Wipro’s Q3 2023 Financial Results: IT Services Segment Shines with Strong Order Bookings

Wipro Q3 2023 Result

Wipro Limited, a leading technology services and consulting company, announced its financial results for the quarter ended December 31, 2023. Despite a slight decrease in gross revenue and IT services segment revenue, the company reported positive indicators, including a $3.8 billion order booking with 14 large deal wins. The IT services operating margin was 16%, and earnings per share increased by 2.0% quarter-over-quarter. The company also declared an interim dividend of ₹1 per equity share/ADS.

Key Financial Highlights for the Quarter Ended December 31, 2023:

  1. Gross revenue: ₹222.1 billion ($2.7 billion), a decrease of 1.4% QoQ.
  2. IT services segment revenue: $2,656.1 million, a decrease of 2.1% QoQ.
  3. Total bookings: $3.8 billion, with 14 large deal wins.
  4. IT services operating margin: 16.0%, down by 11 bps QoQ.
  5. Net income: ₹26.9 billion ($323.9 million), an increase of 1.8% QoQ.
  6. Earnings per share: ₹5.16 ($0.061), an increase of 2.0% QoQ.
  7. Operating cash flows: ₹47.9 billion ($575.7 million), at 177.3% of Net Income.
  8. Voluntary attrition: 12.3%, at a 10-quarter low in Q3’24.

Outlook for the Quarter ending March 31, 2024: Wipro expects revenue from its IT services business segment to be in the range of $2,615 million to $2,669 million, with a sequential guidance of -1.5% to +0.5% in constant currency terms.

CEO Thierry Delaporte stated that the company’s investments in people, processes, and business operations are paying off, with strong deal booking momentum and signs of a return to growth in Consulting. The company’s ai360 strategy, embedding AI across solutions, aims for increased efficiency, productivity, and scale.

CFO Aparna C. Iyer expressed satisfaction with the financial metrics’ execution, highlighting the company’s resilience, agility, and efficiency despite revenue headwinds and ongoing investments for growth.

In addition to financial results, Wipro highlighted strategic deal wins across various industries, showcasing its capabilities in areas like healthcare, technology, financial services, and manufacturing.

The company received recognition from analysts in various areas, reinforcing its leadership position in data management, advanced analytics, future of work services, cloud services, and more.

Overall, Wipro’s financial results demonstrate a robust performance, with strategic deal wins and a positive outlook for the coming quarter.

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