Wipro shares up 9 percent following surge in net profit and revenue in June

Wipro shares up 9 percent following surge in net profit and revenue in June

New Delhi (Anish Yande): Shares of Wipro rose by 2 per cent on Friday’s trading session following the announcement of robust quarterly results in June 2021. Wipro shares opened at Rs 580 per share from its previous close of Rs 575 per share on Thursday. The shares of the IT company rose to an intraday high of Rs 589 per share. The market cap of the company rose to Rs 314,727 crore.

Wipro Q1 net profit rises by 35.6%:

Wipro reported a consolidated net profit of Rs 2,390.4 crore in the corresponding quarter last year. The IT company’s consolidated net profit increased to Rs 3,242.6 crore for the quarter ended June 30. The Q1 net profit rose by 35.6% on a year-on-year basis.

Wipro’ consolidated net profit had increased to Rs 2,972 crore in the March quarter as compared to Rs 2,968 crore in the December quarter.

The revenue from operations of Wipro rose to Rs 18,252.4 crore in Q1 FY22. Revenue from operations was at Rs 14,913.1 crore in the same period last year. The revenue from operations increased by 22.3 per cent on a year on year basis.

The revenue from operations rose 6 per cent as compared to the previous quarter. Wipro revenue grew 16.9% in constant currency terms to Rs 27,896 crore.

Wipro secures eight large deals in Q1:

US dollar revenue rose to $2.4 billion. The revenues of Wipro is up 12.2 per cent quarter-on-quarter in constant currency terms.  The IT services segment revenue of the company was at $2,414.5 million in Q1FY22. The segment revenue increased by 12.2 per cent quarter-on-quarter and 25.7 per cent year-on-year.

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The IT company had eight large deals with a total contract value of $715 million. Wipro added two more clients in the $100 million-plus segment. Two clients were obtained in the $50 million-plus and $20 million-plus categories.

Wipro operating margin narrowed to 18.8% from 21% in the preceding quarter.

During the quarter,  Wipro hired 12,000 employees and would be increasing its headcount to 209,890 employees. The IT company would be offering salary hikes to 80% of its employees in September. 

Image Credit: Google

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