Wipro Ltd Q1 Results FY2023, PAT at Rs. 25.6 Billion

On 20th July 2022, Wipro Ltd announced its quarterly results for the first quarter of FY2023

Q1FY23 Key Highlights:

- Gross Revenue was Rs. 215.3 billion ($2.7 billion ), an increase of 17.9% YoY 

- IT Services Segment Revenue was at $2,735.5 million, an increase of 13.3% YoY 

- Non-GAAP2 constant currency IT Services segment revenue increased by 2.1% QoQ and 17.2% YoY 

- IT Services Operating Margin3 for the quarter was at 15.0%, a decrease of 200 bps QoQ 

- Net Income for the quarter was Rs. 25.6 billion ($324.4 million ) seeing a drop of 20.96% and Earnings Per Share for the quarter was at Rs. 4.69 ($0.061 ) 

- Our closing strength of employees for IT Services was at 258,574, an increase of 15,446 QoQ

Segment Revenue: 

- IT Products segment revenue for the quarter was Rs. 1.9 billion ($24.6 million) 

- India SRE segment revenue for the quarter was Rs. 1.5 billion ($19.3 million)

Market-wise Revenue:

- The revenue in America 1 Market grew by 3.3% QoQ and 19.5% YoY

- The revenue in America 2 Market grew by 1.6% QoQ and 16.2% YoY.

- The revenue in European Market declined by 3.2% QoQ and grew by 6.1% YoY.

- The APMEA region saw a growth of 0.2% QoQ and 9.5% YoY in Revenue.

Sector-wise Revenue:

- The revenue from the BFSI sector grew by 0.7% QoQ and 20% YoY.

- The revenue from the Consumer sector grew by 3.9% QoQ and 21% YoY.

- The revenue from the Health sector grew by 9.4% YoY.

- The revenue from the Energy, Natural Resources, and Utilities sector declined by 3.4% QoQ and by 4.1% YoY.

- The revenue from the Technology sector decreased by 0.7% QoQ and grew by 9.4% YoY.

- The revenue from the Manufacturing sector decreased by 2.8% QoQ and grew by 9.5% YoY.

- The revenue from the Communications sector grew by 5.1% QoQ and by 11.5% YoY.

Commenting on the results, Thierry Delaporte, 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.”