Wipro follows IT trend, logs 2.8% rise in Q3 consolidated net profit

Vendor consolidation, low attrition help IT sector report a good third quarter

In step with top IT players’ third-quarter performance, Wipro on Friday reported a consolidated net profit of Rs 3,052 crore for October-December FY23, an increase of 2.8 per cent year-on-year (YoY).

Net profit was Rs 2,969 crore in the year-ago period. Consolidated revenue grew 14.35 per cent to Rs 23,229 crore in the quarter as against Rs 20,313.6 crore in the previous year. The IT services segment, the largest contributor to the firm’s revenue, grew 12.8 per cent YoY to Rs 23,055.7 crore. Wipro’s net profit beat the Bloomberg estimate, which was Rs 2,975 crore, but missed its revenue estimate,