Wipro Q4 results: Net Profit increased by 27.80% to Rs. 2,973.00 Crores; beat estimates

Wipro Q4 results: It is one of the largest multinational companies in India located in Bangalore. Whereas the company provides services in information technology, consulting, and business process services (BPO) across India. Initially, the company was also known as “Western India Palm Refined Oil Limited” and later renamed Wipro. The company manufactures vegetables and refined oils under the brand name Kisan, Sunflower, and Camel. In 2013, the company demerged its non-IT businesses and formed Wipro Enterprises. The present Chairman & Managing Director of the company is Mohamed Premji.

Meanwhile, on Friday, April 16th, the shares of the company surged almost 10% in the stock market. The main reason for this is the IT company reported its Q4 results for the financial year 2021-22. The companies standalone net profit increased by 27.80% Year-on-Year (YoY) to Rs. 2,973.00 crores in Q4FY21. While the company also posted its standalone net profit of Rs. 2,343.00 crores in the previous quarter ended in December 2020.

Moreover, the companies total revenue from operations increased by 3.40% YoY to Rs. 16,334 crores. Whereas the analyst expects the net profit and revenue of the company stood at Rs. 16,097.10 crores and Rs. 2,892.80 crores respectively.

Whereas the revenue from IT services increased by 3.90% to Rs. 15,892 crores in Q4FY21. The operating margin of the company increased 344 basis points (bps) to 21% YoY. The main reason for the increase in margins due to the reduction of cost to Rs. 10,981 crores.

We are guiding for revenue growth of 2-4% for the first quarter of FY22. This will translate into 11-13% growth for the full financial year 2021-22. This guidance reflects the environment that we are in, our focus on our market, and improved execution rigor, and we are ready to take on the fight on talent, said Thierry Delaporte, MD & CEO of the company.

Besides, the company bagged almost $1.40 billion deals during the quarter ended on March 31st.

While the companies revenue from banking, financial services, and insurance (BFSI) increased by 2.70% in Q4FY21. While in the retail segment the revenue of the company rose by 2.70% to Rs. 3,902 crores as against Rs. 3,801.00 in the previous quarter.

However, the shares of Wipro Limited on Friday reported a bullish trend in the stock market. It gained 468.45 points with an 8.76% increase and reached 468.45 INR. While in BSE, the company gained 37.35 points with an 8.67% increase and reached 468.60 INR.

Stock Market on April 16th:

On Friday, both Sensex and Nifty continue their bullish trend in the stock market from the last session of the market. The Sensex is trading above 48,900 levels and nifty trading above 14,600 levels in the stock market. The Sensex gained 96.77 points with a 0.20% increase and reached 48,903.57 levels. While the nifty gained 68.05 points with a 0.47% increase and reached 14,648.80 levels.

On the other side, the number of coronavirus cases in India on Friday, April 16th reached 1,42,91,917 with almost 1,74,308 deaths.

In the border markets, the S&P BSE Small-Cap index reported a bullish trend in the stock market on Friday. It gained 267.26 points with a 1.28% increase and reached 21,065.82 levels. But, the S&P BSE Midcap gained 276.25 points with a 1.39% increase and reached a 20,199.86 level. While the Nifty Bank lost 58.50 points with a 0.18% decrease and reached 32,057.65 level.

Top Gainers on April 16th: Wipro, Hindalco Industries, BPCL, M&M, and Power Grid Corporation are the top gainers in today’s stock market.

Top Losers on April 16th: ICICI Bank, TCS, Bajaj Finance, Axis Bank, and HUL are the top losers in today’s stock market.