Wipro Posts Record Rs 2967 Crore Profit, 21% Higher; Profit Margins At 5-Year High, Attrition Dips
Seems like there is an inevident cold war going on between the IT majors of India. We had earlier reported about the massive profits registered by TCS in the last quarter of 2020. Now reports have emerged that Wipro is not far behind and is diligently following the steps of its arch rival all along.
According to the recent reports, in the third quarter of FY2021, Wipro has showcased the best profit margins in the last five years.
Profits Registered By Wipro
With a surge of 20.8% in the profits, the net profits of the IT major rose from Rs 2,455.9 crore to Rs 2,968 crore in the third quarter of FY2021 as compared to FY2020.
The record breaking profits have clearly reflected on the company’s revenue as the income improved quarter by 3.67%. This resulted in an increase in the company’s revenue by 1.28% to Rs 15,670 crore. The company had registered a revenue of Rs 15,470.5 crore in the same quarter of the last fiscal year.
Word From The CEO Of Wipro
Delighted, the new CEO and Managing Director of Wipro Thierry Delaporte stated “Wipro has delivered a second consecutive quarter of strong performance on order booking, revenue and margins. Five of our sectors grew over 4% sequentially. We closed our largest ever deal win in Continental Europe”
Recently, the Bangalore based IT firm had also cracked a $700 million deal with a German food firm, Metro AG. This will be Wipro’s first billion dollar deal, if continued for five years.
Increase In The Shares
As a result of the gigantic progress, the share price of Wipro has seen an upward trajectory with the company’s stocks climbing by 23%. From the start of the December quarter the share price has obtained 47% till market closing on 13 January.
The company has declared 24 January as the record date for announcing an interim dividend of 1 Rs per share, each with a face value of 2 Rs.