Wipro's attrition rate rises by 2.5% YoY, adds 605 new employees

IT services company Wipro reported 23 per cent attrition in the second quarter of FY23 and added 605 new employees, the company announced in its earnings call on Wednesday.

The attrition rate rose 2.5 per on a year-on-year basis. It was 20.5 per cent in the second quarter of FY 2021-22. However, when seen on a quarter-on-quarter basis, attrition for the present quarter fell by 0.3 per cent as compared to the previous quarter. The rate was 23.30 per cent in the April to June quarter of FY 2022-23.

Moreover, the company's employee count has now increased to 259,179 after the addition of 605 people.

The company also reportedly promoted more than 10,000 employees and raised salaries across multiple bands despite posting more than 9 per cent drop in its profitability year-on-year.

Thierry Delaporte, chief executive officer and managing director of the company said during the earnings call, "We continue to invest in and upskill our talent to stay ahead of our clients’ evolving needs. In the second quarter, we promoted more than 10,000 colleagues and increased salaries across bands."

For the upcoming quarter, October to December 2022, the IT company expects revenue from its IT services business to be in the range of $2,811 million to $2,853 million. This would mean a sequential growth of 0.5 per cent to 2 per cent.

Delaporte also maintained that despite the negative outlook of the global economy, the company is positioned well to face the challenges.

"As the market conditions evolve, I believe our comprehensive portfolio of differentiated offerings position us extremely well to serve the changing needs of our clients and help them face the challenges of an uncertain macro environment with confidence," Delaporte said.

Wipro's shares closed at ₹407.75 apiece marking a 0.85 per cent uptick from the previous trading session.