Wipro, India's third largest software exporter said fourth quarter profits grew 0.4% to Rs 2,267 crore on revenues of Rs 13,987.5 crore, a jump of 2.6%
The Bengaluru-based IT services firm said IT services revenue grew 2.7% over the previous quarter to $1.96 billion. For the fourth quarter, Wipro had projected growth between $1.9 billion-$1.94 billion or 1-2%.
Wipro has forecast its IT services revenue in the first quarter of the fiscal 2018 to be in the range of $1.92 billion to $1.96 billion.
“We delivered revenues within the guidance range in our fourth quarter,” said Abidali Z Neemuchwala, Chief Executive Officer of Wipro. “We are confident that the recovery in Energy & Utilities and our demonstrated strength in Digital will help us improve our growth trajectory during the course of the current financial year.”
Wipro's larger rivals Infosys and TCS too faced business and currency challenges in the quarter.
The company board approved bonus issue in the ratio of 1:1.
Standalone net profit jumped 20% to Rs 2,303 crore sequentially as compared to Rs 1,918 crore in December quarter.
IT services EBIT margin was nearly flat at 18.9% as against 18.3% a quarter ago. Revenue for the quarter rose 5% to Rs 15,034 crore.
The company reappointed William Arthur Owens as independent director for five years from August 1.
On Tuesday, the company's scrip on BSE closed 0.9% higher at Rs 496.
| Comparison of Q4 performance of TCS and Infosys | ||||||||
| Companies | Revenue | QoQ | YoY | Profit | QoQ | YoY | Margins | Net hiring |
| Crore | % | % | Crore | % | % | % | people | |
| Wipro | 13987 | 2.3 | 2.6 | 2276 | 2.2 | 0.4 | 18.3 | 1,305 |
| TCS | 29642 | -0.3 | 4.2 | 6608 | -2.5 | 4.2 | 25.7 | 8,726 |
| Infosys | 17120 | -0.9 | 3.4 | 3603 | -1.3 | 1 | 24.6 | 601 |
| Comparison of FY-17 growth in dollar revenue | ||||||||
| % | Billion $ | |||||||
| Wipro | 7.4 | 8.5 | ||||||
| TCS | 6.2 | 17.58 | ||||||
| Infosys | 7.4 | 10.21 | ||||||
| Source: Companies | ||||||||