Thu Oct 17 17:40:00 UTC 2024: ## Wipro Reports Strong Q2 Results, Announces Bonus Share Issue

**MUMBAI, INDIA** – Wipro Ltd. announced a strong performance in the September quarter, reporting a 21% rise in net profit to Rs 3,209 crore. The IT major also announced a bonus share issue at a ratio of 1:1, meaning shareholders will receive one additional share for every share they hold.

Despite a 1% decline in revenue to Rs 22,302 crore, Wipro exceeded analysts’ expectations for both profit and revenue. A Moneycontrol poll of brokerages had projected a net profit of Rs 3,011 crore and revenue of Rs 22,219 crore for the quarter.

Wipro’s strong performance was driven by a significant increase in large deal bookings, reaching $1.49 billion, representing a 28.8% increase quarter-on-quarter and 16.8% year-on-year in constant currency. The company also saw growth in three out of four markets and across several key sectors, including BFSI, Consumer, and Technology & Communications.

“Based on strong execution in Q2, we met our expectations for revenue growth, bookings, and margins,” said Srini Pallia, CEO and Managing Director of Wipro. “We continued to expand our top accounts, large deal bookings surpassed $1 billion once again, and Capco maintained its momentum for another consecutive quarter.”

Wipro’s IT services operating margin for the quarter reached 16.8%, an increase of 0.3% quarter-on-quarter and 0.7% year-on-year. Aparna Iyer, Chief Financial Officer, stated that the company’s operating cash flow remains robust, reaching 132.3% of net income in Q2.

The announcement comes amidst a positive trend for the Indian IT sector, with companies like Wipro reporting strong financial results despite global economic uncertainty. The company’s strong performance and bonus share issue are expected to boost investor confidence and further strengthen its position in the global IT market.

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