Wipro Q3FY23 results: Net profit grew by 3 percent

The Markets Today in a nutshell

• Domestic stock market ended on a positive note.
• Indian market cheered positive earnings from IT majors and cooling of prices in India as well as the US, which eased rate hike worries. India’s retail inflation rate eased to a one-year low of 5.72 percent in December from 5.88 percent in the previous month, while the Index of Industrial Production (IIP) accelerated to 7.1 percent.

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News you could use

? Wipro Q3FY23 results: Net profit grew by 3 percent.
Consolidated net profit jumped 14.81% to Rs 3,052.9 crore on 3.06% rise in revenue form operations to Rs 23,229 crore in Q3 FY23 over Q2 FY23. On a year on year (YoY) basis, the IT firms net profit rose 2.83% and revenue jumped 14.35% in Q3 FY23. IT Services operating margin for the quarter was at 16.3%, an increase of 120 bps QoQ.

? HCL Technologies reported a 17 percent increase in net profits in Q3FY23
The IT firm reported 17.4% rise in consolidated net profit to Rs 4,096 crore on a 8.2% increase in revenues to Rs 26,700 crore in Q3 FY23 over Q2 FY22. Compared with Q3 last year, the company’s net profit and revenue are higher 19% and 19.6%, respectively. In dollar terms, the company’s revenue stood at $3,244 million, up 5.3% QoQ and up 9% YoY.

? Gujarat Gas share price declines as foreign brokerage downgraded stock rating to underperform
Jefferies downgraded the stock to “underperform” from buy and cut the target price from Rs 570 to Rs 400 a share. With around 50 percent of the Morbi plant investing in propane/LPG capacity and outlook on spot LNG prices firm, the global research and broking firm sees a structural drag on Gujarat Gas’s pricing power, margin outlook and volume growth in the medium term.

News from the IPO world?

• Arihant Academy plans to use IPO money for expansion and business development
• About 54 companies waiting to raise Rs. 84000 crore fresh capital
• Aristo Bio-Tech IPO to open next week

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