Wipro ADRs surge over 6% as company posts 24% YoY PAT growth in Q3

The company’s revenue from operations rose by a marginal 0.5% to Rs 22,319 crore and its board of directors today approved an interim dividend of Rs 6 per share while fixing January 28 as the record date for the same. The dividend will be paid on or before February 15.

On a sequential basis, profit after tax (PAT) was up nearly 5% and the revenue rose 0.1%.

During the quarter, IT services segment revenue grew 1% YoY to Rs $2.6 billion. The same fell by 1.2% QoQ.

The US markets were trading higher today with Dow gaining by 287.92 points or 0.67% at 43,441.10 around 8:15 India time. The S&P 500 was trading at 5,985.56, up by 48.22 points or 0.81 % while the Nasdaq Composite was 1.38% or 267.62 points higher and hovering around 19,605.90.

Meanwhile, Wipro shares had ended at Rs 281.85 on the NSE, down by Rs 6.20 or 2.15% over the Thursday closing price. The earnings were announced after market hours.Also Read: Jio Financial Q3 Results: PAT remains flat YoY at Rs 295 crore, revenue rises 6%“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,” said Srini Pallia, CEO and MD, Wipro.

IT services operating margin for the quarter stood at 17.5%, an increase of 0.7% QoQ and 1.5% YoY.

Wipro expects revenue from its IT services business segment to be in the range of $2,602 million to $2,655 million for the March quarter. This translates into sequential guidance of (-)1-1% in constant currency terms.

Also Read: Tech Mahindra Q3 Results: Cons PAT soars 93% YoY to Rs 983 crore, revenue up 1%

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