Wipro (WIPRO) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 saw resilient performance amid macroeconomic challenges, with cautious optimism returning and discretionary spending gradually improving.

• IT Services revenue for Q3'25 was $2,629.1 million, declining 1.2% QoQ and 1.0% YoY in reported terms, but non-GAAP revenue increased 0.1% QoQ in constant currency.

• Net income attributable to equity shareholders grew 4.5% QoQ and 24.5% YoY to ₹33.5 billion.

• The Board declared an interim dividend of ₹6 per share (USD 0.07 per share/ADR) post quarter-end.

• Focus remained on scaling large accounts, investing in talent, and leadership development.

Financial highlights

• IT services revenue was $2.63 billion, up 0.1% sequentially and down 0.7% year-on-year in constant currency, slightly above guidance.

• Operating margin reached a 12-quarter high at 17.5%, expanding 0.7% sequentially and 1.5% year-on-year.

• EPS and net income grew 24% year-on-year and 5% sequentially, driven by margin expansion and stable ETR.

• Total bookings were $3.5 billion, down 1.3% QoQ in constant currency; large deal bookings amounted to $0.96 billion.

• Interim dividend of INR 6 per share declared; payout ratio to increase to 70%+ of net income over three years from FY26.

Outlook and guidance

• Q4 guidance: sequential revenue growth of -1% to +1% in constant currency ($2.602B–$2.655B).

• Margin expected to remain in the 17.5% band in the near term.

• Gradual recovery anticipated, with Americas showing momentum and Europe/APMEA remaining soft.

• The company continues to focus on growth across all strategic market units and segments, with ongoing investments in digital, cloud, and consulting services.