BENGALURU: IT major Wipro on Friday posted a 4% increase in consolidated net profit for the fourth quarter ended March 31, 2022, at Rs 3,087 crore compared to Rs 2,972 crore in the same quarter last year. The profit was in line with street estimates. Its revenue from operations for the fourth quarter stood at Rs 20,860 crore, an increase of 28% compared to Rs 16,245 crore in the year-ago period.
For the full year FY22, the Bengaluru-based company’s consolidated revenues stood at Rs 79,093 crore, a 27.7% increase as against Rs 61,943 crore in FY21. The IT major’s margin remained under pressure, as its operating margin for the fourth quarter was at 17%, a decrease of 60 bps Q-o-Q and for FY22, its operating margin stood at 17.7%, a decrease of 254 bps Y-o-Y.
Thierry Delaporte, CEO and Managing Director, of Wipro , 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%.”
Wipro recently acquired Rizing, a global SAP consulting firm, for $540 million and the CEO said, “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 Y-o-Y, we have a strong foundation for next year’s growth.”
Its revenue from IT services rose 3.1% Q-o-Q to $2,721.7 million in the fourth quarter. The firm expects revenue from its IT Services business to be in the range of $2,748 million to $2,803 million. This translates to a sequential growth of 1% to 3%. Wipro has added eight customers in over $100 million bucket on Y-o-Y basis. Jatin Dalal, CFO at Wipro, said, “We delivered operating margins of 17.7% for the year, after significant investments on solutions, capabilities and talent. We delivered robust growth in EPS of 17.0% YoY.”
The interim dividend of Re 1 and Rs 5 declared by the Board at its meetings held on January 14 and March 25, 2022 shall be considered as the final dividend for the financial year 2021-22, Wipro said. Shares of the company on Friday closed at Rs 509 apiece, down 2.59% from its previous close on the BSE.
Wipro to hire 38K freshers in FY23; offers promotion
Bengaluru: IT major Wipro on Friday said that it will hire 38,000 freshers in this fiscal. Attrition has been a cause for concern for the IT industry and all major IT companies are increasing their freshers hiring. Wipro has doubled the hiring from 19,000 in FY22 to 38,000 in FY23. Earlier, IT majors TCS and Infosys too said that they will hire around 40,000 and 50,000 freshers, respectively in the current fiscal. The company’s attrition rate in the fourth quarter jumped to 23.8% from 22.7% in the previous quarter. The IT major will also increase the frequency of the promotion cycle for 70% of employees in junior bands on a quarterly basis. Its total headcount as of March 31, 2022 was 2,43,128, and it has added 45,416 employees in FY22 alone. ENS