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 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, " the company said in the filing.
Wipro also declared an interim dividend of Re 1 or 50 per cent per equity share of Rs 2 face value for fiscal 2019 - 20.
"We have delivered a good quarter with secular growth across business units, geographies and practices.
We remain focused on deepening customer relationships, converting our funnel and winning large deals, " said Wipro Chief Executive Abidali Neemuchwala in a statement.
The company has projected higher revenue from IT services in the fourth quarter (January - March) of this fiscal, translating into a 2 per cent sequential growth from that of third quarter.
"We expect revenue from our IT services to be in the range of $2, 095 - $2, 137 million in the fourth quarter ending March 31, " added Neemuchwala.
The company's IT products business, which is largely in India, Asia and the Gulf region, suffered Rs 140 crore ($1. 96 million) during the quarter, with Rs 260 crore ($36 million) revenue.
"We expanded operating margins by 0. 3 per cent aided by a favorable movement in the currency.
Hello EnglishHello English
