The IT major's consolidated net profit rose 3.72% to Rs 2,659 crore on 4.7% increase in revenue form operations to Rs 22,539.7 crore in Q2 FY23 over Q1 FY23.
On a year on year (YoY) basis, the IT firm's net profit declined 9.27% while revenue jumped 14.6% in Q2 FY23.
Profit before tax rose by 2.03% quarter on quarter but fell 8.96% YoY to Rs 3,420.1 crore in quarter ended 30 September 2022.
The company's large deal bookings grew by 42% YoY in H1 FY23. Overall order book in total contract value (TCV) terms grew 23.8% YoY in Q2 FY23.
In dollar terms, Wipro's gross revenue was $2.8 billion, registering a growth of 14.6% YoY. IT Services segment revenue stood at $2,797.7million, an increase of 2.3% QoQ and 8.4% YoY.
IT Services operating margin for the quarter was at 15.1%, an increase of 16 bps QoQ. Non-GAAP constant currency IT Services segment revenue increased by 4.1% QoQ and 12.9% YoY.
For the quarter ending 31 December 2022, Wipro expects revenue from its IT Services business to be in the range of $2,811 million to $2,853 million. This translates to a sequential growth of 0.5% to 2%.
The company said that its closing employee count in IT Services increased to 259,179. Voluntary attrition measured in trailing twelve months for the quarter was at 23%, a moderation of 30 bps from the previous quarter.
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.
Delaporte further said, 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. As the market conditions evolve, I believe our comprehensive portfolio of differentiated offerings position us extremely well to serve the changing needs of our clients and help them face the challenges of an uncertain macro environment with confidence.
Jatin Dalal, chief financial officer, said, We achieved margins of 15.1% in Q2 after absorbing the impact of salary increases and promotions. Our margin improvement was led by better price realisations and strong operational improvements in automation-led productivity. Our Operating Cash Flows was robust and at 181% of our Net Income for the year.
Wipro is a leading technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs.
Shares of Wipro were up 0.85% to close at Rs 407.75 on the BSE.
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