Wipro Limited, a leading technology services and consulting company has announced financial results under International Financial Reporting Standards (IFRS) for the second quarter that ended September 30, 2022.
The company reports second-quarter earnings and records strong growth in revenues and large deal signings.
Thierry Delaporte, CEO and Managing Director, said, “Our strong performance in the quarter is further proof that our strategy is yielding the intended results. The solid growth in our bookings, large deal signings, and revenues underscores our improved market competitiveness and enhanced value proposition.
“Our ongoing investments in high-growth strategic areas have allowed us to steadily increase our win rate and enhance the quality of our pipeline. As a result of these efforts and our sharp focus on operational excellence, we are now seeing an improvement in our margins”, Thierry Delaporte added.
Thierry Delaporte further said, “As the market conditions evolve, I believe our comprehensive portfolio of differentiated offerings position us extremely well to serve the changing needs of our clients and help them face the challenges of an uncertain macro environment with confidence.”
Jatin Dalal, Chief Financial Officer, said, “We achieved margins of 15.1% in Q2 after absorbing the impact of salary increases and promotions.”
“Our margin improvement was led by better price realizations and strong operational improvements in automation-led productivity. Our Operating Cash Flows was robust and at 181% of our Net Income for the year”, Jatin Dalal added.
Wipro continues to invest in and upskill its talent to stay ahead of its clients’ evolving needs. In the second quarter, the company promoted more than 10,000 colleagues and increased salaries across bands.
Hiring was at a slower pace for the quarter ending September 30, 2022. Wipro added 605 new employees. As of September 30, 2022, Wipro’s employee count in IT services increased to 259,179 from 258,574 at the end of June.
The company has reported an Attrition Rate of 23%, moderating slightly from 23.3% in the previous quarter.
TCS added 9,840 employees in the September quarter and the total headcount stood at 6,16,171. TCS hired 20,000 freshers in Q2, an increase of 33% over the previous quarter. However, freshers hiring have slowed down. TCS hired 35,000 freshers in Q1FY23 which is down from 43,000 in Q1FY22.
