Wipro on Thursday reported a 4.5 percent sequential decline in consolidated net profit to Rs 3,200.6 crore for the second quarter of FY27, missing Street estimates, even as revenue from operations rose 1.1 percent quarter-on-quarter to Rs 24,752.7 crore.

Wipro's net profit to decline 3.1 percent sequentially to Rs 3,248.6 crore, while revenue was projected to rise 1 percent to Rs 24,733 crore. The company's profit fell short of expectations, while revenue came in marginally ahead of estimates.

For the October-December quarter (Q3 FY27), Wipro guided for IT services revenue of $2,571 million to $2,625 million, translating into sequential growth of minus 1.5 percent to plus 0.5 percent in constant currency terms. The guidance indicates that the company expects subdued demand conditions to persist in the coming quarter.

Wipro Q2 results: Operating margin improves despite flat IT services growth.

Wipro's IT services revenue stood at $2,611.5 million during the September quarter, down 0.1 percent sequentially in reported dollar terms. In constant currency terms, revenue remained flat quarter-on-quarter and increased 0.6 percent year-on-year.

The IT services operating margin improved to 16.5 percent from 16 percent in the June quarter, an expansion of 50 basis points sequentially.

However, the company's deal bookings weakened sharply. Total contract bookings stood at $2.595 billion, declining 22.9 percent sequentially in constant currency terms. Large deal bookings fell 58.6 percent quarter-on-quarter to $674 million, compared with $1.626 billion in the preceding quarter.