Wipro Q1 Results: Profit Beats Estimates, Jumps 35.6% YoY Rs 3,242 Cr

In Q1FY22, Wipro recorded a consolidated net profit of Rs 3,563.7 crore, up 23% from the previous fiscal year's corresponding quarter of Rs 2,896 crore.

Highlighting strong demand for India's outsourcing service providers. The company's revenue increased by 22.4 percent to Rs 18,250 crore.

For the quarter ending September 30, 2021, Wipro estimates revenues from its IT services division to be in the range of $2,535 million to $2,583 million, representing a rise of 5.0 percent to 7.0 percent.

Revenue for the quarter was Rs 18,252.4 crore, up 22 percent year on year from Rs 14,913.1 crore.

IT services sales increased 12.2 percent quarter over quarter (QoQ) and 25.7 percent year over year to $2,414.5 million (YoY).

The operating margin for IT services was 18.8% in the third quarter, down 29 basis points year over year. The company's net income for the quarter was Rs 3,230 crore, up 35.2 percent year on year.

"Wipro signed an agreement to acquire Ampion on April 1, 2021, and we previously announced that it will be closed during Q1FY22. However certain regulatory approvals are still pending and the transaction is now expected to be closed in Q2FY22, said the company.

On the BSE, the stock closed 2.5 percent higher at Rs 575.75, ahead of its quarterly results.