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Wipro has provided a weak revenue guidance of -3% to -1% for the June quarter, as uncertainties outweigh newer business opportunities. It also sets the company up for a lacklustre start to the fiscal year.
Wipro’s revenue in the March quarter was $2. 8 billion, a drop of 0. 6% in constant currency compared to the preceding quarter. The numbers were similar to that of some of its peers, reflecting the challenging macroeconomic environment. Operating margin was flat at 16. 3%. The company expects operating margin to be at similar levels in FY24.
For the 2022-23 financial year, revenue was $11. 2 billion — a growth of 11. 5% in constant currency, which was towards the lower end of its guidance for the quarter.
Wipro CEO Thierry Delaporte said the sequential decline in revenue was mainly due to the uncertainty in the market, and the resulting slowdown in discretionary spending. “We are seeing some softness in the banking and financial services space, and in consulting. Looking ahead, we believe the macro environment will remain challenging,” he said. The banking and financial services business fell by 2. 4% in constant currency in the March quarter.
Wipro’s total deal bookings was $4. 1 billion, up 29% year-on-year in constant currency. “Today, we have 19 $100 million accounts, compared to 11 in fiscal year 2021. We are winning large transformation deals, benefiting from the consolidation in the marketplace, and expanding our relationships with existing clients,” Delaporte said. The board approved a share buyback of Rs 12,000 crore at Rs 445 apiece.
Wipro’s revenue in the March quarter was $2. 8 billion, a drop of 0. 6% in constant currency compared to the preceding quarter. The numbers were similar to that of some of its peers, reflecting the challenging macroeconomic environment. Operating margin was flat at 16. 3%. The company expects operating margin to be at similar levels in FY24.
For the 2022-23 financial year, revenue was $11. 2 billion — a growth of 11. 5% in constant currency, which was towards the lower end of its guidance for the quarter.
Wipro CEO Thierry Delaporte said the sequential decline in revenue was mainly due to the uncertainty in the market, and the resulting slowdown in discretionary spending. “We are seeing some softness in the banking and financial services space, and in consulting. Looking ahead, we believe the macro environment will remain challenging,” he said. The banking and financial services business fell by 2. 4% in constant currency in the March quarter.
Wipro’s total deal bookings was $4. 1 billion, up 29% year-on-year in constant currency. “Today, we have 19 $100 million accounts, compared to 11 in fiscal year 2021. We are winning large transformation deals, benefiting from the consolidation in the marketplace, and expanding our relationships with existing clients,” Delaporte said. The board approved a share buyback of Rs 12,000 crore at Rs 445 apiece.
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