Wipro Q2FY24 result: Net profit rises to Rs 2,667 crore; revenue down 0.1%

IT major Wipro posted a negligible increase of 0.1 per cent in its profit for the second quarter of the current financial year (Q2FY24) to Rs 2,667 crore from Rs 2,649 crore year-on-year (y-o-y), the company said in a BSE filing.

The company's gross revenue came at Rs 22,520 crore for Q2, a decrease of 0.1 per cent compared to the same qurater in the previous year.

The net income for the quarter was at Rs 2,650 crore, a decrease of 0.5% y-o-y.

Thierry Delaporte, CEO and Managing Director said, "We continue to win in the market despite the uncertain macro environment. We ended the second quarter with 22 accounts above the $100 million range, which is double the number we had in FY21. Our large deal total contract value reached $1.3 billion—highest in the last nine quarters."

IT products segment revenue for the quarter under review was Rs 147 crore. Voluntary attrition continued to moderate on a quarter-on-quarter (q-o-q) basis, coming in at a nine-quarter low of 13.4 per cent in Q2FY24.

"Against a challenging environment, we continue to take the bold decisions needed to realize our long-term ambitions. We are investing in our technology infrastructure and streamlining our operations and delivery to drive profitable growth. We are training and reskilling our people so they can be ready for an AI-driven future. The investments we made in our ai360 strategy are helping us realize significant efficiencies across our organization and creating an early leadership position in this fast-evolving space. We are confident that these investments will keep us resilient and competitive in an ever-shifting business and economic landscape", Thierry Delaporte further said.