Wipro (WIT) Reports In-Line Q3 EPS

Wipro (NYSE: WIT) reported Q3 EPS of $0.08, in-line with the analyst estimate of $0.08. Revenue for the quarter came in at $2.2 billion versus the consensus estimate of $2.2 billion.

Highlights of the Results for the quarter ended December 31, 2018

• Gross Revenue was Rs 150.6 billion ($2.2 billion1) and grew 3.6% QoQ and 10.2% YoY
• Non-GAAP3 constant currency IT Services Segment Revenue grew by 2.4% QoQ. Adjusted2 Non-GAAP constant currency IT Services Segment Revenue grew 7.0% YoY
• IT Services Segment Reported Revenue was at $2,046.5 million and grew 1.8% QoQ
• IT Services Operating Margin4 for the quarter was at 19.8% and expanded by 480bps QoQ and 496bps YoY
• Net Income for the quarter was Rs 25.1 billion ($360.8 million1) and grew by 29.6% YoY
• EPS for the quarter was Rs 5.57 ($0.081) per share and grew 38.2% YoY
• Wipro declared an interim dividend of Rs 1 ($0.011) per equity share/ADS
• Wipro’s Board of Directors recommended issue of bonus shares to shareholders (including stock dividend to ADS holders) in the ratio of 1:3 (One equity share for every Three equity shares held), subject to approval of shareholders.

Performance for the Quarter ended December 31, 2018

Abidali Z. Neemuchwala, CEO and Executive Director said, “Our strategic investments, backed by strong client relationships and client spends towards enterprise modernization and digital transformation have enabled us to deliver a very satisfying quarter.”

Jatin Dalal, Chief Financial Officer said, “Relentless focus on the quality of revenues and operational improvements have led to the expansion of IT Services Operating Margins to 19.8%. Our Operating Cash flows grew by 19.5% on YoY basis and was at 142% of Net Income.”

For earnings history and earnings-related data on Wipro (WIT) click here.

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