India, Oct. 17 -- Wipro improved its operating margin in the September quarter, but its growth outlook remains subdued. IT services revenue was flat sequentially in constant currency, large-deal bookings fell 58.6%, and December-quarter guidance leaves room for another revenue decline.

The results point to two different trajectories. Profitability at the operating level and cash generation improved, while the revenue momentum needed to sustain a broader recovery remained weak.

For the second quarter of fiscal 2027, IT services revenue stood at USD 2,611.5 million, down 0.1% sequentially in reported terms. In constant currency, which removes the effect of exchange-rate movements, revenue was unchanged sequentially and increased 0.6% year...