Wipro net up 29.6% in Q3

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SME Times News Bureau | 19 Jan, 2019
Global software major Wipro on Friday reported Rs 2,544 crore consolidated net profit for the third quarter of fiscal 2018-19, registering 29.6 per cent annual growth from Rs 1,936 crore in the same period a year ago.

In a regulatory filing on the BSE, the city-based IT firm said consolidated gross income for the quarter (Q3) under review grew 10.2 per cent year-on-year (YoY) to Rs 15,060 crore from Rs 13,669 crore in the like period a year ago.

Sequentially, net profit for Q3 grew 34.9 per cent from Rs 1,886 crore and gross revenue 3.6 per cent from Rs 14,540 crore a quarter ago.

Under the International Financial Reporting Standards (IFRS), net income was $366 million and gross income $2,200 million for the quarter.

Revenue from global IT services business was $2,047 million for the quarter, up 3.8 per cent YoY from $1,973 million, and 1.8 per cent sequentially from $2,010 million a quarter ago.

The revenue from IT services ($2,047 million) was in the guidance range of $2,028-$2,688 million the company gave on October 24, 2018.

For the fourth quarter (January-March) of this fiscal (FY 2019), the company has projected revenue from IT services in $2,047-$2,088 million range.

"We expect revenue from our IT services business to be in the range of $2,047-$2,088 million. This translates to a sequential growth of 0-2 per cent," said the company in a statement later.

The revised operating margin at 19.8 per cent for the quarter was up 4.9 per cent from 14.9 per cent a year ago and 4.8 per cent a quarter ago from 15 per cent a quarter ago.

The company's Board of Directors recommended bonus shares in the ratio of 1:3 (one equity share for three equity shares held) and declared an interim divided of Re 1 or 50 per cent per equity share of Rs 2 face value.

Client acquisition for the quarter declined to 57 from 76 a quarter ago and 79 a year ago, taking the total number of active clients to 1,132 for the quarter as against 1,131 a quarter ago and 1,201 a year ago.