Wipro posts upbeat Q2 guidance at 3-5%; Q1 net profit down 21%
Wipro Ltd expects revenue for the quarter ended September to be in the range of $2.81-2.87 billion, translating to a sequential growth of 3-5%, faster than the 1-3% it had forecast for the June quarter. The company’s net profit for the June quarter declined 20.7% to ₹2,563 crore from ₹3,232 crore in the year-ago period because of a higher base on account of competitive tax rates in the previous year as well as a lower other income in the first quarter. The revenue for the June quarter grew 19% annually to ₹21,529 crore on the back of a strong demand environment for cloud, digital engineering, and cyber security services. On a trailing 12-month basis, the voluntary attrition rate for the June quarter rose to 23.3% from 15.5% a year ago, indicating demand for tech talent continues to outpace supply, a trend seen across the industry.
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