Wipro Reports Slight Decline in Profit

IT services company Wipro reported a net profit of ₹3,200.6 crore for the second quarter of the current financial year, ended in September. This represents a 1.4% decline from ₹3,246.2 crore in the corresponding period last year. However, revenue from operations increased from ₹22,697.3 crore to ₹24,752.7 crore. On a quarter-on-quarter basis, profit fell by 4.5%, while revenue rose by 1%. Revenue from the IT services segment stood at $2.6115 billion, down 0.1% sequentially but up 0.3% year-on-year.

Wipro’s other income declined from ₹947.7 crore to ₹755.5 crore during the quarter. For the October–December quarter, the company expects revenue from its IT services business to range between $2.571 billion and $2.625 billion. As of the end of September, Wipro’s total employee count stood at 236,328, a decrease of 6,716. During the first half of the current financial year, the company hired approximately 1,000 freshers.