Wipro, the country’s third lead tech player, on Thursday reported an almost flat net profit of ₹3,352 crore; even as revenues were on the rise in the June quarter.The sub-1% growth in net earnings came amid 11% year-on-year (YoY) increase in revenues to ₹24,479 crore. It’s core IT services business generated revenue of $2.61 billion, a 1.4% sequential decline and a 1% growth YoY.Wipro booked total deals worth $3.4 billion in the first quarter (Q1) of FY27, of which large contracts were valued at $1.6 billion, a sequential increase of 12.9% in constant currency terms.Cautious outlook for Q2Wipro expects revenue from its IT Services business segment to be in the range of $2,574 million to $2,627 million., translating as sequential guidance of (-)1.5% to (+)0.5% in constant currency terms. This apparently represents a cautious and muted outlook mostly attributing to market pressures, macroeconomic uncertainties, geopolitical instability, and cuts in discretionary spending by global customers.According to analysts, Wipro delivered a resilient FY27 Q1 performance despite a challenging demand environment, with gross revenue increasing 1% quarter-on-quarter (QoQ) and 10.6% YoY, while large-deal bookings grew 12.9% QoQ to $1.63 billion, reflecting continued demand for artificial intelligence (AI)-led and business transformation initiatives.Biswajit Maity, Senior Principal Analyst, Gartner commented, ``From a market perspective, Wipro is strengthening its position as an AI-powered transformation partner through continued investments in consulting, industry solutions, engineering capabilities, and innovation ecosystems.’’ He further said, the company’s recent acquisition of HARMAN’s Digital Transformation Solutions business, expansion of its innovation network, and creation of a dedicated AI-Native Business & Platforms unit reflect its focus on helping enterprises move from experimentation to scaled AI adoption.Srini Pallia, CEO and Managing Director, Wipro in his commentary said, “Clients are moving beyond technology modernisation to AI-enabled operating models that improve quality, resilience, and productivity.’’Wipro’s consulting-led, AI-powered approach helped clients embed AI at the core of their business, and these engagements reflected both the breadth of the company’s capabilities and the trust clients place in it as a transformation partner, Mr. Pallia anticipated.Aparna Iyer, Chief Financial Officer, said, “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.’According to her, company’s cash flow remained robust during the quarter, 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 ₹2 per share. Including this dividend and payouts made over the past year, we would have returned more than $3 billion in cash to our shareholders while continuing to invest steadily for growth,’’ Ms. Iyer added.Wipro reported a net hiring of 888 employees in the quarter making it’s total headcount to 243,044 as on June 30th. The company said it did not make any fresher hiring in Q1 as previous batches were still being deployed.Future depends on ability to scale AI-led transformation“Wipro’s future growth would depend on its ability to scale AI-led transformation programmes, monetise its platform assets, and convert its strong deal pipeline into revenue,’’ commented Mr. Maity.The company’s continued investments in Wipro Intelligence, industry-specific AI solutions, consulting capabilities, and AI-native business offerings position it well to capitalise on the next wave of enterprise AI and digital transformation spending, he added.