Wipro Q3 results: Net profit rises 21% to Rs 2,967 cr, beats estimates

Wipro Q3 results: Net profit rises 21% to Rs 2,967 cr, beats estimates

NEW DELHI: Wipro on Wednesday reported a 20.8 per cent YoY rise in net profit at Rs 2,966.70 crore for the December quarter compared with Rs 2,455.80 crore in the same quarter last year. The number beat an ET NOW poll estimate of Rs 2,554 crore.

Revenue for the quarter rose 1.3 per cent YoY to Rs 15,670 crore compared with Rs 15,470.50 crore in the corresponding quarter last year. It was up 3.7 per cent on sequential basis.

The IT firm said revenue for the IT services segment stood at $2,071 million in dollar terms, a sequential growth of 3.9 per cent. This revenue growth was highest for the company in 36 quarters.

In terms of constant currency, IT Services segment revenue was up 3.4 per cent sequentially.

Operating margin for the quarter came in at 21.7 per cent, up 329 basis points YoY and 243 basis points sequentially. Margin stood at 19.2 per cent in September quarter and 18.4 per cent in the December quarter of last year. The company said its December quarter margin was its highest in 22 quarters.

The IT firm has guided for Q4 revenues in the range of $2,102 million to $2,143 million. This translates to a sequential growth of 1.5 per cent to 3.5 per cent.

CEO and Managing Director Thierry Delaporte said: “Wipro has delivered a second consecutive quarter of strong performance on order booking, revenue and margins. Five of our sectors grew over 4 per cent sequentially. We closed our largest ever deal win in Continental Europe. The demand environment is steadily improving, especially for digital transformation, digital operations, and cloud services. I am also pleased to share with you that we have moved into our new organisation structure and are stabilising quickly.”

The company hired about 14,000 employees during the quarter, which includes onboarding of more than 2,900 freshers.

Wipro board declared a dividend of Re 1 per share.

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