Wipro Q2 net profit remains flat

New Delhi: IT company Wipro on Wednesday reported almost flat growth in consolidated net profit at Rs 2,667.3 crore for the September 2023 quarter and projected a 3.5 per cent fall in revenue in the current quarter on a weak global economic outlook.

The company had posted a profit after tax of Rs 2,649.1 crore a year ago. Its lower IT services growth estimate for the December 2023 quarter by 3.5-1.5 per cent is in the range of USD 2,617- 2,672 million in constant currency terms or about Rs 21,642.59 -- Rs 22,097.44 crore.

The consolidated revenue from operations declined marginally to Rs 22,515.9 crore during the reported quarter from Rs 22,539.7 crore it registered in the September 2022 quarter.

"The business environment has been uncertain, inflation and interest rates are high. Clients are continuing to take a much more rigorous look at investments, they are focused on efficiency, on optimisation of investment and faster return on new ones," Wipro CEO Thierry Delaporte said. (PTI)