BENGALURU: Wipro on Thursday reported a 21.2% jump in its consolidated net profit for the September quarter to Rs 3,208.8 crore compared to Rs 2,646.3 crore in the same quarter last year. Its net profit beats Street estimates. The company’s revenue for the second quarter stood at Rs 22,301.6 crore, a 0.95% decline compared to Rs 22,515.9 crore in the year-ago period.
Wipro also announced a bonus share issue in proportion to 1:1. IT services revenue grew 1.3% sequentially, and margin expanded 35 basis points Q0Q. Its large deal bookings stood at USD 1.5 billion, which is the highest in 10 quarters.
During the company’s post-earnings conference, Srini Pallia, CEO and MD, said, “The long-term potential of our business is strong, and we’re prepared to handle the current economic uncertainties. We continue to focus on our five strategic priorities and building a strong talent pool to capture AI opportunities.”
Wipro’s Capco business continued to see traction and grew 3.2% QoQ and 6.9% YoY. He said, “Americas 1 achieved sequential growth of 1.2%, driven by good performance in Healthcare, Technology and Communication sectors. Americas 2 also recorded sequential growth of 0.8%, supported by robust demand and strong execution in BFSI sector.”
Manufacturing remained soft for the company, with a sequential decline of 2.0%. “We are seeing good progress with our consulting-led, industry solutions in the automotive manufacturing segment. There are also signs of uptick in demand in the industrial segment. We will focus on converting this into wins to revive growth in manufacturing,” he said.
The company has trained and certified over 44,000 employees on advanced AI. The CEO announced that they have a significant number of employees actively using AI Developer tools across the company. The Bengaluru-headquartered IT major gave salary increase to its employees effective September 1.