Wipro Q3 net income at INR 19.4 bn

Wipro Q3 net income at INR 19.4 bn

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Wipro Limited announced financial results under International Financial Reporting Standards (IFRS) for its quarter ended December 31, 2017.

Highlights of the Results

Net Income for the quarter was INR 19.4 bn

Gross Revenue of Wipro Limited was INR 136.7 billion ($2.1 bn).

IT Services Segment Revenue in Non-GAAP constant currency increased by 0.9% sequentially, in line with our Guidance.

IT Services Segment Revenue in dollar terms was $2,013.0 million, remaining flat sequentially and increasing by 5.8% YoY.

IT Services Margin for the quarter was 14.8%, impacted by a provision of INR 3,175 million ($49.7 million) made with respect to insolvency of a customer post the balance sheet date. Adjusted for this event, IT Services Margin for the quarter was 17.2%.

The company declared an interim dividend of INR 1 ($0.021) per share/ADS.

Performance for the quarter ended December 31, 2017

Abidali Z. Neemuchwala, CEO and Member of the Board said – “We continued to improve our growth trajectory driven by strong momentum in BFSI and uptick in Healthcare. This is also reflected in our outlook for the next quarter. Our leadership in Digital continues to strengthen with over 25% of our revenues now coming from Digital.”

The company expect Revenues from IT Services business to be in the range of $2,033 million to $2,073mn*.