Wipro on Thursday reported its fiscal second quarter profit at Rs 3226.60 crore, posting a growth of 21.0 per cent in comparison to Rs 2667.30 crore during the corresponding quarter of previous financial year. It posted revenue from operations at Rs 22,301.60 crore, recording a drop of 1.0 per cent from Rs 22,515.90 crore during the same period of FY24. Net income for the quarter came in at Rs 3210.00 crore, up 21.3 per cent YoY.
The company said that its IT services segment reported revenue at $2,660.1 million, down 2.0 per cent YoY. The IT services operating margin for the quarter was at 16.8 per cent, up 0.7 per cent YoY.
Wipro board also recommended the issue of bonus shares to shareholders (including stock dividend to ADS holders) in the ratio of 1:1 (1 equity share for every 1 equity share held), subject to approval of shareholders.
Srini Pallia, CEO and Managing Director, Wipro, said, “Based on strong execution in Q2, we met our expectations for revenue growth, bookings, and margins. We continued to expand our top accounts, large deal bookings surpassed $1 billion once again, and Capco maintained its momentum for another consecutive quarter. We grew in three out of four markets, as well as, in BFSI, Consumer and Technology and Communications sectors. We will continue to invest in our clients, our strategic priorities, and building a strong AI powered Wipro.”
Wipro said that the total bookings were recorded at $3,561 million. Large deal bookings, it added, was at $1,489 million, an increase of 16.8 per cent YoY in constant currency.
Aparna Iyer, Chief Financial Officer, Wipro, said “I am pleased with our performance across all parameters including Revenue, Bookings, Operating margin, cash flow and EPS. On the back of operational improvements, we further expanded our margins by 35 basis points and our EPS grew 6.8 per cent QoQ. Our operating cash flow continues to be robust at 132.3 per cent of net income in Q2. As a result, cumulatively in the first half of this year we generated nearly $1 billion in operating cash flow.”
Wipro expects revenue from its IT Services business segment to be in the range of $2,607 million to $2,660 million at the end of December 2024 quarter. This translates to sequential guidance of (-) 2.0 per cent to 0.0 per cent in constant currency terms, it said.
From: financialexpress
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