Wipro Q3 profit almost flat at Rs 2,969 crore, revenue grew by 29.6 per cent

Wipro said it has logged strong performance in revenues and order bookings.

New Delhi: IT services major Wipro on Wednesday posted a consolidated net profit of Rs 2,969 crore for the December 2021 quarter, and said it has logged strong performance in revenues and order bookings.

The net profit attributable to shareholders in the year-ago period had stood at Rs 2,968 crore, according to a regulatory filing by Wipro.

On a sequential basis, its net profit was up 1.3 per cent, it added.

Its revenue from operations grew 29.6 per cent to Rs 20,313.6 crore, from Rs 15,670 crore in the quarter ended December 2020.

Wipro, which gets a bulk of its topline (revenue) from IT services, said it expects revenues from that business to be in the range of USD 2,692 million to USD 2,745 million in the March 2022 quarter. This translates into a sequential growth of 2 per cent to 4 per cent for the March quarter.

For the December 2021 quarter, IT services revenue grew 2.3 per cent sequentially to USD 2,639.7 million, in line with the forecast that had been given by the company in October.

In October, Wipro had said it expects its December quarter revenue from IT services business to be in the range of USD 2,631-2,683 million, a sequential growth of 2-4 per cent.

"Wipro has delivered a fifth consecutive quarter of strong performance, both on revenues, and margins.

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

He added that Wipro's strategy and improved execution continue to serve it well, and the company is confident of building on this momentum.

"We are also excited to have completed the acquisitions of Edgile and LeanSwift Solutions in the quarter, both of which will add to our capabilities significantly," he said.

Wipro Chief Financial Officer Jatin Dalal said the company delivered robust operating margins after absorbing substantial investments on salary increases, owing to continued improvement in operating metrics.

The company's headcount for IT services stood at 231,671, an increase of 41,363 employees on a net basis year-on-year. It added 10,306 employees during the quarter.
Wipro has declared an interim dividend of Re 1 per equity share. Also Read: Amazon Great Republic Day Sale starts from Jan 17: Check deals, discounts

Wipro shares closed marginally lower at Rs 691.35 apiece on the BSE on Wednesday. The results were declared after market hours. Also Read: Infosys net profit rises 12% in Q3 as digital push hikes demand

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