Wipro Quarterly Results Highlights Q3

Wipro’s net profit fell 12% YoY to Rs 2,694 crore in Q3, its fourth consecutive quarter of decline.

Revenue fell 4.4% YoY to Rs 22,205 crore, missing analyst estimates of Rs 22,343 crore.

Wipro’s EBIT margin fell 10 bps to 16% due to a wage hike and furloughs.

Management Commentary – Wipro Q4 Guidance

Wipro Next Quarter Revenue  will be somewhere between $2,615 million and $2,669 million.  

CEO Thought: The Company is investing in AI to make their company more efficient and ready for new opportunities.

CFO thoughts: Maintaining profit margins steady at 16%, even though they’re spending more on growth and taking care of their employees.

Wipro ADR Jump

Wipro ADR jumped almost 17 per cent after the company declared quarterly results for the quarter ending December 2023. Wipro ADR traded at $6.28, up 16.95 per cent on Friday.