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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹22,302 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Wipro's Q2 FY25 results met expectations with IT services revenue of $2.66B (0.6% QoQ CC) and operating margin of 16.8%, expanding 71bps YoY. Growth was driven by BFSI (2.7% QoQ) and Technology & Communications (1.6% QoQ), while Manufacturing (-2%) and Energy & Utilities (-3.7%) remained weak. Total bookings of $3.6B included 19 large deals with TCV of $1.49B, up 29% QoQ. Management guided Q3 revenue of -2% to 0% QoQ CC due to seasonal furloughs and fewer working days, but expects margins to stay in a narrow band. Key risks include continued weakness in Europe and delayed recovery in Manufacturing and ENU verticals.
Colored figures show movement against the previous available record.
Guidance to track
- Revenue expected to be $2.607B-$2.660B, impacted by seasonal furloughs and fewer working days.
- Despite headwinds from furloughs and salary increases, management confident of maintaining margins within a narrow band.
- Q2 margin of 16.8% brings company closer to the aspirational band; revenue growth needed to sustain beyond 17%.
Risks flagged
- Europe declined 0.1% QoQ due to weak demand and client-specific issues; management expects softness to persist in Q3.
- Manufacturing (-2%) and Energy & Utilities (-3.7%) remained weak; management cited pipeline but no timeline for recovery.
- Capco's consulting business is more susceptible to furloughs, which could weigh on Q3 growth despite strong momentum.
- Large deals take 2-3 quarters to ramp up; analyst flagged delayed conversion, though management expressed confidence.
Key quotes
- We are pleased to share that our operating margin for the quarter was at 16.8%, an expansion of 35 basis points quarter-on-quarter and 71 basis points year-on-year. This brings us one step closer to our earlier conveyed target band of 17%-17.5%.
- For us to bounce back to growth deterministically, Europe and APMEA also have to chip in. APMEA, we're seeing some early signs of stabilization. Europe is still work in progress.
- We have trained and certified over forty-four thousand employees on advanced AI, and we have a significant number of employees actively using AI developer tools across the company.
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