Wipro’s net rise by Q1 is 12.6%

Wipro CFO Jatin Dalal, President and COO B.M. Bhanumurthy, CEO Abidali Neemuchwala and Chief Human Resources Officer Saurabh Govil during a press conference where the company announced financial results for the first quarter (Q1) of fiscal 2019-20, in Bengaluru on July 17, 2019.

Wipro on Wednesday reported Rs 2,390 crore net profit for the first quarter of FY20, registering 12.6 percent annual growth from Rs 2,094 crore in the same period a year ago. Sequentially, net profit declined 4.2 percent from Rs 2,494 crore a quarter ago.

In a regulatory filing on the BSE, the city-based IT behemoth said total revenue in Q1 grew by 5.3 percent to Rs 14,720 crore from Rs 13,978 crore in Q1FY19. Sequentially, the revenue growth remained flat (0.2 percent) from Rs 15,006 crore a quarter ago.

IT services business grew 4.3 percent to Rs 14,189 crore for the quarter from Rs 13,841 crore a year ago but declined 5 percent sequentially from Rs 14,565 crore.

Under the International Financial Reporting Standard (IFRS), net income for the quarter was $346 million, revenue $2.14 billion and IT services $2,039 million.

Operating margin for the quarter marginally increased to 18.4 percent from 17.6 percent a year ago but declined from 19 percent a quarter ago.