Wipro, one of the leading technology services and consulting companies, has now officially announced its financial results for the quarter that ended last month on 30th September 2024. The report reveals that the company attained a quarter over quarter(QoQ) net income growth of 6.8% and year over year(YoY) net income growth of 21.3%.
Here’s more about Wipro’s Q2 financial results report.
Wipro – Q2 Financial Results
Wipro seems to have had a fruitful time during the second quarter of this financial year when compared to the previous quarter, achieving a gross revenue of INR 223.o billion (~ USD 2,662.6 million), which is a 1.5% QoQ increase (but 1.0% YoY decrease).
The revenue from IT services is reported to be USD 2,660.1 million (1.3% QoQ increase and 2.0% YoY decrease), and the total bookings reached USD 3,561 million with large deal bookings of USD 1,489 million (28.8% QoQ increase and 16.8% YoY increase in constant currency). The non-GAAP^2 constant currency IT services segment revenue increased by 0.6% in this quarter (2.3% YoY decrease), and the IT services operating margin of Q2 was 16.8% (0.3% QoQ increase and 0.7% YoY). The net income of Wipro thereby reached INR 32.1 billion (~ USD 383.1 million), a 6.8% QoQ increase and 21.3% YoY increase. The earnings per share was at INR 6.14 (~ USD 0.07) for the quarter.
Moreover, the operating cash flows of INR 42.7 billion (~ USD 509.7 million) and 14.5% voluntary attrition on a 12-month trailing basis were further highlights of Q2 for Wipro. The board of directors of the company also recommended the issue of bonus shares to its shareholders in 1:1 ratio.
With respect to Wipro’s Q2 performance, the CEO and Managing Director – Srini Pallia revealed that it was with strong execution of plans that the company was able to meet its revenue growth, bookings, and margins expectations, surpassing USD 1 billion large deal bookings again. Do note that the company won several large and strategic deals across many industries. The Chief Financial Officer – Aparna Iyer on the same note also said that she is pleased with the company’s overall performance. Wipro’s margins expanded by 35 basis points, EPS grew by 6.8% (QoQ), operating cash flows were at 132.3% of Q2 net income, and cumulatively, about USD 1 billion in operating cash flow was generated in the first half of the financial year.
For the next quarter (Q3, ending on 31st December 2024), Wipro is expecting a revenue ranging between USD 2,607 million to USD 2,660 million, translating to sequential guidance of (-) 2.0% to 0.0% in terms of constant currency.
