Last Updated on January 18, 2024 by BFSLTeam BFSLTeam
On January 12, 2024, Wipro Limited (BSE, NSE: WIPRO) (NYSE: WIT) announced its Q3 2023-24 financial results, clocking its IT services revenue close to the top end of guidance, an increase in EPS, and major deal wins.
Table of Content
Consolidated Result Takeaways
Here are the overall consolidated highlights in Q3 results (figures are mentioned in USD as the company is a conglomerate and has posted results for the international market
- For Q3, Gross Revenue was at ₹222.10 billion ($2.7 billion), a decrease of 1.4% QoQ.
- The segment of IT services Revenue witnessed a drop of 2.1% QoQ and stood at $2,656.1 million.
- For Q3, the total bookings were at $3.8 billion, a rise of 0.2% QoQ. Large deal bookings stood at $0.9 billion.
- In the IT services segment, the Q3 EBIT stood at $425.8 million, a drop of 1.8% QoQ.
- In Q3, the Net Income stood at $323.9 million, a rise of 1.8% QoQ.
- The EPS for Q3 was at ₹5.16, a rise of 2.0% QoQ.
- An interim dividend of ₹1 per equity share has been declared.
- Operating cash flows stood at 177.3% of Net Income in Q3.
Additional Read: Q3 Results Dashboard
Result Highlights from the Management
Key management of Wipro Limited had some results to share and comment on for Q3. These are detailed below:
- The CEO and MD of Wipro Limited stated that the company’s deal booking trajectory stayed robust in a seasonally soft Q3. Large deals of the company have recorded a 20% year-to-date growth. Some signs of growth have been witnessed in the company’s Consulting services segment, as shown in the double-digit growth of order bookings in Wipro’s Capco business.
- AI has been effectively embedded in most of the company’s segments and solutions, touted to enhance productivity efficiency, and scale in the operations of the company.
- The CFO of Wipro Limited stated that there was vigour in the execution of all metrics like margin, EPS, revenue, and cash flow. The company has improved its efficiency to create a resilient organisation with margins sustained at 16% translating to an improvement of 63 bps on a year-to-date basis.
Other Features of Q3 Results
In Q3, Wipro Limited witnessed achievements in different aspects of its operations, including deal wins and accolades. Here are some key achievements in Q3:
- The company was chosen by a US-centric health insurance firm to deploy an Integrated Business Platform for delivering end-to-end administration services.
- An international technology key player has selected Wipro to create capabilities for its AI-based platform.
- An American retail bank has selected Wipro as its end-to-end partner for product development purposes.
- A regulatory body in the Middle East has chosen Wipro to collaborate with to strengthen its IT applications.
- Wipro has been positioned as the Leader in the Data Management and Advanced Analytics Services RadarView by Avasant (2023).
- Wipro has been recognised as the Leader by different entities including IDC Marketspace, HFS Horizons, Everest Group, etc.
Financial Results
Here are the financial results of Q3 in a nutshell (all figures in ₹ million as posted by the company press release, except where indicated by %):
| Metrics | Q3 FY 2023-24 | Q3 FY 2022-23 |
| Revenue from Operations | 222,051 | 232,290 |
| Gross Profit | 68,225 | 69,017 |
| Profit Before Tax | 35,521 | 39,752 |
| Profit for the Period | 27,006 | 30,650 |
| Results from Operating Activities | 32,865 | 37,636 |
Additional Read: Wipro Share Price
Q3 Result Summary
Wipro Limited, a leader in IT services and consulting, continues to show its operating prowess in Q3 despite it being a seasonally weak quarter. With its main focus on building innovative IT and technology-based solutions for enterprises, it remains a leader in solving digital issues of companies across the board of technology and related fields. With nearly 240,000 employees spread over 65 countries, at the close of Q3, the company has displayed a positive result for Q3 and looks forward to the rest of the year with optimism. The highlight of Q3 results is the $3.8 billion order booking that the company has achieved.
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Source: Wipro Limited
