Wipro on Friday reported a 24.48 per cent growth in net profit for the quarter ended December 31, helped by the banking, financial services & insurance (BFSI) sector and the Americas geography.
The country’s fourth largest IT services player posted a net profit of ₹3,353.8 crore compared with ₹2,694.2 crore in the corresponding period of the previous year.
A consensus estimate of analysts tracked by Bloomberg had put the net profit at ₹3,057.40 crore. Revenues of the company rose to ₹22,318.8 crore from ₹22,205.1 crore in the year-ago period.
On the guidance front, Wipro said it expects revenue from the IT services business segment to be in the range of $2,602-2,655 million forthe quarter ending March 31, 2025.
This translated to a sequential guidance of (-)1 per cent to 1 per cent in constant currency terms. It had earlier forecast a range of -2 per cent to a flat growth.
“In a seasonally weak quarter, our strong in quarter execution helped us deliver above the top end of our revenue guidance. We also achieved our highest margins in the past three years while continuing to invest in our people. We closed 17 large deals with a total value of $1 billion,’’ Srini Pallia, CEO and managing director, said while commenting on its performance during the quarter.
Speaking at a press conference, Pallia said that discretionary spending by its clients is returning.
At its board meeting on Friday, the directors declared an interim dividend of ₹6 per share.
Wipro’s capital allocation policy has been revised to increase the payout percentage from 45-50 per cent to 70 per cent or above of the net income cumulatively on a block of three-year period.