WIPRO Q3 RESULTS 2024: NET PROFIT FALLS

Wipro reported its December quarter numbers. Let us look at Wipro Q3FY24 quarterly numbers in detail.

About Wipro

Wipro is a leading global information technology company providing consulting, technology, and business process services. With a rich history spanning several decades, Wipro has established itself as a trusted partner for businesses across industries, delivering innovative solutions and driving digital transformation.

Crucial parameters

• PE Ratio: 25.09
• PB: 4.37
• Market Cap: 2,43,167.25 crore
• ROE: 17.42%

Share Price Movement

Earlier in the day, Wipro's shared price closed 3.85% higher at Rs 464.45. In the last six months, Wipro shares have given 18.72% returns.

In the last year, the share price has given 18.18% returns. In the 5 years, Wipro shares have given only 79.50% returns to its investors, below its peers.

Wipro Q3FY24 Result Details

Here are all the key numbers you need to know about Wipro's December quarter results:

Revenue: The company reported a consolidated revenue of Rs 22,205 crore for Q3FY24, which is down by 4.4% YoY. FSI, manufacturing, and communications saw the highest drop in revenue for the company. The BFSI saw a 4.9% sequential fall, communications declined at 9.5%, and manufacturing fell 6.4%. The only vertical that saw revenue growth was healthcare at 7.3%.

Europe reported a sharp 5% sequential drop in revenue, and the APMEA region saw a fall of 6%. Americas 2 market, which comprises financial services, manufacturing, energy & utilities, and hi-tech industry sectors in both the US and Canada, saw a sequential fall of 1.7%.

Profits: Wipro's consolidated net profit for Q3FY24 stood at Rs 2,694 crore. This is the fourth consecutive quarter wherein the company has reported a fall in profits YoY. Sequentially, the profit rose 1.8%.

Margins: Operating margins were down 10 bps to 16.0% from last quarter’s 16.1%. 

Guidance: Revenue from our IT Services business segment to be in the range of $2,615 million to $2,669 million. It translates to a sequential guidance of -1.5% to +0.5% in constant currency terms. Earlier, the company slashed the guidance to -3.5% to -1.5%.

Employee count: The company reported a total headcount of 2,40,234, which came down from 2,44,707 in the September quarter. Voluntary TTM attrition stood at 14.2%.

Dividend: The company has declared a dividend of Rs 1 per equity share. The record date is set as January 24, 2024. The payment of the Interim Dividend will be made on or before February 10, 2024. 

Other updates: Wipro received total bookings of $3.8 billion for the quarter. The large deal bookings growth stood at $0.9 billion, down 8.3% YoY. The company added three customers in the $75 million plus category compared to the September quarter. The total number of new customers added in the December quarter is 55, and the active customer base is 1349, which has come down sequentially. Earnings per share for the quarter was at Rs 5.16, an increase of 2.0% sequentially.