Wipro Q1 net profit rises 12% to Rs 2,870 cr

IT services company Wipro on Thursday reported a 12 per cent rise in its consolidated net profit to about Rs 2,870 crore for the June 2023 quarter.

It had posted a consolidated net profit of Rs 2,563.6 crore in the year-ago period (Q1FY23). Wipro’s income from operations in the June quarter increased 6 per cent to Rs 22,831 crore.

“We expect revenue from our IT Services business segment to be in the range of USD 2,722-2,805 million. This translates to sequential guidance of -2 per cent to +1 per cent in constant currency terms,” the company said in a statement.

Also read: Wipro’s Executive Chairman, Rishad Premji, cuts his compensation in half this year

Wipro CEO and Managing Director Thierry Delaporte noted that the company’s first quarter results came on a strong backbone of large deal bookings, robust client additions and resilient margins.

“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,” Delaporte said.

On the latest AI strategy, Delaporte said that 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”.

(With agency inputs)