Wipro’s Q4 attrition rate moderates to 19.2%, headcount reduces to 256,921 employees

IT major Wipro Ltd has announced its financial results for the third quarter ending March 31, 2022 (Q4FY23) period. During Q4, 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 256,921. Wipro has reduced its headcount by 1,823.  In the December quarter, the employee headcount stood at 258,744, while in the September quarter, the company's headcount stood at 259,179 employees. The headcount stood at 258,574 employees as of June 30, 2022 - a net addition of merely 605 employees.

Wipro recorded a decline of 330 bps in voluntary attrition from the previous quarter, landing at 14.1% on a quarterly annualized basis and at 19.2% on a trailing twelve months basis.

“We closed FY23 with the strongestever bookings recorded in a year. We delivered two consecutive quarters of total bookings of over $4.1 billion. Our large deal order booking grew by 155% year-over-year for the quarter. We are also pleased to announce our share buyback, which is part of our philosophy to deliver consistent returns to shareholders,” said Wipro CEO and MD Thierry Delaporte.

Compared to just a few years ago, we are seeing a visible change in the structure of our deals and our market position. We are winning large transformation deals, benefitting from a consolidating market, and deepening relationships with existing clients. We have built a strong foundation to sustain through this period of increased uncertainty. We have the growth mindset, right organizational structure, and the talent for long-term success.”, he added.

The IT giant posted a consolidated net profit of ₹3,074.5 crore in Q4FY23, which is a couple of crores lower than a profit of ₹3,087.3 crore a year ago same period. However, Q4 PAT inched up by 0.71% from ₹3,052.9 crore in the preceding quarter. These profits are attributable to the owners of the company.

Consolidated revenue from operations came in at ₹23,190.3 crore in Q4FY23, registering a growth of 11.2% from ₹20,860 crore in the same quarter last year. Revenue however is marginally down from ₹23,229 crore in December 2023 quarter.

The company's scrip was down by 0.040 per cent at ₹374.35 on the BSE.