Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced
financial results under International Financial Reporting Standards (IFRS) for the quarter ended June 30, 2023.
Highlights of the Results
Results for the Quarter ended June 30, 2023:
1. Gross Revenue reached ₹228.3 billion ($2.8 billion1), an increase of 6.0% YoY
2. IT Services Segment Revenue increased to $2,778.5 million, an increase of 0.8% YoY and an increase of 6.1% YoY in INR terms
3. Non-GAAP2 constant currency IT Services segment revenue decreased 2.8% QoQ, increased 1.1% YoY
4. Total Bookings3 was at $3.7 billion and large deal bookings4 was at $1.2 billion, up by 9% YoY
5. IT Services Operating Margin5 for the quarter was at 16.0%, up 112 bps YoY
6. Net Income for the quarter was at ₹28.7 billion ($349.8 million1), an increase of 12.0% YoY
7. Earnings Per Share for the quarter was at ₹5.23 ($0.061), an increase of 11.5% YoY
8. Operating Cash Flows at 130% of Net Income for the quarter was at ₹37.5 billion ($457.1 million1)
9. Voluntary attrition6 has continued to moderate QoQ, coming in at an 8-quarter low of 14% in Q1’24
Outlook for the Quarter ending September 30, 2023
We expect Revenue from our IT Services business segment to be in the range of $2,722 million to $2,805 million*. This translates to sequential guidance of -2.0% to +1.0% in constant currency terms.
Performance for the Quarter ended June 30, 2023
“Wipro’s first quarter results come with a strong backbone of large deal bookings, robust client additions, and resilient margins,” said Thierry Delaporte, CEO and Managing Director. “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. The launch of Wipro ai360
and the USD 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.”
Jatin Dalal, Chief Financial Officer, said, “Our ongoing focus on operational improvement has ensured that margin remains steady even in a softening revenue environment. Our operating Margin for the first quarter was 16% an expansion of 112 basis point YoY. We generated strong operating cash flows at 130% of our net income for the Quarter. EPS for the quarter grew by 11.5% YoY.”