Wipro Ltd. (NYSE: WIT) reported revenue yesterday rose 1.1% year over year in constant currency to $2.78 billion in its fiscal first quarter ended June 30. Looking at just Wipro’s IT services revenue, it was also up 1.1% year over year on a constant currency basis.

“Our ongoing focus on operational improvement has ensured that margin remains steady even in a softening revenue environment,” CFO Jatin Dalal said in a press release.

First-quarter operating margin was 16%, up from 14.9% in the year-ago quarter, Dalal noted.

IT services’ first-quarter revenue in Europe rose by 4.1% in constant currency, while first-quarter revenue in Asia Pacific, the Middle East and Africa rose by 3.1% in constant currency.

However, IT services revenue in part of the company’s Americas operations slipped.

Wipro reported revenue in its “Americas 1” segment was up 1.5% in constant currency in the first quarter, but revenue fell 2.7% in constant currency in its “Americas 2” segment.

Americas 1 includes US-based customers in the following industries: healthcare and medical devices, consumer goods, life sciences, retail, transportation and services, communication, media, information services, technology products, and platforms. It also includes all of Latin America.

Americas 2 includes US-based customers in banking, financial services, insurance, manufacturing, high tech, energy and utilities. It also includes all of Canada.

Profit for the period rose 12.8% to INR 28.86 billion (USD 352.0 million).

Looking ahead, Wipro forecast second-quarter IT services revenue will range from a decrease of 2.0% to an increase of 1.0% from the first quarter on a constant currency basis with revenue totalling between USD 2.72 billion and USD 2.81 billion.

Wipro shares closed on Thursday at INR 394.30, up 0.97% on the day and 12.02% above the 52-week low of INR 352.00 (USD 4.29) set on 17 April 2023. The company has a market cap of INR 2.05 trillion (USD 25.0 billion).