Wipro Q3FY24 result: Net profit falls 11% to Rs 2,694 cr, dividend declared

Wipro Q3 results: The shares of the company had risen over 4 per cent in anticipation of the results on Friday

IT major Wipro on Friday reported an 11 per cent fall in its net profit in the quarter that ended on December 31, 2023, to Rs 2,694.2 crore from Rs 3,052.9 crore in the same quarter in the previous period.

The net profit was, however, higher compared to the previous quarter when it was Rs 2,646.3 crore. 

“In a seasonally soft quarter, deal booking momentum remained strong. Our large deals recorded a 20 per cent year-to-date growth,” said Thierry Delaporte, chief executive officer and managing director at Wipro. 

The company's revenue from operations also fell to Rs 22,205.1 crore as compared to Rs 23,290 crore in the same period in 2022. The revenue in the previous quarter (Q2FY24) was Rs 22,515.9 crore. 

Sequentially, the company's revenue from its IT business also fell 1.1 per cent to Rs 22,151 crore. The EBIT margin of its IT business came out to be 16 per cent. In the previous quarter, it was 16.1 per cent. 

For Q4FY23, Wipro has set a sequential guidance of -1.5 per cent to 0.5 per cent in constant currency terms. “We expect revenue from our IT Services business segment to be in the range of $2,615 million to $2,669 million,” the company said. 

The voluntary attrition at Wipro came in at 10-quarter low of 12.3 per cent during the October-December quarter.

Wipro also announced an interim dividend of Rs 1 per share. "The payment of interim dividend will be made on or before February 10, 2024,” it said in a regulatory filing. 

The shares of the company had risen over 4 per cent in anticipation of the results on Friday. On BSE, Wipro's shares closed at Rs 466.10 apiece.