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    Kawaljeet Saluja • Kotak Securities

    Kawaljeet Saluja is Senior Executive Director and Head of Research at Kotak Securities, specializing in Indian equity markets with a focus on large-cap companies across sectors such as information technology, financials, and infrastructure. He has covered marquee Indian firms including Mphasis, Infosys, and Satyam, and is recognized for high-impact analysis, notably having raised prescient questions during the Satyam corporate governance crisis. With a career at Kotak Securities dating back to at least 2009, Saluja has advanced to lead the research division, overseeing coverage strategy and regulatory compliance. He currently serves as the Principal Officer for research analyst activities at Kotak Securities and is responsible for regulatory filings, though his registration is with SEBI rather than FINRA, as is standard for analysts covering Indian capital markets.

    Kawaljeet Saluja's questions to Wipro Ltd (WIT) leadership

    Kawaljeet Saluja's questions to Wipro Ltd (WIT) leadership • Q2 2025

    Question

    Kawaljeet Saluja asked if Wipro's underperformance in verticals like Manufacturing and E&U is due to market share loss amid vendor consolidation. He also probed for details on any one-off items affecting margins in the quarter and what kind of business environment is required for Wipro to reach its aspirational margin band.

    Answer

    CEO Srinivas Pallia asserted that Wipro is actively winning in vendor consolidation exercises, viewing it as a significant opportunity. CFO Aparna Iyer acknowledged some one-off financial items but clarified that the primary driver of margin improvement was at the gross margin level, not from SG&A. She stated that to sustainably surpass the 17-17.5% operating margin target, an improved revenue growth environment would be necessary.

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