Wipro Q3 Results: Software Services Major's Profit Rises 20.4%
Software services major Wipro on Wednesday reported a consolidated profit of Rs 2,968 crore for the October-December (Q3) quarter, rising 20.4 per cent against Rs 2,465.7 crore in the previous quarter.
Wipro's consolidated revenue for the quarter clocked Rs 15,670 crore — higher by 3.8 per cent against Rs 15,096.7 crore in the September quarter (Q2).
The company's dollar revenue growth was at 3.9 per cent versus 3.7 per cent quarter-over-quarter. Wipro said its dollar revenue growth was the highest in 36 quarters.
Wipro's CC revenue growth for the quarter stood at 3.4 per cent.
IT services revenue grew by 3.8 per cent to Rs 15,333.1 crore against Rs 14,768.1 crore quarter-over-quarter. IT services earnings before interest and taxes (EBIT) grew 17.1 per cent to Rs 3,320.4 crore against Rs 2,835.1 crore quarter-over-quarter.
IT services EBIT margin stood at 21.7 per cent against 19.2 per cent quarter-over-quarter — the highest in the last 22 quarters.
IT services dollar revenue grew 3.7 per cent to $2,071 million against $1,992.4 million quarter-over-quarter.
Wipro anticipates its dollar revenue to be in the range of $2,102-2,143 million for the March quarter — a growth of 1.5-3.5 per cent over the December quarter.
Thierry Delaporte, chief executive officer and managing director, said, “Wipro has delivered a second consecutive quarter of strong performance on order booking, revenue and margins. Five of our sectors grew over 4 per cent sequentially.”
“We closed our largest ever deal win in Continental Europe. The demand environment is steadily improving, especially for digital transformation, digital operations, and cloud services. I am also pleased to share with you that we have moved into our new organisation structure and are stabilising quickly.”
Analysts largely had expected a profit of Rs 5,050 crore, according to Refinitiv data quoted in a Reuters report. The company's larger rival Tata Consultancy Services (TCS) reported a higher third-quarter profit last week, beating estimates. TCS net profit rose to Rs 8,701 crore in the three months to December 31, 2020, from ₹ 8,118 crore a year earlier. Infosys' smaller rival Wipro also reported a consolidated net profit of 20.4 per cent to ₹ 2,968 crore. Wipro's dollar revenue growth was reported to be the highest in 36 quarters.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
