Wipro Q3 Net Profit Jumps 24.4%, Tweaks Capital Allocation Policy

New Delhi, Jan 17 (PTI) IT services company Wipro on Friday reported a 24.4 per cent year-on-year rise in its consolidated net profit for the just-ended December quarter at about Rs 3,354 crore.

The Bengaluru-based tech major saw its revenue from operations inch up by 0.5 per cent to about Rs 22,319 crore.

For the coming March quarter, Wipro sees revenue from IT services business in the range of USD 2,602 million to 2,655 million, which translates into a sequential guidance of a decline of 1 per cent to 1 per cent growth, according to a regulatory filing.

It has declared an interim dividend of Rs 6 per equity share/ADS. Wipro board has approved a revised capital allocation policy that increases the committed payout percentage to 70 per cent or above in a block of three years.

The capital allocation policy has been revised to increase the payout percentage from 45-50 per cent to 70 per cent or above of the net income cumulatively on a block of three-year period, the company statement said.

Srini Pallia, CEO and Managing Director, said strong in quarter execution helped the company deliver above the top end of revenue guidance in a seasonally weak quarter.

"We also achieved our highest margins in the past three years while continuing to invest in our people," Pallia said in the statement.

Wipro closed 17 large deals with a total value of USD 1 billion.

According to Wipro's Q3 scorecard, the profit attributable to equity holders of the company jumped 24.4 per cent year-on-year to Rs 3,353.8 crore for the quarter ended December 2024.

"We are advancing steadily and investing decisively to lead our clients in an AI-driven future," the top honcho said.

Aparna Iyer, Chief Financial Officer, said the company expanded margins for a fourth consecutive quarter, enabling it to achieve previously-stated target margin of 17.5 per cent.

"We are pleased to share that the board has approved our revised capital allocation policy that increases the committed payout percentage to 70 per cent or above in a block of 3 years. In addition, board has also declared an interim dividend of Rs 6 per share," Iyer said.