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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹22,319 Cr
verified against source
Revenue YoY
-0.7%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Wipro delivered a solid Q3 FY25 with IT services revenue of $2.63B, slightly above guidance, and operating margins at a 12-quarter high of 17.5%, expanding 150bps YoY. Growth was led by Americas 1 (+3.7% YoY) and healthcare (+4.5% YoY), while Europe and APMEA remained soft. Large deal TCV was $1B, with strong traction in BFSI and manufacturing. Management guided Q4 revenue change of -1% to +1% sequentially, reflecting cautious optimism. Key risks include continued weakness in EMR and consumer verticals, and lumpy large deal conversions. The board approved a 70%+ payout ratio, signaling confidence in cash flows.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects IT services revenue to be between $2.602B and $2.655B in constant currency terms for Q4.
- CFO stated confidence in sustaining margins in a narrow band around the current level for Q4.
- Board approved cumulative payout of 70% or more of net income over a three-year block starting FY26, via dividends and buybacks.
- CEO indicated plans to hire 10,000-12,000 freshers each quarter in the next fiscal year, alongside lateral hiring.
Risks flagged
- Energy, manufacturing, and resources declined 8.7% YoY; consumer grew only 0.4% YoY. These segments represent ~36-38% of revenue and may hinder consistent growth.
- Large deal TCV was down sequentially, and management noted seasonal lumpiness. Conversion to revenue may be uneven.
- Europe degrew 4.6% YoY and APMEA degrew 8% YoY. Management acknowledged challenges in these regions despite pipeline rebuilding.
- CEO noted healthcare budgets may grow slower than in the past, which could impact a key growth driver.
Key quotes
- Our operating margins came in at 17.5%, an expansion of 0.7% quarter on quarter, and 1.5% year-on-year. This is a 12-quarter high.
- We are early adopters of agentic AI, which will be delivering impactful results for our clients. This technology goes beyond traditional productivity assistance.
- We've got to 17.5% that we had shared, and it's a 12-quarter high, so in some sense, we are very conscious that we should sustain it, and therefore, for Q4, we are saying that we are confident of holding it in a narrow band.
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