Wipro’s Q2 profit slips 9.2% amid high employee costs; revenue up 14.6%

Missing estimates, IT services major Wipro witnessed a 9.2 per cent decline in its net profit for the second quarter of FY23 on a year-on-year basis. The company gave a revenue growth guidance of 0.2-2 per cent for the third quarter, much lower than what the Street expected and also less than the Q1 guidance of 3-5 per cent.

It reported net profit at Rs 2,659 crore in the July-September quarter, against Rs 2,930.7 crore a year ago. Earnings were partly weighed down by rising staff expenses.

The revenue for the quarter came in at Rs 22,539.7 crore, up 14.6 per cent on a YoY basis; sequentially, the figure was up 4.69 per cent. In dollar terms, revenue grew 4.1 per cent sequentially.