Wipro Ltd. reported Q3 FY25 IT Services revenue of $2.6 bilion (0.1% QoQ) in constant currency, above our estimate of a 1.0% QoQ decline.
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Wipro Ltd. delivered a steady performance in Q3 FY25, driven by a strategic focus on key client segments (seven out of top 10 clients grew YoY CC) and growth in the healthcare vertical. Total contract value reached $3.5 billion in Q3, with large deals contributing $0.96 billion. A notable uptick in smaller- and medium-sized deals in Q3 aligns with peers' commentary, highlighting the growing momentum of short-cycle deals and signaling a recovery in discretionary spending.
Growth was particularly strong in the U.S. banking, financial services and insurance and healthcare verticals, driven by a gradual recovery in discretionary spending. The company's focus on client mining and expanding its consulting business has further strengthened its deal pipeline, especially in the Americas.
However, challenges remain in certain verticals and geographies. Its Q4 guidance is muted (-1.0% to 1.0% in CC), reflecting regional softness, particularly in Europe and APMEA.
Manufacturing and energy and utilities verticals continue to face client-specific headwinds, with no immediate signs of recovery expected.
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