Wipro delivered a steady quarter, with IT services revenue of USD 2.61bn, flat QoQ and up just 0.6% YoY in constant currency, while the operating margin of 16.5% improved 0.5% on operational gains and rupee depreciation. Q3 guidance of -1.5% to +0.5% CC (USD 2.571-2.625bn) implies another soft print on furloughs, and management declined to give a timeline for returning to the 17-17.5% margin band given AI-native unit investments. TCV of USD 2.6bn fell sharply QoQ as two large...