Wipro Limited announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended June 30, 2020.
Highlights of the Results for the Quarter ended June 30, 2020:
Gross Revenue was ₹149.1 billion ($2.0 billion), an increase of 1.3% YoY
IT Services Segment Revenue was at $1,921.6 million, a decrease of 5.7% YoY
Non-GAAP2 constant currency IT Services Segment Revenue decreased by 4.4% YoY
IT Services Operating Margin3 for the quarter was at 19.0%, an expansion of 0.6%YoY
Net Income for the quarter was ₹23.9 billion ($316.5 million), an increase of 0.1% YoY
Earnings Per Share for the quarter was at ₹4.20 ($0.06), an increase of 5.7% YoY
Operating Cash Flows was at ₹41.8 billion ($553.6 million), which is 174.9% of Net Income Performance for the quarter ended June 30, 2020
Thierry Delaporte, CEO and Managing Director said, “I am deeply honored to lead Wipro, an extraordinary company and an exemplary corporate citizen with a deep technology heritage built on a strong foundation of values. I have great respect for the work done by the Azim Premji Foundation, its 67% economic ownership of Wipro adds greater meaning to what we do. Profitable growth will be the most important priority on my agenda. I am confident that we will be able to deliver longterm, sustainable growth in the interest of all our stakeholders.”
Jatin Dalal, Chief Financial Officer said, “We expanded the margins during the quarter, despite lower revenues, on the back of solid execution of several operational improvements and rupee depreciation. We also continued to sustain robust cash generation with Operating Cash Flows at 174.9% of Net income.”
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