WNS (Holdings) Limited (NYSE:WNS) Q1 2024 Earnings Call Transcript

Keshav Murugesh: Yes, thanks Ashwin. Actually, it’s early days at this point in time, and what I can say at this point in time is I think the new org structure has actually been digested well, has been implemented well, has been accepted very well, and we can see that as far as the [indiscernible] are concerned, the impact with clients actually has already started being very positive, because now there is much more focus on a global footprint of every client. Sales is now handled globally and therefore we are seeing some larger global deals enter as a result of this organization structure. Similarly, we are also seeing leadership pipeline inside the company obviously increasing, because you’re having an end-to-end clear responsibility with four senior leaders inside the company, and that obviously generates a different kind of behavior [indiscernible] in terms of focusing on their specific areas.

At the same time, the clamor for investments within each of those deal structures in some of the areas that we have traditionally invested in, but also all these new areas including the need for tuck-in M&A and capital allocation is also emerging at a very logical pace, I would say, as a result of this restructuring, so while it’s early days, I’m really satisfied with the outcomes that we’re seeing already in terms of much higher client centricity, much more focused activity around the sales pipeline, much better understanding of clients’ needs in a transformative market, and finally a much deeper understanding of how to invest and maintain and grow margins in a very transformative macro.

Ashwin Shirvaikar: Got it, that’s good to know. The second question is as I sort of look at the updated outlook and the updated visibility number, I’m trying to see what changed. On the positive side, there is FX, there’s the 1Q beat, there’s the continued strength in terms of flow-through from client deals. On the negative side, you already reflected the lower visibility. Are there other factors that perhaps I’m missing, maybe at a segment level? I see the BFSI strength, for example. Any overall color in terms of additional points we should be thinking of?

Sanjay Puria: No, I think [indiscernible] other specific points, whatever is there, other than just what we will highlight that this visibility, just want to remind that also factors based on certain of the short term revenue, based on certain acquisitions, what we have done with very high growth opportunities that were there, and that itself, you have a couple of percentage points impact on the visibility, right, but still it has gone from 88% to 92%. I just want to remind that this does not still include the short term revenue, where we don’t have visibility as we look forward.

David Mackey: Yes, so I think to Sanjay’s point, Ashwin, this is pretty much business as usual for us. If you were to look at kind of what’s really changed from a couple of months ago, when we provided guidance, we obviously had revenue come in stronger for Q1, which is a positive, and the only other thing that’s changed is we’ve baked in that 1% headwind from the lower volume forecast that we’ve received from clients. Again, I think those will hopefully prove to be conservative in nature, but other than that, this is business as usual for us.

Ashwin Shirvaikar: Got it, okay. Thank you.

Operator: Please stand by for the next question. The next question comes from Sam Salvas from Needham & Company. Your line is open.

Sam Salvas: Great, thanks. Hey guys, I’m on for Mayank today. Thanks for taking the questions here. Just wanted to ask about those new logo wins, the six this quarter. Can you guys talk a little bit more about those in terms of the size, scale, and what verticals those were in?