DBT Bureau
Bengaluru, 17 October 2024
Wipro on Thursday reported better than expected second quarter performance as large deals boosted its revenue and margin.
The Azim Premji-promoted firm posted 21.26% rise in its net profit at Rs 3,208.8 crore as compared to Rs 2,646.3 crore reported a year ago. The company’s consolidated revenue stood at Rs 22,300 crore, a fall up 1% year-on-year basis.
IT services revenue in dollar term stood at $2.66 billion, an increase of 0.6% over the previous quarter. The Bengaluru-headquartered company improved its performance in Q2 on the back of large deal ramp ups.
Its total bookings in Q2FY25 were at $3.56 billion out of which large deal bookings were at $1.49 billion.
The company improved its operating margin by 30 basis points to 16.8% on quarter-on-quarter basis.
“Based on strong execution in Q2, we met our expectations for revenue growth, bookings, and margins. We continued to expand our top accounts, large deal bookings surpassed $1 billion once again, and Capco maintained its momentum for another consecutive quarter. We grew in three out of four markets, as well as, in BFSI, Consumer and Technology and Communications sectors,” Srini Pallia, CEO of Wipro said.
The company management said that its BFSI (banking, financial services & insurance) vertical has witnessed good growth driven by Capco’s consulting-led services.
The company rolled out hikes from September for its employees.
The company added 978 employees in the second quarter, a second consecutive quarter of headcount increase. Its total headcount stood at 233,889 by the end of September quarter. The company plans to hire around 10,000-12,000 freshers in the current financial year.
Wipro’s Board has recommended issue of bonus shares to shareholders (including stock dividend to ADS holders) in the ratio of 1:1. It means one equity share will be issued for every one equity share held, subject to approval of shareholders.