IT major Wipro posted a nearly 21% decline in consolidated PAT, while revenue climbed 18% year on year. Its attrition rate slipped marginally compared to the preceding quarter, however, the company hired 15,446 employees from April to June.
Wipro announced a consolidated net profit of ₹ 2,563.6 crores as against ₹ 3,242.6 crores in the same period last year. Sequentially, the company’s PAT dropped by 16.96%. Meanwhile, its consolidated revenue was at ₹ 21,528.6 crores in Q1FY23 up by 17.9% from ₹ 18,252.4 crores in Q1FY22, and higher by 3.2% from ₹ 20,860 crores in Q4FY22.
Wipro’s employee headcount was 2,58,574 as of June 30, 2022, as compared to 2,43,128 employees as of March 31, 2022. Its attrition rate is at 23.3% in the latest quarter as against 23.8% in the previous quarter.
“We have made significant investments in Wipro’s growth engine and are very pleased with the outcomes. Our order bookings grew 32% YoY in total contract value (TCV) terms, powered by large transformational deals, and our pipeline today is at an all-time high,” said Thierry Delaporte, CEO and Managing Director, Wipro.
The company said it expects revenue from its IT Services business to be in the range of $2,817 million to $2,872 million for the quarter ending September 2022. This translates to a sequential growth of 3-5 per cent. It added that it closed 18 large deals resulting in a TCV of $1.1 billion in the quarter.
HDFC securities has an ‘Add’ call on the shares of Wipro Limited with a target price of ₹475. The shares closed at ₹ 410.85 apiece, therefore, this indicates an upside of 15.61% as the shares closed at ₹ 410.85 apiece on Friday.
ICICI Securities has a ‘hold’ call on the shares of the company, with a target price of ₹ 460. This indicates an upside of 11.96%.
Written By Simran Bafna
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