Wipro Announces 12% YoY Rise In PAT To Rs 2,870 Crore, Shares Rise

Technology giant Wipro on Thursday announced approximately 12% year-on-year (YoY) surge in its consolidated net profit to Rs 2870 crore for the quarter ended June. The company declared 6% YoY surge in its consolidated revenue to Rs 22,831 crore. Wipro shares witnessed a jump of 0.70% intraday to Rs 394.35 crore on BSE.

"Wipro's first quarter results come with a strong backbone of large deal bookings, robust client additions, and resilient margins," said Thierry Delaporte, CEO and Managing Director.

Despite a gradual reduction in clients' discretionary spending, we maintained new business momentum. We earned our clients' trust with strong delivery, innovation, and expanded services that strengthen our long-term businesses, and help capture market share. The launch of Wipro ai360 and the USD 1 billion investment solidifies Wipro's position as a leading transformation partner that delivers the results and innovation our clients need to future-proof their businesses, added Thierry Delaporte.

Jatin Dalal, Chief Financial Officer, said, "Our ongoing focus on operational improvement has ensured that margin remains steady even in a softening revenue environment. Our operating Margin for the first quarter was 16% an expansion of 112 basis point YoY. We generated strong operating cash flows at 130% of our net income for the Quarter. EPS for the quarter grew by 11.5% YoY."

Earnings Per Share for the quarter was at Rs 5.23 ($0.061), an increase of 11.5% YoY. IT Services Segment Revenue increased to $2,778.5 million, an increase of 0.8% YoY and an increase of 6.1% YoY in INR terms, according to the BSE filing of the company.

Wipro has a market capitalisation of Rs 2,16,452.48 crore. Wipro shares witnessed decline of 0.43% in last 1-week, gave return of 7% in last 3-months, declined 3% in last 1-year, fell again by 25% in last 2-years, and gave return of 73%.

Earlier, shareholders of the Company approved the proposal to buyback up to 26,96,62,921 (Twenty Six Crore Ninety Six Lakh Sixty Two Thousand Nine Hundred and Twenty One only) fully paid-up equity shares of the Company of face value of Rs. 2/- (Rupees Two only), for an aggregate amount not exceeding Rs. 120,00,00,00,000/- (Rupees Twelve Thousand Crores only), each at a price of Rs. 445/- (Rupees Four Hundred and Forty-Five only) per equity share on a proportionate basis through the tender offer process.

The Company fixed Friday, June 16, 2023 as the Record Date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback."

Wipro Limited is a leading technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs, according to its official website.