High wage costs, attrition rate, for Wipro in September quarter

13 Oct 2022 , 09:30 AM

Net profit for the second quarter of FY23 fell 9.2% year over year as a result of Wipro, a major provider of IT services, missing projections. For the third quarter, the business projected revenue growth of just 0.2-2 %, far less than both what the market anticipated and the Q1 projection of 3-5 %.

Comparing the July-September quarter to the same period last year, it posted a net profit of Rs2659 crore (up from Rs2,930.7 crore). Rising personnel costs were one factor that reduced earnings. With a YoY increase of 14.6% and a sequential increase of 4.69 %, the revenue for the quarter was Rs22,539.7 crore. Revenue increased by 4.1% sequentially in terms of dollars.

Wipro’s second-quarter results fell just short of Bloomberg’s projections, which called for sales of Rs 22,615 crore and a net profit of Rs2,844 crore.

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