Wipro Limited (WIT) Q3 2023 Earnings Call Transcript

For the period ending December 31, 2022

January 13, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, good day, and welcome to the Wipro Limited Q3 FY ‘23 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded.

I now hand the conference over to Mr. Dipak Kumar Bohra, Senior Vice President, Corporate Treasurer and Investor Relations. Thank you, and over to you, sir.

Dipak Kumar Bohra

Thank you, Inba. Warm welcome to our Q3 FY ‘23 earnings call and wish you all a happy new year. We will begin the call with our business highlights and overview by Thierry Delaporte, our Chief Executive Officer and Managing Director; followed by a financial overview by our CFO, Jatin Dalal. Afterwards, the operator will open the bridge for question and answers with our management team.

Before Thierry starts, let me draw your attention to the fact that during this call, we may make certain forward-looking statements within the meaning of Private Securities Litigation Reform Act 1995. These statements are based on management's current expectations and are associated with uncertainties and risks, which may cause the actual results to differ materially from those expected. The uncertainties and risk factors are explained in our detailed filings with the SEC.

Wipro does not undertake any obligation to update the forward-looking statements to reflect events and circumstances after the date of filing. The conference call will be archived, and a transcript will be available on our website.

Inba, you can open the call now. Over to you, Thierry.

Thierry Delaporte

Thank you, Dipak and thank you, everyone. Hello. Good morning, good afternoon, good evening to you all. Thank you for joining our third quarter results. From our entire leadership team, I'd like to wish you, first, a fantastic year ahead. We are optimistic about 2023 to deliver ground-breaking work for our clients and continue on a growth trajectory. We'll talk about some of the opportunities that are ahead of us.

Joining me today is our CFO, Jatin, you know him well; our Chief Growth Officer, Stephanie, our Chief HRO, Saurabh and I'm pleased to introduce you to our new Chief Operating Officer, Amit Choudhary.

Earlier today, we reported our third quarter results as you know, I'm pleased to share that we have delivered; one, another quarter of double-digit revenue growth. Second, record order bookings of over $4.3 billion, led by large deals signing of over $1 billion, a margin expansion of 120 basis points, a huge surge in cash conversion and a fourth straight quarter of lower attrition.