![[ L to R ]Mr. Rohan Ganapathy, Co-Chairman, CII National Committee on Space; Mr. Mallavarapu Apparao, Chairman, CII National Committee on Space; Ms. Jaya Choraria, Deputy Trade Commissioner for South Asia, UK; H.E. Mr. Antonio Bartoli, Ambassador of Italy to India; Dr. Pawan Goenka, Chairman, IN-SPACe; Dr V. Narayanan, Secretary, Department of Space; Chairman, Space Commission; and Chairman, ISRO; Mr. Shashwat Goenka, Vice President, CII; H.E. Mr. Philip Green OAM, High Commissioner of Australia to India; Mr. ISHII Yasuo, Senior Vice President, JAXA; Mr. Radha Krishnan A, Chairman and Managing Director, NSIL](https://24x7newsworld.com/wp-content/uploads/2026/09/Screenshot-2026-09-08-at-20-52-52-DSC_6125.JPG-JPEG-Image-6048-×-4024-pixels-—-Scaled-14_-360x180.avif){kind=tracking}
Large deal bookings reach $1.3 billion, an increase of 79% YoY and 6% QoQ
Total bookings of $3.8 billion, mark a 6% YoY increase
IT services segment EBIT increases 6% YoY. EPS increases 4.1% YoY
Operating cash flows at 145% of net income
EAST BRUNSWICK, N.J. | BANGALORE, India – October 18, 2023: Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter-ended September 30, 2023.
Highlights of the Results
Results for the Quarter ended September 30, 2023:
1. Gross revenue reached ₹225.2 billion ($2.7 billion1), a decrease of 0.1% YoY.
2. IT services segment revenue was at $2,713.3 million, a decrease of 2.3% QoQ.
3. Non-GAAP2 constant currency IT Services segment revenue decreased 2.0% QoQ.
4. Total bookings3 was at $3.8 billion, up by 6% YoY and large deal bookings4 was at $1.3 billion, up by 79.0% YoY.
5. IT services segment EBIT for the quarter was ₹36.1 billion ($434.0 million1), an increase of 6% YoY.
6. IT services operating margin5 for the quarter was at 16.1%, up 10 bps QoQ and 100 bps YoY.
7. Earnings per share for the quarter was at ₹5.06 ($0.061), an increase of 4.1% YoY.
8. Net income for the quarter was at ₹26.5 billion ($318.5 million1), a decrease of 0.5% YoY.
9. Operating cash flows at 145% of Net Income for the quarter was at ₹38.6 billion ($465.0 million1).
10. Voluntary attrition6 has continued to moderate QoQ, coming in at 9-quarter low of 13.4% in Q2’24.
Outlook for the Quarter ending December 31, 2023
We expect revenue from our IT Services business segment to be in the range of $2,617 million to $2,672 million*. This translates to sequential guidance of -3.5% to -1.5% in constant currency terms.
* Outlook for the Quarter ending December 31, 2023, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.09, AUD/USD at 0.66, USD/INR at 82.70 and CAD/USD at 0.74
Performance for the Quarter ended September 30, 2023
“We continue to win in the market despite the uncertain macro environment,” said Thierry Delaporte, CEO and Managing Director. “We ended the second quarter with 22 accounts above the $100M range, which is double the number we had in FY’21. Our large deal total contract value reached $1.3 billion—highest in the last nine quarters.”
“Against a challenging environment, we continue to take the bold decisions needed to realize our long-term ambitions. We are investing in our technology infrastructure and streamlining our operations and delivery to drive profitable growth. We are training and reskilling our people so they can be ready for an AI-driven future. The investments we made in our ai360 strategy are helping us realize significant efficiencies across our organization and creating an early leadership position in this fast-evolving space. We are confident that these investments will keep us resilient and competitive in an ever shifting business and economic landscape.”
Aparna C. Iyer, Chief Financial Officer, said, “We remain focused on profitable growth despite a challenging market. Our disciplined approach to improve efficiency, productivity and utilization has led to an increase of 100 bps YoY in our IT services operating margins. Our absolute IT services segment EBIT grew 6% YoY. We generated strong operating cash flow of 145% of net income for the quarter.”
IT Products
1. IT Products segment revenue for the quarter was ₹1.47 billion ($17.7 million1)
2. IT Products segment results for the quarter was a loss of ₹0.47 billion ($5.6 million1)
Please refer to the table on page 11 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.
1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = ₹83.08, as published by the Federal Reserve Board of Governors on September 30, 2023. However, the realized exchange rate in our IT Services business segment for the quarter ended September 30, 2023, was US$1= ₹82.54
2. Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.
3. Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2.
4. Large deal bookings consist of deals greater than or equal to $30 million in total contract value.
5. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.
6. Voluntary attrition is in IT Services computed on a quarterly annualised basis and excludes DOP.
7. Effective April 1, 2023, we merged our ISRE segment with our IT Services segment. The YoY growth rates for the quarter ended September 30, 2023 were computed by rebase lining Q2’23 numbers.
8. A global technology company has selected Wipro to deliver high-quality digital designs to enhance their manufacturing process. Through the Technology Excellence Center model, Wipro Engineering Edge will implement hardware design verification for multiple business units in a cost-effective, scalable, and efficient manner. This will lead to a 20-25% reduction in total cost, faster time-to-market, high-quality delivery, and the ability to scale.
9. A leading workplace pension provider in the UK has selected Wipro to provide regulated Pensions Administration and Technology Services to the member of its Defined Contribution (DC) Pensions book. Through this engagement, the client will see enhanced member experience, faster time to market for new products, and significant cost reduction, while supporting 15% year-on-year business growth.
10. A North American financial institution has selected Wipro to digitize and streamline its loan origination systems and deliver a consistent omni-channel experience to its end-users. NetOxygen, Wipro’s award-winning enterprise loan origination solution, will improve the lending process through automation and cloud technology. This will ensure compliance and information security, as well as fully integrated bilingual support (in French and English). The client will see a reduction in their cost-per-loan of up to 30% and can expect an increase of up to 80% in digital self-generation loan requests.
