As of September 30, 2022, Wipro's employee count in IT services increased to 259,179. Earlier, by end of the June 2022 quarter, the employees' headcount was at 258,574. That being said, in Q2FY23, the net addition is 605 employees.
Wipro's voluntary attrition measured in the trailing twelve months for the quarter was at 23.0% -- a moderation of 30 bps from the June 2022 quarter. While its attrition rate was low at 20.5% during the Q2 of FY22.
Thierry Delaporte, CEO and Managing Director, said, "We continue to invest in and upskill our talent to stay ahead of our clients’ evolving needs. In the second quarter, we promoted more than 10,000 colleagues and increased salaries across bands. We are pleased to report that we recorded a third consecutive quarter of moderation in attrition."
Last month, Wipro's Chairman Rishad Premji said about firing 300 employees after finding out that they were working with one of its competitors at the same time. Premji asserted that he stands by his recent comments on moonlighting being a complete violation of integrity "in its deepest form".
The company had added 15,446 employees in Q1FY23, while it onboarded more than 10,000 freshers during this period.
Wipro's attrition rate was at 23.3% in Q1 of the current fiscal. In the fourth quarter of FY22, Wipro's attrition rate was at 23.8%. Thereby, the company has seen consistent drop in attrition rate for third consecutive quarters.
For the overall fiscal of FY22, the company's attrition rate stood at 23.8%.
In the second quarter, Wipro garnered a consolidated net profit of ₹2,659 crore down by 9.27% from ₹2,930.7 crore posted in the same period last year (Q2FY22). However, PAT increased by 3.72% from ₹2,563.6 crore of Q1FY23.
The consolidated revenue of the company jumped by 14.6% to ₹22,540 crore in Q2FY23 as compared to ₹19,667 crore in Q2 of the previous fiscal. IT services segment revenues were at $2,797.7 million, an increase of 8.4% yoy. Meanwhile, non-GAAP constant currency IT Services segment revenue increased by 4.1% qoq and 12.9% yoy.
Wipro's IT services operating margin for the quarter stood at 15.1% expanding by 16 basis points sequentially.
Delaporte added, "As the market conditions evolve, I believe our comprehensive portfolio of differentiated offerings position us extremely well to serve the changing needs of our clients and help them face the challenges of an uncertain macro environment with confidence."
For the quarter ending December 31, 2022, Wipro expects revenue from its IT services business to be in the range of $2,811 million to $2,853 million -- translating into a sequential growth of 0.5% to 2%.
On BSE, Wipro shares closed at ₹407.75 apiece up by 0.85%. The company's market cap is around ₹2,23,672.96 crore.
