Wipro Q2 Results FY2024, Net profit at Rs.2667.3 crores

On 18th October 2023, Wipro announced its quarterly results.

Key Highlights:

- The company reported revenue from operations at Rs. 22515.9 crores
- Profit before tax for the quarter ended September 30, 2023 was Rs.3509.2 crores. 
- Profit after tax for the quarter ended September 30, 2023 was Rs.2667.3 crores
- Large deal bookings reach $1.3 billion, an increase of 79% YoY and 6% QoQ
- Total bookings of $3.8 billion, mark a 6% YoY increase
- IT Products segment revenue for the quarter was Rs.1.47 billion ($17.7 million) 
- IT Products segment results for the quarter was a loss of Rs.0.47 billion ($5.6 million)

Segment Highlights:

- Among major markets, America 1 was at Rs. 6681.3 crores, America 2 was at Rs.6691.4 crores, and Europe at Rs.6397.6 crores. APMEA at Rs. 2625.5 crores. 
- Americas 1 includes Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America (“LATAM"). Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada. Europe consists of United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa

Key Deals Won:

- An international clothing firm with US headquarters has chosen Wipro to boost long-term profitability, drive business growth, and accelerate digital innovation.
- A major technology company has chosen Wipro to provide entire silicon engineering services, from chip definition to design verification to tapeout.
- Wipro has been chosen by an American food service distributor to carry out a multi-year IT transformation and modernization project.
- Wipro was chosen by a large international consumer electronics firm to enhance their general client experience.
- A major provider of medical technology, services, and solutions has chosen Wipro to upgrade its service desk and enhance employee satisfaction. 

Commenting on the results, Thierry Delaporte, CEO and Managing Director said: “We continue to win in the market despite the uncertain macro environment. We ended the second quarter with 22 accounts above the $100M range, which is double the number we had in FY’21.Our large deal total contract value reached $1.3 billion—highest in the last nine quarters.” “Against a challenging environment, we continue to take the bold decisions needed to realize our long-term ambitions. We are investing in our technology infrastructure and streamlining our operations and delivery to drive profitable growth. We are training and reskilling our people so they can be ready for an AI-driven future. The investments we made in our ai360 strategy are helping us realize significant efficiencies across our organization and creating an early leadership position in this fast-evolving space. We are confident that these investments will keep us resilient and competitive in an ever shifting business and economic landscape.”