Tech services giant Wipro Ltd today reported consolidated net profit of ₹3,087 crore for the January-March quarter of FY22, a 3.8% year-on-year rise over ₹2,972 crore profit booked during the same period last year, which is largely in line with analysts’ expectations. For the full fiscal year 2021-22, the net income rose 13.2% to ₹12,219 crore vs ₹10,794.6 crore during the previous year.
The company's revenue for the January-March quarter grew 28% to ₹20,860 crore as compared to ₹16,245 crore in the same quarter last fiscal. The company's revenue for the full fiscal year stood at ₹79,090 crore vs ₹61,943 crore, recording a 26.9% growth on a constant currency basis. The company has attributed strong double-digit growth across all markets, sectors and global business lines to high revenues.
The company said its board declared an interim dividend of ₹1 and ₹5 on January 14 and March 25, 2022, which will be considered as the final dividend for the financial year 2021-22.
Thierry Delaporte, CEO and Managing Director, Wipro, says the company had an outstanding year, finishing with $10.4 billion in revenues, and an industry-leading growth of 27% year on year. "This is our sixth straight quarter of strong revenue growth at or over 3%. We are excited with the addition of Rizing and the CAS Group to Wipro’s service offerings. With all markets, sectors and global business lines now growing in the double-digits year on year, we have a strong foundation for next year’s growth.”
Wipro's IT services operating margin for the Jan-March quarter stood at 17%, which was down from 21% during the same quarter last year. For the full fiscal year 2021-22, the operating margin stood at 17.7%, a decline from 20.3% during FY 21.
Wipro's net headcount add in FY22 stood at 45,416 employees. Its total employees as of March 31, 2022, were 2,43,128. Like its peers, Wipro also struggled with attrition at 23.8% in FY22. Infosys and TCS, two of India's biggest IT firms have reported attrition of 27.7% and 17.4%, respectively.
Wipro's customer count in more than $100 million accounts moved from 11 to 19 and more than $50 million account moved from 40 to 50 YoY in FY’22, the company said, adding the order book in ACV terms grew 30% YoY in FY22.
Chief financial officer Jatin Dalal says Wipro's efforts on client mining have resulted in an addition of eight customers in over $100 million bucket on YoY basis. "We delivered operating margins of 17.7% for the year, after significant investments on solutions, capabilities and talent."
The company closed 37 large deals resulting in a total contract value of over $2.3 billion in FY22. During Q4, it also announced the acquisition of CAS (Convergence Acceleration Solutions) and Rizing. In its outlook for the first quarter ending June 30, 2022, Wipro said it expects the Q0Q growth to be between 1% to 3%, while the revenue from its IT services business is expected to be in the range of $2,748 million to $2,803 million.
Notably, TCS has ended the financial year with a record ₹9,926 crore net profit in Q4 Fy22 and ₹50,591 crore revenue. Infosys, on the other hand, recorded a 12% YoY rise in profit at ₹5,686 crore in Q4 FY22, with revenue surging 22.7% to ₹32,276 crore in Q4 FY22.
Wipro share today closed 2.59% to ₹509 as compared to the previous session close of ₹522.55 on the National Stock Exchange.
