Wipro Q3 FY2023 net income up by 3% YoY to Rs 30.5bn

Wipro Q3 FY2023 results : Indian IT company Wipro has reported a net income of INR 30.5 billion ($369.1 million) for the third quarter of the fiscal year 2023 (Q3 FY2023) that ended 31 December 2022, which is an increase of 2.8% compared to INR 29.7 billion reported in Q3 FY2022.

In the previous quarter, that is Q2 FY2023, Wipro had a net income of INR 26.6 billion.

The Indian IT services provider saw a decline of 2.6% year-over-year (YoY) in earnings per share from INR 5.43 in Q3 FY2022 to INR 5.57 ($0.07) in the reported quarter.

Wipro Q3 FY2023 gross revenue was INR 232.3 billion ($2.8 billion), which is a YoY increase of 14.4%, compared to INR 203.1 billion in Q3 FY2022.

In Q2 FY2023, Wipro revenue was INR 225.4 billion.

Wipro Q3 FY2023 net income up by 3% YoY to Rs 30.5bn. Photo courtesy of Rameshng/Wikimedia Commons.

As per Wipro Q3 FY2023 results, the company’s IT services unit posted revenue of INR 230 billion, compared to INR 201 billion during the same period of the previous fiscal year.

Commenting on Wipro Q3 FY2023 results, Thierry Delaporte — CEO and Managing Director said: “I am pleased to report that we have delivered another quarter of double-digit revenue growth. Our Total Bookings were over $4.3 billion, led by solid large deal signings of over $1 billion. We improved our margins by 120 basis points and our attrition moderated for the fourth quarter in a row.

“We are continuing to gain market share as a result of deepening client relationships and higher win rates. Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimization.

“Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favourably in a consolidating market.”