Wipro Ltd Q3 Results FY2024, Net profit at Rs.2700.6 Crores

On 12th January 2024, Wipro Ltd announced its quarterly results.

Key Highlights:

- The company reported revenue from operations at Rs. 22205.1 crores
- Profit before tax for the quarter ended December 31, 2023 was Rs.3552.1 crores. 
- Profit after tax for the quarter ended December 31, 2023 was Rs.2700.6 crores
- $3.8 billion order booking with 14 large deal wins

Segment Highlights:

- Among major markets, America 1 was at Rs.6858.1 crores, America 2 was at Rs.6654.1 crores, and Europe at Rs.6147.3 crores. APMEA at Rs. 2491.3 crores. 
- Americas 1 includes Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America (“LATAM"). Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada. Europe consists of United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa
- IT Products segment revenue for the quarter was ₹0.8 billion ($9.7 million) 
- IT Products segment results for the quarter was a gain of ₹0.11 billion ($1.37 million) 

Key Deals Won:

- A US-based non-profit member-governed health insurance company chose Wipro to implement an integrated Business Platform as a Service to provide end-to-end plan administration services.
- Wipro has been selected by a leading global technology company to expand the capabilities of its AI-driven orchestration platform.
- Wipro has been selected by an American retail bank to serve as the client's end-to-end partner for product development for the Payments and Digital Platform units. 
- Wipro has been chosen as a technology partner by a Middle Eastern financial regulatory authority to fortify its infrastructure and IT applications.

Commenting on the results, Thierry Delaporte, CEO and Managing Director said: “Our investments in people, processes, and business operations are continuing to pay off. In a seasonally soft quarter, deal booking momentum remained strong. Our large deals recorded a 20 percent year-to-date growth. Further, we are starting to see early signs of a return to growth in Consulting, as demonstrated by the double-digit growth in order bookings in our Capco business.”