Wipro Profit Rises Nearly 3% To Rs 2,390 Crore In June Quarter
- IT services revenue declined 4.58 per cent to Rs 14,595.60 crore in the quarter ended June 30, compared with Rs 15,296 crore in the previous quarter. However, on a year-on-year basis, it grew 1.70 per cent.
- In constant currency terms, the IT services segment revenue decreased 4.4 per cent compared to the year-ago period, Wipro said.
- Revenue from the banking, financial services and insurance (BFSI) segment declined 3.99 per cent sequentially to Rs 4,482.80 crore in the April-June period.
- Wipro said the conditions caused by the coronavirus pandemic could adversely affect its future sales, operating results and overall financial performance. "Our operations may also be negatively affected by a range of external factors related to the COVID-19 pandemic that are not within our control," it added.
- This is Wipro's first earnings announcement under the new CEO, who replaced Abidali Z Neemuchwala with effect from July 6.
- “I am deeply honored to lead Wipro, an extraordinary company and an exemplary corporate citizen with a deep technology heritage built on a strong foundation of values," said Thierry Delaporte, CEO and managing director, Wipro.
- "Profitable growth will be the most important priority on my agenda. I am confident that we will be able to deliver long term, sustainable growth in the interest of all our stakeholders.”
- Operating margin - a key measure of profitability - in the IT services segment improved to 19.0 per cent in the June quarter, compared to 17.6 per cent in the January-March period.
- “We expanded the margins during the quarter, despite lower revenues, on the back of solid execution of several operational improvements and rupee depreciation," said chief financial officer Jatin Dalal.
- At the end of June, the rupee was down 5.78 per cent against the greenback on a year-to-date basis. Any depreciation in the rupee boosts the profitability of IT companies, which earn the lion's share of their revenue in dollars.
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