Wipro reported 14% rise in its revenues in Q3FY23 results

Wipro on Friday reported a 2.8 per cent year-on-year (YoY) rise in net profit at Rs 3,052.90 crore compared with Rs 2,969 crore in the same quarter last year. Revenue for the quarter came in at Rs 23,229 crore, up 14.35 per cent over Rs 20,313.60 crore in the same quarter last year. The IT major guided for a 11.5-12.0 per cent growth in IT Services revenues in constant currency terms (CC). This translated into a guidance of minus 0.6 per cent to 1 per cent revenue growth sequentially in constant CC terms for the March quarter. The guidance was lower than nil-2 per cent guidance that analysts anticipated ahead of the quarterly earnings.

Wipro said IT Services segment revenue advanced 6.2 per cent YoY to $2,803.50 million. IT services revenue rose 0.6 per cent sequentially and 10.4 per cent YoY. The Wipro board announced an interim dividend of Re 1 per share and fixed January 25 as the record date. for the same. The payment of the interim dividend will be made on or before February 10, the IT firm said.

Wipro said its total bookings stood at $4.3 billion at the end of December quarter, up 26 per cent YoY. For the quarter, it closed 11 large deals resulting in a TCV of over $1 billion, up 69 per cent YoY. Wipro said revenues from top five clients grew 15.7 per cent YoY and top 10 clients 14.7 per cent YoY in constant currency terms, underscoring deepening relationships with top strategic clients. Voluntary attrition moderated 180 bps from previous quarter, landing at 21.2 per cent for the trailing twelve months for the quarter.