Wipro Ltd. announced a consolidated net profit of Rs 2,700 crore for the third quarter, reflecting an 11.90% year-on-year decline compared to Rs 3,065 crore in the same period last year. The consolidated sales for the quarter stood at Rs 22,205 crore, down from Rs 23,229 crore in the corresponding quarter last year. The offshore revenue, as a percentage of services, was reported at 59.8%. Wipro’s dollar revenue for the quarter amounted to $2.66 billion, marking a 1.7% sequential decrease and a 6.9% drop on a year-on-year basis.
The operating margin for the quarter was 16%, experiencing an 11 basis points sequential decrease. Wipro reported total bookings of $3.8 billion, reflecting a 13.5% year-on-year decline in CC terms. Large deal wins amounted to $0.9 billion, down 8.3% in CC terms. The attrition rate for the quarter stood at 14.2%.
Wipro declared an interim dividend of Re 1 per share, with a record date set for January 24. The IT major is slated to pay the interim dividend on or before February 10. The voluntary attrition rate continued to moderate sequentially, reaching a 10-quarter low of 12.3% in the December quarter.
Wipro anticipates revenue from the IT Services business segment to range from $2,615 million to $2,669 million in the fourth quarter, translating to a sequential guidance of minus 1.5% to 0.5% in constant currency terms. CEO and Managing Director Thierry Delaporte expressed confidence in the company’s investments in people, processes, and business operations, emphasizing the strength of deal booking momentum. Delaporte highlighted a 20% year-to-date growth in large deals and noted early signs of a return to growth in Consulting. Chief Financial Officer Aparna C Iyer commended the company’s execution across financial metrics, showcasing resilience, agility, and efficiency.