Wipro Q1 results: Net profit jumps 36% YoY to Rs 3,243 crore

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Wipro on July 15 posted a 35.65% year-on-year rise in consolidated net profit at Rs 3,242.60 crore for the quarter ended June 30. It had posted a profit of Rs 2,390.40 crore in the same period last year. The figure increased by 9.09% on a quarter-on-quarter basis. Consolidated income from operations increased by 22.39% YoY and 12.35% QoQ to Rs 18,252.40 crore. The company announced its results post market hours. Earlier during the day, shares of the company closed 2.52% higher at Rs 575.75.

“We delivered robust growth in EPS of 41% YoY even as we continued to invest for growth. At 103.7% of our net income, our operating cash flows for the quarter remained healthy. We have successfully issued our debut bond offering in the international markets for $750 million,” said Jatin Dalal, Chief Financial Officer.

Outlook

Wipro expects revenue from IT services business to be in the range of $2,535 million to $2,583million for the quarter ended September 30. This translates to a sequential growth of 5.0% to 7.0%. The company has signed an agreement to acquire Ampion on April 1, 2021, and it previously announced that it will be closed during Q1FY22.

CEO view

Thierry Delaporte, CEO and Managing Director, said that despite the severe onslaught of the pandemic, the company delivered its best-ever quarter, with secular growth across all SMUs, Sectors and GBL’s.

“Our sequential revenue growth of 12.2% was well ahead of the top-end of our guidance range, both organically and with Capco. We remain focused on deepening our customer relationships, investing in talent and capabilities for the future, and winning market share,” he said.