Wipro Q2 net profit rises 21% to ₹3,209 crore, board announces 1:1 bonus

Wipro Ltd, the IT major, reported second-quarter consolidated net profit grew 21% year-on-year to ₹3,208.8 crore as compared with ₹2,646.3 crore in the year ago period.

The company’s revenue for the quarter ended September 30, decreased 1% to ₹22,301.6 crore as compared with ₹22,515.9 crore in the same period last year. IT services segment revenue decreased by2.0% YoY.

Wipro’s Board of Directors on Thursday recommended issue of bonus shares to shareholders (including stock dividend to ADS holders) in the ratio of 1:1 (1 equity share for every 1 equity share held) subject to approval of shareholders.

The company said voluntary attrition was at 14.5% on a trailing 12-month basis.

At the end of the quarter the company had a headcount of 2,33,889 people.

On the outlook for the quarter ending December 31, 2024, the company said, “We expect revenue from our IT Services business segment to be in the range of $2,607 million to $2,660 million. This translates to sequential guidance of (-) 2.0% to 0.0% in constant currency terms.”

Srini Pallia, CEO and Managing Director, Wipro Ltd. in a statement said “Based on strong execution in Q2, we met our expectations for revenue growth, bookings, and margins. We continued to expand our top accounts, large deal bookings surpassed $1 billion once again, and Capco maintained its momentum for another consecutive quarter.” 

“We grew in three out of four markets, as well as, in BFSI, Consumer and Technology and Communications sectors. We will continue to invest in our clients, our strategic priorities, and building a strong AI powered Wipro,” he added.

Aparna Iyer, Chief Financial Officer, Wipro Ltd said “I am pleased with our performance across all parameters including Revenue, Bookings, Operating margin, cash flow and EPS.” 

“On the back of operational improvements, we further expanded our margins by 35 basis points and our EPS grew 6.8% QoQ. Our operating cash flow continues to be robust at 132.3% of net income in Q2.” she added.

Published - October 17, 2024 07:54 pm IST