Wipro Ltd, on Thursday, in its Q1FY24 filing, reported an 11.9% increase in net profit to Rs 2,870.1 crore, as compared to Rs 2,563.6 crore in the previous quarter for FY23.

The company reported a 6% YoY growth in gross revenue to Rs 22,830 crore for the Q1 of the current fiscal year, compared to Rs 21,528 crore in Q1FY23.

Due to persistent weakness in banking, financial services, and insurance (BFSI), the revenue was expected to decline.

The company also said it received a total booking of $3.7 billion for the quarter. The large deal bookings growth stood at 9% YoY, the highest in the last eight quarters.

Wipro’s operating cash flows came at 130% of net income. Moreover, Wipro’s employee headcount stood at 249,758.

Thierry Delaporte, CEO and Managing Director, said, “Wipro’s first-quarter results come with a strong backbone of large deal bookings, robust client additions, and resilient margins,”.

“Despite gradually reducing clients’ discretionary spending, we maintained new business momentum. We earned our clients’ trust with strong delivery, innovation, and expanded services that strengthen our long-term businesses and help capture market share. The launch of Wipro ai360 and the USD 1 billion investment solidifies Wipro’s position as a leading transformation partner that delivers the results and innovation our clients need to future-proof their businesses.” he added.