Wipro Q3 Profit Falls 2.2% to Rs 2,460 Crore; Declares Dividend

On Tuesday, Wipro Ltd reported a 2.2 percent year-on-year decrease in consolidated profit for the December-ended quarter at Rs 2,460 crore.

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The IT company's total revenue rose by 2.73 percent to Rs 15,470.50 crore from Rs 15,059.50 crore in the same period of the previous year.

Its revenue from IT services rose by 2.97 percent to Rs 15,100.60 crore. In constant currency terms, it was 1.8 percent higher from the previous quarter and 3.3 percent higher from the same period of the previous year at $2,094.8.

"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," said Abidali Neemuchwala, CEO and Managing Director.

"We expanded operating margins by 0.3% aided by a favorable movement in the currency. Further, we generated strong operating cash flows led by disciplined execution at 124% of our Net Income," said Jatin Dalal, Chief Financial Officer.

On the outlook for March 2020 quarter, Wipro said that it expects revenue from our IT Services business to be in the range of $2,095 million to $2,137 million, translating to a sequential growth of 0 to 2 percent.

The company declared an interim dividend of Rs 1 per share. "An interim dividend of Rs. 1/- per equity share of par value Rs. 2/- each to the Members of the Company as on January 27, 2020, being the Record Date. The payment of Interim Dividend will be made on or before February 4, 2020," the company said in its stock exchange filing.

Shares of Wipro Ltd closed 0.47 percent higher at Rs 256 apiece ahead of the results.