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Published: Jan 13, 2023
Updated: Jan 13, 2023

Wipro Q3 Results: Tech giant surprises investors with Strong results ,exceeding market expectations

Breaks the Streak

Wipro Limited, a leading technology services and consulting company, has announced its financial results for the quarter ended December 31, 2022. The company reported gross revenue of ₹232.3 billion ($2.8 billion), an increase of 3.1% compared to the previous quarter and 14.4% YoY. The company's IT Services Segment Revenue also increased to $2,803.5 million, an improvement of 6.2% YoY.

Increase reported in Operating Margin and Total Bookings:

The company's IT Services Operating Margin for the quarter was at 16.3%, an increase of 120 bps compared to the previous quarter. Total bookings for the quarter were up by 26% and large deal bookings were up by 69% YoY.

Net Income and Earnings per Share:

The company's net income for the quarter was at €30.5 billion ($369.1 million), a growth of 14.8% compared to the previous quarter and 2.8% YoY. Earnings per share for the quarter were at 25.57 ($0.07), an increase of 14.6% compared to the previous quarter and 2.6% YoY.

Good Operating Cash Flows:

Operating cash flows for the quarter were at 142.5% of net income, at ₹43.5 billion ($526.0 million), an increase of 44.7% YoY.

Both the Rivals report strong numbers:

Infosys and Wipro have reported strong financial results for Q3 2022. Infosys reported a net profit of ₹ 6,586 crore ($905 million), a 13% increase YoY and revenue of ₹ 38,318 crore ($5.2 billion), a 20.2% increase YoY. Wipro's net profit for the quarter came in at ₹3,052 crore ($420 million), a 15% increase compared to the previous quarter and a 3% increase YoY. Revenue for the quarter came in at ₹23,229 crore ($3.2 billion), a 3% increase compared to the previous quarter and a 14% increase YoY. Both companies reported strong growth in net income and total bookings, as well as improvements in operating margins. This performance highlights the robustness of the Indian IT sector and how the companies are adapting and executing their strategies successfully despite the global economic uncertainty. Both Infosys and Wipro continue to be reliable partners for their clients and investors, delivering sustainable growth and value.

IT sector remains robust:

Wipro Limited has reported strong financial results for Q3 with growth in net income and total bookings. The company's IT Services Operating Margin also saw an increase for the quarter. The company's voluntary attrition also moderated for the quarter and top 5 clients grew by 15.7%.