Bengaluru : Indian IT services company Wipro Announced during the press conference financial results for the Quarter-Ended September 30, 2023, A marginal decline in its July-September revenue at Rs 22,516 crore due to the macroeconomic slowdown and cut backs on discretionary IT spending by clients. The IT major Wipro profit after tax (PAT) rose 0.70% year-on-year (yoy) to Rs 2,667 crore.
Wipro had reported profit of Rs 2,649 crore and revenue of Rs 22,540 crore in the corresponding quarter of last year. The IT services revenue is seen to contract 3.5% to 1.5% constant currency (CC) terms. IT services segment revenue stood at $2,7133.3 million, down 2.3% quarter-on-quarter (QoQ).
Thierry Delporte, CEO and Managing Director, said “We continue to win in the market despite the uncertain macro environment”, and “We ended the second quarter with 22 accounts above the $100M range, which is double the number we had in RY’21. Our large deal total contract value reached $1.3 billion—highest in the last nine quarters.” He added.
Delporte said, “We are investing in our technology infrastructure and streamlining our operations and delivery to drive profitable growth. We are training and reskilling our people so they can be ready for an AI-driven future. The investments we made in our ai360 strategy are helping us realize significant efficiencies across our organization and rating an early leadership position in this fast-evolving space. We are confident that these investments will keep us resilient and competitive in an ever shifting business and economic landscape.” He added.
Newly took over Chief Financial Officer (CFO), Aparna c. Iyer, said, “ We remain focused on profitable growth despite a challenging market. Our disciplined approach to improve efficiency, productivity and utilization has led to an increase of 100 BPS YoY in our IT services operating margins. Our absolute IT services segment EBIT grew 6% YoY. We generated strong operating cash flow of 145% of net income for the quarter” she stated.
Highlights of the Wipro Results : Gross revenue reached Rs 225.2 billion ($2.7 billion), a decrease of 0.1% YoY. IT services segment revenue was at $2,713.3 million, a decrease of 2.3% QoQ. IT services segment EBIT for the quarter was Rs 36.1 biliion ($434.0 million) an increase of 6% YoY. Earnings per share for the quarter was Rs 5.06 ($0.06), an increase of 4.1% YoY.
