Highlights of the Results
Results for the Quarter ended
Gross Revenue reached ?232.3 billion (
IT Services Segment Revenue increased to
Non-GAAP2 constant currency IT Services segment revenue was up by 0.6% QoQ and 10.4% YoY
IT Services Operating Margin3 for the quarter was at 16.3%, an increase of 120bps QoQ
Total Bookings4 up by 26% and large deal bookings5 up by 69% YoY
Net Income for the quarter was at ?30.5 billion (
Earnings Per Share for the quarter was at ?5.57 (
Operating Cash Flows at 142.5% of Net Income for the quarter was at ?43.5 billion (
Voluntary attrition6 moderated 180 bps from previous quarter, landing at 21.2% for the trailing twelve months for the quarter
Top 5 clients grew 15.7% YoY and top 10 clients grew 14.7% YoY in constant currency terms, underscoring deepening relationships with top strategic clients
Wipro declared an interim dividend of ?1 (
Performance for the Quarter ended
We are continuing to gain market share as a result of deepening client relationships and higher win rates. Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimization. Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favourably in a consolidating market.
As we move ahead, we expect to continue to benefit from these trends and help clients build future-proof, resilient enterprises.'
Outlook for the Year ending
We expect Revenue from our IT Services business for the full year to be in the range of 11.5% to 12.0%, in constant currency terms.
Outlook for the year ending
For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of
Constant currency revenue for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period
IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials
Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and changes to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract.
Large deal bookings constitute of deals greater than or equal to
Voluntary attrition is at IT Services excluding DOP measured in trailing twelve months for the quarter
IT Services - Large deals
Wipro continued its momentum in winning large deals with our customers as described below:
A global leader in consumer brands selected Wipro to create a three-year consumer digital & technology transformation roadmap. Wipro is deploying data analytics and AI to help put the consumer at the core of the company's omni-channel direct-to-consumer operating model. The solution will help strengthen the company's brand building, innovation and sales capabilities and achieve its ambition of driving growth and loyalty among customers.
Wipro has won a large strategic, multi-year engagement with a leading North American financial institution to modernize and transform their applications portfolio globally. The engagement will focus on digital transformation and automation for enhanced customer experience and business value creation.
Wipro has been engaged by a US-based multinational technology conglomerate to build core product platform and design, test and modernize unique silicon chips for its next-generation connected products. The project will tap into Wipro's deep domain expertise in helping enterprises deploy high-performance, new-age chip solutions in sync with changing consumer and enterprise needs. This win places Wipro Engineering Edge at the forefront of silicon innovation with low latency, low power, and ultra-reliable applications which will deliver unparalleled experiences for the end-consumers.
IT Services - Digital services deals
We continue to see increasing traction in digital oriented and other strategic deals as illustrated below:
A joint Capco and Wipro team is supporting a large
One of the largest
Wipro has expanded its relationship with a leading
Wipro is helping a large consumer goods company to move to agile ways of working with a scalable contract that provides flexibility to the business. This is in addition to maintaining best-in-class availability and performance for global platforms across 200 countries. The scope also includes modernizing the platforms.
Analyst Recognition
Wipro was recognized as a Leader in the 2022 Gartner Magic Quadrant for Managed Network Services
Wipro was named as a Leader and a Star Performer in
Wipro was positioned as a Leader in IDC MarketScape: EMEA Industrial IoT Service Providers for Oil and Gas Companies 2022 Vendor Assessment (Doc #
Wipro was recognized as a Leader in Avasant Manufacturing Digital Services and Utilities Digital Services RadarView 2022 - 2023
Wipro was rated as a Leader and a Star Performer in
Wipro was featured in HFS Horizons: Automation Service Providers, 2022 and Healthcare Payer Service Providers, 2022
Wipro was named as a Leader in ISG Provider Lens Future of Work -
Wipro was rated as a Leader in Avasant Oracle Cloud ERP Services and Digital CX Services RadarView 2022 - 2023
Wipro was rated as a Leader in
Wipro was rated as a Leader in Avasant Property and Casualty Insurance Digital Services and Claims Processing Business Process Transformation RadarView 2022 - 2023
Disclaimer: *Gartner, 'Magic Quadrant for Managed Network Services ',
IT Products
IT Products segment revenue for the quarter was ?1.7 billion (
IT Products segment results for the quarter was a profit of ?0.04 billion (
India SRE segment revenue for the quarter was ?1.4 billion (
India SRE segment results for the quarter was a profit of ?0.10 billion (
Please refer to the table on page 11 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.
About Key Metrics and Non-GAAP Financial Measures
This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.
The table on page 11 provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into
Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.
Results for the Quarter ended
Quarterly Conference Call
We will hold an earnings conference call today at
An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com
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