Wipro, the country’s third largest software exporter, on Tuesday reported fourth quarter earnings report that came in line with market expectations, but the revenue guidance for first quarter of FY18 missed estimates.
“The IT bellwether has reported a marginal growth of 0.4 per cent in its consolidated net profit at Rs 2,267 crore during the January-March quarter of 2017-18 compared to Rs 2257.30 crore in the year ago period,” said Wipro in a filing to Bombay Stock Exchange.
The consolidated total income of company rose by 5 per cent to Rs 15,033.80 crore in Q4 FY17 from Rs 14,312.70 crore in Q4 FY16.
Looking forward, the company expects revenues from IT services business to be in the range of USD 1,915 million to USD 1,955 million for Q1FY17. In percentage terms, the growth is expected to be in range of (2)-0 per cent over its Q4 revenue of USD 1,954.6 million.
The company said that its board has approved issue of bonus shares in the proportion of 1:1 (one bonus equity share of Rs 2 each for every one fully paid-up equity share held) as on the record date, subjected to approval of the members of the company. The board of directors will consider a proposal for buyback of equity shares of the company around July 2017, it added.
For financial year 2016-17, the company has posted net profit of Rs 8,517.90 crore as against total revenue of Rs 57,995.10 crore.
“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.”
Meanwhile, shares of company closed day’s trade at Rs 494.55 apiece, up 0.56 per cent, on the BSE.