Wipro Q3 Results: Net Profit Rises 3 Per Cent To Rs 3,053 Crore, Announces Dividend

Wipro clocked growth of 14.4 per cent in gross revenue in the third quarter of the current financial year (Q3FY23) compared to the same period last year (Q3FY22)

Wipro on Friday posted 2.8 per cent year-on-year (YoY) growth in consolidated net profit to Rs 3,050 crore for the quarter ended December 2022 (Q3). The net profit stood at Rs 2,969 crore in the year-ago period. The operating margins of the IT firm stood at 16.3 per cent.

Wipro clocked growth of 14.4 per cent in gross revenue in the third quarter of the current financial year (Q3FY23) compared to the same period last year (Q3FY22), the company said in a BSE filing. Revenue came in at Rs 23,229 crore in Q3FY23. The company's revenue from IT services was up 10.4 per cent in the same period. 

Wipro announced interim dividend at Rs 1 per share. The company has set January 25 as the record date. The payment will be made on or before February 10.

The company expects revenue from IT services business for the full year to be in the range of 11.5-12 per cent in constant currency terms, according to a statement. "This translates into the growth rate of -0.6 per cent to 1 per cent sequentially in constant currency terms for the quarter ending March 31, 2023," the company said.

The attrition has fallen from 23 per cent in Q2FY23 to 21.2 per cent in Q3FY23. Total bookings were over $4.3 billion, led by solid large deal signings of over $1 billion, CEO and Managing Director Thierry Delaporte said.

The company continues to gain market share as a result of deepening client relationships and higher win rates, he pointed out.

"Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimisation. Our ability to deliver on client objectives regardless of where they are in their Cloud journeys is positioning us favourably in a consolidating market," Wipro's top honcho said.

He said, "As we move ahead, we expect to continue to benefit from these trends and help clients build future-proof, resilient enterprises." Wipro declared an interim dividend of Rs 1 per equity share.

"Our Operating margins are now at 16.3 per cent, which is an expansion of 120 basis points from last quarter. This expansion of margins was after absorbing the investments we made in our people by way of salary increases, promotions and long-term incentives for our senior leadership. Margin growth was led by strong operational improvements and automation-led efficiencies. We generated strong operating cash flows at 143 per cent of our net income for the quarter and our EPS increased by 14.6 per cent quarter-over-quarter," said Jatin Dalal, CFO of the company.