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Wipro's Q1FY23 net profit declines 21 pc YoY to Rs 2,564 Wipro

Wipro's Q1FY23 net profit declines 21 pc YoY to Rs 2,564

India Blooms News Service | @indiablooms | 21 Jul 2022, 08:55 am

Wipro Ltd (Wipro) Wednesday reported a 20.93 percent year-on-year (YoY) drop in its consolidated net profit at Rs 2,563.6 crore for the quarter ended June against a PAT of Rs 3,242.6 crore recorded during the same period last year.

Profit declined 16.96 percent quarter-on-quarter.

Consolidated total revenue surged 15.51 percent on year to Rs 22,001 crore as compared to the revenue of Rs 19,045 crore registered in the year-ago quarter.

Against the previous quarter, the revenue is higher by 2.98 percent.

IT Services segment revenue was at $2.735.5 million, an increase of 13.3 percent YoY.

IT services' operating margin for the quarter was at 15 percent, a decrease of 200 basis points quarter-on-quarter.

It was down 380 basis points YoY.

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

The company said all strategic market units and global business lines grew in double-digit YoY in constant currency during the April-June period.

It closed 18 large deals resulting in a TCV of $1.1 billion in the quarter.

Wipro's attrition rate stood at marginally lower than 23.8 percent in the previous quarter and significantly higher than 15.5 percent in the same quarter last year.