New Delhi [India], July 16 (ANI): Wipro Ltd on Thursday reported a 4.7 per cent sequential decline in net income for the quarter which ended June 30 and announced an interim dividend of Rs 2 per equity share, according to the company's Q1 FY27 earnings release.

The company's net income stood at Rs 33.6 billion (approx. USD 354.6 million) during the quarter, down 4.7 per cent quarter-on-quarter but up 0.6 per cent year-on-year. Gross revenue rose marginally by 1 per cent sequentially and 10.6 per cent annually to Rs 244.8 billion (approx. USD 2,585.9 million), while IT services revenue came in at USD 2.61 billion, down 1.4 per cent sequentially but up 1 per cent from a year earlier.

For the September quarter, Wipro said it expects IT services revenue in the range of USD 2.574 billion to USD 2.627 billion, translating into sequential guidance of (-)1.5 per cent to (+)0.5 per cent in constant currency terms.

Commenting on demand trends, Chief Executive Officer and Managing Director Srini Pallia said, 'Clients are moving beyond technology modernization to AI-enabled operating models that improve quality, resilience, and productivity. Wipro's consulting-led, AI-powered approach helps clients embed AI at the core of their business, and these engagements reflect both the breadth of our capabilities and the trust clients place in us as a transformation partner.'

Chief Financial Officer Aparna Iyer said the company remains focused on investing for long-term growth despite near-term pressure on margins.

'As we navigate an evolving technology landscape, we remain focused on investing in our people and strategic priority areas. While these investments may create some near-term margin volatility, it sets a strong foundation for future growth. Cash flow remained robust, with operating cash flow at 98% of net income for the quarter. We are also pleased to share that the Board has declared an interim dividend of Rs 2 per share,' she said.

Wipro's IT services operating margin stood at 16 per cent during the quarter, down 1.3 percentage points sequentially and 1.2 percentage points year-on-year. Operating cash flow increased 3.6 per cent sequentially to Rs 32.9 billion, equivalent to 98 per cent of net income. Voluntary attrition over the trailing 12 months stood at 13.9 per cent.

On the deal front, Wipro reported total bookings of USD 3.37 billion during the quarter. Large deal bookings rose 12.9 per cent sequentially in constant currency to USD 1.63 billion, with the company signing 13 large deals. Several of these were AI-led engagements, including an AI-first enterprise transformation programme for a global technology company, an AI-powered IT modernisation contract for a global chemicals company, and an expanded AI-driven business transformation mandate for a US-based specialty chemicals company. (ANI)