Wipro revenue up 0.8% to $2.77 bn in April-June

Wipro, a technology services and consulting company, reported 0.8 percent increase in revenue to $2,778.5 million for the quarter ended June 30, 2023.
Wipro at MWC 2018Wipro said IT services segment revenue increased to $2,778.5 million, an increase of 0.8 percent and an increase of 6.1 percent in INR terms.

Wipro said total bookings were $3.7 billion and large deal bookings were $1.2 billion, up by 9 percent.

Wipro said the number of customers has reached 21 (19) in > $100 million deal range; 28 (29) in > $75 million; 51 (53) in > $50 million; 123 (117) in > $20 million; 207 (210) in > $10 million; 319 (315) in > $5 million; 444 (436) in > $3 million and 769 (766) > $1 million.

IT services operating margin for the quarter was at 16 percent. Net income for the quarter was $349.8 million), an increase of 12 percent.

Wipro said voluntary attrition moderated QoQ, coming in at an 8-quarter low of 14 percent in Q1 fiscal 2024.

Wipro has generated 33.9 percent of April-June sales from main industry verticals such as Banking, Financial Services and Insurance; 18.7 percent from Consumer; 12.2 percent from Health; 12 percent from Energy, Natural Resources and Utilities; 11.3 percent from Technology; 7.3 percent from Manufacturing; and 4.6 percent from Communications.

Wipro has generated 28.8 percent of its total sales from Americas 1; 30.0 percent from Americas 2, 29.5 percent from Europe and 11.7 percent from Asia Pacific and Middle East Africa.

Wipro said it expects revenue from IT Services business segment to be in the range of $2,722 million to $2,805 million for the quarter ending September 30, 2023. This translates to sequential guidance of -2.0 percent to +1.0 percent in constant currency terms.

“Wipro’s first quarter results come with a strong backbone of large deal bookings, robust client additions, and resilient margins,” said Thierry Delaporte, CEO and Managing Director. “Despite a gradual reduction in clients’ discretionary spending, we maintained new business momentum.”

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