Mumbai : Wipro, the country’s third-biggest software services exporter by revenue, on Wednesday posted 21 per cent decline in its consolidated profit at Rs 1,800.8 crore for the quarter ended March 31, 2018 as against Rs 2,267 crore in the year-ago period.
The IT company attributed the fall in net profit to a decline in revenue from operations. Revenue from operations fell 1.6 per cent to Rs 13,769 crore, while revenue from its key IT services business rose 5.5 per cent to $2.06 billion, in the range forecast by Wipro.
Its total income was down 4.9 per cent 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 March 31, Wipro’s profit fell 6 per cent to Rs 8,003.1 crore, while total income dipped 1.7 per cent to Rs 57,035.8 crore over 2016-17. The IT firm said it expected revenue from IT services to be in a range of $2.02-$2.07 billion in the June quarter. Wipro warned earlier this month an insolvency petition filed by an Indian telecom client on Feb. 28 would hit net income by between 65 and 75 basis points.