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Revenue
₹22,831 Cr
verified against source
Revenue YoY
6.1%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Wipro's Q1 FY24 results reflect a mixed performance amid a cautious macro environment. Revenue grew 6.1% YoY in rupee terms, within guided range, but constant currency growth was only 1.1% YoY. Operating margin held steady at 16%, up 112 bps YoY, driven by productivity improvements and cost management. Large deal bookings were robust at $1.2 billion TCV, the highest in eight quarters, with total bookings of $3.7 billion. However, discretionary spending weakness persisted, particularly in BFSI and high-tech. Management guided Q2 constant currency revenue growth of -2% to +1%, reflecting ongoing uncertainty. The company announced a $1 billion investment in AI over three years, primarily organic, and plans to train all 250,000 employees in AI. Key risk: sustained macro headwinds could delay discretionary spend recovery, impacting near-term revenue conversion of the strong deal pipeline.
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Guidance to track
- Management expects Q2 revenue to decline 2% to grow 1% sequentially in constant currency, reflecting ongoing macro uncertainty.
- Operating margins are expected to remain around 16% in Q2, similar to Q1, with no salary increases planned until Q3.
- Wipro announced a $1B investment in AI, primarily organic, covering solutions, training, research, and M&A, funded through operational efficiencies.
- Wipro plans to train its entire workforce in AI fundamentals and advanced topics, leveraging its DICE ID platform for credentialing.
Risks flagged
- Clients continue to cut discretionary spends, impacting short-term revenue conversion of large deal wins.
- Despite strong deal wins, Wipro's revenue growth lags some peers, raising questions about portfolio mix and execution.
- The $1B AI investment, though funded by efficiencies, could weigh on margins if expected revenue uplift is delayed.
- Consulting revenues are under pressure due to discretionary spend cuts, though management remains confident in strategic value.
Key quotes
- We are seeing some softness in revenues. Despite that, we have held margins steady.
- We will train our entire workforce, nearly 250,000 employees, in AI.
- The success of this transformation becomes clearer when you consider the magnitude of this change, and when you see that we have continued to perform while we continued to transform.
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