Wipro's Q3 Net Profit Lower At Rs 2234.1 Crores; Revenues Miss Estimates

Posted By:
Subscribe to GoodReturns

Wipro's third quarter consolidated net profit declined marginally to Rs 2,234.1 crore, compared to Rs 2,235.4 crores, reported in the previous quarter.

IT services revenue lagged estimates, rising 2.25 percent to Rs 12,314 crore in quarter ended December 2015 compared to Rs 12,042.8 crore in the preceding quarter.

Wipro's Q3 Net Profit Lower At Rs 2234.1 Crores; Revenues Miss  Estimates
Wipro: Quotes, News
BSE 331.50BSE Quote15.05 (4.54%)
NSE 331.60NSE Quote16.6 (5.01%)
T K Kurien, Member of the Board & Chief Executive Officer of Wipro, said, "We delivered Revenues in line with our guidance. We saw a pick-up in large deal closures led by Global Infrastructure Services. It is becoming increasingly clear that customers want to simplify operations and optimize their IT spend while investing in Digital to transform their business. We are well-positioned to take advantage of this trend."

The company expects Revenues from its IT Services business to be in the range of $ 1,875 million to $1,912 million. The Guidance is based on the following exchange rates: GBP/USD at 1.50, Euro/USD at 1.07, AUD/USD at 0.72, USD/INR at 66.13 and USD/CAD at 1.3.

The IT Services segment had a headcount of 170,664 as of December 31, 2015. Wipro added 39 new customers during the quarter. Effective January 1, 2016, The company completed the transaction announced on December 2, 2015 to acquire cellent AG, a leading IT consulting and software services company in the DACH region of Germany, Austria and Switzerland.

Abidali Z. Neemuchwala, Chief Executive Officer-Designate of Wipro, said: "We are focused on driving market share growth in our core businesses through integrated domain and technology services, while investing for the future in building differentiated Digital capabilities. We will leverage our strong culture of innovation and extremely talented employee pool to build compelling value propositions for our customers."

The Wipro stock had closed at Rs 543 on the Bombay Stock Exchange. It is expected to open flat when the markets open for trading this morning.


Read more about: wipro
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'


Get Latest News alerts from Goodreturns