Wipro net up 12.5% at Rs 2,388 crore in Q1, revenue growth tepid at 5.3%

IT services revenue, which contributes more than 95 per cent of its gross revenues, witnessed a sequential decline of 0.7 per cent at $2.038 billion in constant currency terms

IT services major Wipro continued to witness tepid revenue growth in the first quarter of the ongoing financial year owing to uncertainty in the macro environment apart from delay in closure of large projects.

Operating margins also dipped because of rising wage cost and higher expenses due to changing onshore-offshore mix, in spite of the company reporting forex gains.
 
In the quarter ended June 30, the Bengaluru-headquartered company reported a 12.6 per cent rise in consolidated net profit (at Rs 2,387.60 crore) compared with the corresponding period in the previous fiscal. Net profit declined 3.86 per cent on