Wipro Q3 Results FY2023, Net Profit at Rs. 30.65 billion

On 14th January 2023, Wipro announced its results for the third quarter of FY2023.

Key Highlights:

- Gross Revenue reached Rs.232.3 billion, an increase of 3.1% QoQ and 14.4% YoY  
- The company reported its PBT at Rs. 39.75 billion
- Wipro reported its Net profit at Rs. 30.65 billion
- IT Services Segment Revenue increased to $2,803.5 million, an improvement of 6.2% YoY  
- Non-GAAP constant currency IT Services segment revenue was up by 0.6% QoQ and 10.4% YoY  
- IT Services Operating Margin for the quarter was at 16.3%, an increase of 120bps QoQ  
- IT Products segment revenue for the quarter was Rs.1.7 billion, IT Products segment results for the quarter was a profit of Rs.0.04 billion ($0.50 million ).
- India SRE segment revenue for the quarter was Rs.1.4 billion, and India SRE segment results for the quarter was a profit of Rs.0.10 billion.
- Total Bookings were up by 26% and large deal bookings were up by 69% YoY  
- Net Income for the quarter was at Rs.30.5 billion, a growth of 14.8% QoQ and 2.8% YoY  
- Earnings Per Share for the quarter was at Rs.5.57, an increase of 14.6% QoQ and 2.6% YoY  
- Operating Cash Flows at 142.5% of Net Income for the quarter was at Rs.43.5 billion, an increase of 44.7% YoY  
- Voluntary attrition moderated 180 bps from the previous quarter, landing at 21.2% for the trailing twelve months for the quarter  

Partnerships:

- A global leader in consumer brands selected Wipro to create a three-year consumer digital & technology transformation roadmap.
- Wipro has won a significant strategic, multi-year engagement with a leading North American financial institution to modernize and transform their applications portfolio globally.
- a US-based multinational technology conglomerate has engaged Wipro to build a core product platform and design, test, and modernize unique silicon chips for its next-generation connected products.
- A joint Capco and Wipro team is supporting a large UK retail bank with their vision to become the pre-eminent UK digital insurer. 
- One of the largest Australia-based energy transmission and distribution services businesses has selected Wipro as its strategic partner to integrate and transform its digital operating model.
- Wipro has expanded its relationship with a leading Middle East-based airport management company with an end-to-end strategic partnership deal, which marks our largest deal in the airport domain in the Middle East
- Wipro is helping a large consumer goods company to move to agile ways of working with a scalable contract that provides flexibility to the business

Commenting on the results, Thierry Delaporte, CEO and Managing Director, said, “I am pleased to report that we have delivered another quarter of double-digit revenue growth. Our Total Bookings were over $4.3 billion, led by solid large deal signings of over $1 billion. We improved our margins by 120 basis points and our attrition moderated for the fourth quarter in a row. We are continuing to gain market share as a result of deepening client relationships and higher win rates. Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimization. Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favorably in a consolidating market. As we move ahead, we expect to continue to benefit from these trends and help clients build future-proof, resilient enterprises.” 

Wipro declared an interim dividend of Rs. 1 per equity share