Wipro Q2 Results: Net profit flat at ₹2,667 crore, large deal TCV up 79% YoY to $1.3 billion

 Wipro Q2 Results: Revenue from operations in the second quarter of current fiscal stood at ₹22,515 crore, compared to ₹22,539 crore in the corresponding period last year.

Wipro reported a net profit of ₹2,667 crore in September quarter.

Results for Wipro's second quarter ended September 30: Compared to the same period last year, Wipro recorded a consolidated profit of ₹2,667.3 crore as opposed to a profit after taxes of ₹2,649.1 crore. Wipro reported ₹22,515.9 crore in consolidated revenue in a regulatory filing. Wipro reported ₹22,539.7 crore in revenue for the fiscal year 2022's third quarter.

Operating margins increased by 10 basis points to 16.1% from the previous quarter's 16.1%.  Deal victory TCV increased to $3.78 billion during the quarter from $3.72 billion in the previous quarter. Revenue from big deal bookings has reached $1.3 billion, a 79% YoY increase.

The CEO and Managing Director, Thierry Delaporte, stated, "We continue to win in the market despite the uncertain macro environment." The entire contract value of our big deal hit $1.3 billion, the highest level in the previous nine quarters. In spite of the difficult circumstances, we keep making the audacious choices required to fulfill our long-term goals.

We are retraining and reskilling our workforce to prepare them for a world driven by artificial intelligence. We are realizing major organizational efficiencies because to the investments we made in our ai360 strategy, which has also given us an early leadership position in this rapidly changing field. Delaporte continued, "We are certain that these investments will maintain our resilience and competitiveness in a commercial and economic environment that is always changing.

Wipro declared that the merger of five of its wholly-owned companies into "Wipro Ltd." has been approved by the board of the IT giant. According to a regulatory filing the business made to the stock exchanges today, the five subsidiaries are Wipro HR Services, Wipro Overseas IT Services, Wipro Technology Product Services, Wipro Trademark Holding, and Wipro VLSI Design Services.

For the past three quarters, the Indian IT services industry has seen lackluster demand as customers postponed making choices about deals or drastically reduced their spending. In the face of sharp inflation and rising interest rates, businesses are cutting back on spending on discretionary IT projects.

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