India's Wipro beats second-quarter revenue expectations, deal bookings drop

Wipro, the leading IT firm, disclosed on Thursday that its net profit for the second quarter of the fiscal year 2027 fell marginally by 1.4% year-on-year to Rs 3,201 crore. However, the company's revenue grew by 9.1% YoY to Rs 24,752.7 crore. Sequentially, revenue declined by 1.1%. The IT services segment's revenue increased by 0.3% YoY to $2,611.5 million, with non-GAAP constant currency terms showing a 0.6% YoY rise and flat performance on a sequential basis.

Total bookings stood at $2,595 million, down 22.9% sequentially in constant currency terms, while large deal bookings decreased by 58.6% QoQ in constant currency terms to $674 million. The IT services operating margin in Q2FY27 was 16.5%, down by 0.2 percentage points YoY and up by 0.5 percentage points sequentially. Wipro's earnings per share rose 4.2% YoY to Rs 3.23, and operating cash flows were Rs 5,300 crore, which is 165.8% of net profit.

The voluntary attrition rate was 13.8% on a trailing 12-month basis. For Q3FY27, Wipro anticipates IT services revenue between $2,571 million and $2,625 million, indicating a sequential growth range of -1.5% to 0.5% in constant currency terms. Wipro's CEO, Srini Pallia, highlighted that the company's strategic investments were starting to bear fruit by helping it gain new markets, acquire clients, and strengthen relationships.