Wipro Q1 Net Profit Rises 12.6%

Wipro Limited, on Wednesday, reported a 12.6 percent increase in its net profit for the first quarter (Q1) of the financial year to Rs 2,387.60 crore on robust demand from its key financial clients. In the same quarter of the previous year, its consolidated net profit was at Rs 2,121 crore.

In comparison's to March 2019 quarter's Rs 2,483.50 crore, the profit fell by 3.86 percent.

The IT services major's consolidated revenue for the June- ended quarter stood at Rs 14,716 crore as against Rs 13,978 crore in the year ago period, which is a 5.3 percent increase. The company saw a growth in its banking, financial services and insurance business.

During the quarter, the company concluded its divestment in its hosted data center business in Singapore and the UK. Wipro reduced its equity holding from 74 percent to 11 percent in Wipro Airport IT Services, the company said. It further said that the loss or gain for the financial year on these transactions is insignificant.

Wipro's chairman Azim Premji, will retire as the head at the end of this month and he will be replaced by Abidali Neemuchwala as the managing director apart from holding the position of the Chief Executive Officer.

Shares of Wipro Ltd closed unchanged at Rs 260 apiece on Wednesday.