Wipro revenue up 3.8% in Q2, lags TCS, Infosys

BENGALURU: Wipro reported a 3.8% constant currency revenue growth in the second quarter as its banking, financial services and insurance (BFSI), communications and consumer segments grew. The numbers were, however, lower than its own 5.9% growth in the first quarter and substantially lower than those of larger rivals TCS and Infosys.
In dollar terms, India’s fourth-largest IT services provider grew 0.5% sequentially to $2 billion, within its guidance of 0-2% for the quarter. That translated into an incremental revenue of $10 million. “We had a good inquarter execution on both revenues and margins. The overall growth was broad-based with six out of seven industry verticals growing on a year-on-year basis,” CEO Abidali Neemuchwala said.
A better visibility of the deal pipeline prompted the company to raise its guidance to between 0.8% and 2.8% for the third quarter. “Our Q2 order booking was relatively strong compared to Q1, and Q3 guidance reflects the execution of those deals,” Neemuchwala added.