Wipro Q2FY23 results| Profits drop 10%, revenue soars by 15%

On October 12, IT services major Wipro Ltd reported its consolidated net profit for the quarter ended September 30, 2022 to INR 2,659 crore from INR 2,930 crore in the year-ago period depicting a drop of 10%. The Bengaluru-based company’s revenue from operations stood at INR 22,539.7 crore, a 14.60 percent growth over INR 19,667.4 crore in the previous year.

Sequentially, the revenue increased 4.69 percent from INR 21,528.6 crore in the previous quarter. Profit was up 3.71 percent from INR 2563.6 crore in the previous quarter. Wipro telecasted that IT services segment revenue was at $2,797.7 million, an increase of 8.4 percent year on year (YoY). Constant currency IT services segment revenue increased by 4.1 percent quarter on quarter (QoQ) and 12.9 percent YoY.

Wipro’s order bookings (Total Contract Value) during the quarter grew by 23.8 percent YoY. Large deal bookings – meaning deals greater than or equal to $30 million – grew by 42 percent YoY in H123.

“The solid growth in our bookings, large deal signings, and revenues underscore our improved market competitiveness and enhanced value proposition,” said Thierry Delaporte, CEO and Managing Director, Wipro.

“Our ongoing investments in high-growth strategic areas have allowed us to steadily increase our win rate and enhance the quality of our pipeline. As a result of these efforts and our sharp focus on operational excellence, we are now seeing an improvement in our margins.”

Wipro in its outlook for the December quarter said it expects revenue from our IT services business to be in the range of $2,811 million to $2,853 million. This translates to a sequential growth of 0.5 percent to 2.0 percent.