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Saturday, December 10, 2022

Wipro Posts Rs 34 Crore Profit Per Day In Last 90 Days! Revenues Soar To Rs 20,860 Crore As IT Demand Increases

Wipro reported a consolidated net profit of 3,087 crore for the quarter that ended 31 March.
The increase in profit marks a 4% increase from the previous year, when it was Rs. 2972 crores.
Wipro Records Profit Of Rs. 3087 Crore
The revenue from operations rose by 28% to Rs. 20,860 crores for the quarter under review. This means that the company’s revenue stands at Rs in terms of dollars. 2.72 billion.

Reports indicate that the leading Indian IT service provider expects IT services revenue to be between $2,748 million and $2,803 million. This will mark a sequential growth of 1% to 3%.
As of Friday, Wipro’s scrip was down by nearly 3% to Rs. 508 on NSE.

Wipro CEO Thierry Delaporte said, “We have had an outstanding year, finishing with $10.4 billion in revenues, and an industry-leading growth of 27% year on year. This is our sixth straight quarter of strong revenue growth at or over 3%.”

During the second quarter, the company’s operating margin was 17%, which declined by 60 basis points from the previous quarter. Also, the IT services revenue during the March quarter was $2,722 million, marking an increase of 26% year-on-year.
Attrition At Wipro Continues To Increase
The attrition at Wipro has increased to 23.8% in the fourth quarter (voluntary TTM) on a trailing 12 month basis from 22.7% in the third quarter (QoQ) and this is one of the highest in the industry.

In FY23, Wipro will hire 38,000 freshers, double the 19,000 it hired in FY22. The hiring spree is motivated by a huge demand for technology services and rising attrition.

In an earlier earnings call, the firm had said that it plans to hire 17,000 freshers in FY22 and close to 30,000 campus recruits in FY23. Peers TCS, Infosys, and HCL Tech have also ramped up fresher hiring and will hire 40,000, 50,000, and 45,000 campus hires respectively for FY23.

Wipro added the highest ever number of people in a year with 45,416 employees for the year ended March 31, 2022- taking the overall headcount to 2.43 lakh.

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