Wipro Q2 FY23 Earnings Report: Profit Falls 9% to Rs. 2,659 Cr, Revenue Up 15%

IT major Wipro announced its Q2 FY23 earnings report today, on October 12 stating that its consolidated net profit for the quarter dropped by 9.27% to Rs. 2,659 crore from Rs. 2,930 crore in Q2 FY22. Its revenue from operations reported to be at Rs. 22,539.7 crore, grew 14.60% from Rs. 19,667.4 crore in Q2 FY22.

The IT company's revenue increased 4.69% QoQ from Rs. 21,528.6 crore in Q1, while profit increased by 3.71% from Rs. 2563.6 crore in Q1. Significantly, its IT services segment revenue stood at $2,797.7 million, with an 8.4% YoY gain. On the other hand, Constant currency IT services segment revenue surged by 4.1% QoQ and 12.9% YoY.

The share price of Wipro closed at Rs. 408.55/share today, with a 1.03% intra day gain.

Commenting on the result, Thierry Delaporte, CEO and Managing Director, Wipro said, "We achieved margins of 15.1 percent in Q2 after absorbing the impact of salary increases and promotions," said Jatin Dalal, Chief Financial Officer, Wipro. "Our margin improvement was led by better price realisations and strong operational improvements in automation-led productivity."

Delaporte added, "The solid growth in our bookings, large deal signings, and revenues underscore our improved market competitiveness and enhanced value proposition. "Our ongoing investments in high-growth strategic areas have allowed us to steadily increase our win rate and enhance the quality of our pipeline. As a result of these efforts and our sharp focus on operational excellence, we are now seeing an improvement in our margins."