Wipro’s Q3 net profit was practically unchanged at Rs 2,969 crore

Wipro, an IT services company, reported a consolidated net profit of Rs 2,969 crore for the December 2021 quarter on Wednesday, citing high revenue and order bookings.

According to a regulatory statement by Wipro, the net profit attributable to shareholders in the year-ago period was Rs 2,968 crore.

Its net profit increased by 1.3 percent on a sequential basis, according to the company.

Its revenue from operations increased by 29.6% to Rs 20,313.6 crore in the quarter ended December 2020, up from Rs 15,670 cWipro, which derives the majority of its revenue from IT services, estimates revenues in the March 2022 quarter to be in the range of USD 2,692 million to USD 2,745 million. For the March quarter, this amounts to a sequential growth rate of 2% to 4%.

IT services revenue increased 2.3 percent sequentially to USD 2,639.7 million in the December 2021 quarter, in line with Or in the previous quarter.

Wipro said in October that it anticipates revenue from its IT services sector in the December quarter to be in the region of USD 2,631-2,683 million, up 2-4 percent sequentially.

“Wipro has delivered a fifth straight quarter of strong revenue and margin performance.

“Order bookings have been strong as well,” Wipro CEO and Managing Director Thierry Delaporte said in a statement. “In the last 12 months, we have added seven new customers in the more than USD 100 million revenue league.”

Wipro’s strategy and improved execution, he noted, are continuing to serve the company well, and the company is optimistic in continuing to expand on this momentum.

“In the quarter, we also finalised the acquisitions of Edgile and LeanSwift Solutions, both of which we are quite pleased with.”

Due to ongoing improvement in operating metrics, Wipro Chief Financial Officer Jatin Dalal stated the business maintained healthy operating margins after absorbing significant investments in wage hikes.

On a net basis, the company’s IT services workforce increased by 41,363 personnel year over year to 231,671. During the quarter, it hired 10,306 people.

An interim dividend of Re 1 per equity share has been issued by Wipro.

On the BSE, Wipro shares ended the day marginally lower at Rs 691.35 per share. After market hours, the results were announced.