Revenue at Wipro (NYSE: WIT) fell 1.0% year over year in its fiscal second quarter ended Sept. 30, with total revenue at INR 223.02 billion (USD 2.66 billion).

Net income for the quarter was INR 32.1 billion (USD 383.1 million), an increase of 21.3% year over year.

Srini Pallia, CEO and managing director, said in a press release, “Based on strong execution in Q2, we met our expectations for revenue growth, bookings and margins. We continued to expand our top accounts, large deal bookings surpassed $1 billion once again, and Capco maintained its momentum for another consecutive quarter. We grew in three out of four markets as well as in BFSI, consumer, and technology and communications sectors. We will continue to invest in our clients, our strategic priorities and building a strong AI-powered Wipro.”

CFO Aparna Iyer said, “I am pleased with our performance across all parameters, including revenue, bookings, operating margin, cash flow and EPS (earnings per share). On the back of operational improvements, we further expanded our margins by 35 basis points, and our EPS grew 6.8% quarter on quarter. Our operating cash flow continues to be robust at 132.3% of net income in Q2. As a result, cumulatively in the first half of this year, we generated nearly $1 billion in operating cash flow.”

The India-based firm said it continued to win large and strategic deals across industries in the second quarter.

Looking ahead to the third quarter ended 31 December, Wipro expects revenue from its IT Services business segment to be in the range of USD 2.60 billion to USD 2.66 billion. This translates to sequential guidance of a 2.0% decline to flat growth.

Share Price

On Thursday, Wipro shares closed in the US at USD 6.35, down 1.09% on the day and 9.42% below its 52-week high of USD 7.01, set on 18 July 2024. The company has a market cap of USD 32.88 billion.