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Wipro ADR jumps 17% after quarterly results

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Wipro ADR jumps 17% after quarterly results

New Delhi, Jan 13 (Ajit Weekly News) Wipro ADR jumped almost 17 per cent after the company declared quarterly results for the quarter ending December 2023.

Wipro ADR traded at $6.28, up 16.95 per cent on Friday.

Gross revenue reached Rs 222.1 billion, a decrease of 1.4 per cent QoQ. IT services segment revenue was at $2,656.1 million, a decrease of 2.1 per cent QoQ.

Non-GAAP2 constant currency IT Services segment revenue decreased 1.7 per cent QoQ. Total bookings was at $3.8 billion, up by 0.2 per cent QoQ and large deal bookings was at $0.9 billion.

IT services segment EBIT for the quarter was Rs 35.4 billion, a decrease of 1.8 per cent QoQ.

IT services operating margin5 for the quarter was at 16.0 per cent, down by 11 bps QoQ. Net income for the quarter was at Rs 26.9 billion ($323.9 million1 ), an increase of 1.8 per cent QoQ.

Earnings per share for the quarter was at Rs 5.16 ($0.061), an increase of 2.0 per cent QoQ. Operating cash flows at 177.3 per cent of Net Income for the quarter was at Rs 47.9 billion ($575.7 million).

Voluntary attrition has continued to moderate QoQ, coming in at 10-quarter low of 12.3 per cent in Q3’24.

On the outlook for the Quarter ending March 31, 2024, Wipro said: “We expect revenue from our IT Services business segment to be in the range of $2,615 million to $2,669 million. This translates to sequential guidance of -1.5 per cent to +0.5 per cent in constant currency terms.”

–Ajit Weekly News

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News Credits – I A N S

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