- WIPRO's revenue grew 1.3% Quarter on Quarter and EBIT margin stood at 18.7%. Operationally, the result was marginally below consensus estimates, led by a sequential decline in the banking and financial services sector(after two years of double-digit momentum) and a decline in India-specific communication segment.
- WIPRO cited weakness in capital markets across the US and Europe, similar as peers. However, unlike TCS and INFY, it expects a moderate performance in consumer segment.
- Revenue from the top client declined 11.8% YoY, led by the non-renewal of projects and the delay in ramp-ups. Overall, the weak performance of the top BFS clients was offset by healthy spends from clients across other verticals.
- WIPRO's utilization dipped during the quarter as it build on bench to leverage deal wins, putting pressure on margins.
Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.
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