Wipro disclosed a marginal rise in consolidated net profit for the quarter ended December 2017. During the quarter, the profit of the company down 8.73% to Rs 19.30 billion from Rs 21.14 billion in the same quarter last year. On sequential basis, the company registered down 11.85% in the net profit.
Revenues for the quarter fall marginally 0.29% to Rs 142.94 billion, compared with Rs 143.36 billion for the prior year period.
IT Services Segment Revenue in Non-GAAP constant currency increased by 0.9% sequentially, in line with our Guidance. IT Services Segment Revenue in dollar terms was USD 2,013.0 million, remaining flat sequentially and increasing by 5.8% YoY.
IT Services Margin for the quarter was 14.8%, impacted by a provision of Rs 3,175 million (USD 49.7 million1) made with respect to insolvency of a customer post the balance sheet date.
Adjusted for this event, IT Services Margin for the quarter was 17.2%.
In the quarter ended December 31, 2017, the Company has concluded the buyback of 343.75 million equity shares as approved by the Board of Directors on July 20, 2017. This has resulted in a total cash outflow of Rs 110,000 million.
We expect Revenues from our IT Services business to be in the range of USD 2,033 million to USD 2,073 million.
Abidali Z. Neemuchwala, CEO and Member of the Board said, ''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.''
Jatin Dalal, Chief Financial Officer said, ''We have made strong progress in our client mining with number of clients contributing revenues over $50 million increasing from 33 to 41 in the last 1 year. In the first 9 months of the current fiscal year, we generated robust Operating Cash Flows of Rs 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.''
Shares of the company gained Rs 2.4, or 0.74%, to settle at Rs 328.45. The total volume of shares traded was 227,923 at the BSE (Friday).
