Wipro Q3 net profit up 20.8% to ₹2,968 crore.

IT services major Wipro on Wednesday posted an about 21 per cent increase in consolidated net profit at 2,968 crore for the December 2020 quarter.

The net profit attributable to shareholders in the year-ago period was at 2,455.9 crore, according to a regulatory filing by Wipro.

Its revenue from operations grew nearly 1.3 per cent to 15,670 crore from 15,470.5 crore in the quarter ended December 2019.

Wipro, which gets a bulk of its topline from IT services, said it expects revenues from that business to be in the range of USD 2,102 million to USD 2,143 million in the March 2021 quarter. This translates into a sequential growth of 1.5 per cent to 3.5 per cent for the March quarter.

For the December quarter, IT services revenue grew 3.9 per cent sequentially to USD 2,071 million, exceeding the forecast that had been given by the company in October.

In October, Wipro had said it expects its revenue from IT services business to be in the range of USD 2,022-2,062 million for the December quarter, a sequential growth of 1.5-3.5 per cent.

“Wipro has delivered a second consecutive quarter of strong performance on order booking, revenue and margins. Five of our sectors grew over 4 per cent sequentially. We closed our largest ever deal win in Continental Europe,” Wipro CEO and Managing Director Thierry Delaporte said in a statement.

The demand environment is steadily improving, especially for digital transformation, digital operations, and cloud services, he added.

The company’s revenue from IT products during the quarter was about 160 crore (USD 21.3 million), while that from Indian state run enterprises business was 240 crore (USD 32.8 million).

The company has declared a dividend of Re 1 per equity share.

Wipro shares closed marginally higher at 458.7 apiece on BSE on Wednesday. The results were declared after market hours.

Source- Hindustan Times.

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