Wipro posts Q3 net profit flat at Rs 2,969 crore

Bengaluru (Karnataka) [India], January 12 : Wipro on Wednesday reported Rs 2,969 crore profit for the third quarter of the current financial year, which is only a tad higher from Rs 2,968 crore net profit recorded during the same quarter of last year.
The company's gross revenue during the quarter ended December 31 stood at Rs 20,313 crore ($2.7 billion), posting an increase of 29.6 per cent year-on-year and 3.3 per cent growth quarter-on-quarter.
The IT major declared an interim dividend of Re 1 per equity share.
"Wipro has delivered a fifth consecutive quarter of strong performance, both on revenues, and margins. Order bookings have been strong too, and we have added seven new customers in the more than $100 million revenue league, in the last 12 months," Thierry Delaporte, CEO and Managing Director of Wipro said in a statement.
"Our strategy and improved execution continue to serve us well, and we are confident of building on this momentum. We are also excited to have completed the acquisitions of Edgile and LeanSwift Solutions in the quarter, both of which will add to our capabilities significantly," Delaporte said.
According to Jatin Dalal, Wipro Chief Financial Officer, the company was able to improve working capital, by reducing Days Sales Outstanding.
"This has resulted in strong operating cash flow conversion, of 101.3 per cent of net income. Additionally, we have declared an interim dividend of Re 1 per equity share," Dalal said.