IT services giant Wipro has reported a muted growth of 2.82% in its consolidated net profit for the October-December quarter of FY 2022-23 at ₹3,052.9 crore against₹2,969 crore profit in the year-ago period.

The Bengaluru-based company's revenue from operations recorded double-digit growth at 14.35% to ₹23,229 crore vs ₹20,313.6 crore in the corresponding period last year, Wipro said in a stock exchange filing today. The Wipro stock surged 0.25% to ₹395.50 today.

Wipro's IT services operating margin for the said quarter stood at 16.3% while operating profit stood at ₹3,760 crore. The earnings per share stood at ₹5.57 during the quarter, up 14.6% on a quarter-on-quarter basis.

Wipro also declared an interim dividend of ₹1 ($0.0121) per equity share. Thierry Delaporte, CEO and managing director said the company's total bookings were over $4.3 billion, led by solid large deal signings of over $1 billion. "We improved our margins by 120 basis points and our attrition moderated for the fourth quarter in a row. We are continuing to gain market share as a result of deepening client relationships and higher win rates. Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimisation." 

"Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favourably in a consolidating market," said Delaporte, adding that it expects to continue to benefit from these trends.

During Q3, Wipro said its total bookings of over $4.3 billion in contract value, up 26% YoY, while the company closed 11 large deals, resulting in a contract value of over $1 billion, up 69% YoY. The top five clients grew 15.7% YoY and the top 10 clients grew 14.7% YoY in constant currency terms, underscoring deepening relationships with top strategic clients.

Like its peers, Wipro's attrition at 21.2% also moderated 180 bps from the previous quarter. In its guidance, Wipro said it expects revenue from its IT services business for the full year to be in the range of 11.5% to 12.0%, in constant currency terms.

With Wipro, all top four IT services companies, including TCS, Infosys, and HCL, have declared their quarterly results. Infosys reported 13.4% year-on-year growth in net profit at ₹6,586 crore, while revenue rose 20% YoY to ₹38,318 crore during the quarter under review. HCL Technologies posted 18.8% growth in net profit at ₹4,096 crore in Q3 FY23, while its revenue grew 19.6% to ₹26,700 crore. TCS reported a 10.98% rise in its consolidated net profit at ₹10,883 crore, while its consolidated revenue jumped 19.11% to ₹58,229 crore.

Follow us on Facebook, X, YouTube, Instagram and WhatsApp to never miss an update from Fortune India. To buy a copy, visit Amazon.