Bengaluru, NFAPost: Wipro, leading Information technology (IT) giant, reported a 35.65% year-on-year (YoY) rise in consolidated profit after tax (PAT) at Rs 3,242.6 crore for the quarter ended June 2021 (Q1FY22) compared with Rs 2,390 crore in the same quarter last fiscal.
At the same time, Wipro registered a sequential growth of 9.09% in its PAT from Rs 2,972 crore posted in the March quarter of FY21.
Commenting on the company’s performance, Wipro CEO and Managing Director Thierry Delaporte said despite the severe onslaught of the pandemic, Wipro delivered our best-ever quarter, with secular growth across all SMUs, Sectors and GBLs.
“Our sequential revenue growth of 12.2 per cent was well ahead of the top-end of our guidance range, both organically and with Capco. Though in the early days yet, I am pleased with the way we have collaborated with Capco to build our joint go-to-market offerings and strategy. We remain focused on deepening our customer relationships, investing in talent & capabilities for the future, and winning market share,” said Thierry Delaporte.
The Bengaluru-headquartered company’s consolidated revenue from operations rose to Rs 18,252.4 crore from Rs 14,913.1 crore in the year-ago quarter, resulting in an increase of 22.4%. Meanwhile, on a quarter-on-quarter (QoQ) basis, the figure was up 12.35% as against Rs 16,245.4 crore in the preceding quarter.
The company’s IT services segment revenue was at $2,414.5 million, an increase of 12.2% QoQ and 25.7% YoY. Its IT services operating margin for the quarter was at 18.8%, a decrease of 29 bps YoY. Non-GAAP2 constant currency IT Services Segment Revenue increased by 12.0% QoQ and 21.3% YoY.
Wipro closed 8 large deals resulting in a TCV of over $715 million. 4. Customer count in >$100 Mn account moved from 11 to 13 and 50 million account moved from 40 to 42 in Q1’22.
Wipro Chief Financial Officer Jatin Dalal said the company delivered robust growth in EPS of 41% YoY even as we continued to invest for growth.
“At 103.7% of our net income, our operating cash flows for the quarter remained healthy. I am also pleased to share that we have successfully issued our debut bond offering in the international markets for $750 million,” said Jatin Dalal.
Wipro expects revenue from its IT services business to be in the range of $2,535-2,583 million. This translates to a sequential growth of 5-7.0%. The company performed well in Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada.
On the hiring front, the company’s IT Services workforce crossed the milestone of 200K, closing headcount at 209,890. Even though the company’s net workforce increased by over 12,150, Wipro’s attrition level reached 15.5% during the first quarter.