Plus   Neg

Wipro Q3 Profit Declines On Slightly Lower Revenues; Declares Dividend

India-based software services company Wipro Ltd. (WIT) reported Friday that its third-quarter net income was 19.4 billion Indian rupees or $303 million, down 8.2% from last year's 21.15 billion rupees. Earnings per share were 4.03 rupees or $0.06, down from 4.35 rupees last year.

Adjusted for the customer insolvency event, net income for the quarter increased 4%..

Gross revenue of Wipro was 136.7 billion rupees or $2.1 billion, slightly lower than 136.88 billion rupees a year ago.

IT Services segment revenue in dollar terms was $2.01 billion, increasing 5.8% year-over-year.

Further, Wipro declared an interim dividend of 1 rupee or $0.021 per share/ADS.

Abidali Neemuchwala, CEO and Member of the Board said, "We continued to improve our growth trajectory driven by strong momentum in BFSI and uptick in Healthcare. This is also reflected in our outlook for the next quarter. Our leadership in Digital continues to strengthen with over 25% of our revenues now coming from Digital."

Looking ahead, for the fourth quarter, ending March 31, the company said it expects revenues from IT Services business to be in the range of $2.033 billion to $2.073 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Department of Justice has reached a settlement agreement with a Texas-based Taco Bell franchise owner for immigration-related discrimination against certain employees. The settlement resolves the DOJ's investigation into whether MUY Brands LLC, and a related management company, MUY Consulting Inc., violated the Immigration and Nationality Act. Starbucks is gearing up for the upcoming holiday season by introducing its 2019 holiday flavors in U.S. grocery stores. The launch of the coffee giant's holiday line-up this year includes returning holiday favorites as well as a new item. Customers can now take home products that are making a comeback such as Starbucks Holiday Blend K-Cup and Ground Coffee, Peppermint Mocha Flavored Ground Coffee, Peekay International issued a recall of 7 ounce and 14 ounce packs containing Keshav Dry Apricot food treats as they contain undeclared allergens such as sulfites, according to a statement published by The U.S. Food and Drug Administration. Consumption of the product by those allergic or having severe sensitivity to sulfites could run the risk of serious or life-threatening allergic reactions.
Follow RTT