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IT services giant Wipro has reported a 21% YoY decline in profits as profit for the quarter ending in June 2022 came in at Rs 2,563.6 crores as opposed to Rs 3,242.6 crores in the corresponding quarter last year.
However, revenues grew 18% to Rs 21,529 crores and expenses surged 23% to Rs 18,648 crores as employee benefit expenses grew substantially.
The company had an operating margin of 15% as attrition rates came down to 23.3%. The company added 15,446 new employees of which over 10,000 were freshers.
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"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 be efficient as an organization while staying focused on serving our clients even better," said Thierry Delaporte, its CEO & MD.
For the next quarter, the company expects revenue from the IT services business to be somewhere between $2,817 million to $2,872 million, reflecting a sequential growth of 3-5%, higher than the analysts' expectations.
2022 has been a bad year for Wipro as the stock has been consistently declining. The stock saw some upward movement in March 2022 but resumed declining in April 2022. The stock closed at Rs 414 per share yesterday, marking a decline of 32% in 3.5 months.
Article by Aman Agarwal.
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