Wipro Q1 profit at Rs 2,120.8 crore rises 2%, still beats estimates
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Wipro Q1 profit at Rs 2,120.8 crore rises 2%, still beats estimates

Wipro, which gets bulk of its topline from IT services, said it expects revenues from that business to be in the range of $2,009 million to $2,049 million in the September quarter.

business Updated: Jul 20, 2018 17:01 IST
Reuters
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The logo of Wipro is seen inside the company's headquarters in Bengaluru.(Reuters File Photo)

India’s third largest IT firm Wipro on Friday posted over 2% 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% 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 $2,009 million to $2,049 million in the September quarter.

“This translates to a sequential growth of 0.3% to 2.3%, 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% from the year-ago period. In dollar terms, revenue from this segment grew 2.8% year-on-year to $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 ($51.6 million).

First Published: Jul 20, 2018 16:55 IST