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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.

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