Wipro Q1 YoY Standalone Profit Falls By 5%

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    IT services company Wipro Limited reported a 5.16 percent year-on-year fall in the standalone profit for the first quarter of the financial year 2018-19 at Rs 1,922 crore, according to its stock exchange filing. In June 2017 ended quarter, its profit was at Rs 2026.80 crore. On a quarter-on-quarter basis, the profit was up from Rs 1,757 crore in March 2018 ended quarter.

    Wipro Q1 YoY Standalone Profit Falls By 5%

    The company's standalone revenue for the quarter in review rose to Rs 12,157.20 crore from Rs 11,791.40 crore in the previous year.

    Wipro in the statement said "During the three months ended June 30, 2018, the Company has concluded the divestment of its hosted data center business in Singapore and United Kingdom. The transfer of certain India data center assets and employees are conditional upon obtaining regulatory approval which is expected to be completed by September 30, 2018."

    It further said, "As part of a strategic partnership, on July 19, 2018, Wipro Limited entered into an agreement to takeover Alight HR Services India Private Limited, Alight's captive operations in India. The consummation of the transaction is subject to receipt of regulatory approvals and customary closing conditions, which is expected to be completed by September 30, 2018."

    Its earnings before interest, tax, depreciation and amortization (EBITDA) was at Rs 2,396.80 crore, with a margin of 17.5 percent. Shares of Wipro Limited were trading lower before the announcement of the Q1 results.

    Read more about: wipro
    Story first published: Friday, July 20, 2018, 16:42 [IST]
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