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Published on 13/01/2021 4:59:40 PM | Source: Angel Broking Ltd

Wipro reported a 3.9% qoq growth in IT services revenues By Jyoti Roy, Angel Broking

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Below are Quote on Wipro Q3FY21 numbers By Mr. Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd

Wipro reported a 3.9% qoq growth in IT services revenues to USD 2.07bn which was slightly ahead of market expectations. In rupee terms consolidated revenue increased by 3.7% qoq to ₹16,670 crore. Operating profit for the quarter was up by 20.2% qoq to Rs. 3381.3 crore while operating margins were up by ~300bps qoq to 21.7%. Operating margins for the IT services business improved by 250bps qoq to 21.7% while net profit for the quarter was up by 20.3% qoq to ₹2,967 crore. While a 3.4% constant currency QoQ growth which was slightly ahead of street estimates, the sharp increase in operating margins have come as a pleasant surprise to the markets. Management revenue growth guidance of 1.5%-3.5% for IT services in Q4FY2021 is also in line with street estimates and reaffirms continued improvement in the demand environment.

 

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