Wipro Q3 Results Review - TCV Provides Visibility For FY24; Revenue Conversion To Be Key: ICICI Direct

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Direct Report.Wipro Ltd. reported weak Q3 results on the revenue front. In constant currency, IT services business reported revenue growth of 0.2% QoQ to $2803.5 million while CC growth was at 0.6%. Rupee revenues grew 3.1% QoQ to Rs 23,056 crore. IT products business reported revenue of Rs 172 crore for the quarter, up 37.8% QoQ. Wipro indicated that revenue growth in this quarter was impacted by higher furloughs and lower discretionary spend.Vertical wise, in CC terms, health (12% of mix), energy (11% of mix), consumer (19% of mix) and manufacturing (7% of mix) reported growth of 4.7%, 2.8%, 0.6% and 0.6%, respectively, while banking, financial services and insurance (35% of mix), communications (5% of mix) and technology (11% of mix) declined 0.2%, 2.6% and 1.3%, respectively.Geography wise, in CC terms Europe (29% of mix) reported growth of 2.4% QoQ while America 1 (29% of mix), America 2 (31% of mix) and Asia Pacific/Middle East/Africa (11% of mix) reported growth of 1.3%, down 0.9% and down 1.2%, respectively. The growth in Europe was contributed by the markets of UK, Ireland, Germany and Nordics region while America1 growth was led by communication, which grew over 14% YoY..Click on the attachment to read the full report:.Wipro Q3 Results: Profit Rises 15%, Revenue Meets Estimates.More Research Reports On Wipro's Q3 FY23 Results Review.Macro, Slowdown In Discretionary Spend A Key Dampener: IDBI Capital Revenue Miss, OPM Expanded; Cautious Commentary On Spending: Dolat CapitalInline Growth, Better Operational Show: HDFC Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Wipro Q3 Results Review - TCV Provides Visibility For FY24; Revenue Conversion To Be Key: ICICI Direct

Wipro indicated that revenue growth in this quarter was impacted by higher furloughs and lower discretionary spend.

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