Wipro net up 2% on higher BFSI revenue

India's third largest IT firm Wipro on Friday posted over 2 per cent increase in consolidated net profit at Rs 2,120.8 crore for June 2018 quarter buoyed by higher Banking, Financial Services and Insurance (BFSI) revenue..

The net profit, attributable to shareholders, in the yearago period was at Rs 2,076.7 crore. Wipro’s total profit grew to Rs 2,093.8 crore for the April-June 2018 quarter, from Rs 2,082.6 crore last year.

Its revenue from operations grew 2.5 per cent to Rs 13,977.7 crore during the period under review from Rs 13,626.1 crore in the same quarter last year.

Wipro said it expects revenues from that business to be in the range of $2,009 million to $2,049 million in the September quarter.

"This translates to a sequential growth of 0.3 per cent to 2.3 per cent, excluding the impact of the divestment of our hosted data centre services business which concluded in the quarter ended June 30, 2018," it said.

IT services revenue was at Rs 13,700 crore, up 5.2 per cent from the year-ago period. In dollar terms, revenue from this segment grew 2.8 per cent to $2,026.5 million. "We have seen pickup in spending in the developed markets, particularly in North America and BFSI. Our investments in digital continue to help us build differentiation in key industry segments, which is resulting in a consistent improvement in our client metrics," Wipro CEO Abidali Z Neemuchwala said.