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Wipro Q3 FY24 Results Analysis Key Financial Highlights Revenue: Rs. 22,205 crore (US$ 2.8 billion), down 4.4% YoY Net income: Rs. 2,694 crore (US$ 345 million), down 12% YoY EPS: Rs. 2.36 (US$ 0.29), down 13% YoY Operating margins: 14.4%, down 40 bps YoY Segment Performance IT Services: Revenue of Rs. 21,305 crore (US$ 2.7 billion), down 4.5% YoY Consulting: Revenue of Rs. 900 crore (US$ 120 million), down 2.6% YoY Outlook Guidance Revenue: FY24 revenue guidance of Rs. 86,700-88,700 crore (US$ 12.1-12.4 billion), down 3.5-4.5% YoY Net income: FY24 net income guidance of Rs. 9,800-10,200 crore (US$ 1.3-1.35 billion), down 4-5% YoY Commentary and Insights Wipro's Q3 FY24 results were largely in line with expectations, with revenue and net income both declining YoY. The company's IT Services segment was the main driver of the decline, with revenue down 4.5% YoY. The Consulting segment also saw a decline in revenue, but the impact was less pronounced at 2.6% YoY. Wipro attributed the revenue decline to a number of factors, including: Weakness in the BFSI and Hi-Tech verticals Challenges in the Consulting business Impact of a one-month wage hike effective from December 1, 2023 Despite the revenue decline, Wipro's operating margins held steady at 14.4%. The company was able to offset the impact of revenue decline with cost-cutting measures, including hiring freezes and salary reductions. Looking ahead, Wipro expects revenue to decline by 3.5-4.5% YoY in FY24. The company is also expecting net income to decline by 4-5% YoY. Wipro's guidance is based on the assumption that the global economic slowdown will continue, and that the IT industry will be impacted by this slowdown. Wipro's Q3 results are a mixed bag. On the one hand, the company was able to maintain its operating margins despite the revenue decline. On the other hand, the revenue decline is a concern, and it suggests that Wipro is not immune to the global economic slowdown. Wipro will need to focus on driving growth in its key verticals, such as healthcare and manufacturing. The company will also need to invest in new technologies, such as cloud computing and artificial intelligence, in order to stay ahead of the competition. #Wipro #results #wiproresultanalysis