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Wipro Limited WIT reported third-quarter FY23 gross revenue of $2.80 billion, an increase of 14.4% Y/Y, missing the consensus of $2.84 billion.
IT Services revenue grew 6.2% Y/Y to $2.80 billion. Non-GAAP constant currency IT Services segment revenue grew 10.4% Y/Y.
IT Services’ operating margin for the quarter was 16.3%, up 120 bps Q/Q.
Net income was $369.1 million. Operating Cash Flow was at $526 million, up 44.7% Y/Y.
EPS of $0.07 was in-line with the consensus.
Wipro held $1.1 billion in cash and equivalents as of December 31.
Dividend: Wipro declared an interim dividend of $0.012 per equity share/ADS.
FY23 Outlook: Wipro sees IT Services business revenue of 11.5% – 12.0% in constant currency terms.
Price Action: WIT shares closed higher by 1.04% at $4.84 on Thursday.
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