AI to fundamentally transform all aspects of business, says CEO Thierry Delaporte

July 13, 2023 / 04:58 PM IST

AI can and will fundamentally change every aspect of business: Wipro CEO Thierry Delaporte

“We are using gen AI for enterprise knowledge mining, content optimisation, synthetic data generation, etc.This AI first approach will unlock more value, opportunity and commercial opportunity for clients” he adds.

July 13, 2023 / 04:53 PM IST

Wipro Earnings LIVE: EBIT margin 112 bps higher than Q1 of last year

“We continue to invest in people and tech to be more agile and efficient as an organisation.We continue to perform when we continue to transform — we’re aligning with market needs while undergoing a deep internal transformation. We closed our largest ever buyback allowing us to return $1.5 bn to shareholders” the CEO and Managing Director says.

July 13, 2023 / 04:51 PM IST

Wipro Q1 Results LIVE: Q1 was another quarter of robust deal closures, says CEO Thierry 

Delaporte

“Booked 10 deals greater than $30 mn TCV.All around in in almost every industry businesses reducing discretionary spends. Has had an impact on our revenue as well” he added.

July 13, 2023 / 04:47 PM IST

Wipro sees headcount decline for the third consecutive quarter, ends Q1FY24 with 7,163 fewer employees

Bengaluru-basedIT majorWiprosaw its headcount decline for the third consecutive quarter, ending the June quarter with 7,163 fewer employees than the previous quarter. With this, the company’s headcount stands at 2,49,758. In contrast, during the same period last year,Wiproadded 15,446 employees. At the same time, the company’s attrition numbers have continued their downward trend, with the last-twelve-month rate coming in at 17.3 percent in Q1FY24, down from 19.2 percent in the preceding quarter.Read more here.

July 13, 2023 / 04:20 PM IST

Wipro Q1 Results LIVE: Chief Financial Officer Jatin Dalal comments on company performance

“Our ongoing focus on operational improvement has ensured that margin remains steady even in a softening revenue environment. Our operating Margin for the first quarter was 16% an expansion of 112 basis point YoY. We generated strong operating cash flows at 130% of our net income for the Quarter. EPS for the quarter grew by 11.5% YoY.” he says

July 13, 2023 / 04:07 PM IST

Wipro’s first quarter results come with a strong backbone of large deal bookings, robust client additions, and resilient margins

: CEOThierry Delaporte

“Despite a gradual reduction in clients’ discretionary spending, we maintained new business momentum. We earned our clients’ trust with strong delivery, innovation, and expanded services that strengthen our long-term businesses, and help capture market share. The launch of Wipro ai360 and the USD 1 billion investment solidifies Wipro’s position as a leading transformation partner that delivers the results and innovation our clients need to future-proof their businesses.” the CEO and Managing Director said.

July 13, 2023 / 04:03 PM IST

Wipro Q1 results LIVE: Attrition rate at 8-quarter low of 14%

July 13, 2023 / 04:02 PM IST

Wipro Earnings LIVE:Q2FY24 Guidance

The projected range for IT Services $ revenue is estimated to be between $2,722 million and $2,805 million. Additionally, the expected constant currency IT Services revenue is anticipated to show a decline ranging from -2% to a growth of +1%.

July 13, 2023 / 03:59 PM IST

Wipro Q1 Results LIVE Updates

Wipro revealed a significant year-on-year (YoY) growth of nearly 12 percent in its consolidated net profit for the quarter ending in June, reaching Rs 2,870 crore. Additionally, the company experienced a 6% increase in consolidated revenue, amounting to Rs 22,831 crore.

July 13, 2023 / 03:55 PM IST

Wipro Q1 Results LIVE: Revenue at $2778.5 million

June-quarter total bookings were at $3.7 billion. In the same quarter, the IT services operating margin stood at 16.0%, representing a year-on-year increase of 112 basis points (bps).

#1QWithCNBCTV18 | Wipro (@Wipro) reports Q1 earnings.

◼️Constant Currency #revenue slips 2.8% QoQ Vs CNBC-TV18 poll of 2-2.2% decline pic.twitter.com/by4rCOfa8y

— CNBC-TV18 (@CNBCTV18Live) July 13, 2023

July 13, 2023 / 03:46 PM IST

Wipro Q1 Results LIVE: EBIT down 0.2% at Rs 3,652 cr

#1QWithCNBCTV18 | Wipro (@Wipro) reports Q1 earnings.

◼️EBIT down 0.2% at Rs 3,652 cr Vs CNBC-TV18 poll of Rs 3,660 cr

Here’s how the other numbers compare with our poll👇 pic.twitter.com/lq1HcJX5ap

— CNBC-TV18 (@CNBCTV18Live) July 13, 2023

July 13, 2023 / 03:42 PM IST

Wipro Q1 results LIVE: Margins are expected to remain flattish this quarter

According to brokerages, there is an anticipated decline of 20 basis points (bps) on a quarter-on-quarter (QoQ) basis. This decline is expected to be primarily attributed to the wage hike, although it may be partially offset by reduced subcontractor costs.Kotak Institutional Equities in a note said, “The revenue decline will have a corresponding impact on margins. We forecast a 20 bps QoQ sequential decline even as margins will likely increase on YoY comparison.”

July 13, 2023 / 03:23 PM IST

Wipro Earnings LIVE: Brokerages estimate Wipro to record revenue decline in the range of 1.2 to 1.6%

The expected dip in revenue aligns with the previously stated guidance range of 1-3% decline. Wipro anticipates this decline due to factors such as exposure to hi-tech and consumer verticals, reduced discretionary spending, and weakness in consulting services.

July 13, 2023 / 03:06 PM IST

Wipro Results LIVE: The company’s results through the years

In the last 12 quarters, Wipro had positive returns on post-earnings days 7 times. The best post-earnings day was in July 2020, with a gain of nearly 17 percentamid Covid-related tailwinds. The worst performance occurred in October 2022, eroding 7 percentof investor wealth.

July 13, 2023 / 03:03 PM IST

Wipro shares trade on a positive note ahead of earnings; gain over 1%

July 13, 2023 / 03:01 PM IST

Wipro Q1 Results Live: Analysts expect sequential downturn across major financial metrics

The company is expected to report a revenue of Rs 23,014 crore in Q1FY24 according to an average of the estimates of Motilal Oswal, Kotak Institutional Equities, ICICI Securities, HDFC Securities and Jefferies. This is supposed to be a 1.1 percent decline QoQ (quarter-on-quarter) or a 6.4 percent increase YoY (year-on-year), meeting the revenue guidance of 1-3 percent decline set by the company at the beginning of this quarter.