IT major Wipro on Thursday reported a 21 per cent jump in its net profit to Rs 3,209 crore for the September 2024 quarter, on the back of higher spending by its clients in the US communications sector. It is above market expectations. Its revenue during July-September 2024 rose 1 per cent to Rs 22,300 crore.
Wipro’s net profit had stood at Rs 2,646 crore in the year-ago period.
The company also announced bonus shares in proportion of 1:1, according to a BSE filing.
“Voluntary attrition was at 14.5 per cent on a trailing 12-month basis,” Wipro said in a regulatory filing.
IT services operating margin for the quarter was at 16.8 per cent, an increase of 0.3 per cent QoQ and 0.7 per cent YoY.
Wipro reported that its total bookings during the quarter were at $3.56 billion. Large deal bookings were at $1.49 billion, an increase of 28.8 per cent on-quarter and 16.8 on-year in constant currency.
Shares of Wipro on Thursday fell by Rs 3.4 or 0.64 per cent to Rs 528.75 apiece on the BSE.
Wipro Q2 Results: FY24 Outlook
Wipro expects revenue from our IT Services business segment to be in the range of $2,607 million to $2,660 million. This translates to sequential guidance of (-) 2.0 per cent to 0.0 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 $1 Bn 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.”
Aparna Iyer, Chief Financial Officer, 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% QoQ. Our operating cash flow continues to be robust at 132.3% of net income in Q2. As a result, cumulatively in the first half of this year we generated nearly $1B in operating cash flow.”
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