Info-tech

Wipro Q4 net up 2%; Rishad on board

| | Updated on: Apr 21, 2015
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Visakhapatnam (Andhra Pradesh)03-09-2014: IT Major Wipro office in Visakhapatnam. ---photo:C_V_SUBRAHMANYAM

Visakhapatnam (Andhra Pradesh)03-09-2014: IT Major Wipro office in Visakhapatnam. ---photo:C_V_SUBRAHMANYAM

Company still in the process of turning around, say industry watchers

India’s third largest software exporter posted a profit of ₹8,653 crore in 2014-15, up 11 per cent over the previous fiscal’s ₹7,840 crore.

For the quarter ended March, the company’s profit stood at ₹2,272 crore, a 2 per cent increase over the previous fourth quarter.

Revenues for the year came in at ₹46,954 crore, an 8 per cent growth over FY14. For the March quarter, revenues stood at ₹12,142 crore, up 4 per cent over the same period last year.

Industry watchers said that these numbers show that the company is still in the process of turning around and point to the next quarter guidance as an example of this cautiousness. For the April-June quarter of this fiscal, Wipro has given a revenue guidance of $1.76- 1.79 billion, which is a negative 0.5 per cent to positive 1 per cent over March quarter for its IT services business.

Looking ahead The company also elevated Rishad Premji to the board. “Rishad will continue to run Strategy and Mergers & Acquisitions in addition to his new responsibilities overseeing the Technology Office, Investor and Government Relations and Wipro Ventures,” a statement said.

For the 2016 financial year, Wipro is bullish about its deal pipeline, but CEO TK Kurien added that Wipro sees uncertainty in energy and utilities sector wherein there have been sharp cutbacks in outsourcing spends due to the drop in oil prices.

However, he added that the company sees strong growth in verticals such as healthcare, manufacturing and retail, apart from growth momentum in infrastructure management solutions.

Wipro added 65 clients in the fourth quarter. And, during the year, it added around 12,000 employees, which is lower than TCS’ 19,000. Wipro’s results came in after market hours and its shares closed at ₹578, marginally up from the previous day’s close.

The company declared a final dividend of ₹7 a share, taking the total dividend to ₹12, an increase of ₹4 over the previous financial year.

Published on January 23, 2018

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