IT Consulting & Software company Wipro announced Q3FY24 results: Gross revenue reached Rs 222.1 billion ($2.7 billion), a decrease of 1.4% QoQ. IT services segment revenue was at $2,656.1 million, a decrease of 2.1% QoQ. Non-GAAP constant currency IT Services segment revenue decreased by 1.7% QoQ. Total bookings were at $3.8 billion, up by 0.2% QoQ and large deal bookings were at $0.9 billion. IT services segment EBIT for the quarter was Rs 35.4 billion ($425.8 million), a decrease of 1.8% QoQ. IT services operating margin for the quarter was at 16.0%, down by 11 bps QoQ. Net income for the quarter was at Rs 26.9 billion ($323.9 million), an increase of 1.8% QoQ. Earnings per share for the quarter was at Rs 5.16 ($0.061 ), an increase of 2.0% QoQ. Operating cash flows at 177.3% of Net Income for the quarter was at Rs 47.9 billion ($575.7 million). Voluntary attrition has continued to moderate QoQ, coming in at a 10-quarter low of 12.3% in Q3FY24. Interim dividend declared of Rs 1 ($0.0121 ) per equity share/ADS “Our investments in people, processes, and business operations are continuing to pay off,” said Thierry Delaporte, CEO and Managing Director. “In a seasonally soft quarter, deal booking momentum remained strong. Our large deals recorded a 20 percent 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. He added, “Under our ai360 strategy, AI is now embedded across most of our existing solutions and client offerings. We’re deploying AI internally across all business and functional areas as well, with the goals of efficiency, productivity, and scale. We are confident that these investments will allow us to capitalize on emerging opportunities, as the macro environment improves.” Aparna C. Iyer, Chief Financial Officer, said, “I am pleased with our rigor of execution across all financial metrics- revenue, margin, EPS, and cash flow. We are building a more resilient, agile, and efficient organization which has helped us sustain our margins at 16%, a 63 basis point improvement on a year-to-date basis despite revenue headwinds and absorbing the impact of the investments we are making for growth and people.” Result PDF