Wipro’s Q2FY25 Results

• Wipro reported a 2.5% quarter-on-quarter (QoQ) increase in its consolidated revenues for the quarter ended September (Q2FY25). On a year-on-year (YoY) basis, it witnessed a marginal growth of 0.03%.
• Its expenses for the quarter were up by 1.7% QoQ and down by 3.8% YoY.
• The net profit increased by 6.3% QoQ and 21% YoY.
• The earnings per share (EPS) of Wipro stood at 6.1 during Q2FY25.

Wipro’s Financial Statements for Q2FY25:

Financials:

For the quarter ended September 30, 2024

• Gross revenue was at ₹223.0 billion ($2,662.6 million), an increase of 1.5% QoQ and a decrease of 1.0% YoY.
• IT services segment revenue was at $2,660.1 million, an increase of 1.3% QoQ and a decrease of 2.0% YoY.
• Non-GAAP2 constant currency IT Services segment revenue increased 0.6% QoQ and decreased 2.3% YoY.
• Total bookings3 was at $3,561 million. Large deal bookings were at $1,489 million, an increase of 28.8% QoQ and 16.8% YoY in constant currency .
• IT services operating margin for the quarter was at 16.8%, an increase of 0.3% QoQ and 0.7% YoY.
• Net income for the quarter was at ₹32.1 billion ($383.1 million), an increase of 6.8% QoQ and 21.3% YoY.
• Earnings per share for the quarter was at ₹6.14 ($0.071), an increase of 6.8% QoQ and 21.3% YoY.
• Operating cash flows were at ₹42.7 billion ($509.7 million1), an increase of 10.5% YoY and at 132.3% of the Net Income for the quarter.
• Voluntary attrition was at 14.5% on a trailing 12-month basis.
• Wipro’s Board of Directors recommended the issue of bonus shares to shareholders (including stock dividends to ADS holders) in the ratio of 1:1 (1 equity share for every 1 equity share held), subject to the approval of shareholders.

Management Commentary:

Srini Pallia, CEO and Managing Director:

• Strong Q2 execution met expectations for revenue, bookings, and margins.
• Top accounts expanded, and large deal bookings exceeded $1B.
• Growth was achieved in 3 out of 4 markets, especially in the BFSI, Consumer, and Technology sectors.
• Focused on investing in clients, strategic priorities, and AI-powered Wipro. Aparna Iyer, Chief Financial Officer:
• Performance across revenue, bookings, margins, cash flow, and EPS was strong.
• Operating margins expanded by 35 basis points, and EPS grew at 6.8% QoQ.
• Operating cash flow was at 132.3% of net income, generating nearly $1B in the first half of the year.

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