Wipro reports lacklustre performance in Q2FY24; profit grows only 0.7% y-o-y

19 Oct 2023 , 09:54 AM

Wipro recorded a consolidated net profit of Rs 2,667.3 crore for the fiscal quarter ended September 30, 2023, up 0.70% year on year (YoY). In the previous fiscal year’s same quarter, the IT major’s earnings were Rs 2,649.10 crore.

The consolidated income from operations for the mentioned quarter was Rs 22,515.90 crore, a 0.10% decrease from the corresponding period’s figure of Rs 22,539.70 crore.

The IT services sector revenue was $2,713.3 million, a 2.3% fall sequentially, while Non-GAAP2 constant currency IT services revenue was down 2% QoQ. The IT services segment’s EBIT for the quarter was Rs 3,610 crore, a 6% increase year-on-year.

The IT products segment revenue for the quarter was Rs 14,700 crore ($17.7 million), while the total loss was Rs 47 crore, according to a disclosure to exchanges.

IT services operating margin was 16.1% in the reporting quarter, up 10 basis points QoQ and 100 basis points year-on-year.

Wipro earlier stated on November 12, 2020, that from January 1, 2021, the company’s IT Services division will be reorganised into four Strategic Market Units (SMUs): Americas 1, Americas 2, Europe, and Asia Pacific Middle East Africa (APMEA).

In the morning session, Wipro shares trades 3% lower from previous close of Rs 407.45 on NSE, at Rs 393.85 and at Rs 393.95 on BSE.