Wipro has posted a decrease of 6.3 per cent in net income for the fourth quarter to ₹2,303 crore on a year-on-year basis, while gross revenues increased 4.7 per cent for the same period to ₹1,5710 crore.
The IT services' major did not give any guidance for the next quarter. "Due to the uncertainty around the course of the Covid-19 pandemic, we do not have visibility into the extent to which it will disrupt our operations, and we have decided to not provide revenue guidance for the quarter ending June 30, 2020. We anticipate that we will resume providing revenue guidance when we have increased certainty of both demand and supply-side factors," the company said in a statement.
The IT services' revenues posted a decrease of 1 per cent on a quarter on quarter basis to ₹203.73 crore. The IT services' operating margin for the quarter was 17.6 per cent, a decrease of 0.8 per cent quarter on quarter.
Abidali Z. Neemuchwala, CEO and Managing Director said, “In these unprecedented times, I am extremely proud of how the Wipro team has come together and worked 24/7 to ensure the safety and well-being of each other while continuing to serve our clients. We hope that all of us stay safe and strong during these tough times. We are confident that our broad portfolio of services and our ability to execute to our commitments makes us well-positioned to gain market share.”
Jatin Dalal, Chief Financial Officer said, “The quarters ahead seem challenging and require a tremendous response on costs. We also anticipate our working capital to increase, but our strong balance sheet provides us with the confidence that we will emerge stronger and better. Further, due to the volatility in the external environment, we have decided not to provide quarterly guidance on revenues.”