Wipro net up 12.6% in first quarter

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SME Times News Bureau | 17 Jul, 2019
Global software major Wipro on Wednesday reported a net profit of Rs 2,390 crore for the first quarter (Q1) of fiscal 2019-20, registering 12.6 per cent annual growth from Rs 2,094 crore reported in the corresponding period of the previous year.

Sequentially, the net profit declined 4.2 per cent from Rs 2,494 crore a quarter ago.

In a regulatory filing on the BSE, the city-based IT behemoth said that total revenue for the quarter under review (Q1) grew 5.3 per cent year-on-year (YoY) to Rs 14,720 crore from Rs 13,978 crore in the same period a year ago.

Sequentially, the total revenue growth remained flat (0.2 per cent) from Rs 15,006 crore a quarter ago.

IT services business grew 4.3 per cent to Rs 14,189 crore for the quarter from Rs 13,841 crore a year ago but declined 5 per cent sequentially from Rs 14,565 crore.

Under the International Financial Reporting Standard (IFRS), net income for the quarter was $346 million, revenue $2.14 billion and IT services $2,039 million.