Wipro Q3 results: Profit falls 3% to Rs 2,463 cr, firm expects Q4 revenue growth at 0-2%

NEW DELHI: Wipro on Tuesday reported 3.20 per cent year-on-year (YoY) drop in consolidated profit at Rs 2,462.90 crore for the quarter ended December 30. Analysts in an ET NOW poll had projected a net of Rs 2,450.80 crore.

Total revenue increased 2.73 per cent to Rs 15,470.50 crore during the quarter under review. The figure stood at Rs 15,059.50 crore in the same period last year. Revenue from IT services inched up 2.97 per cent to Rs 15,100.60 crore.

The board of the company declared an interim dividend of Rs 1 per equity share.

Abidali Neemuchwala, CEO and Managing Director said: “We have delivered a good quarter with secular growth across all business units, geographies and practices. We remain focused on deepening our customer relationships, converting our funnel and winning large deals.”

Wipro expects revenue from IT services business to be in the range of $2,095 million to $2,137 million for the quarter ended March 31. This translates to a sequential growth of 0.0-2 per cent.

“We expanded operating margins by 0.3 per cent aided by a favourable movement in the currency. Further, we generated strong operating cash flows led by disciplined execution at 124 per cent of our net income,” said Jatin Dalal, Chief Financial Officer.

EPS for the quarter increased 3.20 per cent to Rs 4.30 per share.