Wipro Limited announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2020.
Highlights of the Results
Results for the Quarter ended December 31, 2020:
- Gross Revenue was ₹156.7 billion ($2.1 billion1 ), an increase of 3.7% QoQ and 1.3% YoY
- IT Services Segment Revenue was at $2,071 million, a sequential growth of 3.9%
- Non-GAAP2 constant currency IT Services Segment Revenue increased by 3.4% QoQ
- IT Services Operating Margin3 for the quarter was at 21.7%, an expansion of 243 bps QoQ and 329 bps YoY
- Net Income for the quarter was ₹29.7 billion ($406 million1 ), an increase of 20.8% YoY
- Earnings Per Share for the quarter was at ₹5.21 ($0.071 ), an increase of 20.7% YoY
- Operating Cash Flow was at ₹44.3 billion ($607 million1 ), which is 149.4% of Net Income
- Wipro declared an interim dividend of ₹1 ($0.0141 ) per equity share/ADS
Performance for the quarter ended December 31, 2020
Thierry Delaporte, CEO and Managing Director said, “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. The demand environment is steadily improving, especially for digital transformation, digital operations, and cloud services. I am also pleased to share with you that we have moved into our new organization structure and are stabilizing quickly.”
Jatin Dalal, Chief Financial Officer said, “Our margins are now at a 22 quarters high. The expansion was led by improved revenue growth trajectory and excellence in operations with several metrics at an all-time high. Our Operating Cash Flows grew by 45% YoY with a significant improvement in outstanding receivables.”
Outlook for the quarter ending March 31, 2021
We expect Revenue from our IT Services business to be in the range of $2,102 million to $2,143 million*. This translates to a sequential growth of 1.5% to 3.5%.
