Espresso: Wipro beats Q1 guidance, Indian exports grow

Wipro beats Q1 guidance

IT services firm Wipro reported revenue of $2.4 billion in the first quarter of the 2022 fiscal year, marking a sequential increase of 12.2 percent. The revenue was ahead of its guidance.

Wipro’s profit for the quarter rose 11 percent over the previous quarter to $434.8 million. Wipro CEO Thierry Delaporte said, “We see the company delivering a double-digit growth for the fiscal,” considering the guidance for the next quarter.

For the next quarter, Wipro’s revenue guidance from its IT services business is between $2,535 million and $2,583 million. “This translates to a sequential growth of 5 percent to 7 percent,” Wipro said in a press statement.

The company’s workforce crossed the 2 lakh mark. Wipro plans to gradually call its employees back to work, starting September depending on the pandemic situation in different countries.

Exports rise 48 percent to $32.5 billion

India recorded merchandise exports of $32.5 billion in June 2021, according to data from the Ministry of Commerce released yesterday. It was 48 percent more than June 2020, and 30 percent over June 2019.

The trade deficit was $9.37 billion last month, compared to $16 billion in June 2019. India recorded a trade surplus of $790 million in June 2020.

Zomato IPO: QIBs bid over 7 times on Day 2

The Rs 9,375-crore initial public offering (IPO) of food-tech unicorn Zomato picked up pace on day 2. Against Zomato’s total offering of over 71.9 crore shares, the issue has witnessed a subscription of more than 344.7 crore, which works out to 4.79 times.

Qualified institutional buyers (QIB) applied for over 274.4 crore shares, against the 38.8 crore shares reserved for them, taking their oversubscription number to a little over 7 times.

Of the total QIB participation, foreign institutional investors bid for over 261.4 crore shares, while domestic financial institutions (which include banks, financial institutions, and insurance companies) applied for over 6.38 crore shares.

Retail investors’ oversubscription was 4.73 times on day 2, as 61.25 crore were applied for against the reserve quantity of over 12.95 crore shares.

L&T Infotech clocks best-ever Q1

Larsen & Toubro Infotech (LTI) reported revenue of $470.2 million in the first quarter (Q1) of the 2022 fiscal year, growing 5.1 percent sequentially. This is the best-ever quarter for the mid-sized IT service provider.

The company continued to improve its banking and financial services, which contributed 32 percent to the Q1 revenue. LTI said it has won a deal with the subsidiary of one of Asia’s largest banks to implement, integrate and support its private banking platform using Temenos Wealth.

WNS' Q1 profit dips sequentially

Business process management firm WNS reported revenue of $253.2 million in the first quarter (Q1) of the 2022 fiscal year, growing 3.8 percent over the previous quarter. However, its Q1 profit of $26.8 million was below the $27.5 million in the fourth quarter of FY2021.

The company attributed the dip in profits to wage increases, contractual productivity commitments, higher share-based compensation expense, employee hiring in advance of revenue, COVID-related business continuity costs, and the reinstatement of our corporate leave policy. It has raised the guidance for FY2022.

“The company continues to see significant opportunities to capitalise on an under-penetrated customer base, a strong new business pipeline, and a robust BPM market driven by demand for digital transformation and improved competitive positioning,” said Keshav Murugesh, CEO of WNS.

Endpoint backup-as-a-service

Managed data centre service provider Yotta Infrastructure and data protection firm Commvault will launch ‘Yotta Safe’ services for unlimited endpoint backup storage at Rs 150 per month.

Yotta Safe will include services for IT teams and administrators to manage their backup environment like ransomware protection, auto-discovery and self-service dashboards.

The backup data will be stored in Yotta NM1, a data centre in Mumbai, according to the company.