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Wipro, one of the top-tier Indian IT services companies, reported a 3% annual rise in net profit for the third quarter of FY23 to touch Rs 3,053 crore.

The revenue for the third quarter stood at Rs 23,229 crore, recording a growth of 14.35%. The numbers reported by Wipro were in line with market expectations.

The operating margin of Wipro for the quarter stood at 16.3% for the quarter, an increase of 120 basis points (bps) on a quarterly basis.

“Our operating margins are now at 16.3%, which is an expansion of 120 basis points from last quarter. This expansion of margins was after absorbing the investments we made in our people by way of salary increases, promotions, and long-term incentives for our senior leadership,” Wipro CFO Jatin Dalal said.

The total order bookings of Wipro were over $4.3 billion led by large deal bookings of over $1 billion.

On the employee headcount front, the company saw a marginal reduction as it stood at 258,744 for the third quarter, compared to 259,179 in the second quarter. Wipro said the attrition rate was moderated at 21.2% for the quarter.

For FY23, Wipro has projected its IT services revenue to be in the range of 11.5% to 12%.

“We are continuing to gain market share as a result of deepening client relationships and higher win rates. Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimization,” Wipro CEO Thierry Delaporte said on the company’s performance.

The performance of Wipro in comparison to its peers like TCS, Infosys, and HCL Tech has been modest. Although it posted double-digit growth in revenue, the net profit rise of 3% was below its peers.