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Wipro Q3 net flat at ₹2,969 cr. – The Hindu

Wipro posted a net profit of ₹2,969 crore for the December quarter compared with ₹2,968 crore reported in the year-earlier period, indicating an almost flat PAT.

The tech services firm’s reported third-quarter numbers were largely in line with expectations though the momentum decelerated a bit in terms of revenue growth.

In Q3, gross revenues increased 29.6% YoY basis to ₹20,313 crore ($2.7 billion)while on a sequential basis it rose 3.3%.

Deal bookings remained robust and new business strategy, improved execution and a strong deal pipeline brought in growth, according to CEO & MD, Thierry Delaporte.

IT services, which contributes more than 95% of Wipro’s total income, stood at $2.64 billion, a 2.3% rise sequentially and 27.5% growth YoY.

For Q4 of the fiscal, Wipro expects its revenues to be in the range of $2.692 billion to $2.745 billion, which will translate into a sequential growth of 2% to 4%, as per the company.

“We have a broad-based growth in Q3,” said Mr. Delaporte. “Our order booking and pipeline remain very strong. Our deal wins are also accelerating. We don’t see any fundamental change in the market going ahead. That is the reason we have given strong guidance for Q4.’’

Attrition, a challenge

Wipro’s attrition stood at 22.7% in Q3 or 220 basis points higher than the last quarter. “We have stabilised our attrition as the rate of attrition has come down. We expect to see a moderation in Q4. As far as hiring of freshers is concerned, we are looking to hire almost 30,000 freshers in FY23,” said Chief HRO Saurabh Govil.

The tech firm added 10,306 employees (gross) in the quarter. Amid rising Omicron cases, Wipro also announced shutting down offices for the next four weeks.