Moneycontrol
Last Updated : Jan 19, 2018 09:51 PM IST | Source: Moneycontrol.com

Wipro Q3 profit down 12% at Rs 1,930.1 cr; sees Q4 IT services revenue growth at 1-3%

The rupee revenue for the segment came in at Rs 13,235 crore against Rs 13,169 crore, a marginal rise of 0.5 percent.

IT services major, Wipro, posted December quarter earnings that missed Street estimates on Friday.

The company’s IT services earnings before interest and taxes (EBIT) was reported at Rs 1,959 crore, against Rs 2,278 crore, a drop of 14 percent year on year.

The company reported profit at Rs 1,930.1 crore, down 12.%.

The rupee revenue for the segment came in at Rs 13,235 crore against Rs 13,169 crore, a marginal rise of 0.5 percent.

Meanwhile, the dollar revenue came in at Rs 2,013 crore. This reported flat growth on a year on year basis.

However, the margin was under pressure as it came in lower at 14.58 percent against 17.3 percent year on year. The company said that the margin was impacted by a provision of Rs 317 crore.

“We continued to improve our growth trajectory driven by strong momentum in BFSI and uptick in Healthcare. This is also reflected in our outlook for the next quarter. Our leadership in Digital continues to strengthen with over 25% of our revenues now coming from Digital,” Abidali Z. Neemuchwala, CEO and Member of the Board said in a statement.

The company expects revenue growth from IT services business in Q4 to be in the range of 1-3 percent.
First Published on Jan 19, 2018 04:28 pm

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