Wipro Q1 net profit up 35.6% at Rs 3,242.6 cr, expects 5-7% sequential growth in Sep qtr

IT major Wipro on Thursday reported a 35.6 per cent jump in consolidated net profit to Rs 3,242.6 crore for the June 2021 quarter.Wipro had registered a net profit attributable to equity holders of Rs 2,390.4 crore in the year-ago period, as per Indian Accounting Standards Ind-AS.

IT major Wipro on Thursday reported a 35.6 percent jump in consolidated net profit to Rs 3,242.6 crore for the June 2021 quarter.

Wipro had registered a net profit (attributable to equity holders) of Rs 2,390.4 crore in the year-ago period, as per Indian Accounting Standards (Ind-AS). Its revenue from operations increased by 22.3 percent to Rs 18,252.4 crore in the reported quarter from Rs 14,913.1 crore in the same period last fiscal, Wipro said in a regulatory filing.

Wipro - which gets the bulk of its topline from IT services - said it expects revenues from that unit to be in the range of USD 2,535 million to USD 2,583 million in the September 2021 quarter. This translates into a sequential growth of 5-7 percent.

Wipro's IT services segment revenue was at USD 2,414.5 million in the first quarter of FY22, a rise of 12.2 percent quarter-on-quarter and 25.7 percent year-on-year. The company had given a guidance of 2-4 percent growth in the June quarter.

''Despite the severe onslaught of the pandemic, we delivered our best-ever quarter, with secular growth across all SMUs, Sectors, and GBL's. Our sequential revenue growth of 12.2 percent was well ahead of the top-end of our guidance range, both organically and with Capco,'' Wipro CEO and Managing Director Thierry Delaporte said.

Wipro remains focused on deepening its customer relationships, investing in talent and capabilities for the future, and winning market share, he added.

The company's IT services workforce crossed the milestone of the 2 lakh mark with the total headcount at 2,09,890. In June 2021, Wipro issued its first-ever dollar-denominated bond offering of USD 750 million with a 5-year tenor.