Wipro Q4 net falls 1.62% to Rs 2,235 cr

Wipro Q4 net falls 1.62% to Rs 2,235 cr

Company's revenues rose 12.9% to Rs 13,741 crore

Wipro Q4 net falls 1.62% to Rs 2,235 cr

 Wipro, India’s third largest IT services company, on Wednesday reported a decline of 1.62% in its net profit at Rs 2,235 crore during the fourth quarter ending March 31, 2016, compared with Rs 2,272 crore in the same quarter, last year.

While industry leaders like TCS and Infosys performed very well during the quarter, Wirpo’s lower performance is attributed to the lower other income and higher taxes.

However, the company’s revenues rose 12.9% to Rs 13,741.7 crore in the fourth quarter, from Rs 12,171.4 crore in the year-ago period.

The company’s net profit reached Rs 8,892.2 crore during the fiscal 2016, registering a growth of 9.2%, compared with Rs 8,652.8 core in the previous fiscal.

Wipro’s IT services revenues, which account for a major share of total income, reached Rs 12,796.7 crore during the fourth quarter as against Rs 11,241.7 crore a year ago, registering a growth of 13.8%.

Hyper automation

According to Wipro Chief Executive Officer Abidali Z Neemuchwala, the company’s focus is to drive significant growth in its ‘run’ business through integrated and hyper automation.
“We would like to bring in the change business through investment in digital and consulting capabilities, IP-based platforms and products. It will create differentiated domain solutions for non-linear growth,” said Neemuchwala.

The company’s IT services margins was 20.1%, which is registering a receding tendency. While the quarterly annualised voluntary attrition dropped from 16.3% during third quarter to 14.9% in the fourth quarter, the company added a net headcount addition of 2,248 during the fourth quarter, taking the total head count to 1,72,912.

Healthcare, life science and services registered a growth of 20.1% on constant currency on year-on-year basis.

Americas registered 8.5% on constant currency on Y-o-Y basis and India and the Middle East markets grew 15.2% on the same period.

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