Wipro Q3 net profit flat at Rs 2,969 cr YoY, up 1.3% sequentially

Revenue for the quarter at Rs 20,311 crore was up 29.6 per cent YoY and and 3.3 per cent sequentially

The consolidated net profit of IT services major Wipro was flat year-or-year (y-o-y) at Rs 2,969 crore for the December (Q3FY22) quarter. The bottomline grew 1.3 per cent on a sequential basis and was marginally lower than the street estimates. 

The muted net profit performance was on account of weak operating performance and lower other income. While operating profit margins were down 410 basis points y-o-y to 17.6 per cent in the core IT vertical, fall in other income was on account of buyback post-Q3, FY21.

Aided by growth across most key segments, consolidated revenues was up 29.6 per cent