Wipro Q3 consolidated net profit declines 2% YoY to Rs 2,455.9 crore

Revenue for the company stood at Rs 15,470.5 crore, up 2.73 per cent YoY at Rs 15,059.5 crore.

Wipro on Tuesday posted a 2.17 per cent year-on-year (YoY) decline in its consolidated net profit at Rs 2,455.9 crore for the quarter ended December 31, 2019. Sequentially, the numbers slipped 3.79 per cent. In the year-ago period, the company had registered profit of Rs 2,510.4 crore.

Revenue for the company stood at Rs 15,470.5 crore, up 2.73 per cent YoY. It had posted revenue of Rs Rs 15,059.5 crore in the corresponding quarter of the previous fiscal. Wipro also announced dividend of Re 1 per equity share of par value Rs 2 each. January 27 has been fixed as the Record Date for the same. The payment of Interim Dividend will be made on or before February 4, 2020. 

Total income from operations stood at Rs 15,543.2 crore, up 2.59 per cent on YoY basis. On QoQ basis, numbers grew 2.3 per cent.

“We have delivered a good quarter with secular growth across all business units, geographies and practices. We remain focused on deepening our customer relationships, converting our funnel and winning large deals," said Abidali Z. Neemuchwala, CEO and Managing Director. 

IT Services Segment Revenue came in at $2,094.8 million, a sequential growth of 2.2 per cent while IT Services Operating Margin for the quarter was at 18.4 per cent, an increase of 0.3 per cent QoQ. 

The company's IT services segment revenue increased by 1.8 per cent QoQ in constant currency (CC) terms. 

 “We expanded operating margins by 0.3% aided by a favorable movement in the currency. Further, we generated strong operating cash flows led by disciplined execution at 124% of our Net Income," said Jatin Dalal, Chief Financial Officer. 

Basic earnings per share (EPS) for the quarter under review stood at Rs 4.31 against Rs 4.18 (up 3.11 per cent) in the year-ago period. 

Further, the company expects revenue from its IT Services business to be in the range of $2,095 million to $2,137 million. This translates to a sequential growth (March quarter) of 0.0 per cent to 2.0 per cent, it added.