Wipro has reported that its revenue fell 1 percent to $2.662 billion for the quarter ended September 30, 2024.
Wipro’s total bookings were at $3.561 billion. Wipro’s large deal bookings were $1,489 million, an increase of 28.8 percent QoQ and 16.8 percent YoY.
Wipro’s IT services operating margin for the September quarter was at 16.8 percent, an increase of 0.3 percent QoQ and 0.7 percent YoY.
Wipro’s net income was $383.1 million, an increase of 6.8 percent QoQ and 21.3 percent YoY.
Wipro said its voluntary attrition was 14.5 percent on a trailing 12-month basis.
Wipro expects revenue from IT Services business segment to be in the range of $2,607 million to $2,660 million for the quarter ending December 31, 2024.
Srini Pallia, CEO and Managing Director, said: “We continued to expand our top accounts, and large deal bookings surpassed $1 billion once again.”
Srini Pallia said Wipro grew in three out of four markets, as well as, in BFSI, Consumer and Technology and Communications sectors.
Aparna Iyer, Chief Financial Officer, said: “On the back of operational improvements, we expanded our margins by 35 basis points and our EPS grew 6.8 percent QoQ..”
Wipro generated 61.4 percent of its revenue from Americas, 27.9 percent from Europe and 10.7 percent from Asia Pacific Middle East and Africa.
Wipro said 34.8 percent revenue came from Banking, Financial Services and Insurance, 19.2 percent from Consumer, 15.4 percent from Technology and Communications, 13.6 percent from Health, 10.8 percent from Energy, Natural Resources and Utilities, and 6.2 percent from Manufacturing.
Wipro said the number of new customers was 28. Total Number of active customers was 1,342. The total number of employees has reached 233,889 in July-September against 232,911 April-June.
Analyst firm Gartner said Wipro has demonstrated a strong focus on delivery excellence by enhancing its digital field services, by which it has been able to cater to evolving needs of hybrid and remote workers. This has helped company strengthen its position in the broader IT and cloud services market.
While Wipro continues to solidify revenue growth in the IT services & product domain, it also needs to increase its focus on high-value, high-margin businesses such as consulting practices around cloud and GenAI. “With its comprehensive service and support capabilities, we remain optimistic with Wipro’s overall product offerings,” Ishan Anand, Principal Analyst at Gartner, said.
