Wipro’s Q3 Net Profit Increases by 4.5% to Rs 3,354 Crore
Synopsis
Wipro Ltd reports a 4.5% increase in consolidated net profit to Rs 3,354 crore for Q3 of the current fiscal year. The company also declared an interim dividend of Rs 6 per share while maintaining stable revenues and improving operating margins.
Key Takeaways
4.5% net profit increase to Rs 3,354 crore Interim dividend of Rs 6 per share Stable revenue at Rs 22,319 crore Operating margin reaches 17.5% Voluntary attrition declines to 15.3%
Bengaluru, Jan 17 (NationPress) IT software giant Wipro Ltd has announced a 4.5 percent sequential rise in its consolidated net profit, reaching Rs 3,354 crore for the October-December quarter of the ongoing financial year, compared to the previous quarter.
The firm has also declared an interim dividend of Rs 6 per share.
During the third quarter, the company's total revenue remained stable at Rs 22,319 crore, while its IT services revenue saw a 1.2 percent decline sequentially, amounting to $2.63 billion.
Wipro's operating margin increased by 0.7 percent, reaching a three-year high of 17.5 percent. Additionally, the company noted a reduction in its voluntary attrition rate to 15.3 percent on a trailing 12-month basis, indicating improved employee retention.
The IT leader's large deal bookings grew by 6 percent year-on-year, totaling $961 million. The new contracts obtained by the company spanned sectors such as healthcare, financial services, media, and telecommunications. A significant contract involved collaboration with a US-based health insurer to deploy AI-powered platforms designed to enhance operational efficiency and customer experience. Another key win included Wipro's transformation of a core banking system for a private Indian bank, utilizing its expertise to develop a scalable digital platform.
Wipro is optimistic about its future, projecting IT services revenue for the March quarter to range between $2,602-2,655 million, reflecting a sequential change of (-1 percent to 1 percent) in constant currency.
Wipro's CEO, Srini Pallia, remarked that the company’s solid execution during the quarter enabled it to exceed revenue expectations in a traditionally weaker period. Wipro has also achieved its highest margins in three years while continuing to invest in its workforce and innovation.
