Wipro Q3 results: Profits up 20.8% on deal wins, growth across markets

Wipro Q3  results: Profits up 20.8% on deal wins, growth across markets

Wipro said third quarter profits jumped 20.8% to Rs 2970 crore and revenue by 1.3% to Rs 15670 crore, beating analyst expectations as it saw business grow across verticals and geographies, and closed the first billion dollar deal after CEO Thierry Delaporte took over.

In dollar terms, the company saw revenue grow 3.7% over the previous quarter, ahead of its guidance of 1.5-3.5% that it had forecast earlier. The company has forecast to grow 1.5-3.5% to in the fourth quarter

TCS, Wipro’s larger rival, said it is confident of seeing double-digit growth in FY22 on the back of overall recovery in demand. TCS reported 7.3% growth in net profit to Rs 8701 crore during the third quarter and revenue grew 5.4% to Rs 42,015 crore on a year-on-year basis, the highest in nine quarters in a seasonally weak three month period, as it saw clients across geographies and verticals spend more on technology transformation.

Last month, Wipro signed a large deal with German wholesale major Metro AG with an anticipated $1 billion value over a longer period.

The company restructured its operating model during the third quarter tasking key executives to own key geographies and respective profit and loss responsibility, while stepping business focus outside of the United States.

The company has realigned the markets into four strategic units – Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (APMEA), which covers India.

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