Wipro Q2 consolidated profit up 17% to Rs 2,930.6 crore
IT company Wipro reported a 17 per cent rise in consolidated net profit at Rs 2,930.6 crore for the quarter ended September 30, 2021. The company had posted a net profit of Rs 2,484.4 crore in the same period a year ago.
Wipro said it has crossed the annual revenue run rate of $10 billion (about Rs 75,300 crore) and is in a position to hire 25,000 people in the next financial year. The company is resuming work back from the office, starting with fully vaccinated senior associates in India.
Wipro’s consolidated revenue grew nearly 30 per cent to Rs 19,667.4 crore during the quarter as against Rs 15,114.5 crore recorded in the same quarter of 2020-21.
“Q2 results demonstrate that our business strategy is working well. We grew organic sequential growth of over 4.5 percent for the second consecutive quarter, resulting in 28 percent growth in the first half of this fiscal year. I Thank you Wipro CEO and MD Thierry Delaporte, “Our customers, partners and associates have crossed the USD 10 billion milestone of annual revenue run rate.”
The revenue of the IT services segment grew 29.5 per cent on a year-on-year basis to Rs 19,378.38 crore (USD 2,580 million).
Delaporte said the demand environment is healthy and Wipro’s revenue is expected to grow 2-4 per cent in the next quarter, which will be 27-30 per cent growth in constant current terms on a year-on-year basis.
According to Wipro’s outlook, revenue from IT services is expected to be in the range of Rs 19,500 crore to Rs 19,889 crore for the October-December quarter.
“Our order book in terms of annual contract value grew 28 percent in the first half. In terms of total contract value, the order book is up 19 percent year-on-year,” Delaporte said.
America1 (categorized by industry segments) comprises 19.8 per cent of Wipro IT services business, US 2 30.6 per cent, Europe 48.3 per cent and APMEA comprises Australia and New Zealand, India, Middle East, South East. Asia, Japan and Africa grew by about 7.7 percent.
Banking, financial services and insurance sector contributed the largest to Wipro revenue at 34.8 per cent, followed by consumer sector at 17.3 per cent, energy sector 12.3 per cent, technology 12.2 per cent, health 11.7 per cent, manufacturing 6.7 per cent and communications 5 per cent.
Wipro recorded a total pipeline of USD 27 billion (over Rs 2 lakh crore), which includes USD 8 billion (about Rs 60,000 crore) in the cloud computing segment.
The company recruited 8,100 freshers from campuses during the quarter.
Delaporte said, “We doubled our fresher intake in the second quarter with 8,100 young associates joining us from campus. We will continue to build on this aggressively. We are looking to hire 25,000 freshers in the next fiscal year. are well prepared for.”
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