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News: The IT services revenue was down 2.1% QoQ (down 2.8% QoQ in CC terms) to $2,778.5 million. The EBIT margins at 16% was down 20 bps QoQ, given the negative operating leverage but partially offset by higher utilisations. Key segments such as BFSI, consumer and energy declined sequentially. The company received total bookings of $3.7 billion for the quarter. The large deal bookings growth stood at 9% YoY at US$ 1.2 bn.
Views: For Q2FY24, Wipro's has guided for a revenue growth of -2% to 1% in constant currency terms and similar margins band. The company sounded off on near term demand challenges due to reduction in discretionary spends including in key segments, albeit reiterated long term tailwinds from generative AI.
Impact: Neutral