Wipro on April 27 reported a 0.4 percent YoY decline in its consolidated net profit for the quarter ended March 2023 (Q4FY23) at Rs 3075 crore, as against Rs 3,087 crore a year ago. The company had reported a profit of Rs 3,053 crore in the last quarter.
Its consolidated revenue from operations stood at Rs 23,190 crore, up 11.2 percent from Rs 20,860 crore recorded in the corresponding quarter last year, Wipro said in an exchange filing. Revenue stood at Rs 23,229 crore in Q3FY23.
A poll of brokerages had estimated the consolidated revenue of the tech major at Rs 23,505 crore, up 13 percent on-year, while consolidated profit after tax was pegged 2.2 percent higher at Rs 3,156 crore. Sequentially, revenue and profit were expected to increase 1.2 percent and 3.4 percent.
The company also approved a proposal to buyback up to 26.96 crore equity shares for an aggregate amount not exceeding Rs. 12,000 crores at a price of Rs 445 per share and accounting for 4.91 percent of the total paid-up equity shares of the Company.
"We closed FY23 with the strongest ever bookings recorded in a year. We delivered two consecutive quarters of total bookings of over $4.1 billion. Our large deal order booking grew by 155% year-over-year for the quarter," said Thierry Delaporte, CEO and MD, Wipro. "We are also pleased to announce our share buyback, which is part of our philosophy to deliver consistent returns to shareholders,"
The company's IT services segment revenue increased 4 percent YoY to $2,823 million. It remained flat sequentially with operating margin also remaining flat at 16.3 percent.
“We continue to maintain our focus on operational improvements and productivity enhancements which led to our IT services margin exit at 16.3% in Q4 despite macro headwinds. We generated strong operating cash flows at 121% of our net income for the Quarter," said Jatin Dalal, Chief Financial Officer, Wipro.
The company outlined its outlook for the next quarter and expects Revenue from IT Services business including India State Run Enterprise (ISRE)
segment to be in the range of $2,753 million to $2,811 million which translates to a sequential guidance of negative 3.0 percent to negative 1.0 percent in constant currency (CC) terms.