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Industry Summary Articles

Monday, October 24, 2016

Wipro Releases Results for the Quarter Ended September 30, 2016

Highlights of the Results:

  • Gross Revenues were `137.7 billion ($2.1 billion), an increase of 10% YoY.
  • Net Income2 was `20.7 billion ($312 million1 ), a decline of 8% YoY.
  • Non-GAAP constant currency IT Services Segment Revenue in dollar terms grew 0.9% sequentially and grew 7.2% YoY.
  • IT Services Segment Revenue was $1,916.3 million, a sequential decrease of 0.8% and YoY increase of 4.6%.
  • IT Services Segment Revenue in Rupee terms was `131.4 billion ($2.0 billion1 ), an increase of 9% YoY.
  • IT Services Segment Profits3 was `23.4 billion ($352 million1 ), a decrease of 5% YoY.
  • IT Services Margins4 was 17.8% for the quarter, as compared to 17.8% for the quarter ended June 30, 2016.

Performance for the quarter ended September 30, 2016

“We delivered Revenues in constant currency at the top end of our guidance range”, said Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board. “I am very excited about Wipro’s acquisition of Appirio, a leader in cloud applications especially across Salesforce and Workday implementation services. This acquisition will establish Wipro’s dominance in cloud application services and further strengthen Wipro’s brand as a Digital Partner of choice.”

“We maintained margins in Q2 despite the impact of salary increase for an incremental two months due to strong operational improvements in automation-led productivity, offshoring and utilization.” said Jatin Dalal, Chief Financial Officer. “As we look forward, the demand environment is mixed in a seasonally weak quarter affected by furloughs and lower number of working days.”

Outlook for the Quarter ending December 31, 2016

We expect Revenues from our IT Services business to be in the range of $ 1,916 million to $ 1,955 million*.

To view the original press release, please click here.

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