Wipro Ltd, the Indian IT services company, on Wednesday clocked about a 21 per cent year-on-year (YoY) fall in its consolidated net profit to Rs 2,563.6 crore for the first quarter ended June 2022, as higher employee-related costs pushed up the information technology services firm's overall expenses, the PTI reported.
According to the report, the profit for the period (attributable to the equity holders of the company) stood at Rs 3,242.6 crore in the year-ago period. Wipro in an exchange filing said the firm's net profit was down 20.6 per cent on a YoY basis.
The Bengaluru-headquartered IT major's revenue from operations rose nearly 18 per cent YoY to Rs 21,528.6 crore during the just-ended quarter.
For the September quarter, the company expects revenue from the IT services business to be in the range of $2,817 million to $2,872 million. This reflects a sequential growth of 3-5 per cent.
Thierry Delaporte, chief executive officer and managing director, Wipro, said, "We have made significant investments in Wipro’s growth engine and are very pleased with the outcomes. Our order bookings grew 32 per cent YoY in Total Contract Value (TCV) 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 organisation while staying focused on serving our clients even better."
Jatin Dalal, chief financial officer, Wipro, said, "At 15 per cent of operating margins, we believe that we have bottomed out".
Wipro is consistently investing in solutions and capabilities for growth to further strengthen its position of being a strategic partner for clients. added Dalal.
On Wednesday, the company's scrip on BSE closed 1.6 per cent higher at Rs 412.20.