India's Wipro beats second-quarter revenue expectations, deal bookings drop
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
BENGALURU, Oct 15 : Wipro, India's fourth-largest IT company, reported higher-than-expected second-quarter revenue on Thursday, helped by a revival in spending by its European clients and artificial intelligence unlocking new revenue streams.
The company's consolidated revenue rose 9.1 per cent to 247.53 billion rupees ($2.60 billion) in the July-September quarter, a tad above analysts' average estimate of 246.27 billion rupees, as per LSEG data.
Bengaluru-based Wipro forecast third-quarter revenue of $2.57 billion to $2.63 billion- which translates to a drop of 1.5 per cent to an increase of 0.5 per cent. Most brokerages had expected a guidance between 2 per cent decline and flat revenue growth.
Wipro said revenue from Europe, which contributes more than a fourth of its overall business, rose 5.1 per cent year-over-year, after stripping out currency fluctuations. The company also signed partnerships with Anthropic and Google during the year, helping it gain traction in terms of AI-related revenue and savings.
CNA Games
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
Show More
Show Less
The company posted a net profit of 32.01 billion rupees, compared with analysts' estimates of 33.69 billion rupees.
Total deal wins for Wipro fell to $2.6 billion from $4.7 billion a year earlier. It inked pacts with industrial giant ABB, cybersecurity firm Crowdstrike and oil major Aramco during the quarter ended September 30.
Larger rivals TCS and HCLTech revenue figures were largely in-line with Street estimates but their stocks surged as investors welcomed the uptick in AI revenue.
The company's Mumbai-listed shares closed 1.4 per cent higher ahead of the results, with the Nifty IT index rising 1.7 per cent.
($1 = 95.0550 Indian rupees)
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app