Wipro Surpasses Q3 Revenue Estimates with Strong BFSI Growth
Wipro, India's fourth-largest IT services company, has reported better-than-expected revenue for the third quarter, driven by strong performance in its banking, financial services, and insurance (BFSI) vertical and growth in the Americas region.
Consolidated revenue for the three months ending December rose 0.5% to 223.19 billion rupees, or $2.58 billion, compared with analysts' estimates of 222.28 billion rupees, according to data from LSEG. Net profit of Bengaluru-based Wipro surged 24.5% to 33.54 billion rupees, exceeding estimates of 30.7 billion rupees.
Wipro has forecasted a revenue growth range of -1% to 1% for the March quarter, which provides a sequential outlook.
The order book stood at $3.5 billion for Q3, with large deals over $30 million contributing $961 million. Wipro continues to be upbeat about its growth prospects despite the issues faced by India's $254 billion IT services sector, such as global macroeconomic uncertainties and inflationary pressures.
Tata Consultancy Services, Infosys, and HCLTech too have seen discretionary spending pick up pace, which shows that Indian IT firms are poised for positive momentum in a changing world.
