Wipro has clocked in its highest margin in over five years
- Wipro reported the best margins in over five years, led by an improved revenue growth trajectory.
- It also signed its first billion-dollar deal under Thierry Delaporte, its new chief executive officer.
- The company also reported over 4% growth across five of its business sectors.
- Shares of the company surged by over 23% in the December quarter.
Wipro has posted a strong performance in its third-quarter earnings as its business grew across verticals and geographies. The IT firm has reported an increase of 20.8% in its profit, while the revenue increased by 3.4% on a constant currency basis.
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Margins have come in at a 22-quarter high, expanding by 243 basis points to 21.7%. This expansion was led by improved revenue growth trajectory and excellence in operations. 100 basis points make up 1%.
TOP VIDEOS FOR YOUThe IT services giant has maintained its dollar revenue growth guidance for the March quarter in the range of 1.5-3.5%.
“Wipro has delivered a second consecutive quarter of strong performance on order booking, revenue and margins. Five of our sectors grew over 4% sequentially. We closed our largest ever deal win in Continental Europe,” said Thierry Delaporte, CEO and Managing Director, Wipro.
Wipro’s strong performance in the December quarter had an impact on its share price as well. The company’s share price has rallied by over 23% in the quarter. As of market closing on January 13, its share price gained 47% since the beginning of the December quarter.
Its attrition levels remained unchanged from the September quarter at 11%. However, its headcount has increased to over 1.9 lakh employees, adding over 5,000 to its September quarter count.
Most recently, Wipro announced a share buyback plan at ₹400 a piece, with a total outlay of ₹9,500 crore.
It also signed a $700-million deal with Metro AG, a German food services company, to take over its IT operations for five years. The deal has the potential to go up to $1 billion if extended by another four years.
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