Wipro Q1 PAT rises 6% QoQ to Rs 3,003 cr

The IT major's consolidated net profit grew 5.95% to Rs 3,003.2 crore in Q1 FY25 as against Rs 2,834.6 crore recorded in Q4 FY24.

However, revenue from operations declined 1.1% to Rs 21,963.8 crore in the June quarter as against Rs 22,208.3 crore reported in the preceding quarter same year.

On year on year (YoY) basis, the IT firms net profit grew 4.64% while revenue fell 3.8% in Q1 FY25.

Profit before tax was at Rs 4,021.6 crore during the quarter (up 4.13% quarter on quarter (QoQ) and up 5.9% YoY).

In dollar terms, Wipro's gross revenue stood at $2,635.8 million in Q1 FY25. IT services segment revenue was at $2,625.9 million, down 1.2% QoQ and down 5.5% YoY.

IT services operating margin for the quarter was at 16.5%, registering a growth of 0.1% QoQ and up 0.4 YoY. Non-GAAP constant currency IT services segment revenue declined 1% QoQ and 4.9% YoY.

For the quarter ending 30 September 2024, Wipro expects revenue from its IT Services business segment to be in the range of $2,600 million to $2,652 million. This translates to sequential guidance of -1% to +1% in constant currency terms.

During the quarter, the IT company's total booking was at $3,284 million. Large deal bookings stood at $1,154 million, registering a decline of 3.1% QoQ and 3.6% YoY.

The company said that its closing employee count in IT Services stood at 234,391. Voluntary attrition was at 14.1% on a trailing 12-month basis.

Srini Pallia, CEO and managing director, said We recorded another quarter of total large deal bookings over $1 bn, with our largest win in the recent years. Our top accounts continued to grow, accompanied by a growth in Americas1 SMU, BFSI and Consumer sectors. We are pleased with the momentum we have built in Q1 across industries and sectors and confident in our ability to execute better on bookings and profitable growth as we transition to Q2. While we continue to build on our ai360 strategy and preparing our workforce for an AI-first future.

Aparna Iyer, chief financial officer, said We continued to expand our margins to 16.5% in Q125, this is a 42-bps improvement YoY. Our margin performance is also reflected in our EPS increase of 10% YoY. Our operating cash flows continue to be strong at 131.6% of our net income which takes our current investment and cash balance to $5.4 billion.

Wipro is a leading technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs.

The scrip fell 2.78% to end at Rs 557.25 on the BSE.

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