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Wipro Q3 Profit Rises; Adj. IT Services Segment Revenue Up 7.0%

Wipro Ltd. (WIT) reported that its third-quarter net income was $360.8 million, up by 29.6% from prior year. EPS was $0.08, an increase of 38.2%. For the third-quarter, gross revenue was at $2.2 billion, up 10.2% from previous year. Adjusted non-GAAP constant currency IT Services Segment revenue grew 7.0% year-over-year.

Jatin Dalal, CFO, said, "Relentless focus on the quality of revenues and operational improvements have led to the expansion of IT Services operating margins to 19.8%. Our operating cash flows grew by 19.5% on year-over-year basis and was at 142% of net income."

For the quarter ending March 31, 2019, the company expects revenue from IT Services business to be in the range of $2.05 billion to $2.09 billion.

Wipro's Board recommended issue of bonus shares to shareholders (including stock dividend to ADS holders) in the ratio of 1:3, or one equity share for every three equity shares held), subject to approval of shareholders.

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