Wipro projected sequential constant-currency (CC) revenue growth of between -1.5% and 0.5% for its IT services business in the second quarter, underscoring a cautious demand outlook even as it continued to win large contracts.
According to the company's earnings statement, Wipro expects Q2 revenue to remain broadly flat after its IT services revenue declined 1.2% sequentially in constant currency during the April-June quarter.
The guidance is marginally better than the company's Q1 outlook of -2% to 0%.
For the first quarter, Wipro reported a consolidated net profit of Rs 3,352 crore, up 0.6% year-on-year, while consolidated revenue rose 10.6% to Rs 24,479 crore.
ALSO READ : AtaiBeckley Shares Surge 50% On Report Of Eli Lilly Eyeing Psychedelic Drug Developer's Acquisition
However, both profit and revenue fell short of analysts' estimates, according to Reuters-LSEG data.
The board also approved an interim dividend of Rs 2 per equity share.
The company reported total bookings of $3.4 billion during the quarter, while large deal bookings stood at $1.6 billion, reflecting continued traction in high-value contracts, according to the company.
Employee metrics remained largely stable, with attrition at 13.9%, compared with 13.8% in the previous quarter, while utilisation, excluding trainees, improved marginally to 83.6%.
ALSO READ : Morgan Stanley Q2 Profit Beats Estimates As Investment Banking Revenue Jumps 58%
Chief Executive Officer Srinivas Pallia said clients are increasingly shifting from technology modernisation to AI-enabled operating models, creating opportunities for Wipro's consulting-led AI strategy.
Chief Financial Officer Aparna C. Iyer said investments in talent and strategic priorities could create near-term margin volatility, but are aimed at supporting long-term growth.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.