Wipro’s net rises 9.2% to ₹2,659 crore in Q2

Macro-economic conditions across almost all markets, and sectors have changed. We’re seeing a change in the level of customer optimism, says Delaporte

Technology services and digital transformation firm Wipro on Wednesday reported a 9.27% decline in second-quarter net profit to ₹2,659 crore.

However, revenue increased 14.6% to ₹22,540 crore.

IT services revenue, which accounts for more than 95% of its total businesses, stood at $2.79 billion, a YoY increase of 8.4%. In constant currency terms, IT revenue grew by 4.1% over the previous quarter, the company said.

“Since the last time we spoke in July, macro-economic conditions across almost all markets, and sectors, have changed, “ CEO and MD Thierry Delaporte told the media.

“We are seeing a change in the level of optimism in customers, as businesses around the world are dealing with inflationary pressures, geopolitical turmoil, energy crises, and rising interest rates.’‘

Almost every major economy was experiencing economic deceleration, he further said adding, “It is against this backdrop that we delivered a strong quarter in Q2.’‘ Wipro won 11 large deals worth $725 million in the quarter.

For Q2, Wipro reported an operating margin of 15.1% compared with 15% in the previous quarter. The company said it achieved margin improvement despite giving salary increases and increments to its staffers during this period.