Wipro Ltd.Flat revenue, margin 16.5%, Q3 guide -1.5% to +0.5%

Wipro reported Q2 FY27 IT services revenue of $2.61 billion, flat sequentially and up 0.6% year-on-year in constant currency.

Operating margin was 16.5%, up 0.5% sequentially. Total contract value was $2.6 billion with nine large deals, lower than the prior quarter because two confirmed deals were not signed on time and are expected to close in the third quarter. Net income of ₹3,200 crore fell 5% sequentially as other income dropped 68% after the June buyback, while earnings per share rose 0.9% sequentially to ₹3.23. Operating cash flow was 166% of net income.

BFSI grew 1% sequentially and Consumer 2.6%, while Health declined 3.8% sequentially on US policy changes. Americas 1 fell 2.1% sequentially. Management guided Q3 IT services revenue to a range of minus 1.5% to plus 0.5% in constant currency, citing seasonal furloughs. The CEO said the demand environment is unchanged and the pipeline for the next quarters is very strong, with BFSI and Technology expected to compete for growth leadership. The CFO said the company wants to return to its earlier margin band as quickly as possible but gave no timeline.