Wipro net falls 9.27% to Rs. 2,659 cr in Q2
However, IT services revenue, which accounts for 95% its top line, rises 8.4% y-o-y to $2.79 bn
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Easing Attrition for 3rd qtr
- Promoted over 10,000 employees with increased salaries
- Attrition moderating to 23% from 30% in Q1
- Onboarded over 14,000 freshers in H1
- Operating margin improved marginally
Bengaluru: IT major Wipro on Wednesday reported a mixed set of numbers with strong revenue growth though operating margin and profit numbers were not up to market expectations.
In the second quarter ended September, Wipro's consolidated net profit fell 9.27 per cent to Rs
2,659 crore from Rs2,930 crore a year ago. Its revenues from operations were at Rs22,539.7 crore, a 14.60 per cent growth over the same period of last year. IT services revenue, which accounts for more than 95 per cent its top line, was at $2.79 billion, an increase of 8.4 per cent year-on-year (YoY). In constant currency terms, IT services segment revenue increased by 4.1 per cent over the previous quarter. "Our strong performance in the quarter is further proof that our strategy is yielding the intended
results. The solid growth in our bookings, large deal signings, and revenues underscore our improved market competitiveness and enhanced value proposition," said Thierry Delaporte, CEO and MD of Wipro.
He, however, highlighted that business sentiment is fast changing across the globe owing to recessionary fears. "Economic conditions across almost all markets and sectors have changed. As we are speaking to our clients every day, we are seeing a change in the level of optimism as business around the world are dealing with inflationary ratios, geopolitical turmoil, energy crisis and rising interest rates," he added.
