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
Apple Inc. is taking necessary precautions including Covid-19 testing for those employees returning to work at its headquarters in Silicon Valley, Bloomberg reported citing people familiar with the process. The company, which opened its main Apple Park office in May bringing back some hardware and software engineers, plans the gradual reopening of the building keeping the coronavirus safeguards. A U.S. appeals court has blocked the sales of Bayer AG's dicamba-based Xtendimax in the United States. The three-judge panel in the U.S. Court of Appeals for the Ninth Circuit ruled that the US Environmental Protection Agency (EPA) overstated the protections and substantially understated or ignored the risks related to the use of dicamba-based herbicides. Tesla Chief Executive Officer Elon Musk has called for a breakup of Amazon after the online retail giant refused to publish an upcoming book about COVID-19. Writer Alex Berenson said on Twitter that Amazon refused to publish his booklet about the coronavirus as it did not comply with the company's guidelines. Berenson is a former New York Times reporter.
Follow RTT