IT Q3 Results LIVE: Wipro beats analysts' estimates with 15% jump in profit, declares dividend
IT Q3 Results HIGHLIGHTS: Wipro reported a 14.8 per cent sequential jump in net profit to Rs 3,052.9 crore for the October-December period, beating analysts' estimates, a day after Infosys and HCL Tech posted their quarterly numbers.
Bengaluru-based Wipro -- the country's fourth largest IT firm after TCS, Infosys and HCL Tech -- reported growth of 3.1 per cent in quarterly revenue to Rs 23,229 crore compared with the previous three months.
According to Zee Business research, Wipro was estimated to report a net profit of Rs 2,900 crore and revenue of Rs 23,280 crore.
Attrition at Wipro eased by 180 basis points to 21.2 per cent compared with the July-September period -- a fourth back-to-back quarter of moderation, according to the IT company.
Infosys reported a 9.4 per cent sequential increase in net profit to Rs 6,590 crore for the October-December period that met analysts' estimates. HCL Tech reported a 17.4 per cent rise in net profit to Rs 4,096 crore that far exceeded analysts' estimates.
Infosys raised its revenue growth guidance for the year ending March 2023, whereas HCL Tech trimmed it. HCL Tech declared a dividend for its investors.
The earnings reports of Infosys and HCL Tech come close on the heels of a mixed set of results by TCS and at a time when IT companies are scrambling to protect their margins against higher employee costs owing to sticky levels of attrition.
Catch highlights of financial results of TCS, Infosys, Wipro and HCL Tech, expert views and much more with Zeebiz.com's blog:
IT Q3 Results HIGHLIGHTS: Wipro reported a 14.8 per cent sequential jump in net profit to Rs 3,052.9 crore for the October-December period, beating analysts' estimates, a day after Infosys and HCL Tech posted their quarterly numbers.
Bengaluru-based Wipro -- the country's fourth largest IT firm after TCS, Infosys and HCL Tech -- reported growth of 3.1 per cent in quarterly revenue to Rs 23,229 crore compared with the previous three months.
According to Zee Business research, Wipro was estimated to report a net profit of Rs 2,900 crore and revenue of Rs 23,280 crore.
Attrition at Wipro eased by 180 basis points to 21.2 per cent compared with the July-September period -- a fourth back-to-back quarter of moderation, according to the IT company.
Infosys reported a 9.4 per cent sequential increase in net profit to Rs 6,590 crore for the October-December period that met analysts' estimates. HCL Tech reported a 17.4 per cent rise in net profit to Rs 4,096 crore that far exceeded analysts' estimates.
Infosys raised its revenue growth guidance for the year ending March 2023, whereas HCL Tech trimmed it. HCL Tech declared a dividend for its investors.
The earnings reports of Infosys and HCL Tech come close on the heels of a mixed set of results by TCS and at a time when IT companies are scrambling to protect their margins against higher employee costs owing to sticky levels of attrition.
Catch highlights of financial results of TCS, Infosys, Wipro and HCL Tech, expert views and much more with Zeebiz.com's blog:
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Follow this space to get minute-by-minute updates on IT results, analyses, expert views and much more on Zeebiz.com.
Wipro Results | Attrition eases by 180 bps sequentially to 21.2%
"The 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," said Wipro CFO Jatin Dalal.
Wipro Results | Another quarter of double-digit revenue growth, total bookings over $4.3 billion, says CEO Thierry Delaporte
"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 optimisation. Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favourably in a consolidating market," said Wipro CEO and Managing Director Thierry Delaporte.
Wipro Results | Operating margin improves by 120 bps sequentially to 16.3%
Wipro Results | Profit up 14.8% sequentially, beats analysts' estimates
The IT company declared a dividend of Re 1.
Wipro set to report results soon
The Wipro stock is quoting lower by Rs 1.9 or 0.5 per cent at Rs 392.6 apiece on BSE 25 minutes before the closing bell. Here's a look at how Wipro shares performed in Q3:
Zee Business Managing Editor Anil Singhvi says Infosys Q3 results better than HCL Tech
Out of Infosys and HCL Tech, Zee Business Managing Editor Anil Singhvi finds the results of Infosys better.
From a valuation perspective, Infosys has started to look better than TCS, he says.
What brokerages recommend on HCL Tech
Wipro to report results on Friday
Catch Infosys and HCL Tech earnings here. Follow this space to get minute-by-minute updates on IT results, analyses, expert views and much more on Zeebiz.com.
HCL Tech Results | Noida-based IT firm trims revenue, margin guidance
HCL Tech trimmed its revenue growth forecast to 13.5-14 per cent and margin guidance to 18-18.5 per cent for the year ending March 2023 -- both in constant currency terms.
In Q2, HCL Tech had guided for revenue growth of 13.5-14.5 per cent and margin of 18-19 per cent.
HCL Tech Results | Dollar revenue increases 5.3% sequentially to $3,244 million
HCL Tech Results: Company enthused with overall well-rounded performance, says CFO
HCL Tech CFO Prateek Aggarwal said the company is enthused with the overall well-rounded Q3 performance.
"Profitability was at an all-time high with EBIT at Rs 5,228 crores (up 22.8 per cent YoY)," he said.
HCL Tech Results | Strong performance across revenue growth, margin expansion, booking growth, people metrics, says CEO C Vijayakumar
C Vijayakumar, CEO and Managing Director, HCL Tech, said the company delivered a strong performance across all key metrics.
Our strong revenue growth of 13.1 per cent YoY CC (constant currency) is led by our services business which grew 15.4 per cent YoY CC; and strong revenue growth of 5.0 per cent QoQ CC is led by HCLSoftware. Our margins, at 19.6% this quarter, increased 60 basis points YoY," he said.
Booking growth was led by IT operating model transformation, Cloud adoption and large vendor consolidation deals, the CEO said.
"We are confident to deliver industry leading growth over the medium term supercharged by our positioning, our strong propositions and our passionate people,” he added.
HCL Tech declares dividend of Rs 10 per share
This marks the 80th consecutive quarter of dividend payouts by HCL Tech, according to a company statement.
HCL Tech Results | Net profit jumps 17.4% sequentially to Rs 4,096 crore, beats analysts' estimates
HCL Tech reported a net profit of Rs 4,096 crore for the October-December period, up 17.3 per cent on a quarter-on-quarter basis. The IT company's quarter revenue came in at Rs 26,700 crore, as against Rs 24,686 crore for the previous three months.
According to Zee Business research, HCL Tech was estimated to report a quarter net profit of Rs 3,850 crore and revenue of Rs 26,400 crore.