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 September 30, 2022.
Highlights of the Results
Results for the Quarter ended September 30, 2022:
- Gross Revenue was ₹225.4 billion ($2.8 billion1), an increase of 14.6% YoY
- IT Services Segment Revenue was at $2,797.7 million, an increase of 8.4% YoY
- Non-GAAP2 constant currency IT Services segment revenue increased by 4.1% QoQ and 12.9% YoY
- IT Services Operating Margin3 for the quarter was at 15.1%, an increase of 16 bps QoQ
- Net Income for the quarter was ₹26.6 billion ($326.8 million1) and Earnings Per Share for the quarter was at ₹4.86 ($0.061)
- Operating Cash Flows at 180.6% of Net Income for the quarter was at ₹48.0 billion ($590.0 million1), an increase of 101.0% YoY
- Our closing employee count in IT Services increased to 259,179
- Voluntary attrition4 measured in trailing twelve months for the quarter was at 23.0%, a moderation of 30 bps from the previous quarter
- Our top 5 clients grew 19% YoY and top 10 clients grew 17% YoY in constant currency terms
Performance for the Quarter ended September 30, 2022
Thierry Delaporte, CEO and Managing Director, said, “Our strong performance in the quarter is further proof that our strategy is yielding the intended results. The solid growth in our bookings, large deal signings, and revenues underscore our improved market competitiveness and enhanced value proposition.
Our ongoing investments in high-growth strategic areas have allowed us to steadily increase our win rate and enhance the quality of our pipeline. As a result of these efforts and our sharp focus on operational excellence, we are now seeing an improvement in our margins.
We continue to invest in and upskill our talent to stay ahead of our clients’ evolving needs. In the second quarter, we promoted more than 10,000 colleagues and increased salaries across bands. We are pleased to report that we recorded a third consecutive quarter of moderation in attrition.
As the market conditions evolve, I believe our comprehensive portfolio of differentiated offerings position us extremely well to serve the changing needs of our clients and help them face the challenges of an uncertain macro environment with confidence.”
Jatin Dalal, Chief Financial Officer, said, “We achieved margins of 15.1% in Q2 after absorbing the impact of salary increases and promotions. Our margin improvement was led by better price realisations and strong operational improvements in automation-led productivity. Our Operating Cash Flows was robust and at 181% of our Net Income for the year.”