Wipro Posts Marginal Profit Boost and Strategic Wins Despite Revenue Dip

Wipro reported a 4.6% increase in net profit for Q1 FY25, reaching Rs 3,003.2 crore, despite a 3.8% drop in revenue to Rs 21,963.8 crore. The company projects IT services revenue between USD 2,600-2,652 million for the next quarter. CEO Srini Pallia highlighted large deal bookings and ongoing strategic growth.

IT major Wipro on Friday posted a 4.6 per cent year-on-year rise in its consolidated net profit for the June quarter, reaching Rs 3,003.2 crore.

The Q1 FY25 revenue of the Bengaluru-headquartered firm, however, fell 3.8 per cent to Rs 21,963.8 crore.

The company anticipates revenue from its IT Services business to range between USD 2,600 million to USD 2,652 million in the September quarter.

'This translates to sequential guidance of (-) 1.0 per cent to +1.0 per cent in constant currency terms,' the firm said.

Srini Pallia, CEO and Managing Director of Wipro, noted that the company secured large deal bookings exceeding USD 1 billion, including the 'largest win in recent years.'

'Our top accounts continued to grow, accompanied by a growth in 'Americas 1' strategic market unit (SMU), Banking, Financial Services and Insurance (BFSI) and Consumer sectors,' Pallia said.

'We are pleased with the momentum we have built in Q1 across industries and sectors and confident in our ability to execute better on bookings and profitable growth as we transition to Q2... While we continue to build on our ai360 strategy and prepare our workforce for an AI-first future,' Pallia added.