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Wipro Posts Surprise Fall In Q3 Profit On Higher Costs

Wipro Posts Surprise Fall In Q3 Profit On Higher Costs

Revenue from IT services segment rose marginally to Rs 13,235 crore ($2.08 billion) in the quarter ended December, India's third-largest software services exporter said on Friday.

The company's IT services earnings before interest and taxes (EBIT) was reported at Rs 1,959 crore, against Rs 2,278 crore, a drop of 14 percent year on year.

A Bloomberg poll of experts predicted Wipro's revenue and net profit during Q3FY18 to come in at Rs 13,686 crore and Rs 2,146 crore respectively.

Its revenue from operations dropped marginally by 0.1% to Rs 13,669 crore during the second quarter, compared with Rs 13,688 crore in the corresponding quarter of past year.

In dollar terms, Wipro's third-quarter revenue was $2.01 billion, coming in at the bottom end of its guidance.

"Adjusted for this event, IT services margin was higher at 17.2 per cent", the filing said.

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The company expect Revenues from IT Services business to be in the range of $2,033 million to $2,073mn*.

"While there are some customer specific uncertainties, CY18 commentary from our clients look positive and we are on the right track for FY19", Wipro CEO and Member of the Board Abidali Z Neemuchwala said.

The company has declared an interim dividend of Re 1 per share.

Wipro forecast revenue of between $2.03 billion and $2.07 billion for the quarter ending March, implying growth of between 1-3%.

Wipro now gets over 25 per cent of its revenues from Digital. IT products revenue for the third quarter was Rs 450 crore (USD 70 million).

"In the first 9 months of the current fiscal year, we generated robust Operating Cash Flows of ₹77 billion, 14.2% more than the same period last year. We also completed the share buyback in December and saw strong participation from our investors", CFO Jatin Dalal said. This has resulted in a total cash outflow of Rs 11,000 crore.


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