Wipro Grows Q3 Revenue By Over 14% Backed By IT Services Momentum

  • Wipro Limited WIT reported third-quarter FY23 gross revenue of $2.80 billion, an increase of 14.4% Y/Y, missing the consensus of $2.84 billion.
  • IT Services revenue grew 6.2% Y/Y to $2.80 billion. Non-GAAP constant currency IT Services segment revenue grew 10.4% Y/Y.
  • IT Services' operating margin for the quarter was 16.3%, up 120 bps Q/Q.
  • Net income was $369.1 million. Operating Cash Flow was at $526 million, up 44.7% Y/Y.
  • EPS of $0.07 was in-line with the consensus.
  • Wipro held $1.1 billion in cash and equivalents as of December 31.
  • Dividend: Wipro declared an interim dividend of $0.012 per equity share/ADS.
  • FY23 Outlook: Wipro sees IT Services business revenue of 11.5% - 12.0% in constant currency terms. 
  • Price Action: WIT shares closed higher by 1.04% at $4.84 on Thursday.
  • Photo Via Company
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