Wipro's Q1 net profit declines 21% over acquisitions, talent cost

Despite a below-expectation showing, IT major expects double-digit growth in FY23

IT major Wipro’s net profit declined during the recently concluded June quarter on both year-on-year (YoY) and sequential bases because of acquisitions, cost of talent, and taxes. While its net profit in Q1FY23 declined 21 per cent YoY to Rs 2,563.6 crore, the figure was down 16 per cent sequentially.
 

The revenue for the quarter under review was Rs 21,528 crore, up 17.9 per cent YoY and 3.2 per cent sequentially. Its IT services revenue came in at $2.73 billion, an increase of 13.3 per cent YoY.
 

The company’s Q1 revenue and net income did not meet Bloomberg estimates, which