Wipro Q1 Profit jumps 12.6% to Rs. 2,388 Crore

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NEW DELHI: Indian IT services major Wipro on Wednesday reported a 12.6% year-on-year jump in Q1 profit to Rs.2,388 crore, as compared to Rs.2,121 crore in the corresponding quarter last year. The company’s June quarter’s consolidated revenue stood at Rs.14,716 crore as against Rs.13,978 crore last year, an increase of 5.3% on a year-on-year basis. Wipro’s IT Services Segment Revenue grew by 4.3% to was $2,038.8 million. Wipro reported a growth in its banking, financial services and insurance business. The company expects Revenue from IT Services business to be in the range of $2,039 million to $2,080 million. This translates to a sequential growth of 0.0% to 2.0%. EPS for the quarter was Rs. 3.97 per share, an increase of 12.5% YoY.

 “Our efforts on client mining have resulted in an addition of three customers in more than $100 Mn bucket. We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets” Abidali Z. Neemuchwala, CEO and Executive Director said.

Wipro chairman Azim Premji will retire as the company’s head on July 31, 2019 and Abidali Neemuchwala will be Wipro’s new managing director, in addition to being the Chief Executive Officer.

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