“Voluntary attrition moderated 180 bps from the previous quarter, landing at 21.2% for the trailing 12 months for the quarter,” Wipro said in its earnings release. This was the fourth quarter where the attrition rate has moderated.
The attrition rate stood at 23% in Q2 of the financial year and 22.7% in the corresponding quarter of FY22.
The total headcount at the end of the quarter stood at 258,744 employees, down from 259,179 in the September quarter.
While announcing its quarterly results, 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.
“Our operating margins are now at 16.3%, which is an expansion of 120 basis points from the last quarter. This expansion of margins was after absorbing the investments we made in our people by way of salary increases, promotions and long-term incentives for our senior leadership,” the company said.
Wipro CEO and MD Thierry Delaporte said the total bookings were over $4.3 billion, led by solid large deal signings of over $1 billion. “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 optimization,” he said.
In Q3, Wipro reported 2.8% year-on-year (YoY) rise in consolidated net profit to Rs 3,053 crore, which topped the ET Now poll of Rs 2,950 crore. Consolidated revenue for the quarter increased 14.3% YoY to Rs 23,229 crore, and was tad higher than the estimated Rs 23,180 crore.
The company also declared an interim dividend of Re 1 per equity share with January 25 as the record date. The payment of the interim dividend will be made on or before February 10.