Wipro Q2 Results: IT services firm guides for Q3 revenue growth to be between -1.5% to 0.5%

Bengaluru-based IT services provider Wipro Ltd. expects revenue growth in the third quarter of the current financial year to range between -1.5% to 0.5% on a sequential basis in constant currency terms. A CNBC-TV18 poll had projected this figure to be a negative 1.5% to positive 0.5%, or from negative 2% to 0%.

In US Dollar terms, Wipro reported revenue of $2,611.5 million, which is 0.1% lower than the June quarter figure of $2,614.5 million and in-line with the CNBC-TV18 poll of $2,592.2 million. In rupee terms, revenue growth stood at 0.8% to ₹24,667 crore, compared to ₹24,478.6 crore in June and lower the poll figure of ₹24,733 crore.

EBIT margin for the quarter stood at 16.5%, compared to 16% in the previous quarter. The figure in the CNBC-TV18 poll also stood at 16%.

Wipro's net profit at the end of the September quarter stood at ₹3,199.7 crore, which is marginally lower than the CNBC-TV18 poll figure of ₹3,248.6 crore. The company had reported a net profit of ₹3,352 crore in the June quarter.

Total deal bookings at the end of the September quarter stood at $2,595 million, a drop of 22.9% on a sequential basis. Large deal wins stood at only $674 million, a decline of 58.6% in constant currency terms on a sequential basis.

"We see AI as a long-term growth driver that will expand the addressable market for technology and business transformation. We are already seeing its potential reflected in the momentum across our AINative Unit and AI offerings portfolio," Wipro's CEO & MD Srini Pallia was quoted as saying.

Shares of Wipro ended 1.8% higher ahead of the results announcement at ₹174.05. The stock is down 35% so far this year and is the worst performing stock on the Nifty IT index.

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