Wipro projects Q3 IT services revenue at $2.59–2.64 billion; large deal bookings jump 91%

IT services company Wipro Ltd on Thursday (October 16) expects revenue from its IT services business to be in the range of $2,591 million to $2,644 million for the quarter ending December 31, 2025.

The guidance implies a sequential growth of -0.5% to +1.5% in constant currency terms, the company said in its outlook statement. Wipro clarified that the forecast excludes any potential contribution from its recently announced acquisition of Harman Digital Transformation Solutions.

Wipro reported IT services revenue of ₹22,641 crore for the September 2025 quarter, compared with ₹22,080 crore in the previous quarter, marking a 2.5% sequential increase. The figure was slightly below the CNBC-TV18 poll estimate of ₹22,700 crore.

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IT EBIT rose 6% quarter-on-quarter to ₹3,783 crore from ₹3,572 crore, marginally missing the street estimate of ₹3,820 crore. The IT EBIT margin improved to 16.7% from 16.2% in the previous quarter, in line with expectations of 16.8%.

Net income for the quarter was ₹32.5 billion ($365.6 million), down 2.5% sequentially but up 1.2% year-on-year, while earnings per share came in at ₹3.1. Operating cash flow stood at ₹33.9 billion ($381.5 million), forming 103.8% of net income, though it declined 17.6% quarter-on-quarter and 20.7% year-on-year.

Wipro’s adjusted operating margin stood at 17.2%, expanding 0.4% year-on-year but slipping 0.1% sequentially. The reported operating margin was 16.7%, affected by a ₹1,165 million ($13.1 million) provision related to a customer bankruptcy.

The company reported voluntary attrition at 14.9% on a trailing 12-month basis.

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Srini Pallia, CEO and Managing Director, said, "Our revenue momentum is strengthening, with Europe and APMEA returning to growth, and our operating margins holding steady within the narrow band.

Bookings surpassed $9.5 billion for H1 FY26. Our strategy is clear: remain resilient, adapt to global shifts, and lead with AI. I am excited to bring Wipro Intelligence™ to our clients, helping them scale confidently and shape the future in an AI-first world."

Aparna Iyer, Chief Financial Officer, said, "We are gradually returning to a growth trajectory with three of our four SMUs growing sequentially in Q2. All key financial parameters continue to remain strong.

Our large deal bookings in the first two quarters have now surpassed the large deal bookings for the full year FY’25. Our adjusted margins for Q2 expanded by 0.4% YoY. EPS for the quarter grew 1% YoY. Lastly, our cash flow conversion continues to remain strong with operating cash flow at 104% of our net income for Q2."

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The results came after the close of the market hours. Shares of Wipro Ltd ended at ₹253.60, up by ₹3.40, or 1.36% on the BSE.