Wipro posts 8% decline in Q3 net profit at Rs 1,931 crore on higher costs
India's third-largest software services exporter Wipro posted an 8.5 percent drop in third-quarter net profit on Friday, hurt by higher costs.
Net profit fell to Rs 1,937 cr from Rs 2,192 cr in the immediately preceding quarter and Rs 2,109 cr in the year-ago period.
Under the International Financial Reporting Standard (IFRS), net income was $303 million and gross revenue $2,141 million.
Wipro's revenue from operations was almost flat at Rs 13,669 crore in the quarter under review as against Rs 13,687.8 crore in the year-ago period, it added.
The company expects a further ramp up in revenues from IT services in the March quarter.
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The margin for the IT services business fell almost 300 basis points to 14.8%, as the company had to make a $49.7 million provision related to the insolvency of one of its clients. Adjusted for this event, IT Services Margin for the quarter was 17.2%.
"While there are some customer specific uncertainties, CY18 commentary from our clients look positive and we are on the right track for FY19", Wipro CEO and Member of the Board Abidali Z Neemuchwala said.
In it's meeting held on January 19, 2018, the Board of Directors of Wipro declared an interim dividend of 1.00 ($ 0.02) per equity share and ADR (50% on an equity share of par value of Rs 2). "Our unique digital capabilities powered growth in top clients and positioned us well to drive our clients' digital transformation", he said, adding that the digital business contributes over 25% of revenues.
Total expenses rose 2.2 per cent to Rs 11,830 crore in the quarter.
"In the first 9 months of the current fiscal year, we generated robust Operating Cash Flows of ₹77 billion, 14.2% more than the same period last year. We also completed the Share Buyback in December and saw strong participation from our investors".
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