Wipro Q3 net profit rises 31.8 per cent to Rs 2,544.5 crore

IT services major Wipro Friday posted a 31.8 per cent increase in consolidated net profit at Rs 2,544.5 crore for October-December 2018 compared to the year-ago period. Wipro’s board has also approved an issue of bonus shares - offering one bonus share for every three held by shareholders, a BSE filing said. The net profit in the October-December 2017 quarter was at Rs 1,930.1 crore.

Wipro’s revenue from operations expanded 10.17 per cent to Rs 15,059.5 crore during the period under review from Rs 13,669 crore in the third quarter of FY2017-18.

“Our strategic investments, backed by strong client relationships and client spends towards enterprise modernisation and digital transformation have enabled us to deliver a very satisfying quarter,” Wipro CEO and Executive Director Abidali Z Neemuchwala said.

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The company’s IT services segment revenue, which accounts for a bulk of its topline, was at USD 2,046.5 million (around Rs 14,555 crore), up 1.8 per cent sequentially.

Wipro expects its IT services business revenue to be in the range of USD 2,047 million to USD 2,088 million for the March quarter, which translates into flat to 2 per cent growth sequentially.      

“Issue of bonus equity shares in the proportion of 1 :3, that is one bonus equity share of Rs 2 each for every three fully paid-up equity shares held... subject to approval of the members of the company,” the filing said.

The Bengaluru-based company has announced an interim dividend of Re 1 per equity share with January 30, 2019 as the record date, it added.