Wipro Q1 results: Net profit falls 21% to Rs 2,564 cr as expenses rise
IT major Wipro Ltd reported a 21% fall in June-quarter profit on Wednesday as higher employee-related costs pushed up the information technology services firm’s overall expenses.
June-quarter consolidated net profit came in at Rs 2,564 crore, compared with Rs 3,243 crore a year ago.
Revenue from operations rose nearly 18% to Rs 21,529 crore as against Rs 18,048 crore in Q1FY22.
Total quarterly expenses of the Bengaluru-headquartered firm jumped 22.9% to Rs 18,648 crore, with voluntary IT services attrition at 23.3%.
Thierry Delaporte, CEO and Managing Director, said: “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.”
On Wednesday, the company’s scrip on BSE closed 1.6% higher at Rs 412.20.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Comments are closed.