Wipro Q4 profit rises 4% to ₹3,087 crore; revenue up 28%

Wipro Ltd Friday reported consolidated net profit of ₹3,087 crore for the quarter ended 31 March, 2022, up 4% from ₹2,972 crore a year ago.

Revenue from operations, meanwhile, rose 28% to ₹20,860 crore for the quarter under review. In dollar terms, the IT major's revenue stood at $2.72 billion

On Friday, Wipro scrip was down nearly 3% to settle at ₹508 on NSE.

“We have had an outstanding year, finishing with $10.4 billion in revenues, and an industry-leading growth of 27% year on year. This is our sixth straight quarter of strong revenue growth at or over 3%," said Wipro CEO Thierry Delaporte.

Wipro said it expects revenue from our IT services business to be in the range of $2,748 million to $2,803 million. This translates to a sequential growth of 1% to 3%.

"We are excited with the addition of Rizing and the CAS Group to Wipro’s service offerings. With all markets, sectors and Global Business Lines now growing in double-digits year on year, we have a strong foundation for next year’s growth," Delaporte said.

Operating margin of the company during the quarter stood at 17%, down 60 basis points on a sequential basis.

IT services revenue during the March quarter stood at $2,722 million, an increase of 26% year-on-year.

The attrition rose to 23.8% in fourth quarter (voluntary TTM) on a trailing 12 month basis from 22.7% in the third quarter (QoQ), which is among the highest in the industry.

“Our efforts on client mining have resulted in an addition of eight customers in more than $100 million bucket on year-on-year basis. We delivered operating margins of 17.7% for the year, after significant investments on solutions, capabilities and talent. Net Income for the year was highest ever at $1.6 billion and delivered robust growth in EPS of 17% year-on-year," Wipro CFO Jatin Dalal said.