IT major Wipro on Friday reported a 3.9 per cent year-on-year jump in its net profit to Rs 3,090 crore for the March 2022 quarter. Its gross revenue grew 28.5 per cent during the quarter to Rs 20,860 crore. In dollar terms, the IT major’s revenue stood at USD 2.72 billion.
The company’s revenue from the IT services segment stood at USD 2,721.7 million, a jump of 26.4 per cent year-on-year. Wipro’s operating margin for the March 2022 quarter stood at 17 per cent, down 60 basis points on a sequential basis. Its operating profit rose 2.8 per cent to Rs 3,510 crore, the company said in a BSE filing.
The company’s earnings per share during January-March 2022 rose 4.6 per cent to Rs 5.64.
On the outlook, the company expects revenue from its IT services business during the June 2022 quarter to be in the range of USD 2,748 million-USD 2,803 million. This translates to a sequential growth of 1-3 per cent.
It also said an interim dividend of Rs 1 and Rs 5 declared by the board at its meetings held on January 14 and March 25, 2022, shall be considered as the final dividend for the financial year 2021-22.
Wipro’s total headcount at the end of March 2022 stood at 2,43,128. The attrition rate (trailing 12 months) was 23.8 per cent, compared with 22.7 per cent in the December 2021 quarter.
For the full financial year, Wipro’s net profit stood at Rs 12,220 crore in 2021-22, a jump of 13.2 per cent as compared to the previous year. Its revenue during 2021-22 was Rs 79,090 crore, a 26.9 per cent jump over last year.
The company said Wipro continued its momentum in winning large deals. It said a US-based global healthcare company will leverage Wipro FullStride Cloud Services to engineer products for cloud and digital technologies based on a product-oriented delivery (POD) model. “A US-based multinational technology company has renewed its existing contract to curate geospatial information that will enable the customer with evaluations and recommendations on map modelling processes.”
It also said a leading Europe-based provider of transport solutions has partnered with Wipro to transform their digital workplace, supporting the shift towards sustainable transport solutions.
Wipro CEO and Managing Director Thierry Delaporte said, “We have had an outstanding year, finishing with USD 10.4 billion in revenues, and an industry-leading growth of 27 per cent year-on-year. This is our sixth straight quarter of strong revenue growth at or over 3 per cent.”
The company is excited with the addition of Rizing and the CAS Group to Wipro’s service offerings, he said adding that with all markets, sectors and global business lines now growing in double-digits year-on-year, the company has a strong foundation for the next year’s growth.
Wipro Chief Financial Officer Jatin Dalal said, “Our efforts on client mining have resulted in an addition of eight customers in more than USD 100 million buckets on a year-on-year basis. We delivered operating margins of 17.7 per cent for the year, after significant investments on solutions, capabilities and talent. Net Income for the year was highest ever at USD 1.6 billion and delivered robust growth in EPS of 17 per cent year-on-year.”
In the December 2021 quarter, the company had posted a consolidated net profit of Rs 2,969 crore, almost flat compared to the year-ago period, but said the demand environment continued to be “robust”. Its revenue from operations grew 29.6 per cent to Rs 20,313.6 crore from Rs 15,670 crore in the quarter ended December 2020. Seen sequentially, it was 3.2 per cent higher.
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