Wipro may open 10-12% higher on Sunday. What is the reason behind Wipro’s results? If you look at their net profit, there is a 12% year-on-year drop. If you look at their revenue, there is a drop of 4% year on year.
Quick look at Wipro Q3 Result
Key Highlights | Q3 FY24 Results |
---|---|
Gross Revenue | ₹222.1 billion ($2.7 billion) |
(Decrease of 1.4% QoQ) | |
IT Services Segment Revenue | $2,656.1 million |
(Decrease of 2.1% QoQ) | |
Non-GAAP CC IT Services Revenue | (Constant Currency) |
(Decrease of 1.7% QoQ) | |
Total Bookings | $3.8 billion |
(Up by 0.2% QoQ) | |
Large Deal Bookings | $0.9 billion |
IT Services Segment EBIT | ₹35.4 billion ($425.8 million) |
(Decrease of 1.8% QoQ) | |
IT Services Operating Margin | 16.0% |
(Down by 11 bps QoQ) | |
Net Income | ₹26.9 billion ($323.9 million) |
(Increase of 1.8% QoQ) | |
Earnings Per Share (EPS) | ₹5.16 ($0.06) |
(Increase of 2.0% QoQ) | |
Operating Cash Flows | 177.3% of Net Income |
₹47.9 billion ($575.7 million) | |
Voluntary Attrition | 12.3% (Q3'24) |
Interim Dividend Declared | ₹1 ($0.0121) per share/ADS |
Impact on Stock
Then why would Wipro open higher because the ADR of Wipro i.e. Wipro’s stock which is listed in America was above 16% in the New York Stock Exchange? There was no participation of IT stock in this rally of Nifty.
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