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Wipro Q1 net up 18%, but outlook disappoints market
India’s third-largest software firm Wipro said its net profit rose by 18% in the April -June quarter, but failed to impress the markets as it gave a muted revenue outlook for the next quarter, citing an uncertain global business environment.
India’s third-largest software firm Wipro said its net profit rose by 18% in the April -June quarter, but failed to impress the markets as it gave a muted revenue outlook for the next quarter, citing an uncertain global business environment.
Wipro’s net profit for the quarter stood at Rs. 1,580 crore as compared to Rs. 1,335 crore from same period a year ago. Its total revenues stood at Rs. 10,653 crore, up 24% from a year ago.
IT services account for 75% of Wipro’s revenues. The company also makes customer-care and lighting products as well as hydraulic equipment.
“We have delivered revenues in line with our guidance in a volatile environment,” TK Kurien, Wipro’s chief executive said in a statement. The company’s chief financial officer, Suresh Senapathy, said there are uncertainty and delays in closing deals “...which exists despite improved clients’ activity which created a strong pipeline.”
Infosys had earlier disappointed investors by cutting its full-year revenue outlook and reported lower-than-expected earnings this month. The country’s largest software company, Tata Consultancy Services, had however reported a 38% jump in its quarterly profit.
