Wipro Q3 Results: Revenue Dips For Fourth Straight Quarter, Profit Rises

Revenue growth at Wipro Ltd. faltered yet again in the October-December quarter but met its own guidance. Profit, however, rose.

Revenue of India's fourth largest IT services firm fell 1.39% over the previous three months to Rs 22,205.1 crore in the quarter ended Dec. 31, according to an exchange filing on Friday. That compares with the Rs 23,229 crore consensus estimate of analysts tracked by Bloomberg.

Wipro Q3 Results: Key Highlights (QoQ)

• Revenue down 1.39% at Rs 22,205.1 crore (Estimate: Rs 23,229 crore).

• EBIT up 6.22% at Rs 3,267.1 crore (Estimate: Rs 3,240.50 crore).

• EBIT margin up 105 basis points at 14.71% (Estimate: 14.60%).

• Net profit up 1.24% at Rs 2,700.6 crore (Estimate: Rs 3,029 crore).

The Bengaluru-based IT services firm revised higher its sequential revenue growth guidance in the range of -1.5 to 0.5% for Q4 FY24, in constant currency terms. That figure stood at -3.5% to -1.5% for Q3 FY24.

“Our investments in people, processes, and business operations are continuing to pay off,” said Thierry Delaporte, chief executive officer at Wipro, in a statement.

“In a seasonally soft quarter, deal booking momentum remained strong. Our large deals recorded a 20% year-to-date growth. Further, we are starting to see early signs of a return to growth in consulting as shown by the double-digit growth in order bookings in our Capco business."

On Friday, shares of Wipro rose 3.88% to Rs 465.45 apiece, even as the benchmark Sensex ended the day 1.18% higher at 72,568.45 points. The quarterly results were declared after market hours.