Wipro Q3 net profit down 2.17% at Rs2,455.9 crore

Information Technology and consulting major Wipro Ltd has reported a consolidated net profit of Rs2,455.9 crore for fiscal third quarter ended 31 December 2019, a 2.17 per cent decline from the net profit for the similar quarter of the previous fiscal. 

Bengaluru-based Wipro had posted a net profit of Rs2,510.4 crore in the corresponding quarter of fiscal 2018-19. 
However, revenue from operations of the company, however, increased 2.7 per cent year-on-year to Rs15,470.5 crore during the quarter October-December 2019-20 quarter against Rs15,059.50 crore in the previous year quarter.
Earnings per share (EPS) for the quarter also grew 3.2 per cent to Rs4.3 per share year-on-year.
Wipro, which gets bulk of its revenue from IT services, said it expects revenues from that business to be in the range of $2,095 million (about Rs14,842 crore) to $2,137 million (about Rs15,140 crore) in the March quarter - a sequential growth of 2 per cent.
Wipro said revenue growth in the December quarter is in line with its outlook of $2,065 million to $2,106 million.
The company has seen strong growth in the digital business. Contribution from Digital now stands at 39.8 per cent, up 22.8 per  cent on a year-on-year basis.
Wipro onboarded over 1,891 freshers in December quarter with the total headcount at 187,318. Voluntary attrition in the last 12 months basis has reduced to 15.7 per cent. Localisation in the US is now at 70 per cent.
Wipro also announced a dividend of Re1 per equity share of par value Rs2 each – a 50 per cent payout.
"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," Abidali Z Neemuchwala, chief executive officer and managing director of Wipro, said.