Wipro Net profit declines to 9.2% to INR 2,659 Cr

Major provider of IT services Wipro Ltd. reported a 9.3% decline in net profit for the September quarter on Wednesday due to higher employee costs and decreased non-US profits. The business reported a 9.3% lower profit attributable to equity stockholders at Rs 2,659 crore in a statement. In the same quarter a year prior, the business had generated a combined net profit of Rs 2,930.6 crore. On a sequential basis, however, earnings increased in the period under review by 3.72 percent from Rs 2,563.6 crore in the quarter ending in June.

The Bengaluru-based company’s operational revenue was Rs 22,539.7 crore, up 14.60% from Rs 19,667.4 crore the year before. Operating margin for the quarter was 15.1%, up 16 basis points from quarter to quarter, the business reported in a filing. Thierry Delaporte, CEO and Managing Director, stated that “the strong rise in our bookings, significant contract signings, and revenues highlights our improved market competitiveness and expanded value proposition.” Over 10,000 employees were promoted by the company, and its attrition rates moderated for a third straight quarter.

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