Wipro Clocks 15% Revenue Growth In Q2; Expands Cash Flow By 101%

Wipro Limited WIT reported second-quarter FY23 gross revenue of $2.77 billion, an increase of 14.6% Y/Y, missing the consensus of $2.86 billion.
IT Services revenue grew 8.4% Y/Y to $2.8 billion. Non-GAAP constant currency IT Services segment revenue grew 12.9% Y/Y.
IT Services operating margin for the quarter was at 15.1%, up 16 bps Q/Q.
Net income was $326.8 million. Operating Cash Flow was at $590 million, up 101% Y/Y.
EPS of $0.06 missed the consensus of $0.07.
Thierry Delaporte, CEO and Managing Director said, "The solid growth in our bookings, large deal signings, and revenues underscore our improved market competitiveness and enhanced value proposition."
Outlook: Wipro sees Q3 IT Services business revenue of $2.811 billion - $2.853 billion, implying a 0.5%-2.0% Q/Q growth.
Price Action: WIT shares closed lower by 3.65% at $4.75 on Tuesday.
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