Wipro Announces Q3 Financial Results With Gross Revenue Of ₹222.1 Billion, 1.4% QoQ Decrease

Wipro Announces Q3 Financial Results With Gross Revenue Of ₹222.1 Billion, 1.4% QoQ Decrease

The IT services segment reported revenue at US dollar 2,656.1 million, marking a 2.1 per cent QoQ decline, while non-GAAP constant currency IT Services segment revenue decreased by 1.7 per cent QoQ.

FPJ Web DeskUpdated: Friday, January 12, 2024, 04:20 PM IST
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Wipro Announces Q3 Financial Results | Image: Wipro (Representative)

Wipro Limited, a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter-ended December 31, 2023, the company on Friday announced through an exchange filing.

Highlights of the Results

In the latest financial report, the company recorded gross revenue of Rs 222.1 billion (US dollar 2.7 billion), reflecting a marginal decrease of 1.4 per cent quarter-over-quarter (QoQ).

The IT services segment reported revenue at US dollar 2,656.1 million, marking a 2.1 per cent QoQ decline, while non-GAAP constant currency IT Services segment revenue decreased by 1.7 per cent QoQ.

The total bookings stood at US dollar 3.8 billion, with a modest 0.2 per cent QoQ increase, and large deal bookings amounted to US dollar 0.9 billion.

The IT services segment's EBIT for the quarter reached Rs 35.4 billion (US dollar 425.8 million), indicating a 1.8 per cent QoQ decrease, and the operating margin for this segment was 16.0 per cent , down by 11 basis points QoQ.

Net income for the quarter saw a positive trend, reaching Rs 26.9 billion (US dollar 323.9 million), marking a 1.8 per cent increase QoQ. Earnings per share for the same period stood at Rs 5.16 (US dollar 0.061), reflecting a 2.0 per cent QoQ increase.

Operating cash flows reported robust performance at 177.3 per cent of Net Income, amounting to Rs 47.9 billion (US dollar 575.7 million). The voluntary attrition rate continued to moderate, reaching a 10-quarter low of 12.3 per cent in Q3’24. The company also declared an interim dividend of Rs 1 (US dollar 0.0121) per equity share/ADS.

IT Products

1. IT Products segment revenue for the quarter was Rs 0.8 billion (US dollar 9.7 million).

2. IT Products segment results for the quarter was a gain of Rs 0.11 billion (US dollar 1.37 million).

Wipro Limited shares

The shares of Wipro Limited on Friday at 3:30 pm IST closed at Rs 466, up by 3.97 per cent.

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