Wipro Clocks 30% Revenue Growth In Q3, Declares Interim Dividend

Wipro Ltd  WIT reported third-quarter FY22 gross revenue of $2.7 billion, an increase of 3.3% Q/Q and 29.6% Y/Y, beating the consensus of $2.68 billion.

• IT Services revenue reached $2.6 billion, +2.3% sequentially and 27.5% Y/Y. Non-GAAP constant currency IT Services segment revenue grew 28.5% Y/Y.
• IT Services Operating Margin for the quarter was at 17.6%, down from 21.7% a year ago, and decreasing 19 bps Q/Q.
• Net income declined to $399.1 million. EPS was $0.07, lower than the consensus of $0.08.
• Operating Cash Flow was at $404.2 million.
• Thierry Delaporte, CEO and Managing Director, said, "Wipro has delivered a fifth consecutive quarter of strong performance, both on revenues, and margins. Order bookings have been strong too, and we have added seven new customers in the more than $100 Mn revenue league, in the last 12 months."
• Outlook: Wipro sees Q4 IT service revenue of $2.692 billion - $2.745 billion, implying a 2%-4% sequential growth.
• Dividend: Wipro declared an interim dividend of $0.013 per equity share/ADS.
• Price Action: WIT shares are down 5.89% at $8.95 in the premarket session on the last check Wednesday.