Wipro Q2 Results Review - Healthy Quarter, Furlough Softness Ahead: Motilal Oswal

Motilal Oswal Report

Wipro Ltd. reported Q2 FY25 IT Services revenue of $2.6 billion (0.6% QoQ) in constant currency, 60 bp above our estimate. It posted an order intake of $3.6 billion (+9.6% QoQ), with a large deal total contract value of $1.5 billion (+30% QoQ).

Ebit margin of IT Services was 16.8% (estimate 16.0%). Ebitda rose 2.7% QoQ/7.8% YoY to Rs 46 billion (estimate Rs 44 billion). Profit after tax stood at Rs 32 billion (+6.8% QoQ/+21.3% YoY), above our est. of Rs 29 billion.

For H1 FY25, revenue declined 2.3%, whereas Ebit/PAT grew 7.9%/12.8% compared to H1 FY24.

Wipro’s has provided muted guidance for Q3 FY25, as it expects USD CC revenue performance in the range of -2.0% to 0.0% QoQ.

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