Wipro, an IT services firm, reported its first-quarter results for the period ending June 30, 2023. The company’s net profit increased by 11.9% compared to the same period last year, reaching Rs 2,870 crore. However, there was a sequential decline of 6.6% in net profit due to a decrease in major financial metrics.
The Q1FY24 consolidated net profit of Wipro fell short of analyst estimates, which were Rs 2,976 crore for the quarter. In the year-ago period, the company had recorded a net profit of Rs 2,563 crore.
The revenue for the quarter experienced a year-on-year growth of 6%, reaching Rs 22,831 crore, as compared to Rs 21,528 crore in Q1FY23. However, it missed the estimated revenue of Rs 23,014 crore.
