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Infosys, TCS, Wipro Q3 Results Highlights | IT majors Infosys, Tata Consultancy Services (TCS) and Wipro announced their quarterly results on January 12.
Wipro has reported a 2.3 percent sequential growth in its Q3 FY22 revenue, which came in at $264 billion in terms of dollar and a 3 percent sequential growth in terms of rupee.
Net profit totaled $399.10 million in Q3 up 1.3% from the end of the September quarter (Q2 2021-22). Operating margin was at 17.6% down 19 basis points from Q2.
This is the first time when Wipro, TCS and Infosys are declaring their financial results on the same day.
The last two quarters have been strong for the IT sector and even the seasonally weak October-December period - due to the year-end holidays - is likely to be no different as unprecedented demand driven by the shift to digital amid the coronavirus pandemic boosted the sector.
Brokerage firm Kotak Institutional Equities pegs that Wipro, Tech Mahindra and HCL Tech will deliver 4.5 percent growth in constant currency whereas Infosys and TCS will grow at 3.7 percent and 2.6 percent respectively.
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"We continued our focus on growing organically and on developing the talent, methodologies, and toolkits for an ever- evolving technology landscape. This, coupled with our contextual knowledge and the passion and commitment of thousands of TCSers enabled us to deliver cutting-edge solutions during the quarter, and help our clients realize speed to value. We are also delighted to cross another important milestone in our journey, hitting the $25 billion revenue mark in CY 2021," TCS COO and ED N GanapathySubramaniam said.
TCS CFO Samir Seksaria, while reacting to the company's Q3 performance, said, "Our sustained investment in our talent has helped us power strong growth despite a challenging supply environment. We remain focused on long term talent development as well as on tactical measures to mitigate the talent churn. We have exercised various operating levers in Q3 to mitigate the higher costs and manage our employee expense."
TCS' earnings before interest and taxes rose two percent, as compared to the past quarter, to Rs 12,237 crore. In Q2 FY22, an EBIT of Rs 12,000 crore was recorded.
TCS has reported a reported a revenue of Rs 48,885 croreagainst the estimate of Rs 48,481 crore in the CNBC TV poll. The net profit for the quarter came in atRs9,769 crore, around 1.5percent higher than the previous quarter.
TCS has reported aprofit of Rs 9,769 crore, marginally higher than Rs 9,624 crore reported in the last quarter. The numbers are, however, slightly lower than Rs 9,862 crore which was estimated in the CNBC-TV18 poll.
Infosys' struggles with high attrition continued in the December quarter as the voluntary attrition rate skyrocketed to 25.5 percent from 20.1 percent, a quarter ago.
Wipro, which reported a net profit of Rs 2,970 crore for the quarter, also revealed today that ithired a total 41,363 employees between January and December 2021, a multi-fold jump from 2,990 in FY21, as demand for talent soared amid shift to digital while rate of attrition also gained. Read full report
The robust topline performance of Wipro hasfurther enabled the company to raise its revenue growth guidance for 2022-23 to 19.5-20.0 percent from 16.5-17.5 percent earlier."We expect the healthy technology spend to continue with large enterprises progressing on their digital transformations," Salil Parekh, Wipro MD and CEO, said.
