Wipro Q1 PAT jumps 36% YoY to Rs 3,243 crore, beats Street estimates

Information technology (IT) giant Wipro reported a 35.65 per cent year-on-year (YoY) rise in consolidated profit after tax (PAT) at Rs 3,242.6 crore for the quarter ended June 2021 (Q1FY22). Wipro had posted a consolidated PAT of Rs 2,390 crore in the same quarter last fiscal. Sequentially, the figure increased by 9.09 per cent from Rs 2,972 crore posted in the March quarter of FY21.

Its consolidated revenue from operations rose to Rs 18,252.4 crore from Rs 14,913.1 crore in the year-ago quarter, resulting in an increase of 22.4 per cent. Meanwhile, on a quarter-on-quarter (QoQ) basis, the figure was up 12.35 per cent as against Rs 16,245.4 crore in the preceding quarter. The company's IT services segment revenue was at $2,414.5 million, an increase of 12.2 per cent QoQ and 25.7 per cent YoY. 

The company beat brokerages' expectations of 14-19 per cent YoY growth in bottomline and 17-19 per cent growth in topline. READ HERE

"Despite the severe onslaught of the pandemic, we delivered our best-ever quarter, with secular growth across all SMUs, Sectors and GBLs. Our sequential revenue growth of 12.2 per cent was well ahead of the top-end of our guidance range, both organically and with Capco. Though in the early days yet, I am pleased with the way we have collaborated with Capco to build our joint go-to-market offerings and strategy. We remain focused on deepening our customer relationships, investing in talent & capabilities for the future, and winning market share," Thierry Delaporte, CEO and Managing Director said.

Its IT services perating margin for the quarter was at 18.8 per cent, a decrease of 29 bps YoY. 

Wipro expects revenue from its IT services business to be in the range of $2,535-2,583 million. This translates to a sequential growth of 5-7.0 per cent.

The scrip closed 2.5 per cent higher at Rs 575.75 on the BSE ahead of its quarterly numbers.