Wipro Q2 Net Profit Surges 21% to ₹3,209 Crore, Announces 1:1 Bonus Share Issue

Wipro Ltd reported a 21% increase in net profit for the September quarter, posting ₹3,209 crore compared to ₹2,646 crore in the same period last year. The IT giant also announced a bonus share issue in the ratio of 1:1.

However, the company’s consolidated revenue saw a slight decline, falling 1% year-on-year to ₹22,302 crore from ₹22,543 crore in the July-September quarter of 2022.

Despite the positive earnings, Wipro's shares dipped 0.65% on October 17, closing at ₹528.7 on the NSE, while the benchmark Nifty 50 index dropped 0.9% on the same day.

Srini Pallia, CEO and Managing Director of Wipro, commented on the performance: "With strong execution in Q2, we met our expectations in revenue growth, bookings, and margins. We expanded our top accounts, with large deal bookings surpassing $1 billion again, and Capco maintaining its momentum for yet another quarter."

He further noted that Wipro experienced growth in three out of its four key markets, particularly in the BFSI, Consumer, Technology, and Communications sectors. The company plans to continue investing in its clients, strategic priorities, and strengthening its AI-powered services.

Chief Financial Officer Aparna Iyer highlighted operational improvements, saying, "We expanded our margins by 35 basis points, and our earnings per share (EPS) grew by 6.8% quarter-on-quarter. Our operating cash flow remained strong, reaching 132.3% of net income in Q2. In the first half of this year, we generated nearly $1 billion in operating cash flow."