Wipro shares slump nearly 5% after company posts over 20% decline in consolidated profit for Q4

New Delhi: Shares of Wipro on Thursday fell by nearly 5 percent as the company posted over 20 percent decline in consolidated profit for the March quarter, 2017-18. The stock after making a weak opening further lost 4.56 percent to Rs 274.10 on BSE. At NSE, shares of the company fell 4.57 percent to Rs 274. [caption id=“attachment_992803” align=“alignleft” width=“380”] File photo of Azim Premji, chairman of Wipro. Reuters[/caption] The stock was the worst hit among the bluechips on both Sensex and Nifty during the morning trade. Wipro on Wednesday posted over 20 percent decline in consolidated profit to Rs 1,800.8 crore for the March quarter, 2017-18. The 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 year ended March 2018, Wipro’s profit fell six percent to Rs 8,003.1 crore, while total income dipped 1.7 percent to Rs 57,035.8 crore compared to the previous financial year, the company said. The company claimed that its digital revenue grew 9% sequentially and 27.6% on a year on year basis in Q4 constituting 26.7% of its revenue. In terms of client mining, Wipro’s top 10 accounts grew 5.5% sequentially and 14.8% year on year in Q4. Two of its accounts crossed the $250 million mark on a run rate basis in Q4. In terms of non-linearity, the company has been witnessing traction in its homegrown IP like HOLMES, AssureNXT and Delta Verge with IP revenue crossing $100 million this year. The company said it has filed 2,000 patents so far. With inputs from PTI