Wipro announces Q3 financial results with gross revenue of ₹222.1 billion, 1.4% QoQ decline
Leading technology services and consulting company, Wipro Ltd, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ending December 31, 2023, the company announced through an exchange filing on Friday.
Highlights of the results
In the latest financial report, the company reported gross revenue of Rs 222.1 billion (US$2.7 billion), showing a marginal decline of 1.4 percent quarter-on-quarter (QoQ).
The IT services segment recorded revenue of US$2,656.1 million, showing a 2.1 percent QoQ decline, while the non-GAAP constant currency IT services segment revenue declined 1.7 percent QoQ.
Total bookings stood at US$3.8 billion, up 0.2 per cent QoQ, with large deal bookings at US$0.9 billion.
The EBIT of the IT services segment for the quarter reached Rs 35.4 billion (US$425.8 million), showing a 1.8 percent QoQ decrease, and the operating margin for the segment was 16.0 percent, down 11 basis points QoQ.
Net income for the quarter saw a positive trend, reaching Rs 26.9 billion (US$323.9 million), showing a growth of 1.8 percent QoQ. Earnings per share for the same period stood at Rs 5.16 (US$0.061), showing 2.0 percent QoQ growth.
Operating cash flow recorded a strong performance at 177.3 percent of net income, amounting to Rs 47.9 billion (US$575.7 million). The voluntary attrition rate remained moderate, reaching a 10-quarter low of 12.3 percent in Q3’24. The company also declared an interim dividend of Re 1 (US$0.0121) per equity share/ADS.
IT products
- IT products segment revenue for the quarter was Rs 0.8 billion (US$9.7 million).
- The IT products segment results for the quarter reported a profit of Rs 0.11 billion (US$1.37 million).
Wipro Limited Shares
Shares of Wipro Limited closed at Rs 466, up 3.97 per cent, at 3:30 pm IST on Friday.
