Wipro Q1 Results: Net Profit Rises 12 Per Cent To Rs 2,870 Crore, Revenue Up 6 Per Cent

Thierry Delaporte, CEO and Managing Director, Wipro, said that the company's first quarter results came on a strong backbone of large deal bookings, robust client additions, and resilient margins

Indian IT services firm Wipro on Thursday logged a 12 per cent rise in its consolidated net profit to about Rs 2,870 crore for the June 2023 quarter. The company had posted a consolidated net profit of Rs 2,563.6 crore in the year-ago period (Q1FY23).

Wipro's income from operations in the June quarter increased 6 per cent to Rs 22,831 crore. "We expect revenue from our IT Services business segment to be in the range of $2,722-2,805 million. This translates to sequential guidance of -2 per cent to +1 per cent in constant currency terms," the company said in a statement.

Thierry Delaporte, CEO and Managing Director, Wipro, said that the company's first quarter results came on a strong backbone of large deal bookings, robust client additions, and resilient margins. "Despite a gradual reduction in clients' discretionary spending, we maintained new business momentum. We earned our clients' trust with strong delivery, innovation and expanded services that strengthen our long-term businesses, and help capture market share," Delaporte said.

Wipro has allotted 5,10,330 equity shares under ADS Restricted Stock Unit Plan 2004 on July 12, 2023, pursuant to exercise of ESOPs.

On the latest AI strategy, Delaporte said that the launch of Wipro ai360 and the $1 billion investment "solidifies Wipro’s position as a leading transformation partner that delivers the results and innovation our clients need to future-proof their businesses". 

The spending, over the next three years, also involves bringing 30,000 employees from Cloud, data analytics, consulting and engineering teams together to embed the technology into all internal operations and solutions offered to clients.

In a statement, the company said it "will train all 250,000 employees on AI fundamentals and responsible use of AI over the course of the next 12 months and will continue to provide more customised, ongoing training for employees in AI-specialized roles." Artificial Intelligence has the potential to create trillions of dollars of value across the economy. Generative AI applications such as ChatGPT, GitHub Copilot, Stable Diffusion, and others have captured the imagination of people around the world.

The latest Generative AI applications can not just perform a range of routine tasks, such as the reorganization and classification of data but also have ability to write text, compose music, and create digital art.

Share of Wipro rose marginally at Rs 394.35 on the BSE.