Wipro Shares Drop Post Q4; Misses Consensus - Wipro (NYSE:WIT)

Wipro Limited WIT reported fourth-quarter FY22 gross revenue of $2.75 billion, an increase of 28.4% Y/Y, which missed the consensus of $2.8 billion.
IT Services revenue grew 26.4% Y/Y (3.1% Q/Q) to $2.7 billion. Non-GAAP constant currency IT Services segment revenue grew 28.5% Y/Y.
IT Services Operating Margin for the quarter was at 17%, down 60 bps Q/Q.
Net income rose 3.9% Y/Y (4% Q/Q) to $406.9 million.
Operating Cash Flow was at $307.3 million.
EPS of $0.07 missed the consensus of $0.08.
CEO Thierry Delaporte said, “This is our sixth straight quarter of strong revenue growth at or over 3%. We are excited with the addition of Rizing and the CAS Group to Wipro’s service offerings.”
CFO Jatin Dalal said, “Our efforts on client mining have resulted in an addition of eight customers in more than $100 Mn bucket on YoY basis. We delivered operating margins of 17.7% for the year, after significant investments on solutions, capabilities, and talent.”
Outlook: Wipro sees Q1 IT service revenue of $2.748 billion - $2.803 billion, implying a 1%-3% Q/Q growth.
Price Action: WIT shares are down 4.26% at $6.52 on the last check Friday.