Published on 14/01/2020 4:31:21 PM | Source: Live Mint

Wipro Q3 results: IT services revenue rises to $2,095 million, margins improve

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Wipro in its IT services business reported revenues of $2,094.8 million on a constant currency basis, a growth of 1.8% on a quarter-on-quarter basis and 3.3% year on year. IT services operating margin for the quarter improved to 18.4%. Overall, Wipro reported a net profit of ₹2460 crore for the quarter ended December 31, a decline of 2.2% year on year.

Abidali Z. Neemuchwala, CEO and Managing Director said, “We have delivered a good quarter with secular growth across all business units, geographies and practices. We remain focused on deepening our customer relationships, converting our funnel and winning large deals."

Jatin Dalal, Chief Financial Officer said, “We expanded operating margins by 0.3% aided by a favorable movement in the currency. Further, we generated strong operating cash flows led by disciplined execution at 124% of our Net Income."

Guidance for the quarter ending March 31, 2020: Wipro expects revenue from IT services business to be in the range of $2,095 million to $2,137 million. This translates to a sequential growth of 0.0% to 2.0%.

Wipro's shares had ended 0.88% higher today. Results were announced after market hours.