NEW DELHI: Software services exporter Wipro on Wednesday reported a 5.93 per cent fall in its consolidated net profit for the fourth quarter ended March 31.
The Bengaluru-based company posted a net profit of Rs 2,345 crore as against a net profit of Rs 2,493 posted same period last year.
On quarterly basis, the company reported a 4.51 per cent fall in its net profit for the March quarter, as against a profit of Rs 2,456 crore in December quarter.
The company's revenue from operations grew 4.6 per cent to Rs 15,711 crore during the period under review from Rs 15,006 crore in the same quarter last year.
Due to uncertainty around the course of the COVID-19 pandemic, the IT services firm said that it does not have visibility into the extent to which it will disrupt operations, and hence 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," it said.
Abidali Neemuchwala, CEO and managing director of Wipro said, “In these unprecedented times, I am extremely proud of how the Wipro team has come together and worked 24x7 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.”
The Board of Wipro Ltd has not recommended any final dividend. The interim dividend of Rs 1 declared at an earlier meeting shall be considered as the final dividend for the financial year 2019-20. Thus, the total dividend for the financial year 2019-20 remains Rs 1 per equity share.
Commenting on the earning scorecard, Jatin Dalal, Wipro's chief financial officer (CFO) 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 the confidence that we will emerge stronger and better."
The Bengaluru-based company posted a net profit of Rs 2,345 crore as against a net profit of Rs 2,493 posted same period last year.
On quarterly basis, the company reported a 4.51 per cent fall in its net profit for the March quarter, as against a profit of Rs 2,456 crore in December quarter.
The company's revenue from operations grew 4.6 per cent to Rs 15,711 crore during the period under review from Rs 15,006 crore in the same quarter last year.
Due to uncertainty around the course of the COVID-19 pandemic, the IT services firm said that it does not have visibility into the extent to which it will disrupt operations, and hence 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," it said.
Abidali Neemuchwala, CEO and managing director of Wipro said, “In these unprecedented times, I am extremely proud of how the Wipro team has come together and worked 24x7 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.”
The Board of Wipro Ltd has not recommended any final dividend. The interim dividend of Rs 1 declared at an earlier meeting shall be considered as the final dividend for the financial year 2019-20. Thus, the total dividend for the financial year 2019-20 remains Rs 1 per equity share.
Commenting on the earning scorecard, Jatin Dalal, Wipro's chief financial officer (CFO) 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 the confidence that we will emerge stronger and better."
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