Wipro delivered a stellar performance in the third quarter and announced a rise of 21 per cent in the consolidated net profit to Rs 2,968 crore year-on-year (YoY) for the period ending on December 31, 2020. It was ₹2,456 crore in the year-ago period.
The tech giant said on Wednesday that consolidated revenue for the same period was Rs 15,670 crore. Wipro expects revenue from its IT Services business to be in the range of $2,102-$2,143 million, which translates to a sequential growth of 1.5% to 3.5%.
Thierry Delaporte, Chief Executive Officer and Managing Director at Wipro, said, "We witnessed unprecedented times. With improved vaccine prospect, we are filled with optimism for 2021. We have gone live with a new organisational structure as of January 1, 2021. We have had a second consecutive quarter of strong performance."
The growth was highest in 36 quarters and is broad-based across sectors and markets, Delaporte added.
President and Chief Financial Officer at Wipro Jatin Dalal said it was a good quarter on all parameters. "Our operating profit grew 24 per cent YoY and net profit growth is at 20.8 per cent. At the end of Q3, we had $6.2 billion of gross cash and net cash of $5.2 billion. Forex gave us upward movement by 0.3 per cent. The buyback program will be completed by January end."
Wipro has also announced an interim dividend of Re 1 per share.
Wipro also marked the employee attrition of 11 per cent in the same period and hired about 14,000 employees including the onboarding of more than 2,900 freshers.