IT services major Wipro reported a sharp jump in consolidated net profit in the first quarter of FY22. The company reported a net profit of Rs 3,242.6 crore in the first quarter of FY22, up over 35 percent compared to the corresponding quarter last year. In Q1FY21, the company had posted a net profit of Rs 2,390.4 crore.
On a sequential basis, the company’s net profit rose over 9 percent. The company had posted a net profit of Rs 2972.3 crore in Q4FY21. Wipro's net profit in Q1FY22 has beaten analyst estimates, fuelled by higher profit and revenues.
The Bengaluru-based company has also reported a revenue of Rs 18,252.4 crore, up over 22 percent against Rs 14,913.1 crore in the corresponding quarter last year. Sequentially, the revenue was 12.4 percent higher. On a quarterly basis, the revenue growth was over 12 percent.
The revenue from the IT services segment came in at $2,414.5 million, making an increase of over 12 percent on a sequential basis and over 25 percent from the year-ago period.
The IT services operating margin for the quarter was at 18. 8 percent, a decrease of 29 bps on a year-on-year basis.
The company expects its revenue from the IT services business to be in the range of $2,535-2583 million, marking a sequential growth of 5 to 7 percent in the upcoming quarter.
Wipro said that the IT services workforce crossed the milestone of 2,00,000 after adding 12,000 employees during the quarter.
Thierry Delaporte, CEO and Managing Director, Wipro, said, “Despite the severe onslaught of the pandemic, we delivered our best-ever quarter, with secular growth across all SMUs, sectors, and GBL's. Our sequential revenue growth of 12.2 percent was well ahead of the top-end of our guidance range, both organically and with Capco.”
"We remain focused on deepening our customer relationships, investing in talent and capabilities for the future, and winning market share,” he added.
Wipro shares closed over 2.5 percent higher on the Bombay Stock Exchange (BSE) ahead of its results.
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