The leading Indian IT major Wipro has announced at the release of its earnings results for the second quarter of FY23 that it will pay full (100% of) variable pay to 85% of its employees after slashing the same for a particular band of employees in the June quarter.
The company’s management has informed giving out 100% variable pay and then the pay according to the policy to some employees, as per a recent report.
Further, Wipro’s net addition in the September 2022 ending quarter fell drastically, while attrition rate lowered marginally to 23% from 23.3 percent in Q1 FY23.
Wipro Will Disburse Full Variable Pay to 85% Employees
The Bengaluru-based IT giant’s Chief Executive Officer Theirry Delaporte informed Moneycontrol that Wipro will give out 100% of variable pay to not all but 85% of its employees for the July-September 2022 quarter.
The company announced this while releasing its earnings results for the quarter.
According to the IT company’s CFO Jatin Dalal, the remaining 15% employees of the company will receive their variable pay as per policy.
This is unlike the last quarter (Apr-June 2022), when Wipro gave 70% variable pay to employees in junior bands, while those in senior bands did not receive any variable pay in the quarter.
Wipro’s Q2 FY23 Highlights
- Its consolidated net profit gained 3.7% to Rs 2,659 crore, compared to the previous quarter’s reading, and declined 9.3% on a YoY basis.
- Its revenue from operations posted a 14.6% rise at Rs 22,539.7 crore in the quarter and climbed almost 5% on a sequential basis.
- Wipro’s attrition rate dropped to 23% in the quarter under focus compared to 23.3% in the last quarter.
- It has released an outlook of revenue growth from the IT services business to $2,811-$2,853 million, translating to a QoQ growth of 0.5-2%.