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.

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

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

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Management Commentary – Wipro Q4 Guidance

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

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

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

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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.

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