50% Interim Dividend Shock: Wipro’s ₹2700 Cr Q3 Profit Bombshell Revealed!

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Wipro Unveils 50% Interim Dividend Post Market Closure, Registers ₹ 2700 Crore Q3 Profit

In the fiscal results for Q3FY23, Wipro, the renowned IT entity, has declared a noteworthy interim dividend. Investors are set to receive a dividend of 1 rupee per share, considering a face value of 2 rupees.

Wipro’s Q3 2024 Performance:

The corporate giant, Wipro, has disclosed its financial outcomes for the quarter ending in December. The consolidated profit stands at Rs 2694 crore. Concurrently, an interim dividend for Q3FY23 has been unveiled, entailing a payout of 1 rupee against a face value of 2 rupees. The board has specified the record date as January 24. Notably, the BSE closing share price experienced a surge of approximately 4 percent, closing at 465.45 rupees.

Dwindling Quarterly Revenue:

According to the exchange filing, Wipro reported a consolidated profit of 2694 crores for the December quarter, as opposed to 2646 crores in the preceding quarter. However, it marks the fourth consecutive quarter of declining profits on an annual basis. The income for the October to December period amounted to 22205 crores, showing a decrease compared to the preceding quarter’s 22516 crores.

Q3 Figures for Wipro:

While Wipro experienced a dip in income quarterly, the EBIT witnessed positive growth. EBIT surged from Rs 3,075.7 crore to Rs 3,267.1 crore in the December quarter. Notably, the margin surpassed expectations, elevating from 13.66% to 14.71%.

Wipro’s Q3 Financial Projection:

Wipro, as an IT powerhouse, has maintained a stringent revenue growth forecast for the upcoming quarter. The revenue growth is anticipated to range from -1.5% to 0.5%. It’s worth noting that the third quarter posed challenges for IT firms due to holidays in Europe and America. The results of TCS and Infosys, the two major players in the domestic IT sector, outperformed expectations.