04:31:37 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Voluntary attrition6 has continued to moderate QoQ, coming in at 9-quarter low of 13.4% inQ2’24.
04:29:43 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | IT Products segment
1. IT Products segment revenue for the quarter was Rs1.47 billion ($17.7 million1)2. IT Products segment results for the quarter was a loss of Rs 0.47 billion ($5.6 million1
We remain focused on profitable growth despitea challenging market. Our disciplined approach to improve efficiency, productivity and utilizationhas led to an increase of 100 bps YoY in our IT services operating margins. Our absolute ITservices segment EBIT grew 6% YoY. We generated strong operating cash flow of 145% of netincome for the quarter.
– Aparna C. Iyer, Chief Financial Officer, Wipro
04:18:39 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Key Highlights
- Large deal bookings reach $1.3 billion, an increase of 79% YoY and 6% QoQ
- Total bookings of $3.8 billion, mark a 6% YoY increase
- IT services segment EBIT increases 6% YoY. EPS increases 4.1% YoY
- Operating cash flows at 145% of net income
We continue to win in the market despite the uncertain macro environment. We ended the second quarter with 22 accounts abovethe $100M range, which is double the number we had in FY’21. Our large deal total contract valuereached $1.3 billion—highest in the last nine quarters.
– Thierry Delaporte, CEO and Managing Director, Wipro
04:59:27 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Key Highlights
1. Gross revenue reached Rs 225.2 billion ($2.7 billion1), a decrease of 0.1% YoY.
2. IT services segment revenue was at Rs 2,713.3 million, a decrease of 2.3% QoQ.
3. Non-GAAP2 constant currency IT Services segment revenue decreased 2.0% QoQ.
4. Total bookings was at $3.8 billion, up by 6% YoY and large deal bookings4was at $1.3 billion,up by 79.0% YoY.
5. IT services segment EBIT for the quarter was Rs 36.1 billion ($434.0 million1), an increase of 6% YoY.
6. IT services operating margin for the quarter was at 16.1%, up 10 bps QoQ and 100 bps YoY.
7. Earnings per share for the quarter was at Rs 5.06 ($0.061), an increase of 4.1% YoY.
8. Net income for the quarter was at Rs 26.5 billion ($318.5 million1), a decrease of 0.5% YoY.
9. Operating cash flows at 145% of Net Income for the quarter was at Rs 38.6 billion ($465.0million1).
10. Voluntary attrition6 has continued to moderate QoQ, coming in at 9-quarter low of 13.4% inQ2’24.
04:00:59 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Guidance: Sees Q3 IT services revenue growth at -3.5% to -1.5%
03:59:02 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Outlook for quarter ending December 31, 2023
“We expect revenue from our IT Services business segment to be in the range of $2,617 million to $2,672 million*. This translates to sequential guidance of -3.5% to -1.5% in constant currency terms”, company said.
03:55:14 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Co approves merging 5 units into itself
Which are:
1) Wipro HR Services India Private Limited
2) Wipro Overseas IT Services Private Limited
3) Wipro Technology Product Services Private Limited (formerly known as Encore Theme
Technologies Private Limited)
4) Wipro Trademarks Holding Limited
5) Wipro VLSI Design Services India Private Limited (collectively “Transferor Company”)
04:07:21 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates: PAT at Rs 2667 cr vs poll of Rs 2800 cr; cons rev at Rs 22,516 cr vs poll of Rs 22,510 cr
02:47:24 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Key things to focus on
- Reasons for lag in growth rates versus peers and next steps in turnaround,
- stability in senior management team, given several senior level departures,
- outlook for the consulting business (Capco and Rizing), which has been impacted due to pullback in discretionary spending,
- outlook for tech spending in BFS,
- Cause for divergence in revenue growth and reported deal bookings,
- positioning in cost take-out and vendor consolidation deals where Wipro can be vulnerable
- margin levers to meet the aspirational margin level of 17%+
02:07:44 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Earnings outlook by Kotak Institutional Equities
IT services’ EBIT margin will be largely stable at 16.1%, as the company undertakes cost optimization measures. Wipro has deferred wage hikes by a quarter to 3QFY24E.
Expect revenue guidance of decline of 1% at the lower-end to growth of 1% at the higher end for the December quarter.
01:20:35 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | A lookback at Q1 results
Technology major Wipro reported a nearly 12% year-on-year (YoY) rise in consolidated net profit for the quarter ended June at Rs 2,870 crore. Consolidated revenue for the quarter increased by 6% YoY to Rs 22,831 crore.Wipro’s consolidated net profit may rise 10.3% on year to Rs 2,933 crore in the September quarter, according to the average of estimates given by nine brokerages, and revenue is expected to grow just 1.3% to Rs 22,828 crore.
01:15:03 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Wipro shares trade marginally lower ahead of Q2 results
01:20:54 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Earnings outlook by JM Financial Institutional Securities
- Expect -0.8% cc revenue growth for IT services within the guided band of -2% to +1%
- Expect EBIT margins to be stable at 16% in Q2 as lower revenues to be offset by on-going efficiency
- Expect Wipro to guide for a 0-2% QoQ cc growth in revenue for 3QFY24
01:12:49 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Preview
01:10:47 PM IST, 18 October 2023
Wipro Q2 results LIVE Updates | Earnings outlook by BNP Paribas
Model an expansion in IT services EBIT margin of 16 bps QoQ to 16.2%, in line with guidance.
Expect Wipro to guide for CC revenue growth of -1% to 1% for 3QFY24.
01:09:29 PM IST, 18 October 2023
Wipro Q2 preview: Revenue may grow just 1.3% YoY; guidance for Q3 keenly eyed
Wipro’s consolidated net profit may rise 10.3% on year to Rs 2,933 crore in the September quarter, according to the average of estimates given by nine brokerages, and revenue is expected to grow just 1.3% to Rs 22,828 crore.
