Wipro reports gross revenue of Rs 156.7 billion in Q3

Wipro Limited announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended 31 December 2020.

Highlights of the Results

Results for the Quarter ended December 31, 2020:

• Gross Revenue was Rs 156.7 billion ($2.1 billion1), an increase of 3.7% QoQ and 1.3% YoY
• IT Services Segment Revenue was at $2,071 million, a sequential growth of 3.9%
• Non-GAAP2 constant currency IT Services Segment Revenue increased by 3.4% QoQ
• IT Services Operating Margin3for the quarter was at 21.7%, an expansion of 243 bps QoQ and 329 bpsYoY
• Net Income for the quarter was Rs 29.7 billion ($406million1), an increase of 20.8%YoY
• Earnings Per Share for the quarter was at Rs 5.21 ($0.071), an increase of 20.7% YoY
• Operating Cash Flow was at Rs 44.3 billion ($607 million1), which is149.4% of Net Income
• Wipro declared an interim dividend of Rs 1 ($0.0141) per equity share/ADS

Performance for the quarter ended December 31, 2020

Thierry Delaporte, CEO and managing director, said: “Wipro has delivered a second consecutive quarter of strong performance on order booking, revenue and margins. Five of our sectors grew over 4% sequentially. We closed our largest ever deal win in Continental Europe. The demand environment is steadily improving, especially for digital transformation, digital operations, and cloud services.I am also pleased to share with you that we have moved into our new organization structure and are stabilizing quickly.”

Jatin Dalal, chief financial officer, said: “Our margins are now at a 22 quarters high. The expansion was led by improved revenue growth trajectory and excellence in operations with several metrics at an all-time high. Our Operating Cash Flows grew by 45% YoY with a significant improvement in outstanding receivables.”