Wipro meets Street estimates, posts net profit of Rs 2,969 crore for the third quarter
Wipro on Wednesday met Street estimates when it posted a net profit of Rs 2,969 crore for the third quarter ended December 31, 2021, against Rs 2,966.7 crore in the corresponding period of the previous fiscal.
Revenues of the company rose to Rs 20,313.6 crore from Rs 15,670 crore in the previous year — a growth of almost 30 per cent. Its IT services revenue came in at $2,639.7 million, an increase of 2.3 per cent over the preceding quarter and 27.5 per cent over the year ago period.
Wipro expects that revenue from its IT services business will be in the range of $2,692- 2,745 million which translates to a sequential growth of 2-4 per cent. This is in line with analyst estimate.
Wipro’s CEO and managing director Thierry Delaporte said that the company continued to win large deals during the period.
The company will close its offices globally for the next four weeks following a surge in the Covid-19 cases.The company would recalibrate return to office initiatives in light of the evolving situation.
The change of plan comes right after the company started taking steps towards getting employees back to the office.