Wipro Q1 net profit rises by 12 percent to Rs 2,870 crore

The company's income from operations for the June quarter stood at Rs 22,831 crore, a 6% increase compared to Rs 21,528.6 crore in the year-ago period.
Wipro CEO and MD Thierry Delaporte. (File Photo | PTI)
Wipro CEO and MD Thierry Delaporte. (File Photo | PTI)

BENGALURU: IT major Wipro on Thursday reported a 12% increase in net profit at Rs 2,870 crore for the quarter that ended on June 30, 2023, compared with Rs 2,563.6 crore in the same quarter a year ago.

The company's income from operations for the June quarter stood at Rs 22,831 crore, a 6% increase compared to Rs 21,528.6 crore in the year-ago period.

The company's LTM attrition stood at 17.3% in the first quarter.

“Wipro’s first quarter results come with a strong backbone of large deal bookings, robust client additions and resilient margins,” said Thierry Delaporte, CEO and Managing Director.

“Despite a gradual reduction in clients’ discretionary spending, we maintained new business momentum. We earned our clients’ trust with strong delivery, innovation, and expanded services that strengthen our long-term businesses, and help capture market share. The launch of Wipro ai360 and the $1 billion investment solidifies Wipro’s position as a leading transformation partner that delivers the results and innovation our clients need to future-proof their businesses,” he said.

Jatin Dalal, Chief Financial Officer, said, “Our ongoing focus on operational improvement has ensured that margin remains steady even in a softening revenue environment. Our operating margin for the first quarter was 16% an expansion of 112 basis point YoY. We generated strong operating cash flows at 130% of our net income for the quarter. EPS for the quarter grew by 11.5% YoY.”

The company's total bookings stood at $3.7 billion and large deal bookings were at $1.2 billion, up by 9% y-o-y. Wipro expects revenue from its IT services business segment to be in the range of $2,722 million to $2,805 million. This translates to sequential guidance of -2.0% to +1.0% in CC terms.

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