Wipro posts 39.5% Y-o-Y growth in net profit for December quarter

Indian IT major Wipro posted net profit of Rs 2,518.4 crore on standalone basis for the quarter ended December 31, 2018. This amounts to 39.5 per cent increase on annual basis when compared to Rs 1,804.5 crore reported in the corresponding quarter in the year ago period. Wipro saw 56.6 per cent increase in net profit on a quarterly basis against the net profit of Rs 1,607.4 crore seen during the previous quarter of this fiscal. The revenue from operations also spiked to Rs 12,138.7 crore during the December quarter of current fiscal as compared to Rs 11,072.7 crore to the same period from the past financial year after an annual increase of 9.6 per cent.

On consolidated basis, Wipro saw its net profit rise to Rs 2,544.5 crore during Q3 FY19 after an increase of 31.83 per cent over Rs 1,930.1 crore seen during Q3 FY18. The consolidated revenue from operations grew to Rs 15,059.5 crore during the December quarter, an increase of over 10 per cent in comparison to Rs 13,669 crore seen during the year ago period.

"Our strategic investments, backed by strong client relationships and client spends towards enterprise modernisation and digital transformation, have enabled us to deliver a very satisfying quarter," said Wipro CEO and Executive Director Abidali Neemuchwala.

Earnings per share reached Rs 5.57 during the quarter under consideration after an increase of 38.2 per cent on a yearly basis.

The Wipro board also approved the issue of bonus equity share in the proportion of 1:3 and an interim dividend of Rs 1 per equity share of par value Rs 2 each to the members of the company. The payment of Interim Dividend will be made on or before February 6, 2019, Wipro said in a regulatory filing.

For the ongoing quarter, Wipro said that it is expecting revenue from IT services business to be in the range of $2.05 billion to $2.09 billion.

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