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Wipro slides as Q3 profit drops over 3%

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Wipro was down 2.08% to Rs 251.8 after the company reported weak Q3 numbers after market hours yesterday.

The IT major's consolidated net profit fell 3.79% to Rs 2,455.90 crore on 2.28% rise in revenue to Rs 15,470.50 crore in Q3 December 2019 over Q2 September 2019.

IT services segment revenue showed a muted growth of 3.03% to Rs 15,100.60 crore in Q3 December 2019 over Q2 September 2019. In dollar terms, IT services segment revenue stood at $2,094.8 million, a sequential growth of 2.2%.

IT services operating margin for the quarter was at 18.4%, an increase of 0.3% quarter-on-quarter.

The company expects revenue from IT services business to be in the range of $2,095 million to $2,137 million. This translates to a dull sequential growth of 0.0% to 2.0%.

Commenting on company's Q3 performance, Abidali Z. Neemuchwala, CEO and managing director said, We have delivered a good quarter with secular growth across all business units, geographies and practices. We remain focused on deepening our customer relationships, converting our funnel and winning large deals.

Jatin Dalal, chief financial officer said, We expanded operating margins by 0.3% aided by a favorable movement in the currency. Further, we generated strong operating cash flows led by disciplined execution at 124% of our net income.

Wipro declared an interim dividend of Re 1 per equity share to be payable on the record date on 27 January 2020. The IT major's gross cash stood at Rs 35,089.30 crore as on 31 December 2019.

Wipro is a global information technology, consulting and business process services company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 15 2020. 09:21 IST