Indian IT services firm Wipro on Friday logged an 11.74 per cent decline in its consolidated net profit to Rs 2,694.2 crore in the third quarter (Q3) ended December 31, 2023. The company posted a profit of Rs 3,052.9 crore in the year-ago period.
Wipro's consolidated revenue from operations also declined 4.4 per cent to Rs 22,205.1 crore during the December quarter as against Rs 23,229 crore a year ago. The company's IT Services segment revenue dropped 4.5 per cent on a year-on-year (YoY) basis to Rs 22,150.8 crore during the reported quarter from Rs 23,196 crore during the same period of 2022.
Sequentially, the company's revenue from its IT business also declined 1.1 per cent to Rs 22,151 crore. The EBIT margin of its IT business came out to be 16 per cent. In the previous quarter, it was 16.1 per cent.
Thierry Delaporte, chief executive officer and managing director at Wipro, said, "In a seasonally soft quarter, deal booking momentum remained strong. Our large deals recorded a 20 per cent year-to-date growth." Wipro said that it expects revenue from the IT services business segment to be in the range of $2,615 million (around Rs 21,845 crore) to $2,669 million (about Rs 22,296 crore) in March 2024 quarter.
The company has also announced an interim dividend of Rs 1 per share. "The payment of interim dividend will be made on or before February 10, 2024,” it said in a regulatory filing.
Shares of Wipro closed at Rs 465.45 apiece, up 3.88 per cent on the BSE on Friday.