Wipro Q1 Results: Cons PAT rises 5% YoY to Rs 3,003 cr, revenue drops 4%

IT major Wipro on Friday reported a consolidated net profit of Rs 3,003 crore (attributable to the equity holders) for the quarter ended June 30, 2024, which was up by 4.6% over Rs 2,870 crore reported by the company in the year-ago period.

The revenue from operations stood at Rs 21,964 crore, which was lower by 4% over Rs 22,831 crore reported by the company in the corresponding quarter of the last financial year.

Wipro's PAT was above Street’s estimates of Rs 2,993 crore while the revenue was lower than the estimates of Rs 22,258 crore.

In its guidance for the quarter ending September 30, 2024, the company said that it expects revenue from its IT services business segment to be in the range of $2,600 million to $2,652 million.

This translates to sequential guidance of (-)1.0% to +1.0% in constant currency terms.

The company’s gross revenue saw a 1.1% quarter-on-quarter decline versus Rs 22,208 crore reported in Q4FY24.

The IT services segment revenue was reported at $2,625.9 million, a decrease of 1.2% QoQ and 5.5% YoY. The non-GAAP2 constant currency IT services segment revenue decreased 1.% QoQ and 4.9% YoY.

Total bookings in the reported quarter stood at $3,284 million with large deal bookings standing at $1,154 million. It is a decrease of 3.1% QoQ and 3.6% YoY.

The IT services operating margin for the quarter was at 16.5%, an uptick of 0.1% QoQ and 0.4% YoY. The net income for the quarter was at Rs 3,000 crore ($360.4 million), an increase of 5.9% QoQ and 4.6% YoY.