Wipro Q2 Result: Company Reports 9% Profits Drop by End of September

New Delhi: IT firm WIPRO reported a 9% decline in cumulative net profit of Rs 2,659 crore for revenue in the second quarter ended September 30, 2022. This revenue decline is related to lower revenue from customers in non-US markets. A year ago, the company’s net profit for the same quarter was Rs 2,931 crore.

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However, the company’s consolidated revenue increased by 15% to Rs 22,540 crore in Q2FY23 from Rs 19,667 crore in Q2FY22.

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“Our latest IT Services employee count rose to 259,179. Voluntary attrition measured over the subsequent twelve months for the quarter was 23.0%, a 30 basis point moderation from the previous quarter,” the company said in a filing.

Wipro expects our IT services revenue to be between $2,811 million and $2,853 million. This translates into consecutive growth of 0.5% to 2.0%.

Revenues from Europe fell to Rs 787.5 crore, from Rs 918.6 crore a year ago. Similarly, the Asia-Pacific/Middle East/Africa (APMEA) region saw a lower profit of Rs 219.4 crore, compared to Rs 302.8 crore last year.

Brokerage reports and analyst notes on the earnings outlook for the second quarter are anticipating a fairly strong growth quarter for Indian IT companies despite a challenging macroeconomic scenario in the US and Europe, but there are quite a few warnings of “incremental weakness” or “slowdown” in the coming quarters”.

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