Wipro's Q2 Revenue Falls Short Of Expectations, CEO Highlights Growth In Large Accounts

Wipro Limited WIT reported second-quarter gross revenue of $2.71 billion, flattish Y/Y, missing the consensus of $2.77 billion.

EPS of $0.06 missed the consensus of $0.07.

IT Services revenue declined by 2.3% Q/Q to $2.71 billion. Non-GAAP constant currency IT Services segment revenue decreased by 2.0% Q/Q.

IT Services' operating margin for the quarter was 16.1%, up 10 bps Q/Q and 100 bps Y/Y.

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Net income was $318.5 million, down 0.5% Y/Y. Operating cash flow was at $465 million.

Wipro held $4.07 billion in cash and equivalents as of September 30.

Thierry Delaporte, CEO and Managing Director, said, "We ended the second quarter with 22 accounts above the $100M range, which is double the number we had in FY'21. Our large deal total contract value reached $1.3 billion—highest in the last nine quarters."

Q3 Outlook: Wipro sees IT Services business revenue of $2.617 billion - $2.672 billion, (-3.5)% to (-1.5)% Q/Q in constant currency terms vs total revenue consensus of $2.81 billion.

Price Action: WIT shares traded lower by 2.66% at $4.75 on the last check Wednesday.