Wipro Q1 results: Net profit rises 11.9% to Rs 2,870 cr, revenue up 6%

IT major Wipro Ltd, on Thursday, reported a 11.9 per cent rise in its net profit to Rs 2,870.1 crore in the quarter that ended on June 30 as compared to Rs 2,563.6 crore in the same quarter in the previous year. 

In a regulatory filing, the company said, “It registered a growth of 6 per cent year-on-year (YoY) in its gross revenue to Rs 22,830 crore for the first quarter of the current financial year (Q1FY24). The net income of the company for Q1FY24 came at Rs 2,870 crore, up 12 per cent YoY.

The company has allotted 5,10,330 equity shares under ADS Restricted Stock Unit Plan 2004 on July 12, 2023, pursuant to exercise of ESOPs.

Voluntary attrition dropped by 14 per cent on sequential basis.

"Wipro’s first quarter results come with a strong backbone of large deal bookings, robust client additions, and resilient margins,” said Thierry Delaporte, CEO and Managing Director. 

“Despite a gradual reduction in clients’ discretionary spending, we maintained new business momentum. We earned our clients’ trust with strong delivery, innovation, and expanded services that strengthen our long-term businesses, and help capture market share. The launch of Wipro ai360 and the $1 billion investment solidifies Wipro’s position as a leading transformation partner that delivers the results and innovation our clients need to future-proof their businesses," he added. 

Share of Wipro Ltd rose marginally at Rs 394.35 on BSE.

Jatin Dalal, chief financial officer, said, “Our ongoing focus on operational improvement has ensured that margin remains steady even in a softening revenue environment. Our operating Margin for the first quarter was 16% an expansion of 112 basis point YoY. We generated strong operating cash flows at 130% of our net income for the Quarter. EPS for the quarter grew by 11.5% YoY.”