India’s Wipro tops quarterly revenue estimates on strong Asia and Americas growth
Indian IT major Wipro Ltd. posted stronger-than-expected results for the July–September quarter, supported by solid performance in its Asia-Pacific and Americas communications divisions and a healthy pipeline of large contracts.
The Bengaluru-based company reported a 1.8% year-on-year rise in consolidated revenue to 226.97 billion rupees ($2.58 billion), slightly above analysts’ estimates of 226.90 billion rupees, according to LSEG data. Wipro said it expects revenue growth between -0.5% and 1.5% for the current quarter, in line with market expectations, implying revenue of $2.59–$2.64 billion.
Net profit for the quarter rose 1.2% to 32.46 billion rupees, just below the forecast of 33.01 billion rupees. Among its major markets, Asia Pacific led growth at 3.1%, followed by Americas One at 0.5%, while other segments saw moderate momentum.
Wipro benefited from securing two mega deals worth over $500 million each — one with the UK’s Phoenix Group and another with a U.S.-based telecom provider — making it the only top-five Indian IT company to achieve two such contracts this fiscal year.
The company’s total deal bookings reached $4.69 billion, down from $5 billion in the previous quarter but up significantly from $3.6 billion a year earlier.
Peers Tata Consultancy Services (TCS) and HCLTech also exceeded revenue forecasts earlier this month, citing stronger demand in the second half of the fiscal year, signaling a broad recovery for India’s IT services sector.