Financial Insights

Wipro fails to impress with their Q3 results

Wipro was unable to dazzle its investors with good results on 12th January. Although its revenue from operations increased by 21.3% to Rs 15,278 crores, its standalone net profit dropped by 8.7% to Rs 2,419.8 crores from Rs 2,649.7 crores in the corresponding quarter last year. Its growth in revenue was estimated at 30% by analysts which it has failed to report.

“Wipro has delivered a fifth consecutive quarter of strong performance, both on revenues, and margins. Order bookings have been strong too, and we have added seven new customers in the more than $100 million revenue league, in the last 12 months,” said Thierry Delaporte, CEO and MD of Wipro.

Wipro reported a consolidated net profit of Rs 2,969 crores in the quarter against Rs 2968 crores, which was its net profit for the corresponding period previous year. For the quarter ending on March 2022, Wipro has estimated a 2-4% growth.

Following the disappointing results, the stock fell 6.02% today. In other news, the company has announced a dividend of Rs 1 per share, the record date for which has been set at 24th January, 2022 and the payment for which shall be made on or before 5th February, 2022.

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