Wipro's Q1 FY24: Robust Revenue and Profit Growth, Positive Outlook Ahead

14 Jul 2023 , 10:21 AM

Wipro Ltd announced higher revenue and after-tax profit for the first quarter of FY24 compared to the previous year. Total revenue for the quarter stood at Rs 228,310 crore, showing growth from Rs 215,286 crore in Q1FY23.

The net profit for the quarter reached Rs 28,701 crore, up from Rs 25,636 crore in the corresponding period. The attrition rate during the quarter was reported at 14%.

Wipro expects revenue from its IT services business segment for the next quarter to be $2,722 million to $2,805 million. The sequential guidance for the next quarter indicates a range of minus 2% to positive 1% in constant currency terms.

CEO and Managing Director Thierry Delaporte expressed confidence in the first quarter results, highlighting strong large deal bookings, client additions, and resilient margins.

The company’s operating margin for the quarter was 16%, marking a 112 basis point YoY expansion. Wipro generated robust operating cash flows at 130% of net income for the quarter.

The earnings per share (EPS) for the quarter experienced a growth of 11.5% YoY, as stated by Chief Financial Officer Jatin Dalal.