IT services company Wipro Limited on Friday reported 3.8 per cent year-on-year rise in consolidated net profit at Rs 3,087 crore for the quarter ended 31 March, 2022. The company had reported a net profit of Rs 2,972 crore in the year-ago period.
Sequentially, the net profit increased 3.9 per cent from Ts 2,969 crore in the previous quarter (Q3FY22).
Wipro's revenues rose 28 per cent to Rs 20,860 crore in the quarter under review as compared to Rs 16,245 crore in the same quarter last fiscal. Meanwhile, IT services segment revenue was at $2,721.7 million, an increase of 3.1 per cent QoQ and 26.4 per cent YoY.
Company's net income for the quarter was Rs 3090 crore, an increase of 4 per cent QoQ and 3.9 per cent YoY.
The IT services operating margin for the quarter was at 17 per cent, a decrease of 60 bps QoQ.
Wipro also said that it expects revenue from IT services business to be in the range of $2,748 million to $2,803 million in quarter ending 30 June, 2022. This translates to a sequential growth of 1 per cent to 3 per cent.
In terms of employee headcount, one of the top three IT services company in India which include TCS and Infosys, shared that it had 243,128 employees as on 31 March, 2022 with an attrition level at 23.8 per cent. TCS, in its earnings report, had stated that their attrition level stood at 17.4 per cent while Infosys had stated its attrition level at 27.7 per cent.
Commenting on the results, Thierry Delaporte, CEO and Managing Director said, “We have had an outstanding year, finishing with $10.4 billion in revenues, and an industry-leading growth of 27% year on year. This is our sixth straight quarter of strong revenue growth at or over 3%."
We are excited with the addition of Rizing and the CAS Group to Wipro’s service offerings. With all markets, sectors and Global Business Lines now growing in double-digits year on year, we have a strong foundation for next year’s growth," he added.
Jatin Dalal, Chief Financial Officer said, “Our efforts on client mining have resulted in an addition of eight customers in more than $100 Mn bucket on YoY basis. We delivered operating margins of 17.7% for the year, after significant investments on solutions, capabilities and talent. Net Income for the year was highest ever at $1.6 Bn and delivered robust growth in EPS of 17.0% YoY.”
Shares of Wipro on Friday closed 2.59 per cent lower at Rs 509 apiece on BSE.
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