edited by: Mohammad Haris
Last Update: January 13, 2023, 4:36 pm IST
Wipro’s operating cash flow in the December 2022 quarter stood at 142.5 per cent of net income, at Rs 4,350 crore.
Wipro’s Q3 revenue up 14.4 percent to Rs 23,230 crore during October-December 2022
IT major Wipro Ltd on Friday reported a 2.8 per cent year-on-year rise in its consolidated net profit to around Rs 3,050 crore for the December 2022 quarter (Q3FY23). During October-December 2022, its revenue increased by 14.4 percent to Rs 23,230 crore.
Wipro’s operating cash flow for the December 2022 quarter stood at 142.5 per cent of net income, a growth of 44.7 per cent at Rs 4,350 crore.
Wipro also declared an interim dividend of Re 1 per equity share on Friday, according to a BSE filing.
“Earnings per share for the December 2022 quarter were at Rs 5.57 ($0.071), a growth of 14.6 per cent QoQ and 2.6 per cent,” Wipro said in the filing.
The company’s voluntary exits during the December 2022 quarter (Q3) declined by 180 bps from the previous quarter, at 21.2 per cent for the trailing twelve months for the quarter. Top-5 customers grew 15.7 percent year-over-year and top-10 customers grew 14.7 percent year-over-year in constant currency terms, underscoring deeper relationships with top strategic customers.
On the outlook for the March 2023 quarter, Wipro said, “We expect revenue from our IT services business for the full year is expected to be in the range of 11.5 per cent to 12 per cent in constant currency terms.”
Thierry Delaporte, CEO and Managing Director, said, “I am pleased to report that we delivered another quarter of double-digit revenue growth. Our total bookings exceeded $4.3 billion, led by more than $1 billion We closed 120 basis points of solid large deals. We improved our margins by 120 basis points and decreased attrition for the fourth consecutive quarter. We continue to gain market share as a result of deepening customer relationships and higher win rates.”
He added that clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimization. Our ability to meet client objectives regardless of where they are in their cloud journey is positioning us favorably in a consolidating market.
Wipro chief financial officer Jatin Dalal said, “Our operating margin now stands at 16.3 per cent, an expansion of 120 basis points from the previous quarter. This expansion of margin was after absorbing the investments we have made in our people through pay increases, promotions and long-term incentives for our senior leadership.”
He said the margin growth was driven by strong operational improvements and automation-based efficiencies. Wipro generated strong operating cash flow at 143 percent of the company’s net income for the quarter and our EPS grew 14.6 percent quarter-on-quarter.
“Non-GAAP constant currency IT Services segment revenue was up 0.6 percent QoQ and 10.4 percent YOY. IT Services operating margin for the quarter was 16.3 per cent, a growth of 120 bps QoQ,” Wipro said.
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