Wipro's latest quarterly results present a puzzle that should give investors pause. Here's a company that just posted its strongest large deal bookings in recent memory (₹124 billion, up 29% from the previous quarter) yet guided for flat to negative revenue growth in the coming quarter. Either management is being overly cautious, or something fundamental is broken in the conversion machinery.On one hand, net income surged 21% year-over-year to ₹32.1 billion, operating margins expanded to a respectable 16.8%, and cash generation remained robust at 132% of net income. These are the metrics of a well-oiled operational machine. On the other hand, IT services revenue grew a meagre 0.6% sequentially and actually declined 2.3% year-over-year in constant currency terms.
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