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Wipro shares slip 6% after September quarter profit falls 9%

Wipro shares slip 6% after September quarter profit falls 9%

Wipro stock tumbled 5.97 per cent to Rs 383.40 against the previous close of Rs 407.75 on BSE.  Wipro shares have lost 48 per cent from their 52-week high in comparison to the current market price. 

Market cap of Wipro fell to Rs 2.11 lakh crore. A total of 4.21 lakh shares of the firm changed hands, amounting to a turnover of Rs 16.27 crore on BSE Market cap of Wipro fell to Rs 2.11 lakh crore. A total of 4.21 lakh shares of the firm changed hands, amounting to a turnover of Rs 16.27 crore on BSE

Shares of IT major Wipro fell 6 per cent in early trade today after the firm reported a 9.27 per cent year-on-year (YoY) fall in net profit for the quarter ended September. Wipro stock tumbled 5.97 per cent to Rs 383.40 against the previous close of Rs 407.75 on BSE. Wipro shares have lost 48 per cent from their 52-week high in comparison to the current market price.

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Market cap of Wipro fell to Rs 2.11 lakh crore. A total of 4.21 lakh shares of the firm changed hands, amounting to a turnover of Rs 16.27 crore on BSE. The stock has declined 43 per cent in a year and lost 46 per cent in 2022. 

Wipro's net profit fell to Rs 2,659 crore in the September quarter compared with Rs 2,930.70 crore in the corresponding quarter last year.

However, revenues rose 14.60 per cent YoY to Rs 22,539.70 crore from Rs 19,667.40 crore in the same quarter last year. Dollar revenues for the IT Services came at $2,797.70 million, up 2.3 per cent sequentially. Revenue growth in constant currency (CC) terms stood at 4.1 per cent sequentially. 

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In the September quarter, Wipro's top 5 clients grew 19 per cent YoY, and the top 10 clients expanded 17 per cent YoY in constant currency terms.

"We achieved margins of 15.1% in Q2 after absorbing the impact of salary increases and promotions. Our margin improvement was led by better price realisations and strong operational improvements in automation-led productivity. Our operating cash flows was robust and at 181% of our Net Income for the year," Wipro CFO Jatin Dalal said.


The IT major said its large deal bookings rose 42 per cent YoY in H1'23. The overall order book in Total Contract Value (TCV) terms grew 24 percent YoY in Q2.

ALSO READ: Wipro's attrition rate rises by 2.5% YoY, adds 605 new employees

Published on: Oct 13, 2022, 9:22 AM IST
Posted by: Aseem Thapliyal, Oct 13, 2022, 9:14 AM IST