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Earnings

Wipro Q3 net profit tanks 2.17% to Rs 2,455.9 crore

Updated : January 14, 2020 07:54 PM IST

In the corresponding quarter last year, the company posted a net profit of Rs 2,510.4 crore.

Bengaluru-based company also announced a dividend of Re 1 per equity share of par value Rs 2 each.

IT consulting major Wipro on Tuesday reported a 2.17 percent year-on-year (YoY) drop in consolidated net profit at 2,455.9 crore for the third quarter ended December 2019.

In the corresponding quarter last year, the company posted a net profit of Rs 2,510.4 crore.

However, revenue from operations of the IT firm increased 2.7 percent year-on-year to Rs 15,470.5 crore during the quarter under review against

Rs 15,059.50 crore in the same quarter last year.

EPS for the quarter was Rs 4.3 per share and grew 3.2 per cent year-on-year.

Wipro, which gets bulk of its topline from IT services, said it expects revenues from that business to be in the range of $2,095 million to $2,137 million in the March quarter - a sequential growth of flat to 2 percent.

Wipro's IT services segment revenue was at $2,094.8 million in December quarter, a sequential growth of 2.2 percent. This is in line with its outlook of $2,065 million to $2,106 million guided earlier.

The company has seen strong growth in the digital business. Contribution from Digital now stands at 39.8 percent, up 22.8 percent on a year-on-year basis.

Wipro onboarded over 1,891 freshers in December quarter with the total headcount at 187,318. Voluntary attrition on last 12 months basis has reduced to 15.7 percent. Localisation in the US is now at 70 percent.

Bengaluru-based company also announced a dividend of Re 1 per equity share of par value Rs 2 each.

Abidali Z Neemuchwala, chief executive officer 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."

Shares of Wipro ended at Rs 256.80, up by Rs 1.90, or 0.75 percent on the BSE.

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