Wipro Q2 Result: Company reports 9% drop in PROFIT by September end

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New Delhi: IT company WIPRO reported 9% drop in cumulative net profit at Rs 2,659 crore for the Q2 revenue ending on September 30, 2022. This revenue drop links to lower earnings from clients in non-US markets. A year ago, the net profit of the company for the same quarter was Rs 2,931 crore.

However, the firm's consolidated revenue from operations rose 15% to Rs 22,540 crore in Q2FY23 as against Rs 19,667 crore in Q2FY22.

"Our closing employee count in IT Services increased to 259,179. Voluntary attrition measured in trailing twelve months for the quarter was at 23.0%, a moderation of 30 bps from the previous quarter," the company said in a stock exchange filing.

Wipro expects Revenue from our 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 2.0%. 

Earnings from Europe dropped to Rs 787.5 crore, from Rs 918.6 crore a year back. Similarly, the Asia Pacific/Middle East/Africa (APMEA) region saw lower earnings of Rs 219.4 crore, as compared to Rs 302.8 crore last year.

Brokerage reports and analysts' notes on Q2 earnings preview anticipate reasonably strong growth quarter for Indian IT firms despite challenging macroeconomic scenario in the US and Europe, but there are fair bit of warnings around "incremental pockets of weakness" or "slowdown in coming quarters".