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Indian tech major <keyword id="19945574" type="General" weightage="20" keywordseo="Wipro" source="keywords" meta.keywordsubtype="org" meta.entityname="Wipro" meta.hostid="261" meta.entityid="Wipro">Wipro</keyword> released its Q1FY25 results, beating D-street estimates. The company's revenue from operations during the quarter stood at $2.63 billion, a dip of 4.9% YoY, in constant currency terms. The company's operating margin for <keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> for the quarter stood at 16.5%, seeing a 0.4% YoY dip. The revenue from IT services during April-June 2024 was $2,625.9 million, witnessing a 5.5% YoY fall. For the next quarter (ending September 2024), the company hopes for its IT Services business segment to be in the range of $2,600 million to $2,652 million, per its press release. <h2>Revenue breakdown</h2>The company's gross revenue for the quarter stood at Rs 219.6 billion, up 3.8% on YoY basis. At 34% of the total quarterly revenue, banking, financial services &amp; insurance was the company's biggest revenue contributor segment, followed by communication (3.8%), consumer (19.2%), technology (11.5%), health (13.9%), manufacturing (6.4%) and energy, natural resources and utilities making up 11% of the total revenue. In terms of geographies, over 60% stemmed from the Americas, while 27.6% came from Europe and 10.7% came from APMEA (<keyword id="20038550" type="General" weightage="20" keywordseo="asia-pacific" source="keywords">Asia Pacific</keyword>, India, Middle East &amp; Africa). However, the company's large deals TCV (total contract value) for the quarter was $1.2 billion, down 3.6% YoY, while total bookings for the quarter were $3,284 million. However, Wipro's <keyword id="20508950" type="General" weightage="20" keywordseo="Net-income" source="keywords">net income</keyword> for the quarter stood at Rs 30.0 billion, up by 4.6% YoY. <h2>Customer segmentation</h2>As far as customer concentration goes, the top 1% of company's clients contribute 4% to its revenue, while the top 5 and top 10 make up for 13.6% and 22.5% of the revenue mix, respectively. As of June 30, 2023, the company's headcount was 2,34,391 with a <keyword id="22473955" type="General" weightage="20" keywordseo="voluntary-attrition" source="keywords">voluntary attrition</keyword> rate at 14.1% During the previous quarter, the company gained 43 new customers, while obtaining 99.7% of its revenue from its existing ones. The number of active customers associated with the company stood at 1,364, down from 1,444 in the year ago period. In terms of customer size, Wipro's clientele for Q1FY25 stood at 735 (customers over $1 million), 407 (customers over $3 million) and 301 (customers over $5 million). However, this was slightly down from their base in Q1FY24, where the company had 769 customers worth over $1 million, 444 customers over $3 million and 319 customers over $5 million. As for customers over $100 million, the same rose marginally from 21 in Q1FY24 to 22 in Q1FY25. Also read: <a href="https://www.businessinsider.in/stock-market/news/paytm-q1fy25-results-revenue-from-payment-services-jumps-to-rs-900-crore-monthly-transacting-users-in-june-dip-to-7-8-crore/articleshow/111853802.cms" data-type="tilCustomLink" target="_blank">Paytm Q1FY25 results: Revenue from payment services plunges to Rs 900 crore, monthly transacting users in June dip to 7.8 crore</a> <a href="https://www.businessinsider.in/stock-market/news/hcl-tech-q1-results-company-reports-better-than-expected-results-revenue-jumps-6-7-yoy/articleshow/111689309.cms" data-type="tilCustomLink" target="_blank">HCL Tech Q1 results: Company reports better than expected results, revenue jumps 6.7% YoY</a>

Wipro Q1FY25 results: Net income jumps 4.6% YoY to Rs 30 billion, operating margin at 16.5%

Shares of <keyword id="21352202" type="General" weightage="20" keywordseo="IT-major" source="keywords">IT major</keyword> Wipro tumbled nearly 9 per cent in morning trade on Monday after the company gave a <keyword id="22499444" type="General" weightage="20" keywordseo="flat-sequential-growth" source="keywords">flat sequential growth</keyword> guidance. The stock tanked 8.79 per cent to Rs 508.25 on the BSE. At the NSE, it tumbled 8.79 per cent to Rs 508.20 apiece. The stock emerged as the biggest laggard among the NSE <keyword id="22410486" type="General" weightage="20" keywordseo="Nifty-firms" source="keywords">Nifty firms</keyword>. Wipro on Friday posted a 4.6 per cent year-on-year rise in consolidated net profit for the June quarter at Rs 3,003.2 crore. The Q1 FY25 revenue of the Bengaluru-headquartered firm, however, fell 3.8 per cent to Rs 21,963.8 crore. The company said it expects revenue from the IT Services business segment to be in the range of USD 2,600 million to USD 2,652 million, in the September quarter. "This translates to sequential guidance of (-) 1.0 per cent to +1.0 per cent in constant currency terms," it said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank">Google Pixel 9 Pro Fold to launch in India on August 14 alongside the Pixel 9 series</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank">Reliance Jio and Airtel added 3.45 million subscribers in May 2024, while Vi lost nearly a million</a>

Wipro shares tank nearly 9% after earnings announcement

<ul><li><keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword>’s board approved the merger of five of its subsidiaries into the company.</li><li>Wipro said that it has 22 accounts above the $100 million range as of September end.</li><li>Its voluntary attrition came in at a nine-quarter low of 13.4% in the second quarter.</li></ul> Wipro, the country’s fourth largest IT services company, reported a 2% sequential fall in constant currency revenues for the July-September quarter on Wednesday. This is the third consecutive quarter where it has reported sequential fall in revenues. Gross revenues declined 0.01% to ₹17,365 crore year-on-year. The IT major has also guided for yet another weak quarter ahead. It expects revenues to fall anywhere between 1.5-3.5% in the third quarter of FY24. The fall was steeper in its quarterly net profit, which declined by 8% in rupee terms to ₹2,667 crore against ₹2,887 crore it reported in the previous quarter. The Street was expecting Wipro to report a 1% sequential fall in constant currency revenues. In dollar terms, its IT segment revenues fell 2.3% to $2,713.3 million, the company said on Wednesday. Commenting on the quarterly numbers, <keyword id="3808309" type="General" weightage="50" keywordseo="thierry-delaporte" source="Orion">Thierry Delaporte</keyword>, Wipro’s CEO and MD, said: “Due to our higher exposure to the consulting and BFSI sector in the Americas, we have seen a higher than usual impact of macroeconomic conditions. As the markets start to turnaround, on the back of our transformation and efficiency plays, we expect to see improvement in the coming quarters. Wipro said that its total bookings for the quarter stood at $3.8 billion for the quarter which is 6% higher than what it was in the same quarter last year. Its large deal booking is at $1.3 billion – which is the highest it has seen in the last nine quarters. It said it has 22 accounts above the $100M range – twice as much they had in FY21. Wipro’s operating margin for the quarter was at 16.1%, up 10 bps QoQ. The company said it expects the margins to remain range-bound as seen in the last few quarters. Employees to get 80% variable pay Wipro’s voluntary attrition has continued to moderate sequentially, coming in at a nine-quarter low of 13.4% in the second quarter. The company also said it will give 80% of the variable pay to its employees based on performance. It did not disclose its plans of hiring at campuses this year. “Hiring is a function of demand and benching. We are focussed on honouring our commitments made to people before going to campuses, and there are still some offers left to honour,” said Saurabh Govil, chief human resources officer at Wipro. The company’s board also approved a scheme of amalgamation to merge five of its wholly-owned subsidiaries with itself. The subsidiaries are Wipro HR Services, Wipro Overseas IT Services, Wipro Technology Product Services, Wipro Trademarks Holding and Wipro VLSI Design Services. “The scheme is subject to necessary statutory and regulatory approvals under applicable laws, including approval of the National Company Law Tribunal,” the company said. IT companies are facing demand headwinds in their key markets. Wipro, like other peers, had also indicated that its revenues could contract during the second quarter. In July, the company had said while announcing its first quarter earnings that it expected revenue from IT services to be in the range of $2,722 million to $2,805 million. This would translate to sequential guidance of -2 per cent to +1 per cent in constant currency terms.

Wipro’s revenues fall 2% in Q2, guides for a steeper fall in Q3

<ul><li>The IT sector outperformed the broader markets in 2021 and many continue to do so this year as well backed by pent up demand for digital transformation.</li><li>Order book, deal pipeline and hiring trend indicate that the demand momentum could sustain in 2022, say analysts.</li><li>Earnings season begins with the results of major IT companies — <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword>, <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> — on January 12.</li></ul>Infosys, TCS and Wipro are among India’s top five technology services giants that will declare their quarterly earnings on Wednesday (January 12). For the last three months ending December 2020, consensus on the street seems to be that the earnings, for all the companies, are likely to strong growth. Remarkably, Infosys is likely to outpace TCS. <div type="image" title="infosys" height="900" width="1200" msid="88802110" hostid="261"></div>The tech party is likely to continue The last three months of any year is usually not the best time for India’s software exporters but the street is excited. This space has been one of the biggest gainers of the pandemic and that trend is likely to continue. In fact, foreign portfolio investors (FPIs) seem to be betting big on this space given their weightage in <a href="https://economictimes.indiatimes.com/markets/stocks/news/it-sector-weight-in-fpi-portfolio-at-record-high-in-december/articleshow/88737301.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=Marketnewsletter&amp;ncode=609ddbe86ff2ff11618ff79bd180e80cd758fbea4c2dfe44681cd9faffcdd48188b59b1090491028dcd35b3a89d06fcfdd8912cfa3db8f278f6031edf028b4907f97bf07e2eb26884a6269d018789df0">technology stocks has risen to a multi-year high.</a> Optimists hark back to the improved guidance from Accenture last month, where the Nasdaq-listed information technology (IT) giant, which <a href="https://www.businessinsider.in/business/corporates/news/indian-it-firms-infosys-wipro-tcs-and-others-gain-after-us-based-peer-accenture-raised-fy22-revenue-guidance/articleshow/88335343.cms">increased its growth estimate </a>for the current financial year. And Infosys may beat TCS in revenue growth, according to at least two analysts. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock price change in last 5 days </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.5% </td></tr></tbody><tbody></tbody></table>Although TCS bagged 13 deals, the highest number of orders, Infosys may show better revenue growth compared to the Tata Group company, according to analysts at two broking firms, India Infoline and Motilal Oswal. Infosys shareholders have the ramp up in the Daimler contract to thank for this. The top IT companies are expected to post a revenue growth around 3-4.5%. Analysts at JM Financial expect IT major Infosys to raise its revenue guidance for the financial year 2022 to 18-19% from current 16.5 - 17.5%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top IT companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expected revenue growth in Oct-Dec </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.5% </td></tr></tbody><tbody></tbody></table>Source: India Infoline *Revenue growth in constant currency on a sequential basis The demand for IT services has been stronger than ever since the start of the pandemic, and that’s likely to continue. However, the biggest challenge of the last few months for the entire sector, the high levels of attrition, may have peaked, according to Motilal Oswal, another Mumbai-based broking firm. But the easing may not be enough to improve margins yet. “Among Tier I players, EBIT [earnings before interest and taxes] margin will be in a tight (-20 basis points to +40 basis points compared to three months ago) range, although they will see a steep decline v/s 3QFY21 profitability,” a Motilal Oswal report dated January 3 said. Here, if Accenture’s numbers are any sign, its attrition rate declined to 17%, which is still very high compared to other IT players, from 19% just three months earlier. Another factor that may play a significant role in the earnings of these software exporters is the nearly 3% weakening of the rupee during the three months between September and December. A weaker rupee magnifies the numbers for these companies who primarily earn in dollars and other foreign currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms">Elon Musk’s Starlink faces its first setback in India even before launch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/future-retail-hindustan-unilever-bharti-airtel-and-other-hot-stocks-on-january-5/slidelist/88701641.cms">Future Retail, Hindustan Unilever, Bharti Airtel and other hot stocks on January 5</a>

Infosys may show faster growth than TCS in the Dec quarter, say analysts

<ul><li>HCL Tech’s shares surged a day after the company raised its earnings guidance for FY23 after a strong Q2 performance.</li><li>On the other hand, <keyword id="10862" type="General" weightage="100" keywordseo="wipro" source="Orion">Wipro</keyword>’s shares hit a 52-week low and wiped out over ₹13,000 crore in investor wealth.</li><li>Analysts called Wipro’s Q3 earnings guidance ‘disappointing’, and said it could report below industry average growth in FY23.</li></ul>Dalal Street seems to be cheering HCL Tech’s performance in the September quarter, making it the top gainer on the Nifty50 index even as the markets <a href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-open-lower-after-inflation-spike-and-weak-global-cues/articleshow/94825600.cms">remained in the red</a> on weak global cues and surging inflation. HCL Tech’s shares jumped nearly 3% as of 11 a.m., while Wipro was the top loser, shedding over 6% in the same time. In terms of market cap, HCL Tech added a little over ₹11,000 crore in investor wealth, while Wipro’s market cap fell over ₹13,000 crore as its shares hit a 52-week low. The declining fortunes of Wipro and the rise of HCL Tech has further widened the gap between the two IT companies. <a href="https://www.businessinsider.in/stock-market/news/hcl-tech-beats-wipro-to-become-indias-third-largest-it-company/articleshow/93879712.cms">HCL Tech overtook Wipro earlier this year in terms of market capitalization</a>, making it the third largest IT company in India. The <keyword id="3194921" type="General" weightage="20" keywordseo="Nifty-IT" source="Orion">Nifty IT</keyword> index was in the red, too, with a decline of 0.6%. Shares of TCS were down 0.6%, while Infosys, which will announce its earnings today, remained flat . Yesterday, both<a href="https://www.businessinsider.in/business/corporates/news/hcl-techs-net-profit-rises-6-3-sequentially-increases-fy23-revenue-guidance/articleshow/94813269.cms"> HCL Tech</a> and<a href="https://www.businessinsider.in/business/corporates/news/wipro-q2-net-profit-rises-3-7-to-2659-cr-sequentially-but-isnt-as-optimistic-about-q3/articleshow/94811975.cms"> Wipro reported</a> their Q2 FY23 earnings. HCL Tech beat analyst estimates with $3.1 billion in revenue, growing 3.8% sequentially in constant currency terms. Its margins and profit were also ahead of analyst estimates. “HCL Tech’s 2Q results were ahead of estimates led by higher-than-expected revenues partly due to higher realizations,” said a report by Jefferies, stating that lower-than-expected amortizations also helped the company post a strong quarter. This, in addition to deal wins in the first half of the year, has given the company confidence to raise its revenue guidance for FY23 by 50-150 basis points to 13.5-14.5% in constant currency terms. <cmsannotation type="cmsannotation" annotationid="Wipro’s Q3 guidance ‘disappointing’ say analysts" comment="subhead" text="Wipro’s Q3 guidance ‘disappointing’ say analysts">Wipro’s Q3 guidance ‘disappointing’ say analysts</cmsannotation> While Wipro’s Q2 earnings came in “soft” and in line with analyst expectations, what seems to have spooked the markets is the company’s Q3 FY23 earnings guidance. In its earnings release, Wipro said it expects 0.5-2% sequential growth in its IT services business. Its commentary on the demand environment was cautious. “Wipro reported a modest Q2 performance. The revenue growth and margins were both soft, but broadly in line with expectations. Q3 revenue growth guidance was disappointing,” said a report by Phillip Capital. Analysts at Motilal Oswal also expressed their disappointment over Q3 guidance, and said they were ‘concerned’ due to the vulnerability in the consulting business. Overall, the brokerages note that Wipro could be the weakest performer in the IT sector in FY23, expecting below industry average performance. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hcl-techs-net-profit-rises-6-3-sequentially-increases-fy23-revenue-guidance/articleshow/94813269.cms">HCL Tech’s net profit rises 6.3% sequentially, company increases FY23 revenue guidance</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-q2-net-profit-rises-3-7-to-2659-cr-sequentially-but-isnt-as-optimistic-about-q3/articleshow/94811975.cms">Wipro Q2 net profit rises 3.7% to ₹2,659 cr sequentially, but isn’t as optimistic about Q3</a> <a href="https://www.businessinsider.in/stock-market/news/hcl-tech-beats-wipro-to-become-indias-third-largest-it-company/articleshow/93879712.cms">HCL Tech beats Wipro to become India’s third largest IT company</a>

HCL Tech surges on better than expected earnings, Wipro hits 52-week low on disappointing Q3 guidance

<ul><li>HCL Technologies’ stock was trading over 10% in afternoon trade today after the IT services giant announced its mid-quarter review.</li><li>It issued a revenue growth guidance of 3.5% and EBIT of between 20.5% to 21% this quarter.</li><li>The rally led to the share price of other bigwig IT stocks — Tata Consultancy Services (TCS), Infosys, Wipro and Tech Mahindra — to also shoot up by at least 3%.</li></ul>Indian IT services giant HCL Technologies’ mid-quarter review and guidance haveIT stocks rallying to new highs even as the COVID-19 uncertainty continues to loom. The company expects its revenue growth to be around 3.5% for this quarter, after reporting a dip of 7.2% at the end of June. HCL Tech’s own share price shows the biggest jump, rallying by over 10% in afternoon trade on the Bombay Stock Exchange. <div type="image" title="hcl tech share price" msid="78103712" hostid="261" caption="&amp;lt;p&amp;gt;HCL Tech&amp;#39;s share price over the last three months&amp;lt;/p&amp;gt;"></div> In the rally led by HCL Tech, the other top 5 Indian IT stocks — Tata Consultancy Services (TCS), Infosys, HCL Tech, Wipro, Tech Mahindra, and L&amp;T Infotech — followed suit, shooting up by at least 3%. The boon for the even greater for TCS as the sudden rise took it to become the <a href="https://www.businessinsider.in/stock-market/news/after-reliance-tcs-becomes-second-indian-firm-to-cross-9-lakh-crore-market-valuation/articleshow/78104482.cms">second Indian company to cross the ₹9 lakh crore mark </a>after Mukesh Ambani's Reliance Industries crossed the same threshold in October last year. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change (trade today) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consultancy Services (TCS) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.26% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.13% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.67% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.26% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Infotech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.06% </td></tr></tbody></table>Source: BSE as of 1:30 pm on September 14 HCL Tech’s mid-quarter review In the first three months of the current financial year, April to June, HCL Tech signed 11 new deals even though the number of large clients it has on its payroll did not increase. HCL's 7.2% fall in revenue is also greater, compared to its peers, who were also in the red but by a lesser margin. <div type="image" title="infosys vs tcs vs wipro revenue q1fy21 (2)" msid="78103761" hostid="261" caption="&amp;lt;p&amp;gt;HCL Tech&amp;#39;s revenue dipped by 7.2% in the first quarter of the current financial year&amp;lt;/p&amp;gt;"></div> “Good booking momentum continues this quarter, led by Life Sciences &amp; Healthcare, Telecom &amp; Media and Financial Services verticals,” <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/6cc42b7b-a7bd-4d58-8b02-ee10af20f6cb.pdf">HCL Tech</a> said in its filing with the BSE, adding that the pipeline continues to look healthy. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/its-not-just-india-chinese-intelligence-has-its-eye-on-more-than-2-4-million-individuals-across-the-us-japan-canada-australia-and-the-uk/articleshow/78101034.cms">It's not just India — Chinese intelligence has its eye on more than 2.4 million individuals across the US, Japan, Canada, Australia, and the UK</a> <a href="https://www.businessinsider.in/defense/news/india-china-border-tension-will-be-in-focus-as-the-parliaments-monsoon-session-begins-today/articleshow/78098575.cms">India-China border tension will be in focus as the Parliament's Monsoon session begins today</a> <a href="https://www.businessinsider.in/finance/banks/news/all-eyes-on-parliaments-monsoon-session-the-banking-regulation-amendment-bill-2020-may-not-be-on-the-docket-for-long/articleshow/78101791.cms">All eyes on Parliament's Monsoon session — the Banking Regulation (Amendment) Bill 2020 may not be on the docket for long</a>

HCL Tech's mid-quarter guidance optimism sparks rally in TCS, Infosys, Wipro, and Tech Mahindra too

New Delhi, India's IT services heavyweights delivered between 14-20 per cent on-year growth in topline for December quarter, as they raised guard on global uncertainties and choppy verticals, but remained hopeful that costs as well as business considerations will drive tech demand. The tech earnings season began with large IT companies -- Tata Consultancy Services (<keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword>), <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword>, <keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword> and HCL Technologies -- declaring their Q3 report card this week, amid analysts' gloomy prognosis around slowdown in advanced economies and fear of geopolitical flare-ups. The industry leaders said they are keeping a close watch on the global economy and cues. Overall, the revenue growth band of the top-tier IT players was pegged at between 14-20 per cent for Q3FY23, compared to the year ago period. Seen sequentially, the topline growth for the large IT pack ranged between three per cent and eight per cent versus previous September quarter. Meanwhile, December-quarter net profit of the top IT deck rose between three per cent (Wipro) to 19 per cent (<keyword id="141968" type="General" weightage="80" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword>) year-on-year; and about 4 per cent (TCS) to 17 per cent (HCL Tech) when computed on a sequential basis. TCS' overall revenue rose 19.1 per cent to Rs 58,229 crore for the reporting quarter. The chief executive and managing director of India's largest IT services company <keyword id="1422411" type="General" weightage="50" keywordseo="rajesh-gopinathan" source="Orion">Rajesh Gopinathan</keyword> said the firm is more confident about the North American and British operations, which account for two-thirds of its revenues, but there are short-term uncertainties, and it is Europe, which needs closer monitoring as geopolitical tensions restrict clients from making IT spends. TCS management talked of "slow" decision making in Europe, and said it is "fairly constructive" when it comes to markets like the US, although it is keeping a close watch on how things play out over next couple of quarters. The conversations with customers are much more balanced ones, "where they are equally positive as well as cautious" yielding opportunities of "a mix of both cost and transformation deals". Chief operating officer N <keyword id="1564843" type="General" weightage="50" keywordseo="ganapathy-subramaniam" source="Orion">Ganapathy Subramaniam</keyword> said the deal momentum and pipeline are looking good, and the overall situation on technology spending seems to be intact even in this environment. Infosys posted a 20.2 per cent year-on-year increase in consolidated revenue for December quarter at Rs 38,318 crore, and surprised many by hiking full year revenue guidance to 16-16.5 per cent. Infosys' consolidated net profit rose to Rs 6,586 crore during October-December 2022 as against Rs 5,809 crore a year back, translating into 13.4 per cent increase. Sequentially, the net profit was 9.4 per cent higher than September quarter. The company raised its annual sales forecast on a strong deal pipeline, but in the same breath, it warned of "constraints" in certain verticals amid slowing global economy. Infosys called out mortgage, investment banking, telecom and hi-tech, saying these segments were "more impacted, leading to delays in decision making and uncertainty in spending." The company was, however, quick to add that sectors like energy, utilities and manufacturing continue to see traction. Moreover, the concerns are more pronounced in Europe than the US, the Bengaluru-based IT bellwether said. "We see in the European markets, more concerns on what's going on with the economy... and the US market is also there, but relatively less so in the US with respect to Europe. We will see how this plays out," Infosys CEO <keyword id="328377" type="General" weightage="50" keywordseo="salil-parekh" source="Orion">Salil Parekh</keyword> said during the Q3 results conference. Smaller rival Wipro has talked of potential slowdown in retail sector in its earnings' roundup. The management's talking points also touched upon "bit of a lag for conversion of bookings" and "certain level of volatility from customers in particular sectors regarding discretionary spendings." Wipro Ltd on Friday reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December 2022 quarter to Rs 3,053 crore and exuded optimism about "strong" bookings for the fourth quarter despite global headwinds. The company's Q4 guidance, however, came below analysts' expectations. Wipro said its IT services revenue is expected to grow in the range of -0.6 per cent to 1 per cent sequentially in constant currency in the quarter ending March 2023. Wipro expects revenue from the IT services business for the full year to be in the range of 11.5-12 per cent in constant currency terms. The revenues of Wipro stood at Rs 23,229 crore in Q3FY23, 14.3 per cent higher than the same period previous year. Noida-headquartered HCL Tech posted a 19 per cent increase in the consolidated net income to Rs 4,096 crore for just-ended third quarter. Its consolidated revenue grew by 19.56 per cent to Rs 26,700 crore during the reported quarter, from Rs 22,331 crore in the December 2021 quarter. HCL Tech narrowed current fiscal growth guidance in the range of 13.5-14 per cent for the overall revenue in constant currency terms and margin to 18-18.5 per cent. "Looking ahead, we believe there is a near term impact to a few industries, specifically technology industry clients, as they optimise while they will end up as great growth opportunities in medium term with the right propositions," C Vijayakumar, CEO of HCL Tech, said. He added: "Looking ahead we remain positive of our medium term growth, a confidence generated by our good booking and pipeline across every segment." SEE ALSO: <a href="https://www.businessinsider.in/business/news/paradyes-on-shark-tank-a-startup-so-good-that-sharks-had-to-pitch-their-expertise-to-founders/articleshow/96993620.cms">Colour them impressed: A startup so good that sharks had to pitch their expertise to founders</a> <a href="https://www.businessinsider.in/careers/news/meta-microsoft-vacating-offices-in-seattle-amid-remote-work-layoffs/articleshow/97002350.cms">Meta, Microsoft vacating offices in Seattle amid remote work, layoffs</a> <a href="https://www.businessinsider.in/india/news/pm-modi-flags-off-vande-bharat-train-connecting-secunderabad-with-visakhapatnam-ld/articleshow/97005023.cms">PM Modi flags off Vande Bharat train connecting Secunderabad with Visakhapatnam</a>

IT biggies post 14-20% topline growth in Q3 as caution, optimism marks mixed earnings' commentary

<ul><li>The net premium earned by the private sector insurer during July-September 2022-23 was up at ₹ 95.82 crore. </li><li>However, total income decreased by 2.4 per cent to ₹ 226.42 crore. </li><li>The investment income in Q2FY23 was down by 6.1 per cent to ₹130.22 crore. </li></ul> ICICI <keyword id="192447" type="General" weightage="80" keywordseo="prudential-life-insurance" source="Orion">Prudential Life Insurance</keyword> Company (<keyword id="166354" type="General" weightage="100" keywordseo="icici-pru" source="Orion">ICICI Pru</keyword>) on Saturday reported over 55 per cent dip in its net profit to ₹ 199 crore in the quarter ended in September 2022 due to lower income. The company's net profit in the quarter ended in September 2021 was at ₹ 445 crore. The net premium earned by the private sector insurer during July-September 2022-23 was up at ₹ 95.82 crore as against ₹ 92.86 crore in the same period of 2021-22, ICICI Pru said in a regulatory filing. However, total income decreased by 2.4 per cent to ₹ 226.42 crore from ₹ 231.88 crore in the year-ago period, mainly because of fall in investment income. The investment income in Q2FY23 was down by 6.1 per cent to ₹130.22 crore from ₹ 138.74 crore in Q2FY22. The decrease in investment income is primarily on account of the decrease in market value of the securities held, the company said. The value of new business (<keyword id="3781272" type="General" weightage="80" keywordseo="vnb" source="Orion">VNB</keyword>), a key measure of profitability, posted strong growth of 25.1 per cent at ₹ 1,092 crore in the first half of FY2023, the insurer said. The company said its persistency ratios improved across all cohorts with the 13th month ratio, which is representative of the quality of business, standing at 85.9 per cent for H1-FY23, an improvement of 80 bps from year ago period. "On the back of this strong VNB growth and with a favourable premium base for the coming months, we believe we are on track to achieve our objective of doubling our FY2019 VNB by the end of this fiscal year," N S Kannan, MD &amp; CEO, ICICI Prudential Life Insurance said. He said the two focus areas of annuity and protection, which represent underserved needs of the country, have also done well in the period. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/imf-chief-warns-of-risk-of-geopolitical-fragmentation/articleshow/94883161.cms">IMF chief warns of risk of geopolitical fragmentation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-hcl-tech-and-wipro-ring-the-bell-its-time-to-return-to-office/articleshow/94860273.cms">TCS, HCL Tech and Wipro ring the bell – It’s time to return to office</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vistara-ramps-up-ops-announces-connectivity-between-pune-and-singapore/articleshow/94858463.cms">Vistara ramps up ops, announces connectivity between Pune and Singapore</a>

ICICI Pru Life Q2 net declines 55% to ₹199 cr

<ul><li>IT major Wipro’s first quarter net profits grew by 12.6% at ₹23.9 billion as compared to that of the same quarter last year, which was at ₹21.2 billion </li><li>The company’s revenues for the first quarter of 2019-20 grew by 5.3% to ₹147.2 billion as compared to last year’s first quarter revenues at ₹139.8 billion. </li><li>However, the operating margins for the IT services segment had a flat growth at 18.4%, growing by a mere 0.8%. </li></ul>IT major Wipro’s first quarter net profits grew by 12.6% to ₹23.9 billion as compared to that of the same quarter last year. This was better than the 11% profit growth clocked by Tata Consultancy Services (TCS) and Infosys’ 5%. Wipro said it expects its IT services revenue will grow, at best, 2% in the following three months ending September, similar to that of Infosys. Infosys had projected a total growth 8.5% to 10% for the full year ending March 2020, which would imply a compounded quarterly growth 1.6% to 1.9%, according to a BOBCAPS research report. TCS to hinted at a double-digit growth for the year. Wipro’s revenue for the first quarter of 2019-20 grew by 5.3% to ₹147.2 billion but the margin in the IT services segment flattened at 18.4%. “We had a slower start to the year, we however remain focused on our operations and continue to invest in talent and capabilities for the future,” said Jatin Dalal, Chief Financial Officer of Wipro. New deals All three major IT service providers from India have bagged new clients helping their outlook going forward. “Our efforts on client mining have resulted in an addition of three customers in more than $100 million bucket. We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets,” said Abidali Z. Neemuchwala, CEO and Executive Director at Wipro. TCS and Infosys too, announced big signings last week along with their quarterly numbers. TCS bagged new deals worth $5.7 billion in the last quarter while Infosys set a new record for itself with new deals worth $2.7 billion. However, the good news for investors is that Wipro plans to continue with its proposed buyback offer of 323 billion shares, which was approved by the board in April, after a green light from market regulator SEBI. The final shareholder approval came in on June 21. Investors may have been worried that the company may rollback the plan after the government decided to impose a 20% tax on share buyback because companies were using share buybacks to give money back to shareholders instead of dividends, which are also taxable in India.

Wipro’s profit grows faster than TCS and Infosys — but it’s share buybacks and new deals keeping hopes up for IT investors

<ul><li><keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> added more than 12,000 employees in April-June quarter as it expects attrition rate to go up further.</li><li>The IT giant’s total headcount has risen to 209,890</li><li>Wipro reported 12.2% revenue growth in June quarter, out of which 4.9% was organic growth and the rest came through Capco.</li></ul>The war for talent seems to be a rising concern for all information technology (IT) companies in India. While Tata Consultancy Services (TCS) and Infosys have started gearing up on the expectations of a rise in attrition, Wipro has added about 12,000 employees in the June quarter alone. It is the highest ever in a decade. The company’s IT services workforce crossed the milestone of 200,000 taking the overall headcount to 209,890. Wipro has added more than 12,000 employees, which is 80% of what it had added in FY21 and highest in the last decade, said Thierry Delaporte, chief executive (CEO) and managing director (MD) of Wipro. Like its peers, Wipro is also expecting the attrition rate to go up and hence it has been hiring aggressively. In fact, it will roll out 30,000 offers for freshers to join in FY22. “Attrition, as I had called out last quarter itself, will see an uptick, which is very much in line with the demand environment in the industry,” said Saurabh Govil, president and chief human resources officer at Wipro. <div type="image" title="Wipro attrition" height="900" width="1200" msid="84445950" hostid="261"></div> He mentioned that 80% of the organisation will go through three promotion cycles in 12 months- December 2020, June 2021 and again in December 2021. Besides, the company has been conducting several employee training activities and distributing bonuses to retain its employees. “We had called out last quarter that we will do a skill based bonuses [sic]… Apart from that, to augment the supply chain, we are doing unprecedented hiring in terms of freshers into the organisation. We will be onboarding 6,000 freshers in September quarter, which is the highest every Wipro has done. And we will be rolling out more than 30,000 offers this year for freshers to join us next year,” added Govil. Wipro delivered exceptional results in the June quarter with its acquisition of Capco finally making it onto the books. The company reported 12.2% sequential growth in revenue, out of which 4.9% came organically, while the rest came from Capco, said Jatin Dalal, chief financial officer at Wipro at a press conference held after the announcement of June quarter financial results. Wipro had announced its <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-has-outperformed-its-peers-in-the-last-one-year-but-analysts-are-still-cautious-about-giving-it-a-buy-rating/articleshow/81345564.cms">acquisition of Capco</a> on April 29, this year, for a whopping $1.45 billion — the largest acquisition by the company that is expected to boost the consulting segment of the financial services vertical. Analysts had <a href="https://www.businessinsider.in/stock-market/news/heres-why-wipro-may-show-better-earnings-growth-than-tcs-infosys-and-hcl-tech/articleshow/84201419.cms">expected </a>the company to post a revenue growth of about 9.5% because of Capco acquisition. Moreover, the company has posted a net profit of ₹3,237 crore in April-June quarter, up from ₹2,974 crore in the previous quarter. <div type="image" title="Wipro profit 2" height="900" width="1200" msid="84446016" hostid="261"></div> “Our sequential revenue growth of 12.2% was well ahead of the top-end of our guidance range, both organically and with Capco. Though in the early days yet, I am pleased with the way we have collaborated with Capco to build our joint go-to-market offerings and strategy. We remain focused on deepening our customer relationships, investing in talent and capabilities for the future, and winning market share,” said Delaporte. <div type="image" title="Wipro shares" height="900" width="1200" msid="84446068" hostid="261"></div> SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ola-electric-scooter-pre-bookings-start-july-15-at-499/articleshow/84441621.cms">Ola Electric scooter pre-bookings start at ₹499 – here’s how to pre-book your Ola Scooter </a> <a href="https://www.businessinsider.in/business/news/merus-plea-against-uber-abusing-its-dominant-status-rejected-by-cci/articleshow/84434982.cms">Meru’s plea against Uber abusing its dominant status rejected by CCI </a>

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