Wipro Q2FY23 Results: IT major reports healthy performance – Check revenue, margins and guidance details

Wipro Q2 Result: IT major Wipro Limited reported healthy July-September quarter results for the financial year 2022-23 (Q2FY23). The company’s revenue grew by over 5 per cent to Rs 22,362.9 crore in Q2FY23 as compared to Rs 21,285 crore in the previous quarter of the same year.

In dollar terms, Wipro’s IT Services Segment Revenue grew by 2.3 per cent to $2,797.7 million, as against $2735.5 million quarter-on-quarter. While its margins came stable at 15.11 per cent in Q2FY23 as against 15 per cent in the earlier quarter of the current financial year.

Wipro expects the December-end quarter of FY23 revenue to grow between 0.5 percent to 2 percent, the company said in an exchange filing.

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As the market conditions evolve, Thierry Delaporte, CEO and Managing Director of Wipro believe, “the company’s comprehensive portfolio of differentiated offerings position us extremely well to serve the changing needs of our clients and help them face the challenges of an uncertain macro environment with confidence.”

“Our margin improvement was led by better price realisations and strong operational improvements in automation-led productivity,” Jatin Dalal, Chief Financial Officer of Wipro said.

Highlights of the Results

IT Services Segment Revenue was at $2,797.7 million, an increase of 8.4% year-on-year (YoY).

Non-GAAP2 constant currency IT Services segment revenue increased by 4.1% QoQ and 12.9% YoY.

IT Services Operating Margin3 for the quarter was at 15.1%, an increase of 16 bps QoQ.

Net Income for the quarter was Rs 26.6 billion ($326.8 million1) and Earnings Per Share for the quarter was at Rs 4.86 ($0.061).

Operating Cash Flows stood at 180.6% of Net Income for the quarter was at Rs 48.0 billion ($590.0 million1), an increase of 101.0% YoY.

Wipro's closing employee count in IT Services increased to 259,179.

Wipro's top 5 clients grew 19% YoY and top 10 clients grew 17% YoY in constant currency terms.