Wipro Q2 FY2023 net income down by 9% YoY to Rs 26.6bn

Wipro Q2 FY2023 results : Wipro has reported a net income of INR 26.6 billion for the second quarter of the fiscal year 2023 (Q2 FY2023) that ended 30 September 2022, which is a decrease of 9.2% compared to INR 29.3 billion reported in Q2 FY2022.

In the previous quarter, that is Q1 FY2023, Wipro had a net income of INR 25.6 billion.

The Indian IT services provider saw a decline of 9.3% year-over-year (YoY) in diluted earnings per share from INR 5.35 in Q2 FY2022 to INR 4.85 in the reported quarter.

Wipro Q2 FY2023 gross revenue was INR 225.4 billion, which is a YoY increase of 30.1%, compared to INR 196.7 billion in Q2 FY2022.

In Q1 FY2023, Wipro revenue was INR 215.3 billion.

As per Wipro Q2 FY2023 results, the company’s IT services unit posted revenue of INR 226.4 billion, which is a 14.5% increase YoY compared to INR 197.6 billion during the same period of the previous fiscal year.

Wipro Q2 FY2023 net income down by 9.5% YoY to Rs 26.5bn. Photo courtesy of Rameshng/Wikimedia Commons.

Commenting on Wipro Q2 FY2023 results, Thierry Delaporte — CEO and Managing Director said: “Our strong performance in the quarter is further proof that our strategy is yielding the intended results. The solid growth in our bookings, large deal signings, and revenues underscore our improved market competitiveness and enhanced value proposition.

“Our ongoing investments in high-growth strategic areas have allowed us to steadily increase our win rate and enhance the quality of our pipeline. As a result of these efforts and our sharp focus on operational excellence, we are now seeing an improvement in our margins.

“We continue to invest in and upskill our talent to stay ahead of our clients’ evolving needs. In the second quarter, we promoted more than 10,000 colleagues and increased salaries across bands.

“We are pleased to report that we recorded a third consecutive quarter of moderation in attrition.”