Wipro Q3 Results: PAT down 12% YoY to ₹2,694 crore, revenue drops 4.4% YoY. All you need to know
Wipro announced its September-December quarter results for fiscal 2023-24 (Q3FY24) today, reporting a consolidated net profit of ₹2,694 crore, a mere 1% QoQ jump, while showing a 12% decline on a year-on-year (YoY) basis. The revenues of Wipro came in at ₹22,205 crore in Q3, indicating a 4.4% decrease compared to the revenue of ₹23,229 crore reported in the corresponding period last year. Sequentially, revenue also saw a 1.4% drop.
In Q3 FY24, Wipro's total bookings came in at $3.8 billion in constant currency terms, marking a slight 0.2% QoQ increase but reflecting a notable 13.5% YoY decline. Large deal bookings stood at $0.9 billion in Q3 FY24, showing an 8.3% YoY decrease. “In a seasonally soft quarter, deal booking momentum remained strong.
Our large deals recorded 20% year-to-date growth. Further, we are starting to see early signs of a return to growth in consulting, as demonstrated by the double-digit growth in order bookings in our Capco business," said Thierry Delaporte, CEO and Managing Director of Wipro. The company expects revenue from its IT services business segment to be in the range of $2,615 million to $2,669 million.
This translates to sequential guidance of -1.5% to +0.5% in constant currency terms. IT services segment revenue in CC terms came in at $2,656.1 million in Q3 FY24, a decrease of 2.1% QoQ. (Please note that this is a developing story, and updates will be provided shortly.)Milestone Alert!
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