Wipro delivers revenue growth for quarter at 8.1% QoQ and 28.8% YoY

Wipro announced financial results under International Financial Reporting Standards (IFRS) for the Quarter ended 30 September 2021. Thierry Delaporte, CEO and managing director, Wipro said: “The Q2 results demonstrate that our business strategy is working well. We grew at over 4.5% organic sequential growth for a second quarter in a row, resulting in a 28% YoY growth in the first half of this financial year. I thank our customers, partners, and colleagues as we surpassed the $10Bn milestone of annualized revenue run rate.”

Highlights of the Wipro Results

• Gross Revenue was Rs 196.7 billion ($2.7 billion), an increase of 7.8% QoQ and 30.1% YoY
• IT Services Segment Revenue was at $2,580.0 million, an increase of 6.9% QoQ and 29.5% YoY
• Non-GAAP2 constant currency IT Services Segment Revenue increased by 8.1% QoQ and 28.8% YoY
• IT Services Operating Margin3 for the quarter was at 17.8%, flat on adjusted4basis QoQ and reported decrease of 104 bps QoQ
• Net Income for the quarter was Rs 29.3 billion ($395.2 million1), an increase of 18.9% YoY
• Earnings Per Share for the quarter was at Rs 5.36 ($0.071), an increase of 23.8% YoY

Jatin Dalal, chief financial officer said: “We sustained our operating margins in Q2 in a narrow band even after absorbing the full impact of our recent acquisitions and investing significantly in our business across sales, capabilities and talent. We completed a salary increase covering 80% of our colleagues, making it the second hike in this calendar year. We delivered a robust growth in EPS of 23.8% YoY.”

IT Services

• Wipro has won a strategic, multi-year cloud migration and application modernization engagement with a leading North American financial institution to transform and migrate its enterprise applications across all lines of business. The engagement will lower total cost of ownership (TCO) and provide the bank with significant tools and intellectual property to modernize its processes and become more nimble.
• Wipro has won a multi-year engagement with ABB Information Systems to provide digital workplace services for their 100,000+ employees spread over 100+ countries. Wipro will support and contribute to the transformation of ABB’s end-user infrastructure to enhance the consumer experience, leveraging industry-leading practices.
• Wipro has won an engagement with a global healthcare company to consolidate and deliver member engagement services for various public assistance programs. The scope includes outreach, advocacy, retention services, as well as procuring and revival of patient’s health care records securely. Additionally, Wipro will guide dual eligible members on benefits and beneficiary protections. 
• Wipro has won an engagement with a US-based financial services organization to extend its capabilities into Infrastructure Operations and Engineering. The multi-year deal expands the partnership while driving greater productivity, increased delivery speed, and higher business value, ensuring a stable and modern IT Infrastructure.