Wipro reported a 14.8% sequential increase in net profit to Rs 3,052.9 crore for the October-December period, beating analysts’ estimates, a day after Infosys and HCL Tech released their quarterly results.
Wipro, based in Bengaluru and the country’s fourth largest IT firm after TCS, Infosys, and HCL Tech, reported a 3.1% increase in quarterly revenue to Rs 23,229 crore compared to the previous three months.
Wipro was expected to report a net profit of Rs 2,900 crore and revenue of Rs 23,280 crore, according to Zee Business research.
Wipro’s attrition rate fell by 180 basis points to 21.2 percent in the July-September period, marking the IT firm’s fourth consecutive quarter of moderation.
Infosys reported a 9.4% sequential increase in net profit to Rs 6,590 crore for the October-December quarter, meeting analysts’ expectations. HCL Tech reported a 17.4% increase in net profit to Rs 4,096 crore, far exceeding analysts’ expectations.
HCL Tech increased its revenue growth guidance for the fiscal year ending March 2023, while Infosys decreased it. HCL Tech has declared a dividend for its shareholders.
The earnings reports from Infosys and HCL Tech come on the heels of TCS’s mixed set of results, and at a time when IT firms are scrambling to protect their margins against higher employee costs due to high levels of attrition.
Take a look at the highlights of TCS and Infosys’ financial results.