Business

Wipro Reports Profit Of Rs 2,388 Crore In June Quarter

Wipro Reports Profit Of Rs 2,388 Crore In June Quarter

IT major Wipro on Wednesday reported a net profit of Rs 2,387.6  crore for the quarter ended June 30. That marked a decrease of 3.86 per cent compared to its net profit of Rs 2,483.5 crore for the quarter ended March 31, but was higher than analysts' estimates. Wipro's net profit in the April-June period was boosted by robust demand from its key financial clients. 

Analysts had on an average expected a net profit of Rs 2,324 crore in the first quarter of the current financial year, news agency Reuters reported. 

In a regulatory filing after market hours on Wednesday, Wipro said its revenue stood at Rs 14,716.1 crore for the quarter, marking a fall of 1.93 per cent compared to Rs 15,006.3 crore the previous quarter.

“Our efforts on client mining have resulted in an addition of three customers in more than $100 Mn bucket,” said Abidali Z Neemuchwala, CEO and executive director, Wipro. 

“We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets.”

The company's rivals Infosys and Tata Consultancy Services (TCS), which reported their earnings last week, saw upbeat profit even as both flagged a teetering economy in the Western markets, where most of their revenue comes from US and Europe.

Events such as Brexit and the trade tussle between the US and China have slowed these economies, threatening to squeeze the over $150-billion Indian IT services industry as well.

Wipro shares ended 0.06 per cent higher at Rs 260.20 apiece on the BSE ahead of the earnings announcement by the company, underperforming the benchmark Sensex index, which finished up 0.22 per cent.

(With inputs from Reuters)



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