• Q2 performance: IT Services revenue was $2.61 billion, flat sequentially and up 0.6% year-on-year in constant currency; operating margin was 16.5%, up 50 basis points sequentially. Net income was ₹32 billion, down 4.7% sequentially, while EPS grew 0.9% sequentially and 4.2% year-on-year.
• Q3 guidance: Wipro guided to sequential IT Services revenue growth of -1.5% to +0.5% in constant currency, or $2.571 billion to $2.625 billion. Seasonal furloughs and expected healthcare softness are reflected in the outlook.
• Deal bookings: The company closed $2.6 billion in total contract value and signed 9 large deals. Management said bookings were lower this quarter because a couple of awarded deals remained unsigned and are expected to flow into Q3.
• AI investment: Wipro’s AI-native unit has over 2,000 engineers, including FDEs, and is gaining traction in outcome-based deals. Management cited AI services and solutions spanning AI data centers, physical AI, AI devices, and design-to-manufacturing.
• Margin outlook: Management said AI tools are a significant productivity lever in fixed-price programs and reiterated a comfortable margin range of 17 to 17.5%, while noting it will continue to invest for growth.