Wipro Q1 net falls 21%
Operating margin dropped by 200bps to 15%, which is lowest among all the top-4 IT cos in India; Wipro pegs 3.5% revenue growth in sequential term in Q2; Wipro is the only large IT firm that witnessed fall in attrition as it dropped to 23.3% from 23.8% in Q4 of FY22
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Bengaluru: IT services major Wipro posted a mixed set of performance for the first quarter of current financial year with inline rising revenue growth rate though operating margins came under pressure. Wipro posted a profit at Rs2,563 crore, a dip of 20.90 per cent year-on-year basis owing to rise in expenses. Its gross revenue for the quarter rose 17.9 per cent YoY to Rs21,528.6 crore during this period.
Revenue from IT services, which accounts for more than 95 per cent of its total revenues, stood at $2.73 billion. This was an increase of 2.1 per cent over the preceding quarter on constant currency basis. "We have made significant investments in Wipro's growth engine and are very pleased with the outcomes. Our order bookings grew 32% YoY in TCV terms, powered by large transformational deals, and our pipeline today is at an all-time high," says CEO and MD of Wipro, Thierry Delaporte.
