Financial Performance: - Q1 FY '26 IT Services revenue was $2.59 billion, a 2% sequential decline and a 2.3% year-on-year decline in constant currency terms. - Operating margin improved to 17.3%, showing an 80 basis points increase year-on-year. Despite challenges, the company has managed to maintain a healthy margin amidst shifting market dynamics.

Deal Wins and Pipeline: - Wipro secured $5 billion in total contract value in bookings, a 51% year-on-year growth, with large deal bookings reaching $2.7 billion, up 131% year-on-year. - The company closed 16 large deals in the quarter, a clear shift towards longer-term contracts primarily focused on cost takeout and vendor consolidation.

Market Challenges and Outlook: - The macroeconomic environment remains uncertain, impacting demand and causing clients to prioritize cost optimization initiatives. - Despite these challenges, the company demonstrated optimism about the second half of the year, forecasting revenue growth (guidance of -1% to +1% in constant currency terms for the upcoming quarter), driven by a strong order book and anticipated recovery in discretionary spending.