Wipro's American Depositary Receipts (ADRs) fell over 4 percent on the NYSE following the release of its Q2FY25 results. At 10.15 AM Eastern Daylight Time, Wipro ADRs traded over 2.5 percent lower at $6.3.
For the December quarter, Wipro expects IT Services revenue to range between $2,607 million and $2,660 million, implying a sequential guidance of (-)2.0 percent to 0.0 percent in constant currency terms. This marks a downward revision from the September quarter's forecast, which allowed for a revenue change of up to 1 percent in either direction.
"Our Q3 (FY25) revenue is expected to be affected by seasonal furloughs and fewer working days in this quarter," Srinivas Pallia, Chief Executive Officer of Wipro, said in the post-earnings conference call.
Also Read | Wipro Q2 net profit rises 21% to Rs 3,209 cr, beats estimate; IT major announces 1:1 bonus share issue
Wipro's consolidated net profit for Q2 FY25 rose by nearly 7 percent quarter-on-quarter to Rs 3,209 crore, surpassing Moneycontrol's estimate of Rs 3,011 crore. Revenue from operations increased by 1.5 percent QoQ to Rs 22,302 crore, beating Moneycontrol's forecast of Rs 22,219 crore.
Operating margins for the quarter improved by 30 basis points to 16.8 percent, exceeding the anticipated 16.4 percent.
Total bookings for Wipro rose to $3.56 billion in the September quarter, up from $3.23 billion in the prior quarter. Large deal bookings also saw a notable rise to $1.49 billion from $1.15 billion.
Wipro announced a 1:1 bonus share issue alongside the earnings release.
Today, Wipro's shares closed 0.7 percent lower at Rs 528.7 on the National Stock Exchange.
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