Wipro Ltd. (WIT) on Friday reported a decline in profit for the third quarter, despite revenue growth.
The Indian information technology company posted a net profit of ?31.190 billion or $347.2 million for the quarter, down from ?33.538 billion a year earlier. Earnings per share fell to ?2.97 or $0.03 from ?3.20 last year.
On an adjusted basis, excluding the impact of labour code changes, net income rose 0.3% year-on-year to ?33.6 billion or $374.3 million, while adjusted EPS increased to ?3.21 or $0.041.
Operating profit declined to ?35.735 billion from ?38.966 billion in the prior-year period.
Revenue grew 5.5% to ?235.558 billion or $2.622 billion from ?223.188 billion a year earlier. Revenue from the IT services segment came in at $2.635 billion, up 0.2% year on year.
For the fourth quarter, Wipro expects IT services revenue in the range of $2.635 billion to $2.688 billion.
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