Wipro Limited (NYSE:WIT) Q2 2024 Results Conference Call October 18, 2023 9:30 AM ET
Company Participants
Deepak Bohra - Senior Vice President, Corporate Treasurer and Investor Relations
Thierry Delaporte - Chief Executive Officer and Managing Director
Aparna Iyer - CFO
Amit Choudhary - Chief Operating Officer
Subha Tatavarti - CTO
Conference Call Participants
Kumar Rakesh - BNP Paribas
Gaurav Rateria - Morgan Stanley
Dipesh Mehta - Emkay
Abhishek Kumar - JM Financial
Girish Pai - Nirmal Bang Equities
Sandeep Shah - Equirus Securities
Ravi Menon - Macquarie
Apurva Prasad - HDFC Securities
Operator
Ladies and gentlemen, good day, and welcome to Wipro Limited Q2 FY24 Earnings Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes [Operator Instructions]. Please note that this conference is being recorded.
I now hand the conference over to Mr. Deepak Bohra, Senior Vice President, Corporate Treasurer and Investor Relations. Thank you, and over to you, sir.
Deepak Bohra
Thank you, Yashashri. A warm welcome to our Q2 FY24 earnings call. We'll begin the call with the business highlights and overview by Thierry Delaporte, our Chief Executive Officer and Managing Director and a financial overview by our CFO, Aparna Iyer, followed by Amit Choudhary, Chief Operating Officer. Afterwards, the operator will open the bridge for Q&A with our management team. Before Thierry starts, let me draw your attention to the fact that during this call, we may make certain forward-looking statements within the meaning of Private Securities Litigation Reform Act 1995. These statements are based on management's current expectations and are associated with uncertainties and risks, which may cause the actual results to differ materially from those expected. The uncertainties and risk factors are explained in our detailed filings with the SEC. Wipro does not undertake any obligation to update the forward-looking statements to reflect events and circumstances after the date of filing. The conference call will be archived and a transcript will be available on our website.
Over to you, Thierry.
Thierry Delaporte
Thank you, Deepak. And good -- actually good morning or good afternoon. Good evening, everyone. Thank you for joining our second quarter earnings call. I'll begin with an overview of this quarter's results and detail of our sector performance, talk about the demand environment and some direction for the coming quarter. Our CFO, Aparna and our COO, Amit, will join in with their comments as well. So Q2 was yet another quarter of strong deal bookings for us. Total contract value terms, we closed large deals to the tune of $1.3 billion. This is the highest in the last nine quarters and this represents a 79% year-on-year growth and a 6% growth on a quarter-on-quarter basis. During the quarter, we booked 14 deals in the greater than $30 million TCB range versus 10 in the previous quarter. Total bookings from a TCB standpoint stand at $3.8 billion, which is also a growth of 6% year-on-year. We have added this quarter, again, one new account in the greater than $100 million client category in Q2. We now have 22 accounts in that bucket. If you remember, back in FY21, we had 11 $100 million accounts. So we've doubled the number of accounts in the $100 million categories. We've won also two close to $0.5 billion deals, in two of our large accounts as has been the case for several quarters now. Cash flow has remained strong at 145% of net income in Q2. EBIT or earnings before tax and interest of our IT services segment has increased 6% year-on-year.