Wipro, a prominent Indian IT services company, reported a 7% year-on-year decline in its consolidated net profit for the third quarter of fiscal year 2026, settling at ₹3,119 crore (or $347.2 million), primarily impacted by one-time provisional costs related to India's new labor codes and restructuring expenses. Despite the profit dip, the company's gross revenue saw a 5.5% year-on-year increase, reaching ₹235.6 billion. IT services revenue in constant currency grew 1.4% quarter-on-quarter, though it declined 1.2% year-on-year. The IT giant also presented a muted outlook for the fourth quarter of FY26, forecasting IT services revenue growth in the range of 0% to 2% sequentially in constant currency terms. This subdued guidance, coupled with softer deal wins, suggests a challenging near-term environment for Wipro. Total deal bookings for Q3 FY26 stood at $3.3 billion ($3.34 billion), a notable decrease from $4.7 billion in the previous quarter, and large deal bookings specifically fell to $871 million from $2.8 billion. This indicates Wipro is lagging some of its larger rivals in securing significant new contracts, as competitors like TCS, Infosys, and HCLTech reported beating revenue forecasts and noted continued tech demand despite uncertainties. A positive highlight for Wipro was the expansion of its IT services operating margin to 17.6%, marking its best performance in several years, attributed to cost optimization and improved utilization. The company also declared an interim dividend of ₹6 per share for its shareholders. Headcount saw an increase of 6,529 employees, reaching a total of 242,021, though this was largely due to the integration of HARMAN's Digital Transformation Solutions acquisition. Wipro plans to hire 2,000-2,500 freshers in Q4, bringing the total for FY26 to 7,500, below its initial target of 10,000.