Wipro Q1 net profit up 2% to Rs 2,120.8 crore

Bengaluru: India’s third largest IT firm Wipro posted over 2 percent increase in consolidated net profit at Rs 2,120.8 crore for June 2018 quarter.
The net profit, attributable to shareholders, in the year-ago period was at Rs 2,076.7 crore.
According to a regulatory filing by Wipro, its total profit grew marginally to Rs 2,093.8 crore for the April-June 2018 quarter, from Rs 2,082.6 crore in the year-ago period.
Its revenue from operations grew 2.5 percent to Rs 13,977.7 crore during the period under review from Rs 13,626.1 crore in the same quarter last year.
Wipro, which gets bulk of its topline from IT services, said it expects revenues from that business to be in the range of USD 2,009 million to USD 2,049 million in the September quarter.
“This translates to a sequential growth of 0.3 percent to 2.3 percent, excluding the impact of the divestment of our hosted data centre services business which concluded in the quarter ended June 30, 2018,” Wipro said in a regulatory filing.
For the June quarter, IT services revenue was at Rs 13,700 crore, up 5.2 percent from the year-ago period. In dollar terms, revenue from this segment grew 2.8 percent year-on-year to USD 2,026.5 million.
“We have seen pickup in spending in the developed markets, particularly in North America and BFSI. Our investments in Digital continue to help us build differentiation in key industry segments, which is resulting in a consistent improvement in our client metrics,,” Wipro CEO Abidali Z Neemuchwala said.
He added that the company had witnessed a “good quarter of order bookings” and exuded that Wipro is moving in the “right direction”.
The company’s revenue from IT products during the quarter was Rs 350 crore (USD 51.6 million).

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)