Wipro Ltd. - ADR

Revenue Performance: Wipro's IT Services revenue for Q3 FY '25 was $2.63 billion, demonstrating a slight sequential growth of 0.1% but a decline of 0.7% year-on-year (YOY). This performance exceeded the upper end of guidance, reflecting enhanced execution amid macroeconomic challenges.

Margin Expansion: Operating margins improved significantly to 17.5%, which is the highest in 12 quarters, marking an increase of 0.7% quarter-on-quarter and 1.5% YOY. This improvement occurred despite the absorption of a two-month wage hike, indicating efficient cost management and execution rigor.

Guidance Outlook: For Q4 FY '25, Wipro has provided guidance for revenue growth of -1% to +1% in constant currency terms, translating to a range of $2.602 billion to $2.655 billion. This conservative outlook is due to ongoing soft demand in Europe and APMEA, alongside expected slower discretionary spending.