Wipro Q4 profit falls 20% to Rs1, 803 crore, misses estimates
Bengaluru: Wipro Ltd, India’s third-biggest software services exporter by revenue, on Wednesday posted lower-than-expected fourth-quarter net profit, hurt by lower revenue from operations.
The IT firm said it expected revenue from IT services to be in a range of $2.02-$2.07 billion in the June quarter.
Net profit fell 20.3% to Rs1,803 crore ($269.99 million) in the three months ended 31 March, Bengaluru-headquartered Wipro said on Wednesday.
Analysts on average expected a profit of Rs2,132 crore, according to Thomson Reuters data.
Revenue from operations fell 1.6% to Rs13,769 crore, while revenue from its key IT services business rose 5.5% to $2.06 billion, in the range forecast by Wipro.
Wipro warned earlier this month an insolvency petition filed by an Indian telecom client on 28 February would hit net income by between 65 and 75 basis points. Though mobile carrier Aircel has filed for bankruptcy amid a price war triggered by a telecoms upstart, Wipro did not name the client.
Bigger rivals Tata Consultancy Services and Infosys Ltd posted rises in fourth-quarter profit earlier this month. Reuters