IT services giant Wipro Ltd. (NYSE: WIT) reported revenue rose 17.9% year over year in its fiscal first quarter ended June 30. The company reported its IT services segment rose 13.3% year over year to $2.74 million.
“We have made significant investments in Wipro’s growth engine and are very pleased with the outcomes. Our order bookings grew 32% year over year in total contract value terms, powered by large transformational deals, and our pipeline today is at an all-time high,” CEO and Managing Director Thierry Delaporte said.
| (Indian rupees millions) | Q1 2023 | Q1 2022 | % change | Q1 2023 (US$ millions) |
| Revenue | 215,286 | 182,524 | 17.9% | 2,724 |
| Gross profit | 59,686 | 54,957 | 8.6% | 755 |
| Gross margin percentage | 27.7% | 30.1% | ||
| Profit for the period | 25,589 | 32,375 | -21.0% | 325 |
“We continue to reinforce the investments that allow us to grow our business, remain agile in the market and efficient as an organization while staying focused on serving our clients even better.”
Wipro also released revenue for the Americas, which it divides into Americas 1 and Americas 2.
Americas 1 revenue rose 5.8% year over year, and Americas 2 revenue rose 4.1%.
Americas 1 includes revenue from US clients in the following industries: healthcare and medical devices, consumer goods, life sciences, retail, transportation and services, communications, media, and information services. It also includes Wipro’s entire Latin America business.
Americas 2 includes revenue from US clients in the following industries: banking, financial services and insurance, manufacturing, high tech, energy, and utilities. It also includes Wipro’s entire Canadian business.
Guidance
Wipro expects IT services revenue to grow between 3.0% and 5.0% in the second quarter.
Share price and market cap
Shares in Wipro were down 2.31% in New York to $5.07 as of 1:03 p.m. Eastern time today; they were 2.63% above their 52-week low, according to FT.com. The company had a market cap of $27.71 billion.