Wipro Q2FY25 Results: Revenue Growth and Bonus Shares Announced
Wipro reports 0.6% QoQ growth in constant currency, the first increase after 6 quarters of decline.
Wipro Ltd. has reported its Q2FY25 earnings, showcasing revenue growth for the first time in six quarters. The IT services giant also announced a significant bonus share issuance to its shareholders, highlighting a strong performance and a positive outlook.
Key Financial Highlights:
- Constant Currency Revenue Growth: Wipro saw a 0.6% growth QoQ in constant currency terms, marking its first revenue growth after six quarters of decline.
- US Dollar Revenue: The company's revenue for the September quarter stood at $2,660 million, slightly above the market expectation of $2,651 million.
- Rupee Revenue: Wipro reported a 1.3% rise in rupee terms, aligning with CNBC-TV18’s forecast.
- EBIT (Earnings Before Interest & Tax): EBIT for the quarter was ₹3,732 crore, reflecting a 3.5% growth from the previous quarter and higher than the projected ₹3,666 crore.
- EBIT Margin: The margin stood at 16.8%, exceeding expectations of 16.5%.
Large Deal Bookings:
Wipro achieved large deal bookings of $1.5 billion, the highest in 10 quarters, reinforcing its ability to secure substantial business amidst challenging conditions.
Bonus Shares Announcement:
- The board declared a 1:1 bonus share issue, meaning shareholders will receive one free share for every share held as of the yet-to-be-announced record date.
- The bonus shares are expected to be credited by December 15, 2024.
- This is Wipro’s first bonus share issuance since 2019, marking the 14th bonus share issue in the company’s history.
Operational Highlights:
- Margin Expansion: Wipro expanded its margins by 35 basis points, driving its Earnings Per Share (EPS) growth by 6.8% QoQ.
- Strong Cash Flow: The company generated 132.3% of net income in operating cash flow, reflecting robust cash flow performance. In the first half of FY25, Wipro's operating cash flow reached nearly $1 billion.
Outlook for Q3FY25:
- Wipro forecasts revenue between $2,607 million and $2,660 million for Q3FY25, reflecting an expected range of -2% to 0% QoQ.
Promoter Holding and Stock Performance:
- Promoters hold a 72.80% stake in the company as of the September quarter.
- Wipro’s stock closed at ₹528.70, down by 0.65% on the day of the results announcement. The stock has seen a growth of nearly 11% in 2024.
With strong deal wins, improved margins, and solid cash flow, Wipro's Q2 results reflect an optimistic turnaround after several challenging quarters. The bonus share issuance adds further value for long-term investors, marking a significant milestone for the company.
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