Wipro March Quarter Profit Declines 20%, Misses Estimates
Wipro Ltd, India's third-biggest software services exporter by revenue, on Wednesday posted lower-than-expected fourth-quarter net profit, hurt by lower revenue from operations. The IT firm said it expected revenue from IT services to be in a range of $2.02-$2.07 billion in the June quarter. Net profit fell 20.3 per cent to Rs 1,803 crore ($269.99 million) in the three months ended March 31, Bengaluru-headquartered Wipro said on Wednesday.
Analysts on average expected a profit of Rs 2,132 crore, according to Thomson Reuters data.
Revenue from operations fell 1.6 per cent to Rs 13,769 crore, while revenue from its key IT services business rose 5.5 per cent to $2.06 billion, in the range forecast by Wipro.
Wipro warned earlier this month an insolvency petition filed by an Indian telecom client on February 28 would hit net income by between 65 and 75 basis points. Though mobile carrier Aircel has filed for bankruptcy amid a price war triggered by a telecoms upstart, Wipro did not name the client.
Bigger rivals Tata Consultancy Services and Infosys Ltd posted rises in fourth-quarter profit earlier this month.
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