Shillong, July 14: Indian multinational corporation Wipro Ltd announced that it has concluded the first quarter of FY24 with increased revenue and after-tax profit compared to the corresponding period of the previous year.
In a regulatory filing, the company stated that its total revenue for the quarter stood at Rs 228,310 crore, surpassing the Q1FY23 figure of Rs 215,286 crore. Additionally, it reported a net profit of Rs 28,701 crore, a rise from Rs 25,636 crore.
Wipro disclosed that the attrition rate during the reviewed quarter was 14%.
Looking ahead to the next quarter, Wipro expects its IT services business segment’s revenue to range between $2,722 million and $2,805 million. This translates to a sequential guidance of minus 2% to positive 1% in constant currency terms.
Thierry Delaporte, CEO and Managing Director of Wipro, expressed satisfaction with the company’s first-quarter results, emphasizing strong performance in large deal bookings, client additions, and resilient margins.
Jatin Dalal, Chief Financial Officer, highlighted the company’s focus on operational improvement, leading to steady margins despite a softening revenue environment. The operating margin for the quarter was 16%, expanding by 112 basis points YoY. Wipro also generated robust operating cash flows at 130% of net income. Furthermore, the earnings per share (EPS) for the quarter witnessed a 11.5% YoY growth, as stated by Dalal.
