August8 , 2022

Wipro Q1 net profit tanks 21% to ₹2,563.6 cr, misses Street estimates

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Wipro Q1 results: Information technology (IT) giant Wipro on Wednesday reported a 20.94% year-on-year (YoY) dip in its consolidated profit after tax (PAT) at 2,563.6 crore (attributable to the equity holders of the company) for the quarter ended June 2022 (Q1FY23). Wipro had posted a consolidated PAT of 3,242.6 crore in the same quarter last fiscal.

On a sequential basis, the Bengaluru-based IT company’s net profit fell 16.96% from 3,087 crore in the previous quarter (Q4FY22).

Wipro’s Q1 numbers were behind the Street’s estimates. Wipro’s net profit is expected to decline 3.8% QoQ and 8.1% YoY to 2,970 crore, analysts had expected.

The IT giant’s revenue rose 19% to 21,529 crore in the quarter under review from 18,252.4 crore in the same quarter last fiscal. Meanwhile, the IT services segment revenue was at $1.9 billion, an increase of 13.3% year-on-year.

The firm said that its IT services operating margin for the quarter came at 15%, a decrease of 200 bps quarter-on-quarter.

At the bourses, shares of Wipro have tumbled over 43% so far in calendar year 2022. In comparison, Nifty50 and the S&P BSE Sensex have tanked 8% each.

Shares of Wipro closed 1.49% higher at 411.70 apiece on the NSE today.

Other highlights

– The company has added 15,446 employees in Q1FY23.

– Onboarded more than 10,000 freshers in Q1FY23.

– The firm delivered constant currency (CC) growth in revenues at 17.2% in YoY CC.

Thierry Delaporte, CEO and Managing Director said, “We have made significant investments in Wipro’s growth engine and are very pleased with the outcomes. Our order bookings grew 32% YoY in Total Contract Value terms, powered by large transformational deals, and our pipeline today is at an all-time high. 

“We continue to reinforce the investments that allow us to grow our business, remain agile in the market and efficient as an organization, while staying focused on serving our clients even better,” Delaporte said.

Jatin Dalal, Chief Financial Officer said, “We are consistently investing in solutions and capabilities for our growth to further strengthen our position of being a strategic partner for our clients. At 15% of operating margins, we believe that we have bottomed out.”

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