Wipro, HCL Tech Q3 Results HIGHLIGHTS: Wipro, HCL Tech meet Street expectations after TCS kicks off earnings season
Wipro, HCL Tech Q3 Results HIGHLIGHTS: Wipro and HCL Technologies reported decent sets of earnings for the October-December period (Q3 FY24) on January 12, a day after Tata Consultancy Services (TCS) and Infosys reported their financial results. Catch all the latest updates here.
HCL Tech Q3 Results, Wipro Q3 Earnings HIGHLIGHTS: Wipro and HCL Technologies reported decent sets of financial results for the October-December period (Q3 FY24) on Friday, January 12, a day after Tata Consultancy Services (TCS) and Infosys—the country's largest and second largest IT services exporters, respectively—reported better-than-expected numbers for a seasonally weak period.
Catch all the latest updates of the Wipro and HCL Tech Q3 FY24 earnings reports, how Dalal Street react to the numbers, and the views of Zee Business Managing Editor Anil Singhvi and other experts—and much more—only on the Zeebiz.com blog:
Latest Updates
Welcome to Zeebiz.com's blog on Wipro and HCL Tech Q3 FY24 results
Wipro and HCL Technologies are slated to report their quarterly financial results for the October-December period today, a day after Tata Consultancy Services and Infosys—the country’s largest and second largest IT companies respectively—reported largely better-than-expected earnings.
HCL Tech Q3 Results LIVE: Stellar quarter with HCLSoftware-driven sequential growth, says CFO
"Our Services revenue has crossed a significant milestone of $12 billion (Rs 1,00,000 crore) on a run rate basis," says Prateek Aggarwal, CFO, HCL Tech.
HCL Tech Q3 Results LIVE: IT firm continues to invest in AI, superficially Generative AI, Cloud native capabilities across its products & services, says CEO
"In an uncertain demand environment, we remain confident of our continued growth momentum enabled by our business mix, our people and laser-sharp focus on delivering innovation and hyper-automation to our clients," says HCL Tech CEO C Vijayakumar.
HCL Tech Q3 Results LIVE: CEO C Vijayakumar says strong earnings driven by momentum in services, software businesses
"We delivered a stellar operating margin of 19.8 per cent, a 126 bps improvement QoQ and 16 bps improvement YoY. We are quite excited about the strategic progress HCLSoftware has made over the last year, delivering 5.0 per cent YoY CC revenue growth with a significant increase in subscription and support revenue, and consistently growing Annual Recurring Revenue (ARR)," says C Vijayakumar, CEO and MD, HCL Tech.
HCL Tech Q3 Results LIVE: IT firm says new deal wins at $1,927 million
HCL Technologies reports the total contract value (TCV) of deals during the course of the quarter at $1,927 million, with 18 large deals (six in services and 12 in software).
IT Q3 Results Live: 84th straight quarter of HCL Tech dividend
The latest dividend announced marks the IT firm's 84th back-to-back quarter of payout.
HCL Tech Q3 Results LIVE: Dollar revenue up 5.9% sequentially
The IT firm's quarterly revenue stands at $3415 million, translating into growth of 5.9 per cent on a sequential basis.
The company says that services revenue in constant currency terms is up 3.1 per cent on a quarter-on-quarter basis, driven by telecommunications, media, and publishing and entertainment.
HCL Tech Q3 Results LIVE: IT firm lowers upper end of FY24 revenue growth projection by 50 bps, maintains margin forecast
HCL Tech expects to close the financial year with revenue growth to the tune of 5-5.5 per cent (constant currency), instead of 5-6 per cent earlier, and EBIT margin of 18-19 per cent—the same as the previous quarter.
HCL Tech Q3 Results LIVE: IT major declares Rs 12/share dividend
HCL Technologies' board gives nod to an interim dividend of Rs 12 per share for FY24 with a record date of January 20.
When will the HCL Tech dividend be paid?
The company will pay the dividend to eligible shareholders on January 31, 2024.
HCL Tech Q3 Results LIVE: Attrition eases by 140 bps to 12.8%
Attrition at the Noida-headquartered IT firm comes in at 12.8 per cent on a trailing 12 months (TTM) basis, from from 14.2 per cent three months ago.
HCL Tech Q3 Results LIVE: BREAKING—Revenue at Rs 28,446 crore vs Rs 26,672 crore in Q2
The IT firm also exceeded analysts' expectations on the top-line front.
Its revenue grew 6.7 per cent on a sequential basis to Rs 28,446 crore.
According to Zee Business research, HCL Technologies' quarterly revenue was estimated at Rs 28,040 crore.
HCL Tech Q3 Results Live: BREAKING—Net profit up 13.5% sequentially, exceeds analysts' estimates
HCL Technologies posts a consolidated net profit of Rs 4,350 crore for the October-December period, translating into an increase of 13.5 per cent on a quarter-on-quarter basis.
According to Zee Business research, the Noida-headquartered IT firm's quarterly net profit was pegged at Rs 4,100 crore.
HCL Tech Q3 Results Today | Net profit likely to grow 7% vs Q2 in seasonally weak quarter, margin likely to improve by 10 bps
HCL Technologies is all set to report its financial results for the three-month period today.
According to Zee Business research, the IT major is estimated to report a seven per cent increase in quarterly consolidated net profit to Rs 4,100 crore sequentially, with 5.1 per cent growth in revenue to Rs 28,040 crore.
The analysts estimate the Noida-headquartered IT firm’s margin for the December quarter to come in at 18.5 per cent as against 18.4 per cent for the July-September period.
Wipro Q3 Results Today | Net profit likely to decline 1.7% sequentially, margin may shrink by 100 bps
Wipro is all set to report its financial results for the October-December period (Q3 FY24) today. According to Zee Business research, the IT major is estimated to report a consolidated net profit of Rs 2,600 crore and revenue of Rs 22,150 crore, translating into a sequential drop of 1.7 per cent and 1.6 per cent, respectively.
The analysts peg the company’s IT services margin at 15.1 per cent for the third quarter of the financial year, as against 16.1 per cent for the July-September period.
Wipro Q3 Results LIVE: IT major pegs Q4 revenue at $2,615 million-$2,669 million
Wipro Q3 Results LIVE: Total bookings up 20 bps sequentially at $3.8 billion; large deal bookings at $0.9 billion
Wipro's total bookings—or the total contract value of the orders booked during the period, including new orders, renewals, and increases to existing contracts—stand at $3.8 billion for Q3, marking quarter-on-quarter growth of 20 basis points, according to the IT company.
“I am pleased with our rigor of execution across all financial metrics: revenue, margin, EPS, and cash flow. We are building a more resilient, agile, and efficient organization which has helped us sustain our margins at 16 per cent, a 63-basis-point improvement on a year-to-date basis despite revenue headwinds and absorbing the impact of the investments we are making for growth and people," says Aparna C Iyer, CFO, Wipro.
Wipro Q3 Results LIVE: Wipro stock rose 3.8% higher ahead of earnings announcement
Wipro shares finished stronger by Rs 17.4, or 3.9 per cent, at Rs 465.5 apiece on BSE minutes ahead of the earnings announcement, having gyrated within a Rs 14.5 range, between Rs 454.6 and Rs 469, in intraday trade.
Image: BSEIndia.com
Wipro Q3 Results LIVE: Revenue in constant currency down 1.7% vs Q2
In constant currency terms, the IT company's revenue declines 1.7 per cent and 6.9 per cent in quarter-on-quarter and year-on-year bases.
Wipro Q3 Results LIVE: Continued to win large, strategic deals across industries in Q3, says IT firm
Wipro Q3 Results LIVE: CEO Thierry Delaporte says AI now embedded across most of Wipro's existing solutions, client offerings
Wipro CEO and MD Thierry Delaporte says that under the company's ai360 strategy, AI is now embedded across most of its existing solutions and client offerings.
"We’re deploying AI internally across all business and functional areas as well, with the goals of efficiency, productivity, and scale. We are confident that these investments will allow us to capitalise on emerging opportunities, as the macro environment improves," he adds.
Wipro Q3 Results LIVE: Bengaluru-based IT major says voluntary attrition continues to moderate sequentially
Voluntary attrition stands at a 10-quarter low of 12.3 per cent, says Wipro.
Wipro Q3 Results LIVE: Wipro's investments in people, processes, and business operations are continuing to pay off, says CEO Thierry Delaporte
“In a seasonally soft quarter, deal booking momentum remained strong. Our large deals recorded a 20 percent year-to-date growth. Further, we are starting to see early signs of a return to growth in Consulting, as demonstrated by the double-digit growth in order bookings in our Capco business," says Thierry Delaporte, CEO and Managing Director, Wipro.
“Under our ai360 strategy, AI is now embedded across most of our existing solutions and client offerings. We’re deploying AI internally across all business and functional areas as well, with the goals of efficiency, productivity, and scale. We are confident that these investments will allow us to capitalise on emerging opportunities, as the macro environment improves,” he adds.
Wipro Q3 Results Live: IT services margin shrinks by 10 bps vs Q2 but better than analysts' expectations
Wipro's IT services margin for the December quarter stands at 16.0 per cent, as against 16.1 per cent for the previous three months.
Zee Business analysts pegged the IT firm's Q3 margin at 15.1 per cent.
Wipro Q3 Results LIVE: IT services EBIT down 1.8% vs Q2
The IT firm reports IT services EBIT of Rs 3,540 crore ($425.8 million) for the three-month period, a decrease of 1.8 per cent on a quarter-on-quarter basis.
Wipro Q3 Results Live: BREAKING—IT services revenue at $2,656 million, meets analysts' estimates
The IT major reports IT services revenue of $2,656.1 million, translating into a decline of 2.1 per cent compared with the July-September period.
According to Zee Business research, Wipro's dollar revenue for the quarter was pegged at $2,640 million.
Wipro Q3 Results Live: Bengaluru-based IT firm's board approves Re 1/share dividend
Wipro declares an interim dividend of Re 1 per share with January 24 as the record date.
When will the dividend be paid?
Wipro says the payout will be made on or before February 10, 2024. Read more on Wipro dividend
Wipro Q3 Results Live: Wipro revenue falls short of analysts' expectations by a thin margin
According to Zee Business research, Wipro was estimated to report revenue of Rs 22,150 crore for the fiscal third quarter.
Wipro Q3 Results Live: BREAKING—Revenue at Rs 22,205 crore vs Rs 22,516 crore in Q2
The Bengaluru-headquartered IT major reports Rs 22,205.1 crore in revenue for the quarter ended December 2023, as against Rs 22,515.9 crore for the previous three months.
Wipro Q3 Results LIVE: BREAKING—Consolidated net profit up 1.8% sequentially at Rs 2,694 crore, in line with estimates
Wipro reports a consolidated net profit of Rs 2,694 crore for the quarter ended December, in line with analysts' expectations.
According to Zee Business research, the IT major was estimated to register a quarterly net profit of Rs 2,600 crore.
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