India-based IT services giant Wipro Ltd. (NYSE: WIT) today reported revenue fell by 4.4% year over year in its fiscal third quarter ended 31 December 2023. Revenue totalled INR 222.0 billion (USD 2.67 billion) during the period.

“Our investments in people, processes, and business operations are continuing to pay off,” said Thierry Delaporte, CEO and managing director. “In a seasonally soft quarter, deal booking momentum remained strong. Our large deals recorded a 20% year-to-date growth. Further, we are starting to see early signs of a return to growth in Consulting, as demonstrated by the double-digit growth in order bookings in our Capco business.”

Revenue in the ‘Americas 1’ segment was up 1.1% over the year. Revenue in Americas 2 fell by 6.5%. Revenue in Europe fell by 7.3%. APMEA revenue decreased by 6.6%.

Americas 1 includes healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms, in the US and the entire business of Latin America (“LATAM"). Americas 2 includes banking, financial services and insurance, manufacturing, hi-tech, energy and utilities industry sectors in the US and the entire business of Canada. Europe consists of 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.

IT products revenue decreased by 53.2%. The company is a value-added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the company delivers hardware, software products and other related deliverables. Revenue relating to the above items is reported as revenue from the sale of IT Products.

Looking ahead, Wipro expects revenue from its IT Services business segment to be in the range of USD 2.61 billion to USD 2.66 billion. This translates to sequential guidance of -1.5% to +0.5% in constant currency terms.

Wipro shares closed at today at INR 465.45 (USD 5.61), up 3.85% on the day and 3.73% below its 52-week high of INR 483.50 (USD 5.83), set on 1 January 2024. The company has a market cap of INR 2.34 trillion (USD 28.21 billion).