Wipro posts Rs 30.5 billion as Q3 net profit

Chennai: Technology services and consulting company Wipro Ltd closed the third quarter of FY24 with a net profit of Rs 30.5 billion.

The company board at their meeting on Friday declared an interim dividend of Re 1 per equity share.

Wipro had earned a revenue of Rs 232.3 billion (Q3FY22 Rs.203 billion) and a net profit of Rs 30.5 billion (Rs 29.6 billion).

According to CEO and Managing Director Thierry Delaporte, the margins improved by 120 basis points and the employee 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,” Delaporte said.

Chief Financial Officer Jatin Dalal said: “This expansion of margins was after absorbing the investments we made in our people by way of salary increases, promotions and long-term incentives for our senior leadership. Margin growth was led by strong operational improvements and automation-led efficiencies. We generated strong operating cash flows at 143 per cent of our net income for the quarter and our EPS increased by 14.6 per cent quarter-over-quarter.”