Thu Oct 17 13:16:45 UTC 2024: ## Wipro Posts Strong Q2 Results, Driven by US Communications Sector Growth

**Bangalore, India – October 17, 2024:** IT giant Wipro announced a robust performance for the September 2024 quarter, exceeding market expectations. The company recorded a 21% surge in net profit, reaching Rs 3,209 crore, fueled by increased spending from clients in the US communications sector. Revenue for the July-September period rose 1% to Rs 22,300 crore.

Wipro also declared a 1:1 bonus share scheme, as per a BSE filing. The company’s voluntary attrition rate stood at 14.5% on a trailing 12-month basis. The IT services operating margin for the quarter reached 16.8%, reflecting a 0.3% quarter-on-quarter and 0.7% year-on-year increase.

Total bookings for the quarter amounted to $3.56 billion, with large deal bookings reaching $1.49 billion, demonstrating a 28.8% quarter-on-quarter and 16.8% year-on-year growth in constant currency.

Despite the positive financial performance, Wipro’s shares dipped by Rs 3.4 or 0.64% to Rs 528.75 apiece on the BSE. The company projected revenue from its IT Services business segment to range between $2,607 million and $2,660 million, indicating a sequential guidance of (-) 2.0% to 0.0% in constant currency terms.

**CEO and Managing Director Srini Pallia** expressed satisfaction with the Q2 results, highlighting strong execution that met expectations for revenue growth, bookings, and margins. He emphasized the expansion of top accounts, robust large deal bookings exceeding $1 billion for the second consecutive quarter, and Capco’s sustained momentum. Wipro also witnessed growth across three of its four markets and in the BFSI, Consumer, and Technology & Communications sectors. Pallia underscored the company’s commitment to investing in clients, strategic priorities, and building an AI-powered Wipro.

**Chief Financial Officer Aparna Iyer** highlighted the company’s comprehensive performance across all parameters, including revenue, bookings, operating margin, cash flow, and earnings per share. She attributed the margin expansion of 35 basis points and 6.8% quarter-on-quarter EPS growth to operational improvements. Iyer also emphasized the robust operating cash flow, reaching 132.3% of net income in Q2. This resulted in nearly $1 billion in operating cash flow generated cumulatively during the first half of the year.

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