IT services revenue in the fourth quarter was $2.15 billion, a rise of 3 per cent sequentially on a constant currency basis.
IT Services operating margin for the fourth quarter was at 21 per cent, a fall of 70 basis points sequentially, but a rise of 344 bps annually.
said it closed 12 large deals resulting in a total contract value of $1.4 billion during the quarter.
“I am delighted with the way we have finished the financial year. We delivered a third consistent quarter of strong revenue growth, deal wins and operating margins. We also announced our largest ever acquisition of Capco that will bolster our global financial services sector. We are excited with this wave of business momentum that we are witnessing. All key markets are now growing on YoY basis and this provides us a solid foundation to build on next year growth rates,” said Thierry Delaporte, CEO and Managing Director at Wipro.
Voluntary attrition in IT Services during the quarter was 12.1 per cent, while net utilisation was 86 per cent.
Wipro said it saw gross addition of over 18,000 employees, including onboarding of more than 2,850 freshers in the fourth quarter.
“We delivered a 340 bps expansion year-on-year in operating margins for the quarter after absorbing the impact of wage hike. On a full year basis we increased margins by 220 bps with a consistent improvement in operating metrics. Led by disciplined execution, we generated strong operating cash flows at 136.7 per cent of our net income for the full year. We successfully completed the share buyback program returning $1.3 billion to our shareholders,” said Jatin Dalal, Chief Financial Officer.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.