Wipro Ltd. reported a strong performance for the second quarter ending September 30, 2024 (Q2 FY24), highlighted by its large deal bookings, which reached $1.5 billion — the highest in 10 quarters. This surge in bookings marks a significant 28.8% quarter-on-quarter (QoQ) increase and a 16.8% year-on-year (YoY) growth, showcasing Wipro’s ability to secure major contracts amid a competitive market.
Key Financial Highlights:
Total bookings for Q2 stood at $3.6 billion, reflecting the company’s strong deal momentum.
Gross revenue was ₹223.0 billion ($2.66 billion), a slight decline of 1.0% YoY but a QoQ increase of 1.5%.
IT services revenue was $2.66 billion, up 1.3% QoQ but down 2.0% YoY.
Net income rose to ₹32.1 billion ($383.1 million), reflecting a 6.8% QoQ and 21.3% YoY increase.
Operating cash flow stood at ₹42.7 billion, representing 132.3% of net income, highlighting Wipro’s solid cash generation capabilities.
IT services operating margin improved by 35 basis points QoQ, reaching 16.8%.
