Wipro revenue drops 2.3% in June quarter
BENGALURU: Wipro's revenue declined by 2.3% in constant currency during the June quarter, though the drop remained within its projected guidance range of –3.5% to –1.5%.
'We started the quarter facing significant macro uncertainty, which kept overall demand muted.
Our clients prioritised initiatives with immediate impact, focusing on cost optimisation and vendor consolidation.
At the same time, they accelerated their AI, data, and modernisation programs. We saw a clear trend of many AI projects moving to scale and production,' said Wipro CEO Srini Pallia.
Operating margins fell to 17.3% in the June quarter from 17.5% in the March quarter of last fiscal, though this marked an 80-basis-point improvement year-on-year.
'In Q1 we delivered 17.3%, which is a 20-basis-point movement. If you look at forex, it's really flattish. Our utilisation has been flattish. We've had some savings in selling, general and administrative expenses, and we had the revenue decline being offset through operational improvements.
That's broadly how I would characterise the margins for the quarter,' said CFO Aparna Iyer.
Q1FY26 Snapshot
Despite modest revenue performance, Wipro reported strong deal wins, with total contract value (TCV) reaching $5 billion—a 50.7% year-on-year increase.
Large deals contributed $2.7 billion, up 131% year-on-year. Iyer noted that execution of these large deals would span 6–8 quarters, with stronger impact expected in the second half of the fiscal. Most of these deals focused on cost reduction and vendor consolidation.
Across geographies, the Americas grew 1.5% year-on-year in constant currency, maintaining strong deal momentum. Revenue in APMEA remained flat, supported by digital spending in India, the Middle East, and Southeast Asia. Pallia said Europe continued to face headwinds, with clients prioritising competitiveness. 'In BFSI, demand is strong and steady,' he said.
Wipro has guided for sequential revenue growth of -1% to 1% in constant currency for the Sept quarter. Wipro's workforce declined by 114 employees, bringing total headcount to 233,232 at the end of the June quarter.
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