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IT major Wipro registered a growth of 14.4 per cent in gross revenue in the third quarter of the current financial year (Q3FY23) as compared to the same period last year (Q3FY22). Its revenue from IT services was up 10.4 per cent in the same period. It has declared an interim dividend of Rs 1 per equity share/ADS.
The net income of the company was up 2.8 per cent year-on-year (YoY) to Rs 3,050 crore in the quarter. The operating margins stood at 16.3 per cent.
The revenue expectations from IT Services business for the full year is expected to be in the range of 11.5 per cent to 12.0 per cent, in constant currency terms.
The attrition has been recorded at 21.2 per cent during the quarter.
“Our Operating margins are now at 16.3 per cent, which is an expansion of 120 basis points from last quarter. This expansion of margins was after absorbing the investments we made in our people by way of salary increases, promotions and long-term incentives for our senior leadership. Margin growth was led by strong operational improvements and automation-led efficiencies. We generated strong operating cash flows at 143 per cent of our net income for the quarter and our EPS increased by 14.6 per cent quarter-over-quarter,” said Jatin Dalal, CFO of the company.
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