Wipro results: Revenue growth for the quarter at 27.5%, IT services segment margins at 17.6%

Wipro Limited announced financial results under International Financial Reporting Standards (IFRS) for the Quarter ended December 31, 2021. 

Highlights of Wipro Results

Results for the Quarter ended December 31, 2021:

• Gross Revenue was ₹203.1 billion ($2.7 billion), an increase of 3.3% QoQ and 29.6% YoY
• IT Services Segment Revenue was at $2,639.7 million, an increase of 2.3% QoQ and 27.5% YoY
• Non-GAAP constant currency IT Services Segment Revenue increased by 3.0% QoQ and 28.5% YoY
• IT Services Operating Marginfor the quarter was at 17.6%, a decrease of 19 bps QoQ
• Net Income for the quarter was ₹29.7 billion ($399.1 million), increase of 1.3% QoQ
• Earnings Per Share for the quarter was at ₹5.43 ($0.07), an increase of 4.2% YoY
• Operating Cash Flow was at ₹30.1 billion ($404.2 million), which is 101.3% of Net Income
• Our closing strength of employees for IT Services was at 231,671, an increase of 41,363 employees on a net basis YoY. We added 10,306 employees during the quarter
• Wipro declared an interim dividend of ₹1 ($0.013) per equity share/ADS 

Thierry Delaporte, CEO and managing director, Wipro said: “Wipro has delivered a fifth consecutive quarter of strong performance, both on revenues, and margins. Order bookings have been strong too, and we have added seven new customers in the more than $100 Mn revenue league, in the last 12 months. Our strategy and improved execution continue to serve us well, and we are confident of building on this momentum. We are also excited to have completed the acquisitions of Edgile and LeanSwift Solutions in the quarter, both of which will add to our capabilities significantly.”

Jatin Dalal, chief financial officer, Wipro said: “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% of net income. Additionally, we have declared an interim dividend of ₹1 per equity share.”