Wipro Reports Rs 34 Crore Profit Per Day In Last 90 Days! Revenues Surge To Rs 20,860 Crore As IT Demand Increases

For the quarter that ended 31 March, Wipro has recorded a consolidated net profit of ?3,087 crore.

This signifies a 4% hike in the profit of the company, which was Rs. 2972 crores a year earlier.

Wipro Records Profit Of Rs. 3087 Crore

The revenue from operations has risen by 28% to Rs. 20,860 crores for the quarter under review. This means that in terms of dollars, the company’s revenue stands at Rs. 2.72 billion. 

As per reports, the leading Indian IT service provider said that it expects revenue from IT services business to be in the range of $2,748 million to $2,803 million. This will mark a sequential growth of 1% to 3%. 

As of Friday, Wipro’s scrip was down by nearly 3% to Rs. 508 on NSE. 

Wipro CEO Thierry Delaporte said, “We have had an outstanding year, finishing with $10.4 billion in revenues, and an industry-leading growth of 27% year on year. This is our sixth straight quarter of strong revenue growth at or over 3%.”

As per reports, the operating margin of the company during the second quarter was at 17%, which has gone down by 60 basis points on a sequential basis. Also, the IT services revenue during the March quarter was $2,722 million, marking an increase of 26% year-on-year.

Attrition At Wipro Continues To Increase

The attrition at Wipro has increased to 23.8% in the fourth quarter (voluntary TTM) on a trailing 12 month basis from 22.7% in the third quarter (QoQ) and this is one of the highest in the industry.

We recently reported that Wipro will hire 38,000 freshers in FY23, double the 19,000 freshers it had hired in the last fiscal. The hiring spree is motivated by a huge demand for technology services and rising attrition.

In an earlier earnings call, the firm had said that it plans to hire 17,000 freshers in FY22 and close to 30,000 campus recruits in FY23. Peers TCS, Infosys, and HCL Tech have also ramped up fresher hiring and will hire 40,000, 50,000, and 45,000 campus hires respectively for FY23.

Wipro added the highest ever number of people in a year with 45,416 employees for the year ended March 31, 2022- taking the overall headcount to 2.43 lakh.