Wipro reports 21% drop in Q1 net profit at Rs 2,564 crore

BENGALURU: IT major Wipro on Wednesday missed street estimates, and posted a 20.9% decline in consolidated net profit for the first quarter ended June 30, 2022 at Rs 2,563.6 crore compared to Rs 3,242.6 crore in the same quarter last year.

Apart from higher employee-related costs, other income too was significantly lower during the first quarter compared to the year-ago period. Analysts had predicted a net profit decline in single digits.