Wipro has reported revenue of $2.635 billion, a decrease of 1.1 percent QoQ and 3.8 percent YoY, for the quarter ended June 30, 2024.
Wipro says total bookings were at $3.284 billion. Large deal bookings were at $1,154 million, a decrease of 3.1 percent QoQ and 3.6 percent YoY.
Wipro’s IT services operating margin for the quarter was at 16.5 percent, an increase of 0.1 percent QoQ and 0.4 percent YoY.
Wipro reported net income of $360.4 million, an increase of 5.9 percent QoQ and 4.6 percent YoY.
Wipro expects revenue from IT Services business segment to be in the range of $2.6 billion to $2.652 billion.
Srini Pallia, CEO and Managing Director of Wipro, said: “Our top accounts grew, accompanied by a growth in Americas SMU, BFSI and Consumer sectors.”
Aparna Iyer, Chief Financial Officer of Wipro, said: “We expanded our margins to 16.5 percent in Q1’25, this is a 42-bps improvement YoY. Our margin performance is also reflected in our EPS increase of 10 percent YoY. Our operating cash flows continue to be strong at 131.6 percent of our net income which takes our current investment and cash balance to $5.4 billion.”
“In Q1, Wipro’s revenue saw a slight decline compared to the previous year. We remain optimistic about its future growth due to a strong pipeline of opportunities. Despite current cautious buying behaviours of IT buyers affecting the IT sector, anticipated increases in global IT spending suggest a positive long-term outlook,” Biswajit Maity, Sr Principal Analyst at Gartner, said.
Wipro sets itself apart with its flexible approach, investing in cloud and GenAI, and focusing on sustainability and automation. They concentrate on boosting large deals, strengthening client relationships, prioritizing AI, and refining their operations.
The aim of Wipro is to be a strategic partner in GenAI-driven digital transformation, which should enhance financial performance. Although some regions have seen revenue drops, Wipro’s shift toward high-value projects and reduction of low-margin accounts is improving margins and supporting growth in large deals.
