Wipro posted a 21 per cent year-on-year (YoY) increase in net profit, reaching Rs 3,209 crore for the second quarter ended September 2024, surpassing analyst estimates of Rs 3,043 crore.
This is a noted rise from Rs 2,646 crore reported in the same quarter last year. Despite the profit growth, revenue from operations dipped slightly to Rs 22,302 crore from Rs 22,516 crore in the corresponding period of the previous financial year, though the figure came in above market expectations.
The company's total bookings for the quarter stood at USD 3.56 billion, driven by strong performance in large deals, which amounted to USD 1.49 billion—a growth of 28.8 per cent quarter-on-quarter and 16.8 per cent YoY in constant currency terms.
In a move to reward shareholders, Wipro’s Board of Directors recommended a bonus issue of one equity share for every share held, subject to shareholder approval.
For the upcoming quarter ending December 2024, Wipro provided a cautious outlook, projecting revenue from its IT services segment to range between USD 2,607 million and USD 2,660 million. This guidance translates to a possible sequential decline of up to 2 per cent in constant currency terms.
Srini Pallia, CEO and Managing Director, 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 USD 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,” he added.
