Wipro Third Quarter Results: Software Services Major Profits Increase 20.4%

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Wipro’s DC revenue growth for the quarter was 3.4%.

Leading software service Wipro on Wednesday announced a consolidated profit of Rs 2,968 crore for the October-December quarter (Q3), up 20.4% from Rs 2,465.7 crore in the previous quarter.

Wipro’s consolidated revenue for the quarter reached Rs 15,670 crore higher by 3.8 percent against Rs 15,096.7 crore in the September quarter (Q2).

The company’s dollar revenue growth was 3.9% versus 3.7% quarter over quarter. Wipro said its revenue growth in dollars was the highest in 36 quarters.

Wipro’s DC revenue growth for the quarter was 3.4%.

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IT services revenue increased 3.8 percent to Rs 15,333.1 crore from Rs 14,768.1 crore quarter over quarter. IT services profit before interest and taxes (EBIT) increased 17.1 percent to Rs 3,320.4 crore from Rs 2,835.1 crore quarter over quarter.

IT services EBIT margin was 21.7% vs. 19.2% quarter over quarter the highest of the last 22 quarters.

IT services dollar revenue increased 3.7% to $ 2,071 million from $ 1,992.4 million quarter over quarter.

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Wipro predicts its dollar revenue to be between $ 2,102 and $ 2,143 million for the March quarter growth of 1.5 to 3.5% in the December quarter.

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Thierry Delaporte, Managing Director and Managing Director, said: “Wipro had a second consecutive quarter of good performance in terms of order intake, sales and margins. Five of our segments experienced sequential growth of over 4%. “

“We have concluded our biggest deal victory ever in continental Europe. The demand environment is constantly improving, especially for digital transformation, digital operations and cloud services. I am also happy to share with you that we have moved to our new organizational structure and that we are stabilizing quickly.

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Analysts broadly expected a profit of Rs 5,050 crore, according to data from Refinitiv cited in a Reuters report. The company’s biggest rival, Tata Consultancy Services (TCS), last week reported higher third-quarter profit, beating estimates. TCS net profit rose to Rs 8,701 crore in the three months ending December 31, 2020, from ₹ 8,118 crore a year earlier. Infosys smaller rival Wipro also reported a consolidated net profit of 20.4% at ₹ 2,968 crore. Wipro’s dollar revenue growth would have been the highest in 36 quarters.

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