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Wipro Reports Net Profit Of Rs 2,510 Crore In December Quarter

Wipro remained cautious over growth in the healthcare business, amid uncertainty around the Affordable Care Act.

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Wipro Reports Net Profit Of Rs 2,510 Crore In December Quarter

Wipro said it does not expect a big jump in revenue from its IT services in the current quarter


Software services provider Wipro on Friday forecast a small rise in revenue growth from IT services for the quarter to March after beating third quarter profit estimates. Although factors such as Brexit, rising trade war concerns and the healthcare act could create tension for firms globally, a weaker rupee has been beneficial for the country's IT sector.

"We do not see any immediate impact of the macro headwinds that some of the large economies have cautioned, but we continue to remain watchful," Abidali Z Neemuchwala, Wipro's chief executive officer, said following the results.

Wipro remained cautious over growth in the healthcare business, amid uncertainty around the Affordable Care Act.

Revenue in the healthcare division grew at 4.3 per cent in the quarter, while that from the business, financial services and insurance division rose 24.8 per cent.

"At this point, we are not seeing any major changes in our customers or our established revenue streams that we are generating," chief financial officer Jatin Dalal told news agency Reuters in an interview, referring to expectations for the March quarter.

The company does not expect a big jump in revenue from its IT services in the current quarter, which is expected at between $2.05 billion and $2.09 billion.

Revenue from the sector grew 13 per cent to Rs 14,666 crore ($2.06 billion) in the third quarter, a seasonally weak quarter.

Wipro's net profit jumped 30 per cent to Rs 2,510 crore ($353 million) in the three months to December 31, beating analysts' average estimate of Rs 2,325 crore, according to Refinitiv Eikon data.

The board also approved an issue of bonus shares in a ratio of 1 to 3.

Bigger rival Tata Consultancy Services reported a 24 per cent rise in quarterly net profit while Infosys reported a 29.6 per cent profit slump on account of a one-off gain last year.

($1 = Rs 71.14)



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