On a year on year (YoY) basis, the IT firm's net profit rose 2.83% and revenue jumped 14.35% in Q3 FY23. Profit before tax was at Rs 3,975.2 crore in quarter ended 31 December 2022 (up 16.23% quarter on quarter (QoQ) and up 5.2% YoY). In dollar terms, Wipro's gross revenue was $2.8 billion, registering a growth of 3.1% QoQ and 14.4% YoY. IT Services segment revenue improved to $2,803.5 million, an increase of 6.2% YoY.

IT Services operating margin for the quarter was at 16.3%, an increase of 120 bps QoQ. Non-GAAP constant currency IT Services segment revenue increased by 0.6% QoQ and 10.4% YoY.

For the year ending 31 March 2023, Wipro expects revenue from its IT Services business for the full year to be in the range of 11.5% to 12%, in constant currency terms.

The company delivered record total bookings of over $4.3 billion in total contract value (TCV) terms grew 26% YoY for the quarter. It closed 11 large deals resulting in a TCV of over $1 billion, grew by 69% YoY in Q3 FY2023.

The company said that its closing employee count in IT Services stood at 258,744. Voluntary attrition measured in trailing twelve months for the quarter was at 21.2%, a moderation of 180 bps from previous quarter.

Thierry Delaporte, CEO and managing director of Wipro, said, “I am pleased to report that we have delivered another quarter of double-digit revenue growth. Our total bookings were over $4.3 billion, led by solid large deal signings of over $1 billion. We improved our margins by 120 basis points and our attrition moderated for the fourth quarter in a row.

Delaporte further added, “We are continuing to gain market share as a result of deepening client relationships and higher win rates. Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimization. Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favourably in a consolidating market.”

Jatin Dalal, chief financial officer, said, “Our Operating margins are now at 16.3%, which is an expansion of 120 basis points from last quarter. This expansion of margins was after absorbing the investments we made in our people by way of salary increases, promotions and long-term incentives for our senior leadership. Margin growth was led by strong operational improvements and automation-led efficiencies. We generated strong operating cash flows at 143% of our net income for the quarter and our EPS increased by 14.6% quarter-over-quarter.”

Meanwhile, the IT company's board has approved the payment of interim dividend of Rs 1 per equity share. The record date for the same is 25 January 2023 and the dividend will be made on or before 10 February 2023.

Wipro is a leading technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs.

Shares of Wipro shed 0.20% to close at Rs 393.65 on the BSE.