Wipro reports flat Q4 profits; stock down 7%

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, April 25, 2012, 9:24 [IST]

Wipro has reported a flat net profit, with the quarter-on-quarter profit after tax growing by just 1.7%, at Rs 1481 crores for the fourth quarter ending March 31, 2012, as against Rs 1456 crores in the third quarter.

The IT services revenue was $1,536 million, a sequential increase of 2.0% and YoY increase of 9.7%. Azim Premji, Chairman of Wipro, commenting on the results said – “Corporations globally are focused on leveraging technology to drive revenues and productivity. Our strategy is aligned to deliver value to our customers by partnering with them in this journey.”

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said – “Our focus on operations helped improve revenue productivity and deliver strong cash flows in a volatile environment.”

Outlook until June 2012
The company expects revenues from IT Services business to be in the range of $1,520 million to $1,550
million. The guidance is based on the following exchange rates: GBP/USD at 1.58, Euro/USD at 1.31, AUD/USD at 1.07,
USD/INR at 50.07.

The shares of Wipro was down more than 7%, on the BSE.

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