Wipro Q1 Results FY2023: PAT down 21% YoY at Rs 2563.6 cr; key highlights here

Wipro Q1 Results FY2023: Wipro Limited reported a 21 per cent Year-on-Year (Yoy) drop in its net profit for the quarter ened 30 June 2022 at Rs 2563.6 cr versus Rs 3242.6 cr in Q1 of FY22, the company said inits filing to the exchanges.

The result was declared after market hours. 

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The Bengaluru based IT service company reported gross revenue of  Rs 215.3 billion (USD2.7 billion), which was up 17.9 per cent YoY.

Wipro Q1 Results FY23: key highlights

1) Gross Revenue was ₹215.3 billion ($2.7 billion1), an increase of 17.9 per cent YoY

2) IT Services Segment Revenue was at $2,735.5 million, an increase of 13.3 per cent  YoY

3) Non-GAAP2 constant currency IT Services segment revenue increased by 2.1 per cent QoQ and 17.2 per cent YoY

4) IT Services Operating Margin for the quarter was at 15 per cent, a decrease of 200 bps QoQ

5) Net Income for the quarter was ₹25.6 billion ($324.4 million1) and Earnings Per Share for thequarter was at Rs4.69 (USD 0.061)

6) The closing strength of employees for IT Services was at 258,574, an increase of 15,446 QoQ

“We have made significant investments in Wipro’s growth engine and are very pleased with the outcomes. Our order bookings grew 32% YoY in Total Contract Value terms, powered by large transformational deals, and our pipeline today is at an all-time high. We continue to reinforce the investments that allow us to grow our business, remain agile in the market and efficient as an organization, while staying focused on serving our clients even better,” Thierry Delaporte, CEO and Managing Director said. 

Wipro shares today ended at Rs 411.70 on the NSE and were up 1.5 per cent from the Tuesday closing price.