Wipro makes net income of Rs 29.7 bn for Q3 FY22, up 1.3% QoQ

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Wipro on Wednesday announced results for the quarter ended December 31, 2021, recording a gross revenue of Rs 203.1 billion ($2.7 billion), an increase of 3.3 percent QoQ, and 29.6 percent YoY.

Wipro registered net income of Rs 29.7 billion ($399.1 million) for the third quarter, marking an increase of 1.3 percent QoQ.

Its IT services segment revenue stood at $2,639.7 million, an increase of 2.3 percent QoQ and 27.5 percent YoY. Non-GAAP2 constant currency IT services segment revenue increased by 3 percent QoQ and 28.5 per cent YoY.

Its IT services operating margin for the quarter was 17.6 percent, a decrease of 19 bps QoQ. Earnings per share for the quarter was at Rs 5.43, an increase of 4.2 per cent YoY.

The firm’s operating cash flow was at Rs 30.1 billion ($404.2 million), which is 101.3 percent of net income.

The closing strength of employees for IT services was at 231,671, an increase of 41,363 employees on a net basis YoY.

“We added 10,306 employees during the quarter. Wipro declared an interim dividend of Rs 1 per equity share/ADS performance for the quarter ended December 31, 2021,” said Thierry Delaporte, CEO and Managing Director, Wipro

“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 million revenue league in the last 12 months. Our strategy and improved execution continue to serve us well, and we are confident of building on this momentum. We are also excited to have completed the acquisitions of Edgile and LeanSwift Solutions in the quarter, both of which will add to our capabilities significantly,” Delaporte added.

Jatin Dalal, Chief Financial Officer, Wipro, said, “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 per cent of net income. Additionally, we have declared an interim dividend of Rs 1 per equity share.”

As an outlook for the quarter ending March 31, 2022, the company expects revenue from the IT services business to be in the range of $2,692 million to $2,745 million. This translates to a sequential growth of 2 percent to 4 percent.

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