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Wipro Q3: Firm’s net profit rises 3% to Rs 3,053 cr, meets estimates

Wipro on January 13 reported a 2.82 percent growth in its consolidated net profit for the quarter ended December 2022 (Q3FY23) at Rs 3,052.9 crore as against Rs 2,969 crore recorded a year ago.

Its consolidated revenue from operations stood at Rs 23,229 crore, up 14.35 percent against Rs 20,313.6 crore in the corresponding quarter last year, Wipro said in an exchange filing.

According to a poll of brokerages, consolidated revenue was expected at Rs 23,436 crore, registering 14.7 percent year-on-year (YoY) growth, while consolidated profit after tax was estimated to be flat at Rs 2,952 crore. These numbers indicated likely sequential growth of 3.5 percent for revenue and 11 percent for net profit.

The company announced an interim dividend of Rs 1 per share. Wipro has set January 25, 2023, as the record date. The payment will be made on or before February 10, 2023.

Constant currency IT Services segment revenue was up by 0.6 percent sequentially and 10.4 percent year-on-year (YoY). IT Services’ operating margin for the quarter was at 16.3 percent, an increase of 120 basis points sequentially.

“This expansion of margins was after absorbing the investments we made in our people by way of salary increases, promotions and long-term incentives for our senior leadership,” said Jatin Dalal, Chief Financial Officer, Wipro. “Margin growth was led by strong operational improvements and automation-led efficiencies.”

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