Wipro's Q3 net profit drops 6%; revises Q4 guidance

Giving the guidance the company said that they expect revenues from our IT Services business to be in the range of $ 1,922 million to $ 1,941 million.

The company's gross revenues were Rs 13,690 crore, a rise of 6.4% on year-on-year basis. Photo: IANS

IT major Wipro on Wednesday announced its financial result for the quarter ended on December 31. Beating the estimates, the company reported a net profit of Rs 2,110 crore, a drop of 5.6% as against Rs 2237.1 crore during the same period last year.

The company's gross revenues were Rs 13,690 crore, a rise of 6.4% on year-on-year basis.

“Our bold investments in Digital, BPaaS and cloud applications position Wipro as the partner of choice for the Digital businesses of our clients. Digital eco-system grew by 9.9% sequentially in the quarter and now constitutes 21.7% of our revenues”, said Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board.

“In the last year, we have invested almost $1 billion in acquisitions, made 6 investments through Wipro Ventures, funded 8 ideas through our Horizon program, and continued to invest aggressively in our cognitive platform, Wipro HOLMES and in our stated localization strategy.”

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Giving the guidance the company said that they expect revenues from our IT Services business to be in the range of $ 1,922 million to $ 1,941 million.

The company also signed an agreement to acquire InfoSERVER for $8.7 million. InfoSERVER is focussed on the Brazilian market, provides custom application development and software deployment services.

Jatin Dalal, Chief Financial Officer, said, "We expanded operating margins by 50 basis points in a seasonally weak quarter and generated strong operating cash flows by disciplined execution. We are significantly leveraging HOLMES, our automation suite to drive efficiencies in our operations.”

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