Wipro Q3 Results: Declared! Check key earning details of the IT major

Wipro Results: Declaring its Q3 results, IT major Wipro on Tuesday reported a net profit of Rs 24.6 billion, which was down by 2.2% year-on-year. Gross revenues for the company was up by 2.7% year-on-year at Rs 154.7 billion. The revenues from the IT Services segment was at $2,094.8 million which went up by 2.2% sequentially. Non-GAAP2 constant currency IT Services Segment Revenue increased by 1.8% QoQ. IT Services Operating Margin for the quarter was at 18.4%, an increase of 0.3% QoQ.

Earnings per share (EPS) for the quarter was ₹4.3 which grew 3.2% YoY. Wipro declared an interim dividend of ₹1 ($0.0141) per equity share/ADS.

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Abidali Z. Neemuchwala, CEO and Managing Director said, “We have delivered a good quarter with secular growth across all business units, geographies and practices. We remain focused on deepening our customer relationships, converting our funnel and winning large deals.”

"We expect Revenue from our IT Services business to be in the range of $2,095 million to $2,137 million. This translates to a sequential growth of 0.0% to 2.0%," the company said in its filing to the BSE indicating Wipro's outlook for the quarter ending March 31, 2020.

Some of the deals that Wipro won, include a multi-year managed IT services contract from a leading airport in the Middle East. Wipro has also won a strategic deal from European manufacturer of hi-tech components for the automotive industry to consolidate, standardize, and automate their IT operations globally.

In the Digital & Cloud Application Services, Wipro secured a from US-based integrated healthcare delivery systems.Moreover, a US-based healthcare company has awarded Wipro a contract to streamline their enterprise operations and deploy new technologies to enable rapid growth, leveraging Topcoder, the company said in an exchange filing.

Keywords: Wipro, Wipro, Markets, Quarterly Results, Earnings, Gross revenues, net profit, IT Services, Abidali Z. Neemuchwala, CEO, Managing Director, Digital & Cloud Application Services