Wipro Q4 net falls over 20% on-year to Rs 1,800 cr; total income down 4.9%

Wipro on Wednesday posted over 20 percent decline in its consolidated profit to Rs 1,800.8 crore for the March quarter, 2017-18. [caption id=“attachment_3492023” align=“alignleft” width=“380”] Wipro new logo.[/caption] The country’s third-largest software services firm had registered a profit of Rs 2,267 crore in the year-ago period, as per Indian accounting norms. Its total income was down 4.9 percent at Rs 14,304.6 crore in the fourth quarter of last fiscal, compared to Rs 15,045.5 crore in the January-March period of 2016-17. For the entire financial year ended 31 March, Wipro’s profit fell 6 percent to Rs 8,003.1 crore, while total income dipped 1.7 percent to Rs 57,035.8 crore over 2016-17. Commenting on the performance of the company, Abidali Z. Neemuchwala, CEO and Member of the Board said - “Our investments in Digital and our efforts in client mining are paying off well. Our strong order bookings in the last two quarters provide us the right foundation to grow as we progress through the year.” Wipro’s Chief Financial Officer, Jatin Dalal, said - “We continue to make progress in our client mining, with number of clients contributing revenues over $75 million increasing from 17 to 20 during the quarter. Our investments in Wipro HOLMESTM and our automation suite are resulting in consistent productivity improvements. We generated robust Operating Cash Flows of ₹84 billion at 105 percent of our Net Income in FY18.” The company expect revenue from IT Services business to be in the range of $2,015 million to $2,065 million in June quarter. (With PTI inputs)