Wipro Q3 profit drops 3% to Rs 2,463 crore; revenue up 2.73%

IT giant Wipro's Q3 consolidated profit dropped 3.2 per cent YoY to Rs 2,462.90 crore, while its revenue rose 2.73 per cent to Rs 15,470.50 crore from Rs 15,100.60 crore during the same period a year before.

IT services operating margin for the quarter was at 18.4 per cent, recording an increase of 0.3 per cent QoQ, the company said. The company has also announced an interim dividend of Rs 1 per equity share of par value Rs 2 each to shareholders. The payment of interim dividend will be made on or before February 4, 2020.

"We have delivered a good quarter with secular growth across all business units, geographies and practices. We remain focused on deepening our customer relationships, converting our funnel and winning large deals," said Wipro CEO Abidali Neemuchwala.

Jatin Dalal, Chief Financial Officer said the company expanded operating margins by 0.3 per cent, aided by a favourable movement in the currency.  The company is expecting revenue from IT services business to be in the range of $2,095 million to $2,137 million.

"This translates to a sequential growth of 0.0% to 2 per cent," a statement said.

The company's Q2 net profit stood at Rs 2,561.20 crore, which was up 7.27 per cent compared to Rs 2,387.60 crore in the June quarter.

Ahead of Q3 earnings, shares of Wipro rose 0.47 per cent to Rs 256 apiece on the Bombay Stock Exchange on Tuesday.

Also read: Wipro Q2 profit jumps 36% to Rs 2,561 crore, IT services revenue up 2.5%