Wipro’s Net Profit Drops 12% in Q1

Wipro, an Indian IT services company, today reported a 12% drop in profits to 2,717 crore in the first quarter, down from 3,087 crore in the previous quarter. In the same period, the IT firm's revenues increased 3 percent sequentially to 22,001 crore, in line with analyst expectations. In constant currency terms, the IT services business increased by 2.1 percent sequentially to $2.74 billion.

Wipro said it expects revenue from its IT services business to be in the range of $2.82-2.87 billion in the September quarter, representing a 3-5 percent sequential growth. Wipro CEO and MD Thierry Delaporte, on the other hand, struck an upbeat tone, saying the company is "pleased with the results."

“Our order bookings grew 32 percent YoY in total contract value terms, powered by large transformational deals, and our pipeline today is at an all-time high,” Delaporte said.

Wipro also stated that in the June quarter, it closed 18 large deals totaling $1.1 billion in total contract value, with its order book increasing by 32%. Overall, its customers with more than $100 million increased from 13 to 20, while those with $50-100 million increased from 42 to 50.
Wipro also stated that in the June quarter, it closed 18 large deals totaling $1.1 billion in total contract value, with its order book increasing by 32%. Overall, its customers with more than $100 million increased from 13 to 20, while those with $50-100 million increased from 42 to 50.