Wipro Announces Third Quarter Results, Delivers Record Total Bookings

On a constant currency basis, Wipro’s revenue is likely to grow close to 1 percent, which although flat, is within the company’s guided band of 0.5 percent to 2 percent. For the quarter, most of Wipro’s parameters are likely to be flat or see moderate growth on a sequential basis. In 2006, Wipro acquired California-based technology company cMango in an all cash deal. Two global business lines —iDEAS (Integrated Digital, Engineering & Application Services) grew 11.8%, while iCORE (Cloud Infrastructure, Digital Operations, Risk & Enterprise Cyber Security Services) grew 8% y-o-y in constant currency. The voluntary attrition rate on the last 12-month basis for the December quarter declined to 21.2% from 23% in the September quarter, indicating that it is gradually coming down. Our Location Chapters also celebrate special events and festive days with the disadvantaged.

The growth in large deal booking was much stronger than the 24% growth reported for the September quarter. Emkay Global in its first cut note, stated that the Wipro stock are likely to be ‘Neutral’ after Q3 earnings. Among key positives are — margin beat, steady order book, and moderation in attrition rate. Wipros’ revenue was broadly in line with our expectations while its margins were above our expectations.

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The company is expected to report 1% QoQ CC revenue growth in Q3 while dollar revenue growth is expected to be 0.7% QoQ, after factoring in 30 bps cross currency headwinds. Wipro’s IT services segment revenues recorded an improvement of 6.2% YoY to $2,803.5 million. Non-GAAP constant currency IT services segment revenues witnessed an upside of 0.6% QoQ and 10.4% YoY. In Q3FY23, the company’s attrition rate moderated sharply by 180 basis points sequentially to 21.2% for the trailing twelve months for the quarter.

We improved our margins by 120 basis points and our attrition moderated for the fourth quarter in a row.” The company has 258,744 employees across 66 countries. “This expansion of margins was after absorbing the investments we made in our people by way of salary increases, promotions and long-term incentives for our senior leadership. Margin growth was led by strong operational improvements and automation-led efficiencies. We generated strong operating cash flows at 143% of our net income for the quarter and our EPS increased by 14.6% quarter-over-quarter,” said Jatin Dalal, chief financial officer, Wipro. The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions.