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Business News/ Companies / Company Results/  Wipro Q3 result: Revenue from operations, profit decline YoY, announces dividend - 10 key highlights
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Wipro Q3 result: Revenue from operations, profit decline YoY, announces dividend - 10 key highlights

Wipro Q3 result: Wipro's consolidated revenue from operations declined 4.4 per cent YoY and 1.4 per cent QoQ to ₹22,205.1 crore.

Wipro's IT services segment revenue in Q3 was at $2,656.1 million, a decrease of 2.1 per cent QoQ. (REUTERS)Premium
Wipro's IT services segment revenue in Q3 was at $2,656.1 million, a decrease of 2.1 per cent QoQ. (REUTERS)

IT player Wipro on Friday, January 12, reported a 1.8 per cent quarter-on-quarter (QoQ) increase in its net income to 2,690 crore ($323.9 million) for the third quarter of the current financial year (Q3FY24).

However, its revenue from operations and profit declined year-on-year (YoY).

Also Read: Wipro Q3 Results: PAT down 12% YoY to 2,694 crore, revenue drops 4.4% YoY. All you need to know

“In a seasonally soft quarter, deal booking momentum remained strong. Our large deals recorded a 20 per cent year-to-date growth. Further, we are starting to see early signs of a return to growth in consulting, as demonstrated by the double-digit growth in order bookings in our Capco business," said Thierry Delaporte, CEO and Managing Director of Wipro.

Also Read: Wipro Q3 Results Live Updates: IT major reports 12% YoY decline in net profit, revenue at 22,205 cr

“Under our ai360 strategy, AI is now embedded across most of our existing solutions and client offerings. We’re deploying AI internally across all business and functional areas as well, with the goals of efficiency, productivity, and scale. We are confident that these investments will allow us to capitalize on emerging opportunities, as the macro environment improves," Delaporte said.

Here are 10 key highlights of Wipro's Q3 scorecard:

1. Wipro's consolidated revenue from operations declined 4.4 per cent YoY and 1.4 per cent QoQ to 22,205.1 crore. In the same quarter last year, Wipro's revenue was 23,229 crore while in Q2FY24, the IT firm's revenue was 22,515.9 crore.

The company's IT services segment revenue for the quarter stood at $2,656.1 million, down 2.1 per cent QoQ.

2. Wipro's consolidated profit for the quarter under review stood at 2,700.6 crore, up 1.2 per cent QoQ but down 11.9 per cent YoY. The company's profit in Q2FY24 was 2,667.3 crore and in Q3FY23 was at 3,065 crore.

3. Wipro expects revenue from its IT services business segment to be in the range of $2,615 million to $2,669 million for Q4FY24. This translates to sequential guidance of -1.5 per cent to +0.5 per cent in constant currency terms.

4. Total bookings during the quarter were at $3.8 billion, up by 0.2 per cent QoQ and large deal bookings were at $0.9 billion. 

Total Bookings refers to the total contract value (TCV) of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Large deal bookings consist of deals greater than or equal to $30 million in total contract value, according to the company.

5. IT services segment EBIT for the quarter was 3,540 crore ($425.8 million), down 1.8 per cent QoQ.

6. IT services operating margin for the quarter was at 16 per cent, down by 11 bps QoQ.

7. Earnings per share for the quarter were at 5.16 ($0.061 ), up 2 per cent QoQ.

8. Operating cash flows stood at 177.3 per cent of net income for the quarter was at 4,790 crore ($575.7 million).

9. Voluntary attrition continued to moderate QoQ, coming in at a 10-quarter low of 12.3 per cent in Q3FY24.

10. Wipro declared an interim dividend of 1 ($0.012) per equity share.

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Published: 12 Jan 2024, 04:21 PM IST
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