Large Deal Bookings at $1.2 billion
FinTech BizNews Service
Mumbai, July 19, 2024: Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended June 30, 2024. Highlights of the Results Results for the Quarter ended June 30, 2024: 1. Gross revenue was at Rs219.6 billion ($2,635.8 million1 ), a decrease of 1.1% QoQ and 3.8% YoY. 2. IT services segment revenue was at $2,625.9 million, a decrease of 1.2% QoQ and decrease of 5.5% YoY. 3. Non-GAAP2 constant currency IT Services segment revenue decreased 1.0% QoQ, and 4.9% YoY. 4. Total bookings3 was at $3,284 million. Large deal bookings4 was at $1,154 million, a decrease of 3.1% QoQ and 3.6% YoY. 5.
IT services operating margin5 for the quarter was at 16.5%, an increase of 0.1% QoQ and 0.4% YoY. 6. Net income for the quarter was at Rs30.0 billion ($360.4 million1 ), an increase of 5.9% QoQ and 4.6% YoY. 7. Earnings per share for the quarter was at Rs5.75 ($0.071 ), an increase of 5.9% QoQ and 9.9% YoY. 8. Operating cash flows of Rs40.0 billion ($479.0 million1 ), an increase of 6.5% YoY and at 131.6% of Net Income for the quarter. 9. Voluntary attrition was at 14.1% on a trailing 12-month basis. Outlook for the Quarter ending September 30, 2024 We expect revenue from our IT Services business segment to be in the range of $2,600 million to $2,652 million*. This translates to sequential guidance of (-)1.0% to +1.0% in constant currency terms.
(* Outlook for the Quarter ending September 30, 2024, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.08, AUD/USD at 0.66, USD/INR at 83.27 and CAD/USD at 0.73)
Performance for the Quarter ended June 30, 2024
Srini Pallia, CEO and Managing Director, said “We recorded another quarter of total large deal bookings over $1 bn, with our largest win in the recent years. Our top accounts continued to grow, accompanied by a growth in Americas1 SMU, BFSI and Consumer sectors. We are pleased with the momentum we have built in Q1 across industries and sectors and confident in our ability to execute better on bookings and profitable growth as we transition to Q2. While we continue to build on our ai360 strategy and preparing our workforce for an AI-first future.”
Aparna Iyer, Chief Financial Officer, said “We continued to expand our margins to 16.5% in Q1’25, this is a 42-bps improvement YoY. Our margin performance is also reflected in our EPS increase of 10% YoY. Our operating cash flows continue to be strong at 131.6% of our net income which takes our current investment and cash balance to $5.4 billion.”
