Wipro Clocks 18% Revenue Growth In Q1 Aided By Strong Order Bookings; Misses Consensus

Wipro Limited WIT reported first-quarter FY23 gross revenue of $2.72 billion, an increase of 17.9% Y/Y, missing the consensus of $2.80 billion.
IT Services revenue grew 13.3% Y/Y to $2.74 billion. Non-GAAP constant currency IT Services segment revenue grew 17.2% Y/Y.
IT Services Operating Margin for the quarter was at 15%, down 200 bps Q/Q.
Net income was $324.4 million. Operating Cash Flow was at $23 million.
EPS of $0.06 missed the consensus of $0.08.
Thierry Delaporte, the CEO, said, "We have made significant investments in Wipro's growth engine and are very pleased with the outcomes. Our order bookings grew 32% YoY in Total Contract Value terms, powered by large transformational deals, and our pipeline today is at an all-time high."
Outlook: Wipro sees Q2 IT service revenue of $2.82 billion - $2.87 billion, implying a 3%-5% Q/Q growth.
Price Action: WIT shares traded higher by 2.7% at $5.33 in the premarket on the last check Wednesday.

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