India-based IT services giant Wipro Ltd. (NYSE: WIT) last week reported revenue rose 14.4% year over year in its fiscal third quarter ended 31 December 2022. Revenue reached USD 2.8 billion during the period.

Chierry Delaporte, CEO and Managing Director, said, “I am pleased to report that we have delivered another quarter of double-digit revenue growth. Our total bookings were over $4.3 billion, led by solid large deal signings of over $1 billion. We improved our (IT Services) margins by 120 basis points and our attrition moderated for the fourth quarter in a row.”

Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and changes to existing contracts.

“We are continuing to gain market share as a result of deepening client relationships and higher win rates,” Delaporte said. “Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimization. Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favourably in a consolidating market.”

The group’s IT Services segment revenue increased to $2.80 billion, an improvement of 6.2% over the year. In constant currency IT Services segment revenue was up by 0.6% over the quarter and 10.4% over the year.

The IT Services operating margin for the quarter was at 16.3%, an increase of 120 basis points over the quarter.

Revenue in the ‘Americas 1’ segment was up by 14.0% over the year on a reported basis. Revenue in ‘Americas 2’ was up by 22.5%.

Americas 1 includes Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America.

Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada.

Revenue in Europe was up by 3.4% while revenue in APMEA was down by 0.3%.

Europe consists of the UK and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

Looking ahead the group expects revenue from the IT Services business for the full year to be in the range of 11.5% to 12.0%, in constant currency terms. This translates into the growth rate of -0.6% to 1.0% sequentially in constant currency terms for quarter ending 31 March 2023.

Wipro shares closed on Friday at INR 393.90 (USD 4.84), down 0.15% on the day. The company has a market cap of INR 2.21 trillion (USD 27.2 billion).