Wipro Q2 FY24 results: Profit slips to Rs 2,646 crore YoY; revenue down too

Wipro Ltd on Wednesday reported a marginal drop in its second-quarter profit for the financial year 2023-24. The IT firm saw a 0.48 per cent dip in its Q2 FY24 profit, at Rs 2,646.3 crore (year-on-year) from Rs 2,659 crore in the year-ago period.

The Bengaluru-based company's consolidated revenue from operations declined 0.1 per cent to Rs 22,516 crore for the three months to September 30 from Rs 22,540 crore in the corresponding period last year.

The company continued to win in the market despite the uncertain macro environment, said Thierry Delaporte, CEO and Managing Director at Wipro. "We ended the second quarter with 22 accounts above the $100 million range, which is double the number we had in FY21. Our large deal total contract value reached $1.3 billion - highest in the last nine quarters," he mentioned.

Wipro said its IT services segment EBIT (Earnings before interest and taxes) for the quarter was Rs 3,610 crore, an increase of 6 per cent YoY.

Earnings per share (EPS) for the quarter was at Rs 5.06, marking an increase of 4.1 per cent YoY, it further said.

"Operating cash flows at 145 per cent of net income for the quarter was at Rs 3,860 crore. Voluntary attrition has continued to moderate QoQ, coming in at 9-quarter low of 13.4 per cent in Q2 FY24," it stated.

Sharing a view on December the 2023 quarter, it said, "We expect revenue from our IT Services business segment to be in the range of $2,617 million to $2,672 million. This translates to sequential guidance of -3.5% to -1.5% in constant currency terms."

The Q2 earnings were announced post-market hours. Wipro's stock fell 0.94 per cent to settle at Rs 407.40 today.

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