{"id":752174,"date":"2023-04-27T11:05:02","date_gmt":"2023-04-27T15:05:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/wipro-announces-fourth-quarter-and-year-end-results-delivers-record-total-bookings\/"},"modified":"2023-04-27T11:05:02","modified_gmt":"2023-04-27T15:05:02","slug":"wipro-announces-fourth-quarter-and-year-end-results-delivers-record-total-bookings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wipro-announces-fourth-quarter-and-year-end-results-delivers-record-total-bookings\/","title":{"rendered":"Wipro Announces Fourth Quarter and Year End Results, Delivers Record Total Bookings"},"content":{"rendered":"

<\/p>\n

Wipro Announces Fourth Quarter and Year End Results, Delivers Record Total Bookings<\/b><\/p>\n

\nIT Services Revenue for the year increased by 11.5%<\/b> YoY
\n
Total Bookings up by 28%<\/b> YoY for the Year
\n
Operating Cash Flows at 115%<\/b> of Net Income for the Year
\n
Board approves Buy-Back for the value of Rs <\/b>120<\/b> billion<\/p>\n

EAST BRUNSWICK, N.J. & BANGALORE, India–(BUSINESS WIRE<\/a>)–
\nWipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2023.<\/p>\n

Highlights of the Results<\/span><\/b><\/p>\n

Results for the Quarter ended March 31, 2023:<\/b><\/p>\n

    \n
  1. \nGross Revenue reached Rs 231.9 billion ($2.8 billion1<\/sup>), a decrease of 0.2% QoQ, increased 11.2% YoY<\/p>\n<\/li>\n
  2. \nIT Services Segment Revenue increased to $2,823.0 million, an increase of 0.7% QoQ and 3.7% YoY<\/p>\n<\/li>\n
  3. \nNon-GAAP2<\/sup> constant currency IT Services segment revenue decreased 0.6% QoQ, increased 6.5% YoY<\/p>\n<\/li>\n
  4. \nTotal Bookings4<\/sup> were up by 29%<\/b> and large deal bookings5<\/sup> were up by 155% YoY<\/p>\n<\/li>\n
  5. \nIT Services Operating Margin3<\/sup> for the quarter was at 16.3%, flat QoQ<\/p>\n<\/li>\n
  6. \nNet Income for the quarter was at Rs 30.7 billion ($374.1 million1<\/sup>), an increase of 0.7% QoQ and decrease of 0.4% YoY<\/p>\n<\/li>\n
  7. \nEarnings Per Share for the quarter was at Rs 5.61 ($0.071<\/sup>), an increase of 0.7% QoQ and decrease of 0.5% YoY<\/p>\n<\/li>\n
  8. \nOperating Cash Flows at 120.6% of Net Income for the quarter was at Rs 37.3 billion ($453.8 million1<\/sup>), an increase of 60.0% YoY<\/p>\n<\/li>\n
  9. \nVoluntary attrition6<\/sup> decreased 330 bps from the previous quarter, landing at 14.1% on a quarterly annualised basis and at 19.2% on a trailing twelve months basis<\/p>\n<\/li>\n<\/ol>\n

    Results for the Year ended March 31, 2023:<\/b><\/p>\n

      \n
    1. \nGross Revenue reached Rs 904.9 billion ($11.0 billion1<\/sup>), an increase of 14.4% YoY<\/p>\n<\/li>\n
    2. \nIT Services Segment Revenue increased to $11,159.7 million, an improvement of 7.8% YoY<\/p>\n<\/li>\n
    3. \nNon-GAAP2<\/sup> constant currency IT Services segment revenue was up 11.5% YoY<\/p>\n<\/li>\n
    4. \nIT Services Operating Margin3<\/sup> for the year was at 15.7%, a decrease of 205bps YoY<\/p>\n<\/li>\n
    5. \nIT Services Operating profit was higher than any previous period at Rs 140.8 billion, an improvement of 1.2% YoY<\/p>\n<\/li>\n
    6. \nEarnings Per Share for the year was at Rs 20.73 ($0.251<\/sup>), a decrease of 7.2% YoY<\/p>\n<\/li>\n
    7. \nOperating Cash Flows at 114.9% of Net Income for the year was at Rs 130.6 billion ($1,589.0 million1<\/sup>), an increase of 17.9% YoY<\/p>\n<\/li>\n<\/ol>\n

      Performance for the Quarter and Year ended March 31, 2023<\/span><\/b><\/p>\n

      Thierry Delaporte, CEO and Managing Director, said<\/b>, \u201cWe closed FY23 with the strongest-ever bookings recorded in a year. We delivered two consecutive quarters of total bookings of over $4.1 billion. Our large deal order booking grew by 155% year-over-year for the quarter. We are also pleased to announce our share buyback, which is part of our philosophy to deliver consistent returns to shareholders.<\/p>\n

      \n\u201cCompared to just a few years ago, we are seeing a visible change in the structure of our deals and our market position. We are winning large transformation deals, benefitting from a consolidating market, and deepening relationships with existing clients.\u201d<\/p>\n

      \n\u201cWe have built a strong foundation to sustain through this period of increased uncertainty. We have the growth mindset, right organizational structure, and the talent for long-term success.\u201d<\/p>\n

      Jatin Dalal, Chief Financial Officer, said<\/b>, \u201cWe continue to maintain our focus on operational improvements and productivity enhancements which led to our IT services margin exit at 16.3% in Q4 despite macro headwinds. We generated strong operating cash flows at 121% of our net income for the Quarter.\u201d<\/p>\n

      Outlook for the Quarter ending June 30, 2023<\/span><\/b><\/p>\n

      \nWe expect Revenue from our IT Services business including India State Run Enterprise (ISRE) segment to be in the range of $2,753 million to $2,811 million*. This translates to sequential guidance of -3.0% to -1.0% in constant currency terms.<\/p>\n

      \n* Outlook for the Quarter ending June 30, 2023, is based on the following exchange rates: GBP\/USD at 1.22, Euro\/USD at 1.07, AUD\/USD at 0.68, USD\/INR at 81.74 and CAD\/USD at 0.74<\/p>\n

      Capital Allocation<\/span><\/b><\/p>\n

      \nThe Board of Directors approved a buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the Company of up to 269,662,921 equity shares of Rs 2 each (being 4.91% of total paid-up equity shares) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of Rs 445 ($5.411<\/sup>) per equity share for an aggregate amount not exceeding Rs 120 billion ($1.5 billion1<\/sup>) , in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder.<\/p>\n

      \nThe interim dividend of Rs 1 declared by the Board at its meetings held on January 13th<\/sup>, 2023, shall be considered as the final dividend for the financial year 2022-23.<\/p>\n

        \n
      1. \nFor the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 82.19, as published by the Federal Reserve Board of Governors on March 31, 2023. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2023 was US$1= Rs 81.63<\/p>\n<\/li>\n
      2. \nConstant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period<\/p>\n<\/li>\n
      3. \nIT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials<\/p>\n<\/li>\n
      4. \nTotal Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2<\/p>\n<\/li>\n
      5. \nLarge deal bookings consist of deals greater than or equal to $30 million in total contract value<\/p>\n<\/li>\n
      6. \nVoluntary attrition is in IT Services and excludes DOP measured for the trailing twelve months<\/p>\n<\/li>\n<\/ol>\n

        Highlights of Strategic Deal Wins<\/span><\/b><\/p>\n

        \nIn the fourth quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:<\/p>\n