Wipro on Wednesday posted a standalone net profit of Rs 2,419.8 crore, down by 8.67 per cent year-on-year for the quarter ended in December. The IT major reported a standalone net profit of Rs 2,649.7 crore for the the corresponding quarter a year ago.
Revenue form the operations rose 21.29 per cent year-on-year to Rs 15,278 crore in the period under review. The revenue stood at Rs 12,596 crore in the same quarter last year. On a consolidated basis, revenue stood at Rs 20,313 crore, increased 3.3 per cent quarter-on-quarter and 29.6 per cent year-on-year basis. Wipro’s net consolidated income for the quarter stood at Rs 2,970 crore in Q3FY22.
The earnings before interest and taxes (EBIT) for Q3 FY22 came in at Rs 3,553.5 crore. IT Services operating margin for the quarter was at 17.6 per cent, a decrease of 19 bps quarter-on-quarter.
“We delivered robust operating margins after absorbing substantial investments on salary increases, owing to continued improvement in operating metrics. We also improved our working capital, by reducing our Days Sales Outstanding. This has resulted in strong operating cash flow conversion, of 101.3 percent of net income,” Jatin Dalal, Wipro’s chief financial officer, said.
Wipro said it expects revenue from its IT Services business to be in the range of $2,692 million to $2,745 million. This translates to a sequential growth of 2 per cent to 4.0 per cent.
The software major hired a record 41,363 employees between January and December 2021. The recruitment saw multifold demand compared to previous fiscal as the attrition rate had increased. The demand for fresh talent also increased as the company had shifted to remote working facility in the wake of Covid-19 outbreak.
Wipro chief earlier mentioned that the company has a plan to hire over 12,000 freshers in FY22, up 33 percent from last year FY21. “We have doubled down on increasing intake from our campuses across the world and reskilling our existing workforce. We will on-board 33 percent more freshers in FY22 than in the previous year,” CEO said.
“We are hiring unprecedented number of freshers into the organisation. We will be on-boarding 6,000 freshers in Q2, highest Wipro has done and will roll out 30,000 offers later this year for freshers to join in FY23.” Saurabh Govil, chief human resources officer, said earlier.
Wipro continued its momentum in winning large deals in the third quarter of FY22. It also witnessed an increase in digital oriented and other strategic deals during the quarter.
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