Wipro Q1 FY2023 results : Indian IT firm’s net income down by 21% to Rs 25.6bn

Wipro Q1 FY2023 results : Wipro has reported a net income of INR 25.6 billion for the first quarter of the fiscal year 2023 (Q1 FY2023) that ended 30 June 2022, which is a decrease of 21% compared to INR 32.4 billion reported in Q1 FY2022.

In the previous quarter, that is Q4 FY2022, Wipro’s net income was INR 30.9 billion.

The Indian IT services provider saw a decline of 20.8% year-over-year (YoY) in diluted earnings per share in the reported quarter to INR 4.67, compared to INR 5.9 in Q1 FY2022.

Wipro Q1 FY2023 revenue was INR 215.3 billion, which is a YoY increase of 18%, compared to INR 182.5 billion in the same quarter of the previous fiscal year. In Q4 FY2022, Wipro’s gross revenue was INR 208.6 billion.

Wipro Q1 FY2023 results : Indian IT firm’s net income down by 21% to Rs 25.6bn. Photo courtesy of Rameshng/Wikimedia Commons.

Commenting on Wipro Q1 FY2023 results, Thierry Delaporte — Wipro CEO and Managing Director said: “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 terms, powered by large transformational deals, and our pipeline today is at an all-time high.

“We continue to reinforce the investments that allow us to grow our business, remain agile in the market and efficient as an organization, while staying focused on serving our clients even better.”

Earlier this year, Wipro signed a $540m deal to acquire American SAP consulting firm Rizing Intermediate Holdings.