Wipro Limited today announced financial results under International Financial Reporting Standards (IFRS) for its quarter ended June 30, 2017.
Highlights of the Results
- Gross Revenues of Wipro Limited were ₹136.3 billion ($2.1 billion1), an increase of 0.2% YoY.
- IT Services Segment Revenues in dollar terms were $1,971.7 million, a sequential increase of 0.9% (NonGAAP constant currency increase of 0.3% sequentially) and 2.1% YoY (Non-GAAP constant currency increase of 3.4% YoY).
- IT Services Segment Profits2 were ₹21.9 billion ($339 million1), a decrease of 5.8% YoY.
- IT Services Margins for the quarter was 16.8%.
- Net Income3 for the quarter was ₹20.8 billion ($321 million1), an increase of 1.2% YoY.
- Board approves Buyback proposal of ₹110,000 million ($1.7 billion1) at a buyback price of ₹320 ($4.951).
Performance for the quarter ended June 30, 2017
“We delivered revenues above the upper end of the guidance range. Our focus on Digital combined with our investments in client mining have resulted in strong growth in Top accounts.” said Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board. “The brand refresh is reflective of the transformation we are driving at Wipro and how we are helping our customers in their digital journeys.”
“The impact on operating margins by rupee appreciation and salary increases was partially offset by strong business efficiencies. We continue to sustain robust cash generation.” said Jatin Dalal, Chief Financial Officer. “The announcement to buyback equity shares is part of our philosophy to deliver efficient returns to shareholders.”
