Wipro’s net profit declines 21% in Q1 to Rs 2,584 cr

NEW DELHI: Wipro Ltd on Wednesday reported about a 21 pc year-on-year fall in its consolidated net profit to Rs 2,563.6 cr for the Q1 ended June 2022, as higher employee-related costs pushed up the information technology services firm’s overall expenses.

The profit for the period (attributable to the equity holders of the company) stood at Rs 3,242.6 cr in the year-ago period.

The net profit was down 20.6 per cent on a year-on-year basis, according to a filing.

The Bengaluru-headquartered company’s revenue from operations rose nearly 18 per cent year-on-year to Rs 21,528.6 crore during the just-ended quarter. For the September quarter, the company expects revenue from the IT services business to be in the range of $2,817 million to $2,872 million. This reflects a sequential growth of 3-5 per cent.

Thierry Delaporte, CEO-MD, said: “We have made significant investments in Wipro’s growth engine and are very pleased with the outcomes”.

“Our order bookings grew 32 per cent 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 be efficient as an organisation while staying focused on serving our clients even better,” Delaporte added.

Jatin Dalal, CFO, said, “At 15 pc of operating margins, we believe that we have bottomed out”. Wipro, he said, is consistently investing in solutions and capabilities for growth to further strengthen its position of being a strategic partner for clients.