The IT major reported a 9.20% rise in consolidated net profit to Rs 3,248 crore in Q1 June 2021 (Q1 FY22) as against Rs 2,974.30 crore in Q4 March 2021 (Q4 FY21).
Consolidated revenues grew 12.35% to Rs 18,252.40 crore in Q1 June 2021 compared with Rs 16,245.40 crore in Q4 March 2021. Profit before tax advanced 3.29% to Rs 3,873.30 crore in Q1 FY22 as against Rs 3,749.90 crore in Q4 FY21. The numbers are based on Indian accounting standards (IND AS). The Q1 result was declared after trading hours today, 15 July 2021.
As per International Financial Reporting Standards (IFRS), the IT major's consolidated net income for Q1 June 2021 was Rs 3232.10 crore, an increase of 8.7% quarter-on-quarter (QoQ) and 35.2% year-on-year (YoY). Gross consolidated revenue was Rs 18252.40 crore in Q1 June 2021, an increase of 12.4% QoQ and 22.4% YoY.
IT services segment revenue was at $2,414.5 million, an increase of 12.2% QoQ and 25.7% YoY. IT services operating margin for the quarter was at 18.8%, a decrease of 29 bps YoY. Non-GAAP constant currency IT services segment revenue increased by 12% QoQ and 21.3% YoY.
Wipro said it expects revenue from its IT services business to be in the range of $2,535 million to $2,583 million. This translates to a sequential growth of 5.0% to 7.0%.
Meanwhile, Wipro signed an agreement to acquire Ampion on 1 April 2021, and has previously announced that it will be closed during Q1 FY22. However certain regulatory approvals are still pending and the transaction is now expected to be closed in Q2 FY22.
The company said its IT services workforce crossed the milestone of 200,000, closing headcount at 209,890 as on 30 June 2021.
In June 2021, Wipro issued its first ever dollar denominated bond offering of $750 million with a 5-year tenor.
Thierry Delaporte, the chief executive officer (CEO) and managing director (MD), said: "Despite the severe onslaught of the pandemic, we delivered our best-ever quarter, with secular growth across all SMUs, Sectors and GBLs. Our sequential revenue growth of 12.2% was well ahead of the top-end of our guidance range, both organically and with Capco. Though in the early days yet, I am pleased with the way we have collaborated with Capco to build our joint go-to-market offerings and strategy. We remain focused on deepening our customer relationships, investing in talent & capabilities for the future, and winning market share."
Jatin Dalal, the chief financial officer (CFO) of Wipro, stated: "We delivered a robust growth in EPS of 41% Y-o-Y even as we continued to invest for growth. At 103.7% of our net income, our operating cash flows for the quarter remained healthy."
Wipro is a global information technology, consulting and business process services company.
Shares of Wipro rose 2.52% to end at Rs 575.75 on BSE. The scrip hit a record high of Rs 579.75 in intraday today.
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