Wipro's attrition rate moderates for fourth quarter in row; employees count drops
The company's headcount stood at 258,744 employees in Q3FY23 compared to the count of 258,574 employees as of June 30, 2022 - a net addition of merely 605 employees.
IT major Wipro Ltd has announced its financial results for the third quarter ending December 31, 2022 (Q3FY23) period. During Q3, the company witnessed moderation in its attrition rate for four consecutive quarter. However, Wipro has reduced its employees headcount in the quarter.
The company's total headcount stood at 258,744. Wipro has reduced its headcount by 435. In the September quarter, the company's headcount stood at 259,179 employees, while it stood at 258,574 employees as of June 30, 2022 - a net addition of merely 605 employees.
Wipro made the lowest hiring in Q2 compared to its peers. In Q1FY23, the company added 15,446 employees. While it onboarded more than 10,000 freshers during this period.
While, the voluntary attrition moderated 180 bps from previous quarter, landing at 21.2% for the trailing twelve months for the quarter. The company's headcount stood at 259,179 employees in Q2FY2.
Wipro's attrition rate has moderated for the third consecutive quarter. The company's voluntary attrition measured in the trailing twelve months for the quarter was at 23.0% -- a moderation of 30 basis points from the June 2022 quarter where the attrition rate was at 23.3%.
"I am pleased to report that we have delivered another quarter of double-digit revenue growth. Our Total Bookings were over $4.3 billion, led by solid large deal signings of over $1 billion. We improved our margins by 120 basis points and our attrition moderated for the fourth quarter in a row," said Wipro CEO and MD Thierry Delaporte.
Wipro's net profit rose by 2.82 per cent to ₹3,052.9 crore in quarter ended December 2022 as against Rs2,972.3 crore in corresponding quarter last fiscal. The revenue from operations stood at ₹23,229 crore, up 14.35 percent against ₹20,313.6 crore in the corresponding quarter.
The company has declared an interim dividend of ₹1 per share.
The company's scrip was down by 0.20 per cent at ₹393.65 on the BSE.
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