.

Ladies and gentlemen, who will take a last question, which is from the line of Mr. Getting <unk> five from near Melbourne. Please go ahead.

Thanks for the opportunity just want to discuss the trajectory of recovery.

You had your best quarter recently, PQ, if I couldnt be for both the just a little less than 2.1 billion.

Hi event do you think you will get back the dock number Justin.

That's question number one second question is regarding pricing.

You see that the first on the pricing trend is behind us.

In one Q or do you see that kind of coming back again in the succeeding quarters.

Yeah, Hi, getting show people that are we.

So so I think it could be a cool equal to two called then then we'll come back to a particular numbers as the theory you mentioned in his opening remarks, and it's up the condition that we'd easily need to a fine stability Oh, but you know what are what I knew it would be duties that as early as possible.

But the focus would be on growth and focus would be on investment and ER and though focused effort.

To get that grows back so not able to quantify that timeline today.

And your second question Watson.

The pricing or do you see that it's kind of so we've seen the most of that or do you see that kind of coming.

Because customer too much of trying to think about their spending plans now that they kind of coming back to office and decide on budgeting going forward or do you think or you would actually see more pricing pressure going forward.

I find it doesn't appear to question you stick and again you have north line from stuff and then huh.

Please.

Okay, we have to align our economy. So you may proceed.

Yeah, so and so give each I was saying that or you don't get worked very closely with our customer and I would look at pricing motors or the utilization for us and as I had said earlier in our you know or another discussion. There's some of the utilization which has got impacted all took starts.

It doesn't.

Oh, yes pricing or will remain a theme in adults here, but our paying dividends always being a little to work with our customer to reduce the due to cost of ownership club customer and not necessarily or make it a you know we lose a equation, but really work towards a win win.

<unk> customer that as well as well.

Thank you.

Thank you very much.

Ladies and gentlemen that was our last question. Unfortunately.

I now hand, the conference over to my closing remarks, but what do you mind.

[laughter]. Thanks for joining the thought they could have taken [laughter] shaken E chapter Investor Relations team have a nice day.

Thank you.

Thank you very much members of management.

Ladies and gentlemen on behalf of Triple Limited that concludes today's conference call. Thank you for joining US and you may now disconnect your lines.