IT major Wipro Ltd on January 12 reported a net profit of Rs 2,970 crore in the fiscal third-quarter (Q3 2021-22), which is higher than Rs 2,931 crore reported in the quarter ending on September 30.
Compared to the same quarter in the previous financial year, the net profit was nearly the same. The company had reported a profit of Rs 2,968 crore in the year-ago period.
The revenue in Q3 FY22 came in at Rs 20,432.3 crore, which is higher than Rs 19,667 crore reported in the previous quarter. The numbers also mark a 30 percent year-on-year growth, as Wipro had reported a revenue of Rs 15,670 crore in the corresponding period last year.
The earnings before interest and taxes (EBIT) for Q3 FY22 came in at Rs 3,553.5 crore, as compared to Rs 3,560 crore estimated in the CNBC-TV18 poll.
"Wipro has delivered a fifth consecutive quarter of strong performance, both on revenues, and margins. Order bookings have been strong too, and we have added seven new customers in the more than $100 mn revenue league, in the last 12 months," company's CEO and Director Thierry Delaporte said.
In the regulatory filing, Wipro also noted that its board has declared an interim dividend of Re 1 per equity share.
"We delivered robust operating margins after absorbing substantial investments on salary increases, owing to continued improvement in operating metrics. We also improved our working capital, by reducing our Days Sales Outstanding. This has resulted in strong operating cash flow conversion, of 101.3 percent of net income," Jatin Dalal, Wipro's Chief Financial Officer, said.
On the outlook for Q4, Wipro said it expects revenue from IT Services business to be in the range of $2,692 million to $2,745 million, which will translate into a sequential growth of two to four percent.
The company noted that demand environment continues to be robust, and bookings continue to be high. Wipro is eyeing "many mid and large sized deals in the market", it said, adding that its win rate in the market has "improved dramatically".
Wipro claimed that it expects attrition to "moderate from next quarter". The company further confirmed its decision to close down offices globally, for four weeks, in view of the threat posed by the Omicron variant of coronavirus.
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