Business Companies 25 Oct 2018 Wipro profit decline ...

Wipro profit declines 14 per cent

AGENCIES
Published Oct 25, 2018, 12:36 am IST
Updated Oct 25, 2018, 12:36 am IST
Wipro’s net profit of Rs 1,889 crore ($258.32 million) was below the analyst average estimate of Rs 2,100 crore, according to Refinitiv Eikon data.
The company had guided its IT services revenue to be in the range of $2 billion to $2.05 billion (excluding the divestment impact).
 The company had guided its IT services revenue to be in the range of $2 billion to $2.05 billion (excluding the divestment impact).

Bengaluru: Wipro Ltd on Wednesday posted a 13.8 per cent fall in second-quarter net profit as higher costs weighed, and said from this quarter on its Indian public sector undertaking and government business would not report in the IT services segment.

Wipro’s net profit of Rs 1,889 crore ($258.32 million) was below the analyst average estimate of Rs 2,100 crore, according to Refinitiv Eikon data. Expenses rose over 13 per cent to `12,628 crore.

 

The company had guided its IT services revenue to be in the range of $2 billion to $2.05 billion (excluding the divestment impact). “We expect revenue from IT services business (in October-December 2018 quarter) to be in the range of $2,028 million to $2,068 million... This translates to sequential growth outlook of 1-3 per cent,” it said.

The company will separate its Indian PSU and government business from the IT Services segment in the results for the current quarter, it said in a statement.

The Wipro board has also approved the appointment of former SBI chairperson Arundhati Bhattacharya as an additional director. Ms Bhattacharya  will be an independent director for a term of five years with effect from January 1, 2019.

 

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