WIPRO POSTS 2% JUMP IN Q1 NET PROFIT

Bengaluru, July 20: India’s third largest IT firm Wipro on Friday posted over 2 per cent increase in consolidated net profit at `2,120.8 crore for June 2018 quarter.

The net profit, attributable to shareholders, in the year-ago period was at `2,076.7 crore.

According to a regulatory filing, its total profit grew marginally to `2,093.8 crore for the April-June 2018 quarter, from `2,082.6 crore in the year-ago period.

Its revenue from operations grew 2.5 per cent to `13,977.7 crore during the period under review from `13,626.1 crore in the same quarter last year. “We entered fiscal 2019 dealing with certain externalities.

Based on the excellent execution by our team, we have seen a pickup in momentum in our global business ahead of our expectations and have delivered 0.1 per cent growth in constant currency terms, coming in at the top end of our guidance range,” Wipro CEO Abidali Z. Neemuchwala said.

“While we see continuing challenges in our India business and ACA related decline in Healthcare, we do see stronger momentum in the rest of our business led by BFSI and Americas. Product Engineering Services has also shown strong YoY growth,” he said.

Wipro, which gets bulk of its topline from IT services, said it expects revenues from that business to be in the range of $2,009 million to $2,049 million in the September quarter. — PTI