Wipro Q3 Firm Net Profit Rises 3% to Rs 3,053 Crore

Wipro Firm
Wipro Firm

In the corresponding quarter last year Wipro Q3 its consolidated revenue from operations stood at Rs 23,229 crore, up 14.35 percent against Rs 20,313.6 crore.

Wipro 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. Wipro said in an exchange filing its consolidated revenue from operations stood at Rs 23,229 crore, up 14.35 percent against Rs 20,313.6 crore in the corresponding quarter last year.

These numbers indicated likely sequential growth of 3.5 percent for revenue and 11 percent for net profit. 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.

Wipro Firm

The payment will be made on or before February 10, 2023. The company announced an interim dividend of Rs 1 per share. Wipro has set January 25, 2023, as the record date. IT Services’ operating margin for the quarter was at 16.3 percent, an increase of 120 basis points sequentially. Constant currency IT Services segment revenue was up by 0.6 percent sequentially and 10.4 percent year-on-year (YoY).

Jatin Dalal, Chief Financial Officer, Wipro said “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.”

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

The company said total bookings during the quarter were up by 26 percent and large deal bookings were up by 69 percent YoY.


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