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Digital, energy and utilities business boosted Q4 profit says Wipro

Digital, energy and utilities business boosted Q4 profit says Wipro

India Blooms News Service | | 26 Apr 2017, 02:20 pm
Bengaluru/New Jersey, Apr 26 (IBNS): Wipro Limited, India's third largest software services exporter, said that it will focus on local hiring to offset the problems arising from US visa norms being enforced by the Trump government.

Wipro posted the results for the quarter and year ended March 31, 2017 on Tuesday.

The company reported that its gross revenue for the year grew by 7.4%. IT Services Segment revenue for the year grew by 7.0% YoY in constant currency
while that for the quarter grew by 2.7% sequentially.

The company said that its Board of Directors has recommended 1:1 bonus issue.

For the year ended March 31, 2017, Wipro reported Net Income of Rs 84.9 billion ($1.3 billion), a decrease of 4.7% YoY. IT Services margin was 18.0% for the year.

For the quarter ended March 31, 2017, Wipro reported Net Income of Rs 22.6 billion ($349 million), an increase of 1% YoY. IT Services margin was 18.3% flat as compared to the quarter ended December 31, 2016.

“We delivered revenues within the guidance range in our fourth quarter,” said Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board. “We are confident that the recovery in Energy & Utilities and our demonstrated strength in Digital will help us improve our growth trajectory during the course
of the current financial year.”

Jatin Dalal, Chief Financial Officer, said, “We continue to maintain our focus on operational improvements and productivity enhancements. We sustained strong cash generation in FY17 even as the currency environment remained highly volatile.”