Good morning and good evening, everyone, and a warm welcome to Wipro's Virtual Investor Day 2021. Thank you all for joining us today. We have an interesting lineup of presentations from our senior leadership team, followed by a Q&A. We will start with opening remarks from our Chairman, Rishad Premji, followed by a presentation by our CEO and MD, Thierry Delaporte, who will provide an update on strategy. We will then have five sessions with our leaders, who will provide more context and details on some of our priorities for FY 2022 and beyond. We will take all questions at the slot allotted for Q&A, which is at the end of the presentations. Before we commence, let me draw attention to the fact that during this event we may make certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act 1995.
These statements are based on management's current expectations and are associated with uncertainties and risks, which may cause the actual results to differ materially from those expected. The uncertainties and risk factors are explained in our detailed filings with SEC. Wipro does not undertake any obligation to update the forward-looking statements to reflect the events and circumstances after the date of filing. Thank you and have a nice event.
Good day. Please welcome Rishad Premji, Executive Chairman.
Hello, everyone, and welcome to our investor day. I hope you and your families have been keeping well and staying safe. It's been a year since our last investor event, and it feels great to be connecting again with you. I wish we could have met face-to-face, and I'm hopeful we shall be able to do this soon. Thank you for joining today and giving us an opportunity to share with you the progress we have made in these last 12 months, and to give you a real sense of where we are headed next. I am happy to say that we are seeing signs of normalcy again. In many parts of the world, our colleagues have started coming back to the office, and since the last month, some of us have started traveling again to meet customers.
Thierry was in India in October, and it was his first official trip to Bangalore since he joined in July last year. You will hear more on this from him later, but it was great to have him here and for him to meet some of his team. In India, the leadership team is now coming to the office twice a week. We are opening up facilities in a phased manner and keeping the safety of our employees and the needs of our customers in mind as we plan this. While it is unlikely that we will see a full return to the office, we believe it is essential to reconnect and spend time with each other for ideas and communication to flow more easily, and more importantly, for culture.
Clearly, the future of work will be a hybrid model, and hence building a runway to this future is important and essential. With global restrictions being eased and borders being opened up, I have had the opportunity to travel. Over the last three to four weeks, I have been in the Middle East, U.S., and Europe, meeting our customers. What I hear is that every company is now thinking of itself as a technology company. Where earlier the conversation was, "How do I use technology to reduce costs?" it has shifted to, "How can technology help me create and drive more economic value?" This is a profound shift, one that has changed the whole philosophy of investing in technology from reducing costs and increasing efficiency to driving speed and agility in business outcomes.
New business models like automobile as a service, healthcare as a service, payments as a service, are becoming mainstream. Technologies like cloud, data and AI, engineering and cybersecurity are helping customers navigate their transformation. Our customers are placed at different stages in the technology adoption cycle, and there is enough headroom and momentum in the market for sustained demand of these technologies for the near term. Over the last 12 months, Wipro has done well to serve our customers while operating in this new context. The board and I are very pleased with the improvement in our growth trajectory, the investments we are making while sustaining profitability, and the leadership team that we have built. We have made significant changes in our operating model and our leadership team, and I am very happy to say that we managed this transformation with minimal disruption.
While Thierry will take you through the details of our performance, I would like to leave you with three qualitative messages that I see. The first, we are obsessively focused on growth. We are building a high-performance organization that is outcome and results-focused with high standards of accountability and a sense of deep purpose. Two, we are closer to our customers than ever before, more local and agile through our market unit structure. And three, we are more ambitious, unafraid to be bold, and committed to raising the bar on performance. Speaking of being bold, one big change that we have embarked on is to build a leadership team that is truly diverse, global, closer to our customers, and geographically distributed. I believe that having a truly global leadership team is vital to bring richness of perspective, challenge the status quo, and help us understand and serve our customers better.
The acquisition of Capco is a great example of a step in this direction. We have always believed that as a citizen of this world, our responsibility goes beyond our narrow business interests. Even as we have accelerated our growth trajectory, we are even more committed today towards the societies and communities around us. You are familiar with our ESG framework. In other words, our commitment to environment, social responsibility, and good governance is at the heart of everything that we do. This year, we took another big step towards making that commitment even stronger. Climate change is a complex challenge and a real crisis that humanity is facing today. We at Wipro have always believed that organizations must be at the forefront to address this.
Our climate change program goes back nearly two decades, and this year we announced our commitment to achieve net- zero greenhouse gas emissions by 2040, in line with the objectives of the Paris Agreement. What that means is we will achieve a 55% reduction in our greenhouse gas emissions by 2030 before reducing it to zero by 2040. It is a bold target. Our focus is to drive an aggressive decarbonization strategy instead of leveraging offsets to meet the goal. Our approach emphasizes the importance of not just reaching that goal, but doing so in a way that aligns with our core values of integrity and business responsibility. We have been in the forefront of engaging with communities, especially in the challenging context of the pandemic.
In financial year 2021, Wipro Li mited, Wipro Enterprises Private Limited, and the Azim Premji Foundation together committed INR 150 million towards tackling this unprecedented health and humanitarian crisis arising out of the COVID outbreak. We did this in several ways. We converted our campuses into hospitals, worked with state governments to ramp up vaccinations around the country, and supported livelihoods. Let me expand on this a little bit more. Since March 2020, we have helped over 18 million people through our coordinated and comprehensive COVID-19 response, covering humanitarian aid, integrated healthcare support, and livelihood regeneration. Earlier this year, to deal with the unprecedented second wave, we ramped up our response on multiple fronts. Our approach has been to address short-term emergency response, as well as contribute towards strengthening our public health infrastructure.
The hospital we had set up in Pune in Maharashtra by converting our tech campus into a 450-bed COVID care hospital continues to save lives. We have treated over 6,000 patients there this past year. Our overall healthcare efforts have built capacity and run programs closely collaborating with the public health subsystem to serve geographies that have a population of over 150 million people. We are now supporting multiple state governments on the vaccination program, and the foundation has committed another $130 million for this. This program has so far covered 2,700 primary healthcare centers with an outreach to 72 million people. I'm incredibly proud of the work all my colleagues have done to meet the challenges imposed by the pandemic while also improving our business performance significantly.
As you all know, this year we are celebrating Wipro's seventy-fifth anniversary. We have transformed many times over these years, but our guiding force has been constant: our values, which we call the Spirit of Wipro. As a result, Wipro is recognized the world over as an exemplar of corporate citizenship with the highest standards of governance, ethics, and values. While the Spirit of Wipro is our touchstone, we need to live these values every day through our actions, behaviors, and our habits. These habits define our culture, which is the most important asset of an organization. Last year, I spoke about how I am personally championing the Five Habits, a key part of our cultural transformation.
I have personally spent hundreds of hours talking to our colleagues about these Five Habits and how they impact our culture and our performance, and I am happy to see how enthusiastically our employees have embraced these Five Habits over the past year. We will continue to actively engage, communicate, reflect, and work to make the cultural transformation the heart of who we are and what we do. Last year, we promised that you will see a bolder Wipro, a more ambitious Wipro, and a more responsible Wipro. In these last 12 months, we have done exactly that. I'm incredibly excited with the path that we have charted for ourselves and feel even more confident about the future that lies ahead. Thank you for joining us today, and I hope you have a terrific event. Thanks again and welcome.
Hello, everyone. How are you today? I'm really pleased to have this opportunity to meet you today. Our entire leadership is with you live from Paris. This new leadership team, our Executive Committee, has come together in person for a global offsite. Each of us are ending this week inspired, connected and motivated. Because you see, for those of our leaders who have joined in the last 18 months, this is the first time we've met in person. We got a chance to reboot our relationships and go back to the basics of human connection. Sure, some of us felt that our social skills feel a bit rusty, but we are charged up and ready for tomorrow. Over the entire two days, our Executive Committee deliberated on our priorities and on our future strategy. We debated on how to continue building a culture of growth, of service excellence and of boldness.
We're excited to share some of that thinking with you today. In the next three hours, we'll take you through our business strategy, mark out our ambition, and share the progress we've made so far against the goals that we set out last year. Later, various members of our executive committee will join you to share how we see the future shaping up, and therefore what our priorities will be for the coming year and beyond. Last year we had set out an enterprising and dynamic vision for ourselves. We'd said that we want to be a trusted partner to our clients.
We want to deliver real value to them, help them transform and be agile and inventive, but all the while staying true to our DNA, to our commitment to be a force for good for our people, for the communities around us and the planet we live in. As a company of 220,000 colleagues around the world, a company that is truly diverse and distinct, we want to be a true global leader in our industry, a fast-growing, dynamic and innovative company. We want to outpace the market. We want to continue to gain market share. We want to attract the best talent, not just from our industry, but many other industries too. This plurality is how we will develop nuance, differentiation, domain strengths. That is the Wipro we are working to build.
To that list of ambitions I set out last year, we've made an important addition. We want to be the orchestrators of transformation for our clients. We want to be the orchestrators of modern business success. See, the pandemic has accelerated transformation timelines across all industries. Digital technologies such as AI, big data, IoT, cyber, cloud, have seen widespread adoption and exponential growth. Naturally, this means more complexity, more need for expertise, innovation, speed and flexibility. This is where we want to play. Wipro wants to be the orchestrator of choice for our customers, where we bring together entire ecosystems, technologies, partners, and hyperscalers to solve complex business and technology problems for our clients. It's a place of trust. It's a p osition of respect, one that we will earn. Our priorities take shape from that ambition.
A year ago, we had laid out our five strategic priorities to build a fast-growing, innovative company that is unafraid of reinventing itself. A company that is creating a bold future for itself, for its employees, its customers, and a sustainable future for the planet. We had said that we will focus on winning in our priority markets and sectors by bringing the best of Wipro to our clients, by strengthening our relationship with partners, by leading with world-class business solutions that solve specific client problems, by driving dedicated focus on talent, and finally, by radically simplifying our operating model to build a more agile company. We've done all this and then some more. In the last 12 months, we have pursued our strategy relentlessly and with single-minded focus. If you ask me, between us, I think we've outpaced the goals we had set out.
I feel very proud of what we've achieved and very grateful to our leadership team and all our colleagues around the world who have made it possible, who have believed in our future, made Wipro's vision their own, and delivered for our clients with pace, attention, and honesty. I know I can speak for my leadership team when I say that our early successes have only made us more ambitious, more energized to take our company higher. In more ways than one, I feel we are a slightly different company now. You may think I'm biased to feel this way, but I hear our customers, they say that. You know, I still continue to meet many clients every week, and I hear from them the change in Wipro they say they are experiencing today. They speak of a more connected and agile Wipro. They speak of risk-taking.
They speak of proactive problem-solving. They speak of a Wipro that they like. This is who we are today, and I will not shy away from saying how proud that makes me. How did we achieve this? How did we execute on our five key strategic priorities? One, we accelerated our growth through focus and scale. We prioritized specific sectors in our chosen markets and have gone deeper into areas we believe we have strengths in, doubling down on investments there. Such a differentiated investment strategy has led to strong revenue growth, not only across our top markets, the U.S., the U.K., but also across markets that had not been growing. The Americas have always been our growth markets, and we continue to consolidate our position there. Four out of seven sectors in the Americas grew at a compounded quarterly growth rate of over 5%.
Europe, markets such as Germany, Switzerland, Benelux, are growing significantly faster at an 8.2% compounded quarterly growth rate over the past four quarters, and that's organically. Asia Pac, Middle East and Africa, which was a degrowing market for us for many years, has started showing positive growth as well. The second thing we did to turn around our company was to strengthen our client relationships and our partnerships. You've heard us, talk about our unrelenting focus on clients and partners. This has meant strengthening our relationship with strategic clients, investing in our key partnerships, focusing on proactively shaping and winning larger transformation deals, and continuing our inorganic run with strategic mergers and acquisitions. On this first anchor of our growth, that is strengthening relationship with strategic clients, our teams have doubled their focus on existing clients and streamlined our investments in frontline sales.
Account leadership is a key enabler here. One-third of our global account executives are new. They are senior leaders brought in from the industry who are building connections, trust, and delivering excellence to our customers. We are therefore growing our strategy clients at a faster pace. You saw us probably report strong growth in our top 10 customers, whih grew at 33% year-over-year in quarter two, ahead of the company's average. We have added four more $100 million accounts, and greater than $50 million accounts have gone up from 39 to 44. I can share with you here that 80% of the $30 million and plus deals were in our strategic accounts. This shift we feel is the start of a significant move, one that I believe will continue.
Like I mentioned before, I hear this from our customers about the new Wipro they are experiencing. They see us as being more confident of what we have to offer, more sure of where our strengths lie. They see us bringing fresh and innovative ideas and executing them. Our customers are seeing the One Wipro in action. Now, this brings us to the second pillar of our growth, strategic partnerships. Wipro is co-investing, co-innovating, and co-creating with hyperscalers and industry-leading platform players to drive leading-edge solutions. Together with our partners, we are seeing great traction in areas like cloud-led modernization, AI, machine learning, industry and context-specific digital solutions, and cloud-native architectures. We have hired senior leaders to strengthen our partnership organization. Every one of our partnerships are now led by senior leaders that we trust and respect.
You can say that our focus will remain firmly on our hypergrowth alliances. We now have a credible approach together with all our strategic partners, such as AWS, Microsoft, Google, Salesforce, SAP, ServiceNow. We are committed to scale each of these partnerships into large and strategic businesses for us and for them. We are developing ambitious plans and go to market together with them, and our strategy positioning with each of our partners continues to improve. A great example here is with SAP, where we have now moved to be in the top four in terms of the number of certified consultants. Another example is with Salesforce. We've been recognized as leaders by ISG in their Salesforce implementation services providers' Magic Quadrant. There are other examples, of course.
In the last 12 months, we have launched the @nowStudio in partnership with ServiceNow, the Wipro-Google Cloud Innovation Arena in Bangalore, and the Wipro AWS Launch Pad co-innovation center in São Paulo, Brazil. We plan to launch many more immersive studios across the globe going forward. All of this is demonstrated in the traction we are experiencing with our partners. Our order book in actual contract value terms has grown 80% year-on-year in the second quarter. Across our top six partners, that's AWS, Google, Microsoft, ServiceNow, SAP, and Salesforce. Now to the third pillar of growth, which has been our focus on large deals. As you know, the demand environment continues to be very strong, right? Our pipeline, which is highest in recent past, is a clear reflection of that.
The total contract value of our large deals has grown 80% in the past four quarters. We signed one mega deal each in both of our largest markets, that is the Americas and Europe, with both having the potential to reach $1 billion in each of their contract durations. We have strengthened our large deals team under Stephanie Trautman, our Chief Growth Officer. We have brought in specialized expertise there, colleagues who have excelled in this area. This team focuses on sourcing large deals from the market via advisors and consulting channels. They work together with account teams to shape up new deals, provide much-needed solutioning and commercial expertise. I'm confident that our participation and win rate of large transformational program will accelerate. Finally, the fourth pillar of growth is inorganic.
Mergers and acquisitions are an integral part of our business strategy because acquisitions help us leapfrog in strategic areas. In the last few quarters, we have closed several acquisitions in the U.S., in Europe, Latin America, Australia, and India. These acquisitions have either strengthened our local presence and enhanced global capabilities or significantly improved our positioning in key markets and segments, or both. Our acquisition of Capco, Wipro's largest ever, has been a great strategic move, I feel. It has improved our ability to participate in larger transformative deals in the financial services space. This acquisition has been incredibly successful to date. We have brought our two organizations together in the right way by delivering a more comprehensive set of services together to shared clients. Capco's financial performance is really robust, and I continue to be wowed by the talent and the mindset of this team.
You will see that this has worked. We've won 20 deals, I believe, in the first six months of the transaction closure. I have asked Lance, as the CEO of Capco, to consolidate the capabilities of Wipro and Capco at our largest, most important clients in order to lead with the domain expertise of Capco, supported by Wipro's technology capability and capacity. This will drive even stronger connects with our biggest clients and begin the journey towards a more sophisticated and comprehensive go-to-market approach for the longer term in financial services at Wipro. Lance and Angan will join us to shed more light on this, along with a more detailed view of our financial services ambition and how we're leveraging the combined strengths. Our acquisition of Ampion has strengthened significantly our cybersecurity capability and deepened our presence in the ANZ market.
Our acquisition of Eximius Design has strengthened our engineering leadership across product life cycle management, semiconductor, software, and system design. 4C has widened our reach in Salesforce solutions in Europe, while IVIA has bolstered our presence in Latin America. Finally, Encore Theme, in addition to Capco, has made our priority sector financial services even stronger. All this has meant that we've created an organization that is obsessed with understanding our customers better, serving them with speed, and investing deeper in their success. As a result, we have improved our quarterly growth trajectory consistently. On an organic basis, we grew at a compounded quarterly growth rate of 4% in the last four quarters. Our annual revenue run rate has surpassed the $10 billion mark with secular and broad-based growth across markets and sectors.
The pace of growth in the past four quarters is visible when you note that $2.4 billion of this run rate was added in just the last 12 months alone. Now, let me switch focus to something I had alluded to earlier, but is very, very critical to how we move forward. I spoke about how we want to be orchestrators of ecosystems, technologies, and solutions. We aim for this because customers are no longer looking for system integrators alone. They need orchestrators that deliver value through holistic solutions that leverage technology, but also industry expertise and partnership. To align to what the market needs, we have invested in building business solutions that can deliver business outcomes that we are ready to commit for our clients.
We have launched Wipro's FullStride Cloud Services, which integrates our consulting, these industry-specific and technology capabilities along with our Cloud Studio assets. The cloud ecosystem, which is about 30% of our revenues at the moment, grew at a four-quarter compound quarterly growth rate of 6%. Our cloud-related pipeline today is 1/3 of our total pipeline. That's very encouraging. Of course, we will continue to make similar strategic investments in high-growth areas such as data and AI, cybersecurity, and engineering services. We continue to accelerate investments and focus on building industry-specific solutions and services. This is reflected in the strong performance of our domain and consulting services portfolio, which recorded a 6.5% compound quarterly growth rate.
We will also continue to invest and accelerate our domain capabilities and assets in identified themes, which align with the core transformation needs of each of our key sectors. Our industry-specific solutions and services leverage the combination of Wipro's IPs, domain, and technology expertise, and are aimed at solving client challenges. I will share two areas that demonstrate this. The first one is in financial services, where Wipro has invested in capabilities, solutions and partnership creation around specific industry big bets areas where we see our clients driving digital transformation initiatives like revenue growth, cost transformation, customer excellence. Some of the big bet areas where Wipro has built a strong proposition include core banking transformation, payment modernization, building digital bank on new industry stacks, front to back office transformation for asset managers, insurance underwriting and claims transformation. The Capco acquisition deepens and expands our capabilities in the sector.
Again, Angan and Lance will share more on this. The second example I want to share is from the oil and gas industry. A platform we have developed in partnership with Microsoft and the innovation ecosystem called the Open Subsurface Data Universe. This platform aims to provide a next-generation data management standard to ingest upstream data for exploration and production, leveraging cloud, Wipro, and ISV solutions. Here we are bringing the best of Wipro's capabilities and assets in partnership with our strategic partners to deliver in an as-a-service model. All this is reflected in the performance of our fastest-growing portfolios of next-generation emerging services such as cloud transformation, cloud security, edge and data transformation, digital experience, which actually accounts for almost 20% of our revenues today.
We grew at a compounded quarterly growth rate of over 10% across the last four quarters and 47% year-on-year in the most recent quarter. We recognize that what is growing today will be legacy soon. That's the nature of progress. We will keep challenging ourselves to stay ahead of the curve. One factor that is critical to such a step ahead will be talent. I had shared in our previous interactions that talent will probably be the most important priority for the industry, Wipro included. On the back of an organizational restructuring, we have made substantial progress towards a talent transformation. We now have a contemporary and diverse senior leadership, including in our client-facing global account executives. We have moved our leadership closer to clients. 60% of our leadership are in the local markets with increased proximity to our customers.
We have inducted over 50 new leaders from the market into the senior leadership team, and about 80% of them are in market-facing roles across our priority markets. Our leadership team has a good mix of lateral hires and internally promoted high-performing leaders. Throughout our organizational transformation, we have continued to reinforce the spirit and the values of our company. We have also relentlessly focused on improving the diversity of our teams, one that truly reflects a global organization at all level, including the leadership. Consequently, our diversity is up by 15%. We have hired over 90 women leaders in senior leadership roles in the calendar year so far. There is a long way to go, but we are resolute. On the capability front, we continue to invest in building world-class talent in growth hotspots.
For example, Wipro employs over 80,000 cloud professionals, and more than 10,000 of our colleagues are now certified by leading cloud service providers. We have access to more than 1.6 million data science experts through Topcoder, our crowdsourcing platform. We have bigger plans for Topcoder still. We are evolving our Topcoder platform to become the talent cloud, one that will enable enterprises anytime, anywhere to access top-tier accredited talent from across the world. At the same time, our Topcoder platform will provide the individual talents with the world of options. Similar big plans in the area of artificial intelligence too. Today, we employ more than 40,000 trained professionals in AI. Over the last few months, we have built a workforce of 7,500 specialists in the cybersecurity area.
We call them Cybersecurists, who not only bring in cyber technical expertise but are subject matter experts in industry-leading vendor solutions. Tony Buffomante, our cybersecurity leader, will join us shortly to talk more about this. As you well know, every industry, including our customers, are facing high employee churn and attrition. Wipro acknowledges this new talent reality, and we've adapted quickly to the new world of work. In a demand-driven environment, our ability to build talent will become a differentiator. We have invested in freshers intake. During the quarter results, we announced that we plan to add over 25,000-30,000 freshers in the next financial year as well. Employee engagement and experience, rewards and recognition, and reskilling opportunities will remain central to this plan. Saurabh will share more on this.
It will be a miss to say that our company's purpose and values render us well in the eyes of our employees. Our deep resolve to improve the communities we live and work in is really appreciated by our employees. That differentiates us, and something I'm very proud of. Rishad spoke about earlier today too. We are committed towards creating and enriching careers for every one of our employees. Now, let me take a pause here to give you a view of how we have transformed ourselves into a nimbler organization. As you know, last year, we had promised to simplify our business structure into four market-facing P&Ls and two global business lines. We drove this massive organizational change in three months' time, and this new structure went live in January 2021.
Well, 10 months later, I'm pleased with the way the model has shaped up and the stability it has provided. I'm encouraged to see how our employees have also embraced it. The simplification has resulted in a strong focus on growth, client centricity, and in agile ways of working. This has, for example, been demonstrated in our strong CSAT ratings. The reduced number of P&Ls have in fact increased collaboration and productivity. We are also relentlessly driving a cultural transformation with great attention and sponsorship from Rishad and myself. We want to build an organization that not only focuses on skills and capabilities, but one that is bold, modern, one that drives a high-performance mindset, nurtures diverse ideas and teams. That's a winning culture. Another element of our simplified operating model is about driving delivery excellence.
Core to this is our focus on workforce transformation, program management, and the new ways of working that is enabled by our 4M framework, which is Model, Method, Machinery, and Mindset. Model is about driving a global, distributed, and boundaryless ways of working. Method is about agile and onshore. Machinery is all about leveraging our AI and automation assets, such as HOLMES and Digital Rigs. Finally, Mindset, which is about problem discovery, customer intimacy, constant learning. As part of this transformation journey, we believe organization change management is a critical function. We have built a world-class change management team that is at the forefront of driving change management and transformation for our priority initiatives. The charter of this team is to institutionalize organization change management as a strategic asset.
The focus is to drive effective engagement, communication, training, coaching, developing vibrant communities, fostering new ways of working, and implementing best-in-class frameworks and tools that actually drive change impact and readiness. We've also created a post-merger integration team, much needed investment commensurate with our M&A aspirations. Lastly, we are investing significantly in scalable internal systems to drive efficiency and productivity. We have incrementally invested 0.3% of our revenues into process and IT transformation, driving automation, security, and simplicity across processes. This will continue into the year ahead. What I have said so far comes from my pride in what we've achieved so far, but I'm that much more excited about the current market opportunity. We see a strong market in the near and medium term. The pandemic has definitely accelerated transformation timelines.
Digital technologies such as AI, big data, IoT, cyber, and cloud obviously remain at the heart of this. Our clients are in different stages in that transformation spectrum. Digital natives are looking at scaling their digital products and platforms, while digital transformers are looking at laying the foundation and developing internal capabilities in order to accelerate their journey. Digital beginners are looking to optimize their current estate. It's fair to say that cloud adoption is at the core of almost all IT transformation initiatives, and our clients have been turning to us for help with this. Cloud, data, AI, cyber, and engineering will continue to remain top of the agenda for our clients, and therefore for us. The demand for these transformative technologies will continue to be robust in the years ahead and will swing to being more supply-driven.
While the technology landscape evolves, talent will continue to be the hottest currency. Compensation will no longer alone attract talent. Employees want to work for companies that serve a larger purpose beyond revenues. They look for commitment towards the environment and social responsibility. While we are proud of what we've achieved so far, we know we still have work cut out ahead of us. I will close by sharing with you our priorities for the next 12 months. First, we will continue to accelerate our momentum and our ambitions through our continued focus on clients. Our growth will come from large deals and by expanding our market share of more than $200 million and $300 million accounts. Second, talent will remain a strategic priority for us. We will continue to focus on attracting and retaining the best talent in the industry.
We are absolutely committed to providing a great employee experience. We are ready for the future of work, and we are ready to invest in the careers of our colleagues, whether through engagement and community building, risk-taking opportunities, or our rewards and recognition programs. Three, we will continue to invest in building capabilities and solutions across growth hotspots like cloud, data, AI, cybersecurity, engineering, so as to become the orchestrators that drive transformation for our customers. Finally, we will continue to invest, refresh, renew, and scale our portfolio of services to drive greater value. When combined with our operational excellence, driving profitability stays a priority. I do want to close here, but I want to say that we are very focused on building a winning culture and running our business with a larger purpose.
We want to take bold steps, make firm decisions, adapt quickly, and help make the world around us a better place. As we walk this journey, thank you for your support.
Hi, I'm Lance, CEO of Capco. I'm incredibly excited to be here today with Angan to talk about Wipro's financial services business and more specifically, the union of Capco and Wipro. Let me ask Angan to say a few words of introduction.
Hi, I'm Angan Guha, and I lead the Americas business.
I'd like to start by setting the scene and describe what we see as the developments and buying patterns in the financial services industry. We strongly believe that the new combination of Wipro and Capco in our financial services business is absolutely and clearly aligned to the transformation that is underway and accelerating in our industry. You all know how financial institutions are adapting fast, not only to meet new challenges after the past 18 months, but now also to become permanently more agile and flexible to meet the needs of more sophisticated customers. Agile financial services businesses that can move quickly and stay close to their customers will prove resilient not only to changing customer needs but also market disruption. Our customers are moving quickly to fend off new entrants. In the face of this industry transformation, Capco is extremely well-positioned to assist.
The demand we're receiving for our services at Capco and for our combined services is strong evidence of how well we are positioned in this market. In Capco, we have delivered eight consecutive quarters of growth, and we believe we've grown at almost twice the rate of our competition. Now, together with Wipro, our joint alignment to the market and our clients' specific needs is amplified. With Capco leading Wipro's presence in the financial services market, we are now perfectly positioned to offer a new at-scale partner to the world's largest institutions, to firstly advise on strategy and identify disruption and challenges through deep domain expertise and secondly, to design and implement rapid and relevant solutions for our customers. Capco, together with Wipro Financial Services, is a new powerful services provider to help customers enable change in meaningful ways to create resilience.
At this time of exponential change, those who move fastest and those who are the most agile will win. We believe the rewards will go to the brave, and we want our clients in partnership with Capco and Wipro Financial Services to win. Given the dislocation in the FS market, the rationale for the Wipro-Capco union is clear. Clients are asking for more. More advice, more domain expertise, and for partners who are able to advise, design, and implement their futures, partners who share their vision for a transformed industry. Capco and Wipro Financial Services are moving rapidly and successfully to be able to offer this type of partnership to our extensive portfolio of global clients. Together, we are moving rapidly to offer holistic transformational services powered by innovative technology and capabilities at scale. Capco helps the biggest financial services institutions to solve their most complex challenges.
We've delivered standalone digital banks from scratch. We've created flexible and scalable global change functions. We've advised on the most challengin g issues and built industry-leading wealth platforms. Wipro brings extensive and deep IT and technical capabilities and know-how at scale. Together, we now will deliver meaningful transformation through integrated scaled solutions from ideation all the way through to execution. Our clients have responded, and we have together won significant business, in some cases, meaningful and large-scale digital transformations. You will hear today from Angan Guha about some of these deals. It's important to also mention Wipro and Capco's shared values and principles. Our cultures differ. However, we found more similarity than differences since coming together, and this is proving to be a very strong foundation for future success.
Ultimately, bringing together two different yet complementary ways of thinking will help us deliver better value, competitive advantage, and greater agility for our clients. Quite simply, together, Wipro plus Capco brings a trusted partner to the financial services industry. For us, the strategy, therefore, is simple, and we will execute it. With Capco spearheading demand, we are building a highly responsive, client-centric financial services organization, and by so doing, creating a new challenger in the transformational services market in financial services. Our combined global scale will allow us to adapt quickly while providing trusted delivery certainty for our clients. Together, we're a financial services business approaching $4 billion in annual revenues with more than 9,000 consulting professionals with deep financial services domain knowledge.
In partnership with Wipro as Capco, we are now equipped to offer more comprehensive solutions for our clients, thereby reducing complexity and offering a Capco-led, domain-rich innovation and implementation to our clients. Finally, and what will never change is our passion for the FS industry, our energy and ambition, and our commitment to put our clients at the heart of all our solutions to always deliver the very best outcomes. Of course, in bringing our businesses together, we've been very careful to ensure the continuation of Capco as an independent brand and business. I will continue to lead the Capco business, and we will work together with Wipro to not only seek immediate client and business synergies, but also to create a very strong connection between the businesses.
We've worked so hard so far to design and implement a system whereby we are collaborating through a very disciplined and structured go-to-market together. We intend in the near future to deepen the connection between the organizations, with Capco leading the relationships with our largest shared financial services clients to continue to position the combined businesses as a market challenger now at scale. Angan will now explain how we are working together right now and also give you some of the examples of the deals and wins that we've achieved during the past six months. Over to you, Angan.
Thank you, Lance. I will now talk to you a little bit about our shared go-to-market approach led by our combined strength in financial services, leveraging the power of our union. We've created a strategic-focused go-to-market approach across all our clients. We have categorized our clients into four distinct segments, accounts where Wipro is strong, accounts where Capco is strong, accounts where both have reasonable presence, and finally, the hunting accounts. We've defined a common vision to serve our clients' transformation objective in the best way by bringing our complementary capabilities to bear. Together, we are running industry campaigns that showcase our joint capabilities in areas such as core modernization, payments, risk and regulatory compliance, sustainability, operational resilience, to name a few. Some of the transformational value propositions include data, cyber, cloud, and customer experience.
Now, all of the above is structured as a program with strong governance structure in place to oversee and manage our sales approach and activities with great discipline. As you have seen from our performance over the past couple of quarters, we've delivered market-leading growth and improving our wallet share in the financial services sector. A clear sign of our shared success has been the fact that we've been able to win deals which we would have not won as individual companies. Capco's deep industry expertise is helping us compete better in accounts where Wipro is doing well. Similarly, Wipro's transformation services capability is helping us win large consulting end-to-end transformation deals in accounts where Capco is doing very well. Our deal conversion rates have improved, and our pipeline is at an all-time high.
In the first six months of this union, we've jointly won 22 deals in 15 clients globally. On top of this, we've got another 45 strategic deals across 20 clients. Our clients are seeing tremendous value in Wipro Capco serving them jointly, which resonates well with our original rationale at the time of the acquisition. Now, to add some color to the success that we have created, let me walk you through some shared wins that we have had. Our first shared win, represented here, is with a tier-one U.S.-headquartered bank where we implemented Salesforce on cloud. Our client was looking for a partner with business and technology experience across customer originations as well as the sales channels. We were able to bring this deal home by leveraging existing Capco experience and strong relationships in the client's retail portfolio.
Equally, Wipro's Salesforce accelerators and experience in doing similar kind of work with other clients. Our second shared win is with a U.S. Fortune 500 financial services institution offering a wide range of financial products and services. Here again, our client was looking for a partner to drive automation, better end-to-end user experience, faster implementation timeline, and reduced deployment cost. We were able to get this deal done by bringing in great domain capability in functional areas, and that complemented by our expertise in automation, workflow tools and outcome-based approach, won the deal for us. Our third shared win is with a leading French online private bank which mandated us to build a new bank on the cloud. Our client wanted a partner who could help implement new ways of working, train the client organization to be more agile and build a new digital bank.
Again, with our unique combination of Capco's consulting capabilities in digital banking, executive relationship, coupled with Wipro's expertise in building cloud-native digital bank-in-a-box, played a huge part in securing this win. Our fourth shared win is with a global wealth investment banking firm where we were mandated to drive transformation of their finance function. The client here was looking for a partner who could drive business transformation with focus on delivering operational efficiency and reducing regulatory breaches.
In this case again, both Wipro's long-standing relationship, strong technical capability, and the ability to drive end-to-end transformation, coupled with Capco's deep understanding of the client's treasury and product control function helped us winning this deal. I hope between Lance and I, we've been able to give you a good view on how we have progressed in our financial services business over these past six months. Happy to take questions.
Hi, I'm Stephanie.
Hi, I'm Rajan, and I'm here today with Stephanie Trautman to talk through how we are helping companies achieve resilient business outcomes as they undertake their transformation journeys. 12 months ago, I spoke about our commitment to deliver industry-relevant business solutions. Our simplified organization and integration of consulting and technology practices has strengthened our ability to construct these solutions effectively and at scale. All this in context of increasingly accelerated and ambitious client agendas. Having to work from home, sell digitally, and operate remotely has challenged long-standing norms in client organization about how they operate and how value is created. This has undeniably expedited digital agendas for our clients along two broad journeys, and hence, these two focus areas for Wipro. One area where we focus on building and scaling a future-ready and cost-efficient IT.
The second area where we focus on organizations where business leaders are fundamentally revisiting and rethinking how they create value in the future. Based on industry research, 55% of cloud services spend by 2024 will be driven by organizations seeking to innovate and thrive in cloud, as against 45% by those who are looking to cloud just for efficiency. Those innovative organizations are essentially seeking to build new business services that tap into the ecosystem economy. We are ideally positioned to help these clients identify and realize new ways to operate and compete through our integrated domain and technology capability. To give you an example of this, we are currently building an end-to-end banking and services platform with one of our cloud service providers for a commercial bank with a big ambition.
Together, we are creating a new digital relationship bank for the client and blending cloud and financial services ecosystem technologies so that our client can reach and serve certain banking segments in completely new ways. In this example, and many others, clients need Wipro's end-to-end capability and our assets to manage complexity of navigating up and down and across many different business domains, technology platforms, and their multiple partners to orchestrate value and deliver business outcomes. As companies build new products and services on cloud, they need to constantly deploy new functionality for their end customers and distributors and employees as fast as any fintech firm or healthtech firm out there. This means working in a persistent thinking and doing cycle.
As we see organizations seeking to operate and innov ate in new connected ways, we are partnering beyond just delivery of programs to focus on partnering our clients to deliver business outcomes. Our Think-Act-Do model underpins how we organize as business partners for our clients. Here, we build longer-term relationships with customers and tightly align visions and outcomes structured through a highly governed and co-managed engagement process. In this construct, our role is more akin to a co-platform owner or a business partner as we bring not only our capability to bear, but work on skin in the game commercial models to make business thrive. All this requires a concentrated and unified effort across all of Wipro's capabilities and expertise, and this is one key driver behind the launch of Wipro FullStride Cloud Services. Stephanie will talk in more detail about it.
Let me briefly tell you how that focus comes to life for our clients through our cloud studios. Our cloud studios have been a strong differentiator for us over years. Through Wipro FullStride Cloud, we have evolved the studios beyond cloud for efficiency to clients who want to exploit cloud for capability. We are seeking business solutions on cloud. We have aggregated our business and technology expertise, IPs, and cloud ecosystem under one umbrella. 75,000 Wipro cloud professionals and 10,000 certified Wipro cloud partner experts are now aligned across 11 studios, ranging from London to Sydney to Dallas. As organizations seek to operate and grow in new ways through cloud, we have identified teams aligned with core transform needs in each of the key sectors we operate in.
Together with our cloud services and industry platform partners, we are building industry-specific and resilient solution stacks that leverage the combination of Wipro's IP, domain, and technology expertise to orchestrate value in new ways for our customers. It is this tight coupling with partners and clients and end-to-end capability that has enabled us over the last year to add to the Wipro client community. The first example is of a retail client in our consumer portfolio, where we have signed a deal to become a strategic digital and IT partner. Our role here is to create a future-proof digital foundation for the business, and this transformation program encompasses everything from cloud data center services, workplace and network services, along with application development and operations. As a strategic transformation partner, we are building the enablers for growth as well as establishing the digital foundation of a new linear IT operating model.
A second example I would like to take is of a global telecom company that's recently awarded Wipro a large contract to define and build completely new operations on cloud. They want to realize superior customer expertise and grow in their B2B and B2C market segments. As we orchestrate this new telco cloud stack alongside our cloud services partner, we are also bringing together our telco domain experts, 5G engineers, and data and AI expertise in one tight collaboration. In this instance, we are bringing together 10+ product partners and our cloud service partner to jointly realize this business transformation program. I will now request Stephanie to take us through the rest of this presentation.
As you can see from the examples Rajan just mentioned, clients need a partner that can bring the right capability, deep industry knowledge, and well-orchestrated partnerships to help them truly realize the business potential of technology. We've always been a long-standing cloud services pioneer. This year, though, we've launched Wipro FullStride Cloud Services to take full advantage of our One Wipro capability. As we couple our Wipro and Capco industry and consulting expertise with the right mix of services, including engineering, applications, infrastructure, data, and security, just to name a few, in a seamless fashion, we ambitiously build deeper relationships with our clients and our partners. FullStride is the engine that brings all of that together, Wipro Services, our cloud partners, and our industry platforms in one place to help our clients thrive no matter where they are on their cloud journeys.
To do this, we've aligned our investments across marketing, sales, delivery, and partnerships. As you can see, the market is taking note. You've most likely seen the FullStride press release, the follow on media, and the recognition of Wipro by the analyst who placed Wipro as a leader in cloud. We were excited to launch FullStride, making sure our clients and our partners were aware of the breadth and depth of Wipro's capabilities, the hyper-personalization in our solutions, and our commitment to continue to invest significantly in cloud. What we've appreciated most is the recognition from our clients who continuously trust us to help them orchestrate their critical and complex cloud and digital journeys. To fully orchestrate the seamless delivery of FullStride Cloud Services and the promise of the digital enterprise with our clients, our new formation has an impactful role to play.
We align our capability under one global structure, and our Wipro fabric means that our capability is closer to our clients through our four delivery hubs. Our 4M framework brings the best of our automation tools and assets together to continuously tighten the intersections through a model, method, machinery, and mindset framework. It means we can quickly and effectively assemble and coordinate the right expertise, and it enables us to orchestrate and integrate solutions efficiently. This handle on efficiency and quality is crucial in today's demanding market. Our ambition is to be the top choice for our cloud services providers and to engage with them to deliver on the promise of cloud. Today, they're often in the forefront of the discussions with our clients.
As we look ahead, we're shifting the traditional alliances model to a business plan approach, where with our partners, we can jointly develop sector-specific and highly personalized solutions for our clients. Under the global ecosystems and partnerships, while we focus on the CSPs, we also bring together the appropriate broader ecosystem of partners needed to address our clients' core challenges. Our industry expertise found in Wipro and Capco aligns with the strategic direction of our ecosystem partners, allowing us to prioritize specific industry solutions and build new underlying business architectures which are leaner and more innovative than today. For example, our team's working with one partner to realize the new benefits leveraging the combined power of digital twins, AI, and cloud to completely rethink and create new value streams for certain key sectors.
In a second example, one ecosystem partnership involved Wipro, a cloud services provider, and an ERP partner, and we've streamlined the lead-to-cash workflow for a major e-commerce multinational. We've enabled a substantially leaner, lower cost operating model and innovated the underlying operations of the business. This is the promise of FullStride. In July, we announced a $1 billion investment in FullStride Cloud Services over the next three years. This more holistic approach to what we invest and how we invest it to stay ahead of the market. It allows us to focus our people, assets, and capital around the core needs of customers as they seek to thrive in cloud. This approach includes investing in skills, assets, and delivery, much as we've done to date with the Cloud Studio. It's more.
As we deepen our partnerships with our partners, they too are investing in us and with us, including joint training and upskilling initiatives to scale the talent in key areas and in key markets. Equally important, co-investments to create joint industry cloud solutions and solve very specific client challenges. We're doing all of this under a tight governance process that guides our decisions and optimizes the value of our investment decisions. It's through these careful investment choices and focus on value orchestration that we've grown cloud at two times the Wipro growth rate in the past 24 months. Our confidence is that we will retain and accelerate this pace in the future as well. As we look ahead, the investments I've just described will enable us to do more of the exciting work Rajan and I have described for you today.
It's this kind of work and the investments we are making that excites our people to innovate, attracts great talent to Wipro, and actively engages our partners. Together, we can help our clients' businesses thrive. With that, thank you from the both of us, and please stay well.
Hello, everyone. I'm Subha Tatavarthi. I joined Wipro as the Chief Technology Officer earlier this year. The Office of the CTO has one clear goal to enhance Wipro's position as a dominant technology player into the future, generating value and fueling growth for our customers. This is a key part of our effort to build a bold tomorrow for Wipro and our clients. This Office of t he CTO is focused on trends and technologies that'll be top priority for enterprises in the next three to five years. How do we plan to do this? We believe building the right competencies earns us the right to play and gets us that seat at the table. New capabilities in emerging areas and a customer-centric approach gives us right to win in the marketplace.
The Office of the CTO is working on strategies to build industry leadership position in the chosen technology areas for the three to five-year horizon. These strategies include incubating and growing new practices and building unique assets and platforms that our customers will benefit from. Our R&D teams are focused on developing key technologies to enhance our strategic positioning in the longer term. Adoption of new technologies has been an indicator of human progress. To understand what technologies will see wider adoption, we need to look at the human context of the era. The past century was about meeting basic human needs, improving productivity, and the quality of life. Enterprises focused on time and labor-saving products, exploiting the technologies of the era.
In the last two decades, we turned our attention to digital connectivity that helped us overcome physical distances and to democratization of information, which made the world's knowledge accessible to everyone. Enterprises have created and participated in digital marketplaces and communities where people were able to connect, communicate, transact, buy and sell goods and services. The Internet, cloud, IoT, and mobile had been the drivers of this era. We believe the decade we are in will be about addressing the need for exploration of individual potential and awareness of one's footprint. We call it the rise of the individual. In this decade, the devices and not people will be the main users of connectivity, and enterprises will focus on connected devices, digital products, and services targeted towards an individual that are personalized, empowering, and adaptive.
Technologies like AI, mixed reality, metaverse, blockchain, and tokenization will provide necessary capabilities to build such products and services. While technologies like multi-cloud, edge computing, 5G, 6G, and network slicing will provide the infrastructure capabilities needed to deliver them to anyone on the planet. We found that current technologies and trends evolving to support the rise of the individual are in a number of different ways. Ubiquitous connectivity now allows everyone and all things to connect with one another, regardless of space and time constraints. We have more devices connected to the internet today than people, and this number is expected to go up in the next five years from 13.8 billion now to as many as 30 billion by 2025. Digitalization of data and emergence of tools to harness it are making enterprises information-rich.
Inexpensive compute and abundant storage are making it possible to store and manipulate this data at a granular level. This is also enabling the use of AI and machine learning algorithms to extract insights, sense situations, and make autonomous decisions in near real time. It is, in turn, enabling concepts like ambient experience, where technology will follow you as opposed to you trying to access it. Technologies like blockchain, distributed ledgers, and tokenization are helping build trust and privacy into systems. This will drive further decentralization and democratization. Increasing capabilities of computing systems will necessitate us to go beyond the current security and trust paradigm and explore technologies like quantum-safe cryptography and homomorphic encryption. These technology drivers are collectively influencing the drive towards what we call the intelligent technologies. Move towards flexible workforce practices during pandemic has given workers who were once tethered to their offices an ability to work from home or from anywhere across the world.
This trend will continue, changing our preferences from traditional methods into a far more efficient collaborative system of accessing and deploying talent. Intelligence technologies are also helping us address the issue of sustainability in a comprehensive way and enable the transformation of environmentally responsible businesses into sustainable businesses. How are we building new capabilities around intelligence technologies? We will focus on five key areas to address these emerging technology and enterprise needs necessitated by the rise of the individual. We will evolve our Topcoder crowdsourcing platform to become the talent cloud that will enable enterprises anytime, anywhere, anyhow, access to top-tier accredited talent from across the world and provide the individual with the world of options at the same time.
We will create a foundation to build autonomic systems that are context-aware and can handle tasks in an automated manner, intelligently adapting to new situations they have not encountered or trained for before. Such capabilities will help enterprises efficiently and effectively address the needs of an individual at a global scale. The systems we will be investing in today and in the future will have enterprises, individuals, machines, and devices interact and transact physically and digitally in a seamless manner. We are developing capabilities to address challenges of scale, performance, reliability, security, privacy, among others, that enterprises will need to address in order to enable these interactions with digital and connected physical products. As technologies supporting network virtualization and disaggregation mature, we will have tools to develop networks that are intelligent, dynamic, and responsive to the needs of applications and services that are using them.
With investments in development of assets and capabilities in these area, we are preparing to help enterprises build new generation of responsive digital services. Most importantly, it is important to secure and build trust in everything we do, digital or physical. We will invest in developing competencies, assets, and capabilities that will help establish this trust across ecosystem through management of identities, reputation, privacy, and data security. With our investments in these five strategic areas, we believe that we will be prepared to help our customers compete better and drive hypergrowth. Thank you.
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Hello, everyone. I hope you and your families have been keeping well and safe. It feels great to connect, and I'm confident that we shall soon be able to meet in person as well. I'm thankful for this opportunity to share with you our talent strategy as we accelerate our talent journey. Let's reflect a bit on the past year and a half. Our industry has witnessed several challenges. Labor markets have changed. Companies have gone public, stating their commitment to new ways of working. Employee-employer relationships has undergone changes and so on. At Wipro, we move to the new operating model, reduced layers, built efficiency, and created an agile organization. I will share three trends that we believe are shaping the narrative for our industry as we move into 2022 and beyond. First is changing client expectations. Clients globally are on a committed path of digital and business transformation.
Reality is that growth will be driven by next gen technologies. Shifts in client expectation implies an increase in demand for certain capabilities and skills, while sunsetting legacy skills and capabilities. Second, a high demand environment. The changing profile of demand, combined with the high demand environment, necessitates the need to transform the talent strategy. Demand for talent outstrips the supply at this point, and the situation is likely to continue unless we think innovatively and disruptively. The third trend is the changing employee expectation. We are in the era of the great resignation. The pandemic has changed the way people think about their priorities. Employees are likely to align with the employers that value flexibility, well-being, commitment to society, and are inclusive. Clearly, the pendulum is shifting. Employee preferences have changed and for good.
Our strategy aims to address each of these trends while being firmly anchored in our values and strategic priorities. Our strategy reflects our business strategy and is anchored on four pillars. Organizational transformation is the first pillar. It's about building the right organization with the right leaders. Our second pillar is top talent at scale. It's about building a strong, sustainable technical talent pipeline that will power our growth engine. High-performance culture, the third pillar, is focused on driving a high-performance culture through continuous process and systemic changes. While the fourth pillar of our talent strategy, hybrid, is about providing flexibility and control to employees while anchoring them firmly to the Wipro values and culture. Organizational transformation is the most important aspect of the talent equation. We are deeply committed to building the right type of leadership that is diverse, global, and closer to our customers.
We have hired some exceptional leaders who bring in these diverse perspectives as we power innovation and growth. For us, markets are the epicenter with the four primary P&Ls supported by the two GBLs. In line with our operating model, our leadership is now closer to our customers, with 60% of our senior leadership in overseas locations. Hiring has been primarily for market-facing roles such as GAs and country heads. We are committed to create an inclusive and diverse organization. In the past 15 months, our ethnic diversity has increased by 15% and gender diversity has increased by 40% among leadership. On top talent at scale, as I spoke about it, the labor markets have changed, and we believe that the one way to mitigate the attrition challenge is to create adequate supply along with reskilling of existing talent.
At Wipro, we have been doing both at a rapid pace. Campus, both technical and non-technical, continues to be an important aspect of our talent strategy. Fresher hiring will continue to be a strong source of talent. We are accelerating fresher intake across different programs to build a sustainable talent pipeline. Our plan is to onboard 17,000+ freshers in the current fiscal and 25,000 in the next year. Engineering talent forms the core of this industry. At Wipro, we have excellent learning and development opportunities for fresh engineers to chart their careers. We have reimagined the technical campus hiring program with a view to enhance attractiveness and increase retention awards, an integral part of any talent management strategy. Our refreshed rewards program for freshers will now include consistent salary increases via performance-based bonus and an increment program. This is in line with a high-performance culture.
Our operating design and role-based approach provide the right impetus to individuals to take on challenging roles and chart a meaningful career for themselves. We have leveraged technology to provide an enhanced onboarding experience globally and drive better efficiency. We are committed to attract, develop, and retain best-in-class talent and are moving in the right direction with a well-thought-out comprehensive strategy of building top talent at scale. Our third pillar is creating a high-performance culture. With the strategic priorities and the new operating model, we will drive an even sharper focus to ensure that talented individuals find it meaningful and fulfilling to work at Wipro. Our strategy calls out the countries, sectors, and technology landscape in which we want to contribute. This growth ambition provides a clear line of sight in terms of roles and careers that employees can take up.
We have already embarked on a culture transformation journey, which is being led by our chairman. Wipro values and the Five Habits lay the foundation for building this high-performance culture. We continue to differentiate aggressively while rewarding and recognizing top talent competitively. We have ensured sharp differentiation at all levels, which has ensured more promotions for top talent. Stocks, both time and performance vested, are integrated into total compensation of every senior leader. We concluded two increment cycles for our junior bands and one for mid-senior bands in this calendar year and created disproportionate differentiation for high performance, 2x for the top talent. The last pillar on future of work. Research estimates that 73% of workers want flexible remote work to continue.
However, 67% are craving for in-person time with their teams, and 30% of the employees consider switching employers if requested to return to fully on-site work. Hybrid will be the future. At Wipro, we believe that coming together is an important aspect of work life, which inspires innovation and builds relationships. We need to construct management and employment models around the new norm to ensure we deliver a superlative employee experience. I will highlight key principles of Wipro's hybrid work approach. For colleagues working from client sites, we will align them with a client hybrid model. For colleagues working out of Wipro offices, we'll adopt a one team approach, and team members working on the same project can come work from office on a designated days of the week and then work remotely for the remaining days.
Our model will be flexible to accommodate extended remote work for employees in special situations. We believe that this approach will help employees experience the culture, build social capital while providing them flexibility and aligning to changing employee expectations. As a start, our leaders are leading the way for return to work. Currently, we are having fully vaccinated colleagues coming to office two days a week, and the results are very encouraging. In summary, I would like to leave you with a few thoughts. We have been building talent at scale for decades and will be relentless in our pursuit for hiring, developing, and retaining a global, diverse, and talented workforce. Our deep understanding of the industry and the talent market gives us the confidence that we are on the right path as we firmly implement our talent strategy.
We'll continue to raise the bar on performance, and this will be supported by a nimble, empowered role in career architecture, competitive and differentiated reward strategy, enabling a high-performance organization. We understand and appreciate that employee preferences have changed for the good, and hybrid is the future. We are committed to provide a superlative and inclusive employee experience as we transform to a hybrid workplace. We have a strong and committed leadership that is leading this transformation from the front. We take inspiration and encouragement from Wipro's core purpose and values that have been the guiding light for the past 75 years. I am very excited on the course we have charted and enthusiastic about the future. Thank you for your time today.
Cybersecurity takes more than just keystrokes and code. It takes an elite team of Cybersecurists, specialists with over 25 years of expertise developing, designing, and implementing award-winning cybersecurity solutions. Cybersecurists do what others only promise. Building adaptive architectures with intuitive tools that actively monitor and test their own defenses. Infrastructures that respond in real time to secure backdoors and third-party entry points, impenetrable firewalls, unbreakable encryption codes, heightened visibility into networks and remote devices. Cybersecurity at Wipro is next generation cybersecurity, made real by more than 7,500 active Cybersecurists who pair speed, scale and efficiency with training, management and delivery to match the needs of business today with the future needs of tomorrow, all seamlessly integrated without interruption. This is the expertise of security in action. Wipro cybersecurity by Cybersecurists.
Wipro's Global Head of Cybersecurity and Risk Services. You know, you've heard earlier in the discussion around our overall strategy for talent management at Wipro. I want to take a little bit deeper dive into our cybersecurity business, what we call cybersecurity by Cybersecurists. Let me start the discussion with talking a little bit about our business imperatives that we see in the marketplace today, the challenges that our clients are going through. We'll talk a little bit about how we're addressing those challenges by building talent in our cybersecurity business, the components that we think makes up a well-rounded cyber practitioner. I'll tell you how we get there. How do we work through not only the acquisition, the development, but also the retention of that talent in our business as well. We'll finish with some key outcomes.
If we jump right into what are our clients dealing with today, I think what we've seen in the marketplace is a pace of change like none other. You know, how dynamic the threat landscape has become with nation-state actors, right? With organized criminals trying to infiltrate businesses and organizations alike. That's on one side of the equation. The other side of the equation is post-pandemic, organizations are trying to get closer to their customers. They're trying to do more self-service, right? They're trying to automate their processes, trying to take advantage of new technologies. These things all have a cybersecurity impact. We have to play this balancing act between helping our clients enable their growth and defending their operations from the bad actors. Right? Whether it's implementation of emerging tech, the movement to cloud, right?
Trying to deal with the new regulatory landscape, all putting those pieces together, in a cost-optimized way is what's really critical for us to help support our clients on their business journey. What we've done at Wipro is continue to invest not only in talent, but also automation, to be able to create the next generation security solutions for clients. Things that are not only going to help them today, but also as they change their processes tomorrow. Let's talk about what those skills are. When we think about cybersecurity practitioners each and every day, working through not only defending those operations, but trying to help our clients achieve their strategy and their business objectives. It's a combination of things, and I'll tell you, it's an uncommon combination of things.
Typically, when you think about cybersecurity practitioners, you think deep technical skills, right? You think about hands-on keyboards. You think about coding and keystrokes and so forth. I'm here to tell you at Wipro, we believe cybersecurity by Cybersecurists encompasses a whole broad range of capabilities on our teams and our practitioners. Right? It really starts with business acumen. Right? Understanding what those business strategies are, you know, what those processes are that are so critical to moving the organization forward and applying an industry-based lens onto those processes, right? You think about highly regulated businesses like banking, financial services, healthcare, energy and the like. Those all have very specific regulatory ramifications for cybersecurity. We need to be able to make sure that those are embedded into our solutions each and every day as we help our clients.
Certainly the functional expertise for the things like identity management, right, things like monitoring, things like data security, all of those deep functional cyber areas are critical. Couple that with the technical expertise of running the tools, developing the tools, and in fact, you know, not only running our own tools, but also working with alliance partners as well. Right? Getting certified on those vendor solutions that we're helping implement in the client's environment to either mitigate or monitor those risks. We think it's critical to make sure that all of our practitioners understand the higher purpose of the work they do. This is about giving back to the cyber community, things like open source sharing. And it's also about helping, you know, clients in the communities that they serve, make their organizations safer and ultimately their customers as well.
These are all aspects of what we call cybersecurity by Cybersecurists. How do we get there, right? If I look at, you know, the top stage of the ladder here, you think about senior talent acquisition. You've certainly also seen some inorganic movement from Wipro over the last 18-24 months. That's critical for us to bring in new talent to the organization, right? Lateral specialist hiring as well. You know, we continue at all levels of the organization to bring in talent from the likes of organizations, people in industry, you know, people that come from Big Four, Big Six backgrounds, people that are ex-chief information security officers. It's critical to be able to combine that expertise to have a holistic team that can solve our clients' problems.
If I think about freshers, you've heard earlier about what a big part of our strategy that is making sure that we continue to build and grow on the talent off the campuses around the globe. Critically important for us, we'll touch on that one just a second when we get into our fresher boot camps, walk you through that in detail, but also tell you it doesn't end there. This is about experienced hire training as well, helping people grow in their career to the L1, L2, L3 levels of their competency and making sure they continue to move up our career architecture. That's including certification programs. You can imagine things like cloud security, all the hyperscaler certifications, different vendor certifications for things like identity management and monitoring and data sec.
These are all critical for making sure that our folks continue to stay on the forefront of not only where technology is today, but where it's going tomorrow. This all comes together from a career architecture standpoint. Learning development programs, step-by-step programs that help folks grow not only from a technical skill perspective, but what I call a human skill perspective. You know, how do they continue to build those relationships, build that business acumen, right? Understand, you know, how to make sure that we can meet and exceed our clients' requirements the right way each and every day. Now let me walk you through our fresher boot camp program that I mentioned earlier.
Now, this is a recently revised six-week program that helps organizations, as soon as they get off the campus, start to build those technical and human skills that are going to help them throughout the arc of their career, right? It starts with week one with an intense campus to corporate program, learning the Wipro culture, right, starting to understand the Five Habits, understanding organizational dynamics, and how we work with clients each and every day. That blends into consulting one-on-one course, right? Where we understand how do we gather requirements from a client? How do we understand their pain points, their issues?
How do we make sure that we are able to articulate the value proposition that our clients are looking for, whether that's helping them bring new clients to market or new products to market, whether that's new services that they want to bring, M&A perspective, whether it's cost that they want to take out of the organization. All of these things we pull together and make sure that folks understand how do I link the cyber implications of this back to that business aspect that we talked about earlier. You know, certainly the security domains, right? We've talked about a number of those. There's very rigorous structure around each of these functional domains. These folks then become what we call certified information system security professionals. That's a great base foundation of their knowledge as they continue to drive forward in their career.
They migrate to one of our functional specializations, right? Are they going to be someone who is deep in identity and access management? Are they going to be deep in governance risk compliance programs? We start to take a deeper dive training into the functions and the technical skill sets required to deliver on those engagements. Those include vendor certifications. I mentioned those earlier, right? We have a tremendous amount of partnerships, where we're helping to make sure that our folks maintain certifications at the highest levels for each and every technologies that they may run across in their career. That ends in a job shadowing exercise, right? Where they can get real-world experience of how these engagements go each and every day. The interview process, the documentation process, how we gather requirements, how we code, how we implement and test, and so forth.
This all happens prior to them getting engaged live on a client's environment. You know, they jumpstart their career incredibly quickly when they come to Wipro and get on that journey to becoming Cybersecurists. You know, I'll wrap this up by saying, you know, the pace of change I mentioned earlier that our clients are going through is like nothing we have ever seen, right? Our clients' ability, right, to drive forward their business objectives in a world where we've got increased regulatory pressure, right, we've got increased threat landscape from a cyber perspective, right? We have the emerging technologies that come out, come at us every single day, right? Our ability to blend those two things together takes not only methodologies, frameworks, automation, but it takes the quality talent that we bring to our clients, right?
Cybersecurity by Cybersecurists. When we do that with the appropriate acquisition, development, and retention of those folks, we bring tremendous outcomes, not only to our clients, helping them achieve their objectives and mitigate those risks along the way, but to our people, right? We give them meaningful work, right? We help them continually learn and adapt and change their skills, right? Ultimately, we walk them through a career path that continues to help them grow, as they continue in the arc of their career. I hope this is a helpful deep dive into how we build cybersecurity talent at Wipro. Thank you very much for your time and attention.
Good morning and good evening, everyone. Hope all of you are doing well and keeping safe. I'll be covering two aspects of our business today. One, the financial performance which ultimately leads to value creation. Second, our focus on ESG, which is really at the heart of all that we do in our business. Last year, we had spoken about four fundamental pillars of our value creation. First was to accelerate our growth trajectory. Second was to sustain our margins. Third was about cash flow generation, and fourth, the payout to our shareholders. I will share an update on all four aspects. First, let me talk about accelerating growth trajectory. We had said that we'll improve our revenue growth trajectory. It is very heartening to note that we have grown at 4% CQGR over the past four quarters organically. We completed our largest ever acquisition of Capco and Angan covered, we are very encouraged by the early success.
As a result, we surpassed a significant milestone of revenue run rate of $10 billion. On the second pillar of profitability, we are happy to report that we have sustained our margins at the pre-pandemic levels, demonstrating the excellence in the execution of our strategy. The growth is secular across all markets, as you can see in the slides, sectors and global business lines. While our top two markets of U.S. and U.K. grew at an accelerated pace, we also note that the other priority markets in Europe, such as Switzerland, Benelux, and Germany, are gaining scale. While the growth is returning to APMEA moderately, we can certainly cover more ground to perform market potential. We are making progress in our recent investments, including the acquisition of NPN, is helping.
Our growth is well supported by our order book. The order booking for the last 12 months has been very robust. We are winning more with our strategic customers. Both engines of our growth are firing, hunting and farming. Our greater than $100 million customer relationship moved from a low of 11 to 15. Similarly, we added five more accounts in $50 million bucket. On profitability, tremendous improvement in many of our operating metrics is visible. Metrics such as offshore revenue mix and utilization are visible in this chart, but other factors that have contributed include higher productivity in fixed price projects, continued effort on automation, efforts on improving price realization, building the right pyramid, and finally, rupee depreciation.
While we have remained steadfast in our efforts on continuous improvement in operating metrics, we are continuing to invest in our growth hotspots, talent, and our frontline sales. To give you a sense of quantum, our Q2 margins factored 2%-2.5% of our revenues in these investments. They include both M&A and organic. As you know, free cash flow has always been a very important metric for us. The gross cash on our balance sheet was $4.3 billion, and net cash on the balance sheet was $2.7 billion. This was at the end of Q2 2022. The board will continue to look at our cash balance, evaluate the use for M&A, which is now more central to our growth strategy, and decide the future payouts.
We crossed $50 billion mark in our market cap, and that was really heartening. It recognizes the validation of our strategy and execution. This milestone is a testimony in true sense to the relentless hard work, passion, and commitment of all Wiproites. As we look forward, our priorities will include as follows, driving accelerated revenue growth, sustaining our margin even as we invest back in the business, rigorously converting cash, and finally, deciding an optimal capital allocation. I would like to take a minute to discuss another priority that was always important, but now gaining urgency as well. ESG is at the center of everything that we do. Net zero by 2040. We will achieve this by reducing our carbon footprint drastically and scaling the use of renewable energy and focusing on decarbonization through our value chain. That brings me to the end of my presentation.
Thank you very much for your patient hearing, and we'll take your questions after the break.
Welcome back. The program will begin shortly. Welcome back. The program will begin shortly.
What if businesses could play a role in creating a humane, sustainable, just, and resilient future for all? They can, and we do. Sustainability is at the core of our responsibility to humanity. That's why we're proud to announce that we've committed to reaching net- zero emissions by 2040 and reducing current emissions by 55% by 2030. We must take bold actions to protect our environment and to remove as much carbon from the Earth's atmosphere as we emit. As members of Transform to Net Zero and the Open Footprint Forum, Wipro brings expertise in technology, strategy, design, consulting, digital, and operations to help transform our customers and sectors to sustainable business models, products and services. New tools such as AI, the IoT, and the cloud means our ambitions to achieve sustainability are unlimited.
We develop transition design for our customers, as well as circular design, which creates products and services that no longer have a life cycle of a beginning, a middle, or an end. Our solid commitment to helping businesses create long-term sustainable solutions, products, and operations will help to ensure a future that belongs to everyone. We aspire and are committed to helping our planet to Transform to Net Zero .
Welcome back, everyone. Now we will be happy to take your questions.
On chat from one of our investors. How is the demand environment for CY 2022, and do we have a sense of client budgets?
You know, thank you for your question. Obviously, you know, this is st ill early maybe to tell about the budget. They are not finalized for most of our clients. But frankly speaking, what we are seeing across industries at the moment is that the demand continues to be very strong. I mean, we do not see slowdown. We see high demand. We see a lot of programs that are being kicked in, that are being launched and augmented and developed across, you know, companies on many front. To your point, I would say, the market continues to be a very strong market with very high demand.
The next question is from Girish Pai.
Girish, please go ahead. Operator, maybe another one.
Please unmute. Okay, we will go to Divya Nagarajan.
We can't hear anything.
Divya, unmute your mic. Please ask your question.
I'd love to be able to respond to a question.
Caller, please unmute your mic.
Ask the next written question from here. Yeah. Ask the question.
Thierry, you spoke of a possible.
Yes.
A large acquisition in a media interaction. Usually, we've seen firms turn to large acquisitions when industry growth is slow. In such a buoyant demand environment, why is Wipro talking of large acquisitions?
Well, thank you for the question. It's a pleasure to have a question to answer. We've been very clear last year when we laid out our priorities for the years to go that M&A was an important part of our strategy to really help us, you know, augment, scale up, but also really shift position in very strategic areas. It can be specific markets, it can be specific sectors, it can be around, you know, strategic technologies and solutions and offerings. We've done six acquisitions in the last one year, including, as you know, Capco, which is the largest ever. What we are saying is that we continue to drive this strategy, which is to continue to play and use the M&A front, if you like, to leverage and accelerate in those areas.
We stay open to opportunities for larger acquisitions. Those things are binary. You know, we will continue. It depends on the opportunities that we see, but certainly we will not shy away if it makes sense from a strategic standpoint. Okay?
Thank you, Thierry. The next question is from Nitin Padmanabhan.
Yeah. Hi, good evening, everyone. Hope I'm audible.
Very good, Nitin. It's a pleasure to hear you.
Super. Wonderful. I had three questions. The first was on banking and financial services. Thierry Delaporte recently sort of mentioned about you know, increasing propensity for core banking replacements. I think the highlight of that was JP Morgan sort of going ahead with Thought Machine. Just wanted your sense of what you're seeing in that space in the U.S. in terms of core banking replacement. Is it still sort of something that keeps eluding us? Or do you really see some moves in that space that'll actually start becoming significant over time? That was the first question. Shall I go ahead? I have two more. Or shall I?
Yeah. Go with your three questions, and then we will address them.
Sure. The second one was on cloud. I think Rajan mentioned that there are two phases. The first is obviously the transition to the cloud, and the second phase may be harnessing the cloud by building new ecosystems. Do you think the second phase will be as offshore delivery driven as phase one? Finally, I think IT services, the IT industry, we have always seen a pendulum from insourcing to outsourcing. Do you think the next phase where you'd actually see building out new ecosystems, post transition to the cloud, do you think that that will involve a little more in-source kind of a sort of a move versus what we are seeing today? Those were the three questions. Thank you.
Okay. All right. Thank you, Nitin. What I'll do is the following: I'll hand over the first question around BFSI, FS market to Lance. You know, maybe just one word before doing so. The FS market is in a you know strong momentum. There's high demand. We see it across the spectrum, frankly, and across markets as well. That is my you know comment on the overall market. Lance will be more specific around your point on the core banking transformation programs. For your question around the cloud, Rajan, you'll take it, right? The last one, I'll take it, and I'll start with this one now, which is your question on you know the evolution between or the pendulum, if you like, between insourcing and outsourcing. What do we observe today?
Companies across industries are accelerating the journey, the transformation journey. They're investing more than ever in cloud, in digital, to become more agile, to be able to and connect with new type of customers, develop new stream of business, but also be more agile, more productive, more efficient, simpler, nimbler. Those companies are like us in a market where there's high demand and where there's a growing pressure on talent. In this context, I'd be very surprised to see an evolution of the pendulum from where it is to a more insourcing. Because at the moment, our clients, you may have some cases where it makes sense to do it, and we are the first one to really help them drive this evolution if it is the right thing to do for the business.
In most of the cases, they actually need us more than ever because precisely they cannot find a solution by themselves. Yeah? That's for the question three. Lance, point one.
Yeah. Thanks, Thierry. I mean, for us and certainly in the U.S., where I think your question is based, but also globally, what we are not seeing currently is a huge demand set in respect of core platform replacement and the investment demand that's required to drive that. What we do see, however, in respect of transformation from our clients across the globe and in the U.S., is that BFSI financial services clients are definitely in a high demand mode. They want to transform their businesses, but they want to do so in new technologies. Automation, digital banking, getting close to the consumer and so on are very strong themes in this regard. Core replacement is there.
There have been and always will be clients such as the one that you mentioned that will determine that's the correct path for them to go forward. In respect of transformation, that theme is very strong from our clients. We're looking at a number of very large deals in this regard. It's all about the new technologies and all about leapfrogging their competitors coming out of the last 18 months and into a stronger market. Thanks, Thierry.
Lance, thank you. Now, back to the question number two, around the cloud, Rajan.
Thanks, Thierry. Thanks, Nitin, for your question. You know, the two journeys that we talked about, number one, getting to cloud, and second, thriving on cloud. Thriving on cloud most certainly will have a lot of co-innovation, co-problem solving. It will require us to have our strategy, design, and technology teams all coming together and co-creating with the client so that desirability, feasibility, viability all is solved at the intersection. Having said that, strategy and design teams will be much smaller than technology team in terms of sheer size. Second, if there is anything this pandemic has answered for us or taught us, it is that work can continue to happen from wherever you are.
I do not really expect us to have any fundamental shift in onsite-offshore ratio as the second journey, which is really what I think over the next two to three years will be the driving journey for our clients, really takes off. I hope I've answered your question, Nitin. Thank you.
Thanks, Thierry.
Rajan, thank you.
Thank you, gentlemen.
Thank you, Nitin. Next question.
The next question is from Manik Taneja.
Hi, good evening, everyone. I hope I'm audible.
You are, Manik. Please go ahead.
I had a question for both Thierry as well as Jatin. Some of your peers are talking about expanding operating margins over the next few years. Just wanted to pick your brains on this subject, and if you could talk about the puts and takes on the different operating parameters here, as you think about the business. Thank you.
Absolutely. Thank you, Manik. Thanks a lot. So I'll go ahead, and Jatin, you'll build on what I say. Manik, what we've said to the market and our strategy has been all along over the last 18 months that, you know, we are driving a growth strategy. We are investing in areas that are going to drive growth in the future. This is a play on you know, it's a market share game play for us. It's really about accelerating in these areas. What are we doing at the moment? We are indeed, you know, very active on the market front, definitely. We are investing into areas that will make us stronger in the future. However, we continue to work to maintain a sustainable level of margin. Jatin, you want to add something?
Yeah, sure. So Manik, as Thierry spoke about, you know, we are constantly driving a delicate balance, and the delicate balance is this: On operational front, do your best. Get to the bench, best-in-class productivity, get to the best-in-class pyramid, get to the best-in-class utilization. Continue to drive that with great rigor in the organization. Create from there a fund, if I can say that, which we can invest concurrently into building new capability. FullStride Services is one such capability. Cybersecurity, you heard about it. So that, as market is growing, as the industry is growing rapidly, we are able to capture market share. That's the delicate balance. Therefore, our promise, it has been so, from beginning of this strategy, is that we will sustain the margin. That's really where we will go.
Thanks. Jatin?
Wish you all the best for the future.
Thank you.
The next question is from Mukul Garg. Please ask your question.
Thank you. Am I audible?
Yes, I think so, Mukul.
Great. So two questions from my side. You know, first one is for both Lance as well as Thierry. If you look at last two decades of the Indian IT industry, the industry has thrived by decoupling, you know, the consulting and implementation and taking share away from the integrated players. How is it different now versus earlier in terms of client requirement and perspective that an integrated approach is actually playing out well for you? How long do you think this will benefit at the expense of pure play approach still being followed by your peers? The second, you know, question was supposed to Thierry. Thierry, again, great to see Topcoder being highlighted today. Do you think such platforms can, y ou know, will primarily be a value-add force multiplier or they can be a large standalone play by themselves?
Okay. Let me start with the first one, which is your question on the FSI market. I mean, reference to the past, I believe, is not necessarily working, Mukul, because I think the market has changed. It's not the same as, you know, it was 10 or 15 years ago. Now, clients really look at us not as IT providers. They look at us as partners in their transformation. They do not come with a plan that clearly defines where they need to fill the gaps. They need us to help them reflect on where they stand from a business standpoint and how can technology help, you know, address some of their business challenges. For that, you definitely need to have a stronger alignment and connection between the consulting and the technology, if you like, to really understand both well. You cannot only sell technology for the sake of technology. Everything now starts from a business challenge. Okay? Lance, you want to-
Yes. For sure.
Maybe say a word on that?
Yeah, definitely. Thank you, Thierry. I mean, this is an extremely important question, and in many ways, one of the key hypotheses behind the Capco-Wipro union. Clients, there's no doubt, are consolidating vendors, as Thierry has hinted at, and clients are wanting a much more cohesive service in everything that they buy in financial services. For many years now, the consulting capability of Capco has fallen short, but only in respect of the follow-on technology capacity that we haven't had. Now that we do have that in the union with Capco and Wipro, we see our clients coming to the table and asking for more transformative ideas and bids from us.
For the first time, we're at the table in a big way, at scale, with the likes of our very large competition. This is a hypothesis that is playing out. We're winning deals together. We're being invited to transformation with our clients as partners, as Thierry has said, and it's extremely exciting. Thierry.
Thank you, Lance. On your second question, Mukul, about Topcoder. You're right. Topcoder is an asset that we, you know, acquired several years ago. It's a fabulous asset. You know, we are very excited about the level of, you know. We've reset the ambition for Topcoder, if you like. Subha, who's joined us now six to eight months ago, has really taken on this challenge with a great vision for how can Topcoder help us truly radically transform part of our industry. Subha.
Absolutely. Thank you, Thierry. Yes, as Thierry mentioned, I believe as in the last several years, our vertical has done amazing. In the last couple of months, you've seen from our growth, it's been fantastic. There's one area that cont inues to be something that we need to focus on, and this is one risk area, which is talent. We believe Topcoder platform can do a couple of things for us. One is it'll de-risk us from the talent battle that you see in our space. So that's one. Second is it'll help our customers, our enterprises to access any talent, anyhow, anytime that is accredited with proof of value through the platform. So that's the second part.
Third, which is even more powerful, which is so aligned with the growth ambition, is it creates a leveling field for members, for employees to be able to access opportunities via the platform regardless of where they reside. It is truly an avenue for us to be able to democratize opportunities for members and talent on one side, and create opportunities for our enterprises and our clients to access accredited talent from anywhere, anyhow. I think that is a very powerful message. Back to you, Thierry.
Thank you, Subha. Next question.
The next question is from Girish Pai.
Yeah. Can you hear me?
Well, now we can hear you, Girish.
Yeah. Thanks. Had an audio problem earlier on. I don't know whether this question has been asked. Stephanie had made a comment during the 2Q call that on the large deals, there was a decision-making issue, it had slowed down. She also mentioned that large deals are being broken up into smaller deals. Has that situation changed? What do you think is driving that situation from the client side as we speak? That's question number one. I'll come with further questions.
Okay, Girish. Okay, so we take that one. Stephanie?
Sure. I think we're seeing a lot of different dynamics with our clients and the opportunities that we have. We certainly have large opportunities, large deals that are, I would say intact, where clients are looking for that end-to-end solution and want to buy a transformation approach. We have other clients who are early in their journeys to the cloud, for example, who want to look at their cloud provider first, or their cloud providers first, and then bring in the partners who can help them execute on that journey. In some of those situations, we're seeing projects that may start in phases and then accelerate as they go on their journey.
Overall in the pipeline, I'd say we see a nice mix of large opportunities that are end-to-end transformation, as well as those that are perhaps starting with smaller projects and then building momentum as they start to see the benefits of their transformation. I think it's a real nice balance right now in terms of what we see in our pipeline.
Absolutely. Thank you, Stephanie.
Yeah. The second question was-
Girish, you have more questions I believe.
Yeah, I do. The whole movement towards increasing the fresher number and changing the pyramid, do you see any pushback from clients on this? Or do they want more experienced employees addressing their projects?
Pushback? I don't know. Who wants to take that one? Rajan?
Yeah. I think more than seniority or lack of seniority, there is a push for specialization. We see that in our business. Clients want to work with more specialized resources, capabilities, whether it is in program management, whether it is in design, whether it is in architecture. For that purpose, we are fully geared up to continuously train. We pride ourselves on our ability to train talent. We do also see where it is going back to my first answer, where there is a co-creation opportunity. We do see that there is a more need for talent who's been there, done it, who has you know, solved these type of challenges in the past. We have a nice balance of seniority in those co-creation or co-innovation phases with, you know, the larger scale business, where it is obviously a very nice pyramid.
Yeah. My last question is.
Sure, Rajan.
Last question is to do with the opening up of travel. Do you think that is going to lead to extra demand coming through now that your salespeople can go and pitch to new clients? My sense is that a lot of the business that's come through in the last 12 months or 18 months has been largely from existing clients who are giving you more and more work. Would travel opening up mean new clients giving you new business? Is that something that you're expecting?
You know, it's an interesting question. It's difficult for me to respond because we will see how things are obviously shaping up. The reality is that we've never lost the contact. Actually, you know what? We've never connected as much as we do with our client. The reality, Girish, is that, you know, in the time of the pandemic, you know, the level of interaction with our clients has been amazing because technology allowed you to go from one to the next and have, you know, many more type of meetings than what you used to have in the past, right? When you needed to organize the meeting and meet three, four weeks later. Now you can get, you know, so much faster, so much more efficient. Now, obviously, with travels resuming more, you know, physical interaction could potentially also lead to some new opportunities. We will see.
Thank you. Thank you.
Thank you.
The next question is from Divya Nagarajan. When you say sustain margins, are you now saying you'd rather keep margins stable here? What does Thierry mean by being bold in terms of strategy and investments from here on? Lastly, to Stephanie, what are her targets from the chief growth perspective?
Oh, so, okay. Let me take, Divya, the first two questions, and Stephanie, I'll hand it over to you for the third one. The first one on sustained margin, what we are saying is that. You know, and Jatin explained that earlier on, I believe. What we are doing is we are driving a lot of actions to really be more efficient, right? To drive more productivity. The objective of it is to reinvest this productivity gain into our future. To develop, you know, new sectors, to reinforce position into some areas, to build capabilities, to really build solutions. You know, you've heard the investment in FullStride, the investment in cybersecurity, in some other areas. That's, you know, that's the productivity gain that allow us to reinvest in this.
We're not saying that, you know, at some point in time, we will not talk about, you know, margin expansion, but where we are at the moment is the place where we feel comfortable to continue to grow and drive our growth strategy. What it means to be bold for us is to consider that it's a time where we should be ready to take some risk. It's a time where we should be able to, you know, make some investment because there is a lot of expectation from our clients, and we should not be too restrictive in the way we are looking at the potential of leveraging technology for the businesses.
It's a time where, you know, being bold means really pushing the boundaries in terms of, you know, solutions, in terms of impact we can have for our clients and really be here for them in their transformation. It's a unique moment in the industry of most of the clients we are working with. We need to be bold. Stephanie, on the third question.
Sure. In terms of growth, you know, as I mentioned earlier today, we want to continue on our growth journey. As Thierry mentioned, we're making significant investments in our large deal teams, which are now activated in all of our markets. We're investing significantly in our ecosystem partnership organization so that we can be on the forefront of co-creating with not only our clients, but also with our partners to help drive and create that type of growth opportunity. We're very excited about our growth trajectory.
Thank you, Stephanie.
Stand by for the next question.
Thank you, Girish. Next.
The next question is from Kunal Tayal.
Hi, Kunal. Please go ahead.
Hi, Thierry. I hope I'm audible.
You are, Kunal.
Awesome. Thierry, a couple of questions from me. The first one is, you know, around your plan of positioning Wipro as an orchestrator. From your viewpoint, do you think of that as a parameter of catching up with your like-sized peers or more about gaining a competitive edge? The second one is, you know, if you could also give us a download of which industries have seen the most payoff for Wipro over the last one year in terms of win rate, improvement, and those which are still a work in progress. Thank you.
Okay. I'll start with the second question on the sector. Frankly, I mean, we see you know, a nice growth in our pipeline. We are seeing a nice growth from the top line. We are seeing high demand and nice client engagement across sectors. Let's be honest, across sectors. Even a sector, let's say like travel or aerospace, which you know, was suffering for several months, is now back and really you know, have demand.
I would say if I look at our sectors like, you know, communications, consumers, BFSI, of course, healthcare, energy and utilities, all those sectors have, you know, significant expectation from us in terms of, you know, demand, in terms of, you know, capabilities, in terms of solutions to help them drive their digital cloud transformation. On the engineering space as well, we see significant demand in sectors like energy and utilities, automotive, you know, around electrification and so on. Frankly, from a sector standpoint, pretty much all sectors are in a good environment. The first question was around, you know, what it means to be an orchestrator. I think what the clients are... You know, I believe in exchanging with my colleagues, we've often realized that our clients are very connected with technology.
You know, if you remember maybe 10 years ago, a lot of CXOs would consider that technology is a topic that you need to discuss with the CIO. Now everyone is very connected with technology. Leaders understand technology. They are the first one to realize that technology is the only way for them to drive the transformation they need to implement in the organization. There is a reality, which is the ecosystem in which they work. The level of complexity of large organization that have evolved over the years, that have added solutions and technology and increased the number of partners they are working with, from the hyperscalers, large companies, down to startups.
Every one of our clients are working with, you know, a variety of startups in different areas. What it means is that while it's required and they want to continue, the level of complexity is an issue. They need someone agnostic, someone who can look at, you know, the overall context, the overall ecosystem, and really help orchestrating for, you know, to address business challenges, to really streamline, to drive simplicity when possible, to drive alignment across organization, to connect different partners together. It's a reality today, Kunal, that, you know, when we are working with our large partners, for example, more and more, we come as one. We really come as one. We are having now more and more business meetings with the client and our partners. It's all together. I think this is the role of an orchestrator, to really be the one who help, you know, the client dealing with all those different actors.
Sure, Thierry. Actually a part of the question was also about, you know, if the role of an orchestrator or that mantle has already been achieved, you would imagine, by some of the players in the industry, or as Wipro guns for it, you might be amongst the first players to get there.
I think there is. I don't think it's been really fully played as a role. I think it is really such a place where Wipro can play a very unique role. I think also the DNA of Wipro, extremely collaborative, a partner that really gel extremely well with the client, who really understand the culture of the client, is really helping it to make it a reality on the ground.
Got that. The final one for me, I think you mentioned earlier on that, there's been some change in the way clients perceive Wipro. Again, your assessment of, you know, what's the feedback really been the most positive on? Is it the simplification which has worked the best? Is it the investments in, refreshing the sales team or, you know, expanding your offerings? What's been the most proactive feedback on that count?
Kunal, it's difficult to respond. You know, I'm speaking to clients probably three or four clients every day, so I'm getting a lot of feedback, and it's very important because it's, you know, we are constantly evolving and trying to see how we can better respond to their expectation. What I would say is that what's coming out now is that we certainly have understood that we can do a lot more than just being providing services. I think it's a clear evolution in the way we are connecting with our clients, where we feel more confident to really expose our ideas, right? To be a little more disruptive, to be proactive, to be more connecting with them at different level and not necessarily only be able to respond to what they ask, but also challenge their vision.
I think it's a significant difference. The second aspect, I believe, is the fact that we really now can operate as One Wipro. The business line, the market units are working together and really connecting to really not push solutions, but really leverage the capabilities and the solutions we have to address the business, the client's challenges. I think here also it's really making a big difference.
Got that. All right. Thank you.
Thank you, Kunal. Next question.
The next question is from Dipesh. Dipesh, please ask your question.
Yeah. Thanks for the opportunity. Am I audible?
Yes.
Okay, thanks. Couple of questions. First about the Topcoder. I think partly you try to address it, but I just want to understand how it is helping us addressing talent challenges, considering we have one of the top talent kind of sourcing platform with us, whether we are faring better than our peers in terms of getting temporary or least skilled sourcing kind of thing. How you plan to maybe capitalize in next few quarter? And if you can provide some strategic around, let's say, how many position or how many skills we have fulfilled with the use of Topcoder, maybe in last quarter or last four quarter, whichever you can try to provide some sense. Second question is about the travel and economy opening up. Do you expect more vacation and holiday taken by employees after long period of time, which could put pressure on utilization and demand?
Dipesh, I'm sorry. Dipesh, I'm not able to hear you right now. I heard the first question was around Topcoder. The second one, I'm really struggling to hear you.
Sure. Just, my question was about opening of economy and travel. Do you expect employees will enjoy holidays and going on vacation, which could have implication of on utilization and fulfillment? Because after long period of time, they are getting that chance.
Got it.
Considering strong demand, whether you think any challenge on that part. Last question is about the furloughs. How do you expect furloughs during this year? Last year was very soft kind of furloughs. If you can provide your expectation about furloughs this year. Thank you.
Okay, perfect. Thank you. Understood, Dipesh. Question number one to Subha, and question number two and three to you, Saurabh. Okay? All right. Thank you. Subha.
Absolutely. So it's a couple of things. You know, the pandemic has changed the acceptance of platforms like Topcoder. Enterprises have begun to understand that talent need not be on-site. In fact, many studies have come out that the productivity has gone up at least by 5%-6% when talent is remote. Now, we're just extending that concept little bit by saying, "Can we decouple talent from an organization and really create a talent cloud or virtual talent construct?" From that regard, we believe that there is tremendous opportunity right now, as you really look at from a timing perspective, to accelerate, A, Topcoder and the platform development, and B, making sure that we are able to offer varied services that Topcoder platform can offer to our customers, starting from talent to virtual teams to maybe flash organizations.
The concepts are beginning to stick with our customers and clients in a way that we have never seen before, and there is significant openness and adoption. That's one. The other part of it that you asked about, how are our investments? We are definitely doubling our investment in platforms like Topcoder. We do believe that in the next couple of quarters, we will see a significant adoption of our Topcoder offerings by our customers. Over to you, Saurabh.
Thanks, Subha. Thanks. Two parts and they're a bit together. First is, you know, yes, things are opening up. People are starting to travel. But over the last 18-20 months, when, you know, th e work boundary between home and work had blurred and we all felt that people had stretched hours and days, we as a company have been very focused on wanting people to take regular breaks. We have been pushing this across the last four or five quarters. I don't see a surge of this happening. In fact, in the next quarter, as we move into this quarter and the next, we realize the issue of the furloughs coming up, and it'll be at that point of time when people take breaks. It's a win-win for both the employee. That's when the clients also are wanting a shutdown. We don't see any impact from a billability standpoint coming long term when things open up and people are going for vacations.
Thank you, Saurabh.
Sandeep has the next question. Sandeep?
Sandeep, please go ahead.
Sandhya, please ask your question. Sorry.
Operator, maybe another question.
Sandeep, please unmute your mic.
Next.
One moment, please, while we get the next caller ready.
Operator, any other question?
The current demand in cloud is driven by large cloud migration exercises by clients across the globe. How long do you expect this opportunity to last, and how is Wipro positioning itself for allied ecosystems and services?
Okay, a lot of questions on the cloud today. This is excellent. You know, there's no doubt that this is a fabulous market. That's why we are, you know, so focused on it and really driving investment and, you know, getting fabulous results. Also it's only the beginning of the cycle. Tell you more. Stephanie, Rajan, which one?
I can-
Rajan, you want to go ahead? All right.
Sure. Thank you. Thanks, Thierry. You know, different analyst reports and our own estimates have sort of different numbers. Ballpark, we believe that, maybe about 30%, 35% of the total loads today are on cloud, which is still substantially lower than what it could be. We believe this number could be as high as 70%, 75%. That's not really going to be limiting our market. As I talked about earlier, once clients get onto cloud, that's where they want to actually thrive. They want to generate business. They want to participate in the cloud economy. That means they want to participate with other ecosystem players.
Second, once you move data onto cloud, that's a huge opportunity for players like Wipro to generate revenue and for clients to get business benefit, because all the analytics that we can do on the data that sits on the cloud. I believe, and our current work demonstrates, that our business is not sort of linearly limited to what percentage of loads are on cloud and what percentage will get onto cloud, because our participation is really in helping clients maximize the value from cloud, which really is part of, you know, how they can use cloud, how they use all the assets that the cloud providers provide to them through PaaS, and how they use external APIs that other clients have generated, where they can generate value for themselves by participating in that economy. Thank you. Thanks, Thierry.
Thank you. Next question, please.
We have received a question from Ashwin. Ashwin asks: Could you elaborate on change in reward structure for sales and go-to-market teams? How wide is differentiation versus past? Two compensatory raises for juniors is specific to 2022 or a change in the salary hike cycle from one earlier to two cycles now?
Okay. Let me hand it over first to our Chief Growth Officer, Stephanie, and then to Saurabh, our Head of HR.
As we look at compensation systems, obviously as we build a high performance culture, we want to tie our sales organization and our partnerships organization to helping us achieve that growth. There's a link between compensation and outcomes. We're seeing that help us attract fantastic talent who is ready to take that challenge and help us grow our business from a sales perspective. Saurabh.
On the broad-based salary increases which we have done, you know, over this current calendar year. You know, there was a catch-up from last year. We did have done three rounds, one for our senior employees and two for our junior employees. But going forward, we'll move to our annual cycle, which will be effective June of next year. That's the way it will be going forward, not that we'll have every year two rounds of salary increases for our employees. Apart from that, we continue to take several other actions in terms of, you know, performance bonuses, skill bonuses. You know, we're doing a lot of promotion cycles. Number of other activities are going to happen, but the salary cycle will get now, as things become normal, do a normal cycle of once a year.
Thank you, Saurabh. Thank you, Stephanie.
Hello. Can you guys hear me?
We can hear you.
Hi, Thierry. Thanks for an insightful presentation, and thanks for giving me the opportunity. This question is more to you or to Saurabh. It's more of an industry-specific question or industry-specific problem rather than a Wipro-specific question. When we talk about this hybrid model, right, we understand that if some company imposes a return to office at this juncture strictly, probably there can be a spike in attrition in the near term. However, let's say there are some other problems that we have been noticing with this hybrid model also, right? Like for instance, many employees have identified additional monetary opportunities or monetary avenues. Some of them, especially when you talk about this talent as a service model or a Topcoder or GitHub kind of platforms, they have been freelancing extensively.
In most cases, employees of one company freelancing and taking up projects of some other company. There is also an increase in the elevated trading activity in the markets and, you know, probably some of the employees also freelancing as programming tuition tutors, et cetera, et cetera. This has consequences both on the productivity and on the security also, especially if this hybrid model were to be adapted in the long term. How do we incentivize correct behavior here? Or how do we put controls to ensure that this productivity or security don't go away for a toss? It's more of an industry-specific perspective, nothing specific to Wipro.
Before handing it over to Saurabh, I'll say a few convictions. One, over the last 18 months, we've tested the remote working model. It's been working very efficiently for us and for our clients. They've all said it to us very clearly. You know, they could not believe. They were not even anticipating that it would have worked that way. But really, we've been able to respond to their expectation in terms of transforming the way we work together remotely. It's been working well, no loss of productivity. Conviction. Second, we are now moving into a, hopefully, a different phase of the pandemic where, you know, people can go back to the office. We want to have the environment where there's flexibility. Our clients may have expectations. We will obviously pay extreme attention to it.
Our employees have expectation as well, and we are really connecting with them constantly to make sure that the model we are building for the future is the one they want for themselves as well. That's our position at Wipro. Saurabh.
Thanks, Thierry. You know, very much, flexibility will be the key. You know, to provide flexibility to our employees that meets their demand requirements at work and away will be the key for us as we plan this. Clients come first. Client requirements will be done. Even in the peak of pandemic, there were certain clients for the kind of work we were doing, we had people coming and working, and we made sure that that happened. As and when clients want it to happen future, we will go along with that. On the other side, we also believe that it's important for people to have social interaction, build social capital, and come together. We would want people at regular intervals with some flexibility to come and meet their teams, and grow. With that framework in mind is what we will move forward.
As to your point of, you know, people doing different things, I think that's the way forward. You know, there will be a lot more people who will be on their own. People will be using, you know, their productive time or free time and doing other things. We have to be comfortable that we are getting more outcome driven. We are driven by what outcomes we expect from our employees and give them the flexibility to do what they want to do. It's a very inclusive way of we going forward. We are not dictating X percentage by Y years will come and, you know, start working from office or other way around. We will just make it very inclusive with the clients and employees. Thank you.
Thank you, Saurabh. Anyone follow up?
That was the last question for today. Thank you very much.
That was the last question. Okay. All right. First of all, thank you to the team. Thanks a lot. Thank you to all of you for joining us today. We will certainly see each other very soon in the market. Have a wonderful day. Thank you. Bye.
We believe in a future that belongs to everyone. A future built on the promise of technology and the progress of all. Where we can accelerate digital transformation while transforming the ways we create meaningful impact. At Wipro, we're helping organizations around the world harness the power of emerging technology to transform their companies and local communities into engines of growth and opportunity. With more than 190,000 employees across 63 countries, we're advancing innovation, changing the way businesses are run, and empowering leaders to stay competitive. We're reimagining the role of sustainability, making it more than just a daily business practice, but a part of a company's enduring purpose. At Wipro, we're committed to creating a more resilient world for business and for all. Because in a future that belongs to everyone, the future must work for everyone. Wipro.
This concludes Wipro's Investor Day 2021. Thank you for joining us.