Bengaluru
Technology services company Wipro said consolidated net profit for the quarter ended March rose 4% year-on-year to £3,092.5 billion. Total revenue increased by 28% year-on-year to ₹20,860 crore. IT services revenue was $2.72 billion, up 3.1% sequentially and 26.4% year-on-year.
For FY22, Wipro’s net profit rose 12.6% to £12,232.9 million, while revenue rose 28% to £79,747.5 million.
“Our orders are up 30% year over year and we are ending the year with the highest pipeline ever,” said CEO and President Thierry Delaporte.
For the first quarter of FY23, the company expects IT services revenue to be in the range of $2,748 million to $2,803 million, representing growth of 1-3%.
Wipro added a network of 45,000 employees in FY22, 19,000 of whom were freshmen. The company said it will hire 38,000 freshmen in FY23. However, turnover remained high at 23.8% in Q4.
“Our quarterly annualized turnover rates have decreased by 500 basis points. We’ve doubled our fresher intake for FY22 compared to last year. Our plan is to double that again in FY23,” said Mr. Delaporte.
Saurav Govil, CHRO said that the gap between supply and demand is still there and hence the pressure is on. “The situation on the supply side is robust. But we have enough commitment and we have enough inventory. We hired 21 first-year students and career changers in the financial year. We’ve also given freshmen promotions and a five-year career plan,” he added.
CFO Jatin Dalal said the company’s client mining efforts resulted in the addition of eight clients year-over-year in the more than $100 million bucket. “After making significant investments in solutions, skills and talent, we achieved operating margins of 17.7% for the year,” he said. “Net income for the year was an all-time high of $1.6 billion and we delivered robust EPS growth of 17.0% year over year,” added the CFO.
(With PTI inputs)
