Wipro Q3 net rises 21% to ₹2,968 cr; expects Q4 revenue growth at 1.5%-3.5% – Mint

IT software giant Wipro on Wednesday reported 21% rise in consolidated net profit at 2,968 crore for the quarter ending 31 December, 2020. It was 2,456 crore in the year-ago period.

Total revenue rose marginally to 15,670 crore in Q3FY21. Wipro expects revenue from its IT Services business to be in the range of $2,102-$2,143 million, which translates to a sequential growth of 1.5% to 3.5%.

Consolidated IT services revenue rose to 15,333 crore from 15,101 crore a year ago. The company, which added 89 new customers in the IT Services segment, declared interim dividend of 1 per share. IT Services’ operating margin was at 21.7%, an expansion of 243 bps sequentially and 329 bps on an annual basis.

On Wednesday, the company’s scrip on BSE closed 0.2% higher at 458.80.

Wipro shares rallied 23.2% during December quarter and 57.1% in the calendar year 2020, outperforming Nifty IT index that gained 21.55% and 55%, respectively.”Wipro has delivered a second consecutive quarter of strong performance on order booking, revenue and margins. Five of our sectors grew over 4% sequentially. We closed our largest ever deal win in Continental Europe. The demand environment is steadily improving, especially for digital transformation, digital operations, and cloud services. I am also pleased to share with you that we have moved into our new organization structure and are stabilizing quickly,” said Thierry Delaporte, CEO and Managing Director.

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