Conference Call with Wipro Management and Analysts on Q3FY23 Performance and Outlook. Listen to the full earnings transcript. Management in attendance: CEO Thierry Delaporte and senior team
IT consulting services company Wipro announced Q3FY23 results: Q3FY23: Gross revenue reached Rs 232.3 billion (US$ 2.8 billion), an increase of 3.1% QoQ and 14.4% YoY IT services segment revenue increased to US$ 2,803.5 million, an improvement of 6.2% YoY Non-GAAP constant currency IT services segment revenue was up by 0.6% QoQ and 10.4% YoY IT services operating margin for the quarter was at 16.3%, an increase of 120bps QoQ Total bookings up by 26% and large deal bookings up by 69% YoY Net income for the quarter was at Rs 30.5 billion (US$ 369.1 million), a growth of 14.8% QoQ and 2.8% YoY Earnings Per Share for the quarter was at Rs 5.57 (US$ 0.07), an increase of 14.6% QoQ and 2.6% YoY Operating cash flows at 142.5% of net income for the quarter was at Rs 43.5 billion (US$ 526.0 million), an increase of 44.7% YoY Voluntary attrition moderated 180 bps from the previous quarter, landing at 21.2% for the trailing 12 months for the quarter Top 5 clients grew 15.7% YoY and top 10 clients grew 14.7% YoY in constant currency terms, underscoring deepening relationships with top strategic clients Wipro declared an interim dividend of Rs 1 (US$ 0.012) per equity share/ADS Thierry Delaporte, CEO and Managing Director, said, “I am pleased to report that we have delivered another quarter of double-digit revenue growth. Our total bookings were over US$ 4.3 billion, led by solid large deal signings of over US$ 1 billion. We improved our margins by 120 basis points and our 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. Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimization. Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favourably in a consolidating market. As we move ahead, we expect to continue to benefit from these trends and help clients build future-proof, resilient enterprises.” Result PDF