Wipro Ltd reported a 1.4% year-on-year (YoY) decline in net profit to ₹3,201 crore in Q2 FY27, while it fell 4.7% sequentially, amid a sharp contraction in large deal bookings and flat constant-currency revenue growth.

The Bengaluru-based IT services company’s gross revenue rose 9.1% year-on-year to ₹24,752.7 crore but declined 1.1% sequentially.

Total project bookings stood at $2,595 million, down 22.9% sequentially in constant currency terms. Large deal bookings plunged 58.6% to $674 million.

Srini Pallia, CEO and managing director, said the company’s strategic investments were beginning to deliver results, strengthening its ability to win in new markets, add clients and expand existing relationships.

“At the same time, our consulting-led, AI-powered strategy is helping us create larger transformation opportunities. We see AI as a long-term growth driver that will expand the addressable market for technology and business transformation,” he said, adding that the potential was reflected in momentum across its AI-Native Unit and AI offerings portfolio.

Aparna Iyer, chief financial officer, said IT services operating margin expanded 0.5 percentage point sequentially to 16.5%, despite continued investments in the business and workforce. Operating cash flow stood at 166% of net income.

Shubham Singh Rathore, principal analyst at Gartner, said Wipro maintained delivery stability and commercial engagement, with regional performance led by APMEA and Americas 2.

“A controlled trailing twelve-month voluntary attrition at 13.8% and geographic breadth position Wipro effectively to execute multiyear enterprise transformation contracts globally,” he said.

For the quarter ending December 31, Wipro expects IT services revenue of $2,571 million to $2,625 million, implying sequential growth of -1.5% to 0.5% in constant currency terms.

Chief human resources officer Saurabh Govil said fresher onboarding was below plan at around 1,000 in H1 FY27, but the company could step up hiring in H2.

Wipro’s workforce declined by 6,716 sequentially to 2,36,328 employees as of September 30. The company attributed the reduction to routine realignment with demand, supply and flat utilisation.

Mr. Rathore noted that enterprises were increasingly investing in infrastructure readiness and automated delivery. Worldwide spending on AI-optimised servers is projected to rise 64.5% in 2026 to $635.8 billion, reaching $934 billion by 2030.