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Wipro Q4 2016 Net Down 1.6 Percent to Rs 2.235 Crore, Revenues up 12.9 Percent

The company has announced that its board has approved a buyback of shares of up to Rs 2,500 crore at Rs 625 per share.

Published: 20th April 2016 07:30 PM  |   Last Updated: 20th April 2016 07:31 PM   |  A+A-

2016-04-20T111444Z_1_LYNXNPEC3J0OG_RTROPTP_3_WIPRO-LTD-RESULTS

Abidali Neemuchwala, Wipro's chief executive, leaves after attending a briefing to announce the company's quarterly results. | File/Reuters

BENGALURU: Following close on the heels of its fellow IT services majors Infosys and TCS which had put a stellar performance, Bengaluru-based IT bellwether on Wednesday reported that its net profit for Q4 2016 had fallen 1.6 per cent to Rs 2,235 crore. At the same time it had met its dollar guidance.

Meanwhile, its revenues rose 12.9 per cent to Rs 13,741 crore for the corresponding period.

In the fourth quarter of FY16, operating profit for the company’s flagship IT services, revenues went up 4 per cent at Rs 2,570 crore while the revenues grew 14 per cent at Rs 12,800 crore when compared with the corresponding quarter last year.

The company managed to meet the dollar term growth guidance for the quarter posting revenues of $1887.6 million, a growth of 2.7 per cent over the previous year.

“Our focus is to drive significant growth in our 'run’ business through integrated and hyper-automation while gaining leadership in the 'change’ business through investments in the digital and consulting capabilities, IP-based platforms and products and creating differentiating domain solutions for non-linear growth,” said Abidali Neemuchwala, CEO of Wipro, speaking while announcing the results at its campus in Bengaluru on Wednesday..

The company has announced that its board has approved a buyback of shares of up to Rs 2,500 crore at Rs 625 per share.

For the full year (FY16), the overall net profit at Rs 8,892 crore grew 3 per cent YoY while revenues at Rs 51,240 crore grew 9 per cent.

The company said it was expecting the revenues of its IT services business to be between $1901 million to $1939 million, growing one per cent to three per cent.

“Our focus is to drive significant growth in our 'run’ business through integrated and hyper-automation while gaining leadership in the 'change’ business through investments in the digital and consulting capabilities, IP-based platforms and products and creating differentiating domain solutions for non-linear growth,” said Neemuchwala added.

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