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Wipro Q3 Results net profit rises 5% to Rs 3,065 crore

Posted on January 13, 2023

Wipro Q3 results updates, on January 13 reported a 2.82 percent growth in its consolidated net profit for the quarter ended December 2022 (Q3FY23) at Rs 3,052.9 crore as against Rs 2,969 crore recorded a year ago.

Its consolidated revenue from operations stood at Rs 23,837 crore, up 14.35 percent against Rs 20,791 crore in the corresponding quarter last year, Wipro said in an exchange filing.

According to a poll of brokerages, consolidated revenue was expected at Rs 23,436 crore, registering 14.7 percent year-on-year (YoY) growth, while consolidated profit after tax was estimated to be flat at Rs 2,952 crore. These numbers indicated likely sequential growth of 3.5 percent for revenue and 11 percent for net profit.

The company announced an interim dividend of Rs 1 per share. Wipro has set January 25, 2023, as the record date. The payment will be made on or before February 10, 2023.

Constant currency IT Services segment revenue was up by 0.6 percent sequentially and 10.4 percent year-on-year (YoY). IT Services’ operating margin for the quarter was at 16.3 percent, an increase of 120 basis points sequentially.

Management View on Results ?

“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,” said Jatin Dalal, Chief Financial Officer, Wipro. “Margin growth was led by strong operational improvements and automation-led efficiencies.”

Dalal also highlighted that the company generated “strong” operating cash flows at 143 percent of its net income for the quarter and its EPS increased by 14.6 percent quarter-over-quarter.

wipro q3 results
wipro q3 results

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Revenue for the IT services segment for the December quarter stood at $2.80 billion, seeing a sequential growth of 0.6%, in constant currency terms.

The company’s total order bookings for the quarter rose 26% from a year ago on a constant currency basis to $4.3 billion.

Results from larger peers have been mixed. Top player Tata Consultancy Services missed profit estimates, while Infosys and HCLTech beat forecasts. All the companies that reported so far, however, pointed to a strong order pipeline.

On Wipro’s financial performance, Veer Trivedi, Research Analyst, SAMCO Securities said, “Wipro reported slightly disappointing results when it comes to its top line. The company’s QoQ revenue growth at 3.1% was a little subdued.

Further, the revenue growth guidance for Q4 in constant currency (CC) terms is seen at -0.6% to 1% QoQ. On a full-year basis, it will likely underperform its peers. Top-line aside, the company did put a good show in its operating metrics, the margins improved 120 basis points QoQ and are expected to improve further too.

The deal wins like its other leading peers were strong. Thus all-in-all, a slight miss on the top line & a good show on its margins and profitability.”


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