Wipro net down annually, sequentially in Q3

Top Stories

»	India-US trade talks resume amid renewed hopes over tariffs
»	Passenger vehicle sales down in Aug as consumers await GST cuts, 2-wheeler sales up: SIAM
»	Nifty, Sensex open flat as investors wait for fresh cues, US Fed meet outcome
»	India’s GDP growth to remain steady at 6.5 pc, another RBI rate cut likely this fiscal
»	Extend ITR, audit deadlines due to portal glitches, compliance overload: Tax associations

SME Times News Bureau | 14 Jan, 2020
Global software major Wipro on Tuesday reported Rs 2,463 crore consolidated net profit for the third quarter of fiscal 2019-20, registering 3.2 per cent annual decline from Rs 2,545 crore in the same period a year ago.

Sequentially, too, the city-based IT firm's net declined 3.8 per cent to Rs 2,463 crore from Rs 2,561 crore a quarter ago.

In a regulatory filing on the BSE, the company said its consolidated revenue from operations for the quarter under review (Q3), however, grew 2.7 per cent annually to Rs 15,470 crore from Rs 15,060 crore in the like period a year ago and 2.3 per cent sequentially from Rs 15,126 crore a quarter ago.

Under the International Financial Reporting Standards (IFRS), net income for the quarter is $345 million and gross revenue $2.2 billion or$2,200 million.

"Revenue from IT services business for the quarter grew 1.8 per cent annually to $ 2,095 million from $2,047 million year ago and 2.2 per cent sequentially from $2,049 million a quarter ago," said the outsourcing firm in the filing.

Operating profit for the quarter also declined 5 per cent annually to Rs 3,079 crore from Rs 3,241 crore a year ago and 1.8 per cent sequentially too from Rs 3,135 crore a quarter ago.

"Operating margin for the quarter also declined to 18.4 per cent annually from 19.8 per cent a year ago but marginally up (0.3 per cent) sequentially from 18.1 per cent a quarter ago," added the filing.

The IT behemoth also declared an interim dividend of Re 1 or 50 per cent per equity share of Rs 2 face value for fiscal 2019-20.