Board approves bonus issue in the ratio of 1:1; standalone net rises 20% on sequential basis
Wipro, India’s third largest software exporter said fourth quarter profits grew 0.4% to Rs 2,267 crore on revenues of Rs 13,987.5 crore, a jump of 2.6%
The Bengaluru-based IT services firm said IT services revenue grew 2.7% over the previous quarter to $1.96 billion. For the fourth quarter, Wipro had projected growth between $1.9 billion-$1.94 billion or 1-2%.
Wipro has forecast its IT services revenue in the first quarter of the fiscal 2018 to be in the range of $1.92 billion to $1.96 billion.
“We delivered revenues within the guidance range in our fourth quarter,” said Abidali Z Neemuchwala, Chief Executive Officer of Wipro. “We are confident that the recovery in Energy & Utilities and our demonstrated strength in Digital will help us improve our growth trajectory during the course of the current financial year.”
Wipro’s larger rivals Infosys and TCS too faced business and currency challenges in the quarter.
The company board approved bonus issue in the ratio of 1:1.(read more)