IT major Wipro’s ADR fell over 7% in pre-market trade today after the company missed street expectations in Q1 results. The company’s revenue growth in constant currency terms came in at -1% against an expectation of a flat to positive growth. Wipro’s revenue growth in CC terms has been negative for the last 6 quarters.
The company said that they expect revenue from their 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.
Wipro’s Q1 EBITDA came in at Rs 3,625 crore, 1.8% higher than the previous quarter while its operating margin improved 47 bps QoQ to 16.5% in Q1FY25.
“We recorded another quarter of total large deal bookings over $1 bn, with our largest win in the recent years. Our top accounts continued to grow, accompanied by a growth in Americas1 SMU, BFSI and Consumer sectors. We are pleased with the momentum we have built in Q1 across industries and sectors and confident in our ability to execute better on bookings and profitable growth as we transition to Q2. While we continue to build on our ai360 strategy and preparing our workforce for an Al-first future,” said Srini Pallia, MD & CEO of Wipro.
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