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- Wipro Ltd WIT reported the first quarter FY22 gross revenue growth of 22.4% year-on-year to $2.5 billion, beating analyst consensus of $2.31 billion.
- IT Services segment revenue rose 25.7% Y/Y to $2.4 billion. Non-GAAP IT Services segment revenue grew 21.3% Y/Y.
- IT Services' operating margin declined 29 basis points to 18.8%.
- Net income rose 35.2% Y/Y to $434.8 million.
- The EPS was $0.08 beating the analyst consensus of $0.07.
- The company generated $451.1 million in operating cash flow.
- It held $4.1 billion in cash and equivalents.
- Outlook: Wipro sees a Q2 IT Services revenue guidance between $2.535 billion - $2.583 billion, implying a 5%-7% quarter-on-quarter growth.
- Price action: WIT shares traded higher by 3.62% at $8.24 in the premarket session on the last check Thursday.
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