Wipro has posted more than 20 per cent decline in its consolidated profit to Rs 1,800.8 crore for the March quarter, 2017-18.
The country’s third-largest software services firm had registered a profit of Rs 2,267 crore in the year-ago period, according to Indian accounting norms.
The company’s total income was down 4.9 per cent at Rs 14,304.6 crore in the fourth quarter of last fiscal, compared to Rs 15,045.5 crore in the January-March period of 2016-17, media reports said.
For the financial year ended March 31, Wipro’s profit fell 6 per cent to Rs 8,003.1 crore, while total income dipped 1.7 per cent to Rs 57,035.8 crore over 2016-17, reported PTI.
Wipro CEO Abidali Neemuchwala reportedly said the company entered Q4 with a confidence driven by the improvements it saw in “our deal win trajectory, uptick in client mining, our performance in digital and reduced headwinds in some of our businesses”.
“However, we are disappointed at the loss of momentum in Q1 due to surprises arising out of bankruptsies faced by two of our clients with a revenue run rate of over $50 million, addition impact in the HPS business as more clients exit the exchange market and weakness in our communication BU.”
He was confident that the company would return to growth trajectory starting Q2 due to its strong deal wins and order booking coupled with the continued strength in digital.
The firm claimed its digital revenue grew 9% sequentially and 27.6% on a y-o-y basis in Q4 constituting 26.7% of its revenue, the report said.
