Industry Summary Articles

Wipro Limited announced financial results under International Financial Reporting Standards (IFRS) for its quarter ended June 30, 2018.

Highlights of the Results

Results for the Quarter ended June 30, 2018:

·         Gross Revenue was Rs 139.8 billion ($2.0 billion¹), up 1.5% sequentially and 2.6% YoY.

·         IT Services Segment Revenue at Rs 137.0 billion ($2.0 billion¹), up 2.2% sequentially and 5.2% YoY.

·         IT Services Segment Revenue in dollar terms at $2,026.5 million, down 1.7% sequentially, up 2.8% YoY.

·         Non-GAAP constant currency IT Services Segment Revenue up 0.1% sequentially and 2.4% YoY.

·         IT Services Margin² for the quarter at 17.2%. This includes a gain of Rs 2,529 million ($36.9 million¹) from the sale of our hosted data center business in the quarter ended June 30, 2018.

·         EPS for the quarter at Rs 4.71 ($0.07¹) per share, an increase of 9.9% YoY.

Performance for the Quarter ended June 30, 2018

Abidali Z. Neemuchwala, CEO and Member of the Board said - “We have seen pickup in spending in the developed markets, particularly in North America and BFSI. Our investments in Digital continue to help us build differentiation in key industry segments, which is resulting in a consistent improvement in our client metrics. We have had a good quarter of order bookings and I am confident we are moving in the right direction.”

Jatin Dalal, Chief Financial Officer said -“We successfully concluded the sale of our hosted data center business in the quarter. We continue to improve our operating metrics and generated strong operating cash flows at 136% of our Net Income during the quarter.”

Outlook for the Quarter ending September 30, 2018
We expect Revenue from our IT Services business to be in the range of $2,009 million to $2,049 million*. This translates to a sequential growth of 0.3% to 2.3%, excluding the impact of the divestment of our hosted data center services business which concluded in the quarter ended June 30, 2018.

* Outlook is based on the following exchange rates: GBP/USD at 1.34, Euro/USD at 1.18, AUD/USD at 0.75, USD/INR at 68.50 and USD/CAD at 1.29.

To view the original press release, please click here.

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