Wipro Q1 Results Review - Another Challenging Year Ahead: Prabhudas Lilladher

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Prabhudas Lilladher Report

Wipro Ltd. reported IT Services revenue of $2.6 billion in Q1 FY25, down 1% QoQ in constant currency terms and 1.2% QoQ in reported terms, below our estimates of 0.5% QoQ decline and below consensus of flattish growth.

Although the green shoots in banking, financial services and insurance and Capco continued, the decline in other segments was steeper, which drag the revenue performance.

Despite the revenue decline intensity being higher than anticipated, IT Services Ebit margin remained steady at 16.5% (in line with our and consensus estimates), aided by improved utilisation and pyramid optimization.

The Q2 revenue guidance of -1% to +1%, implies flat QoQ at the mid-range, accounting for ramp-up of the large telecom deal (NN) and anticipated improvement within a few pockets.

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Also Read: Wipro Q1 Results Review - Muted Quarter, But The Uptick In Consulting A Positive: Motilal Oswal

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