BENGALURU: Wipro failed to replicate the positive results in the last quarter reported by its competitors as its net profit dropped by 1.6 per cent at Rs 2,235 crore for the quarter ended March 31, 2016 as against the same period last year.
On Wednesday announcing the quarterly and annual results Wipro informed, its dollar guidance for the quarter has been met.
It posted a revenue of $1887.6 million, a growth of 2.7 per cent over the previous year. Revenue for the quarter also grew by 12.9 per cent. Wipro’s revenues from IT services, which comprises the lion’s share of its turnover, grew at 13.8 per cent standing at Rs 12,796.7 crore in the March quarter as against Rs 11,241.7 crore a year ago.
“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, announcing the results at its campus in Bengaluru on Wednesday.
For the full year (FY16), overall net profit grew 3 per cent year on year, standing at Rs 8,892 crore, while revenues grew 9 per cent to hit at Rs 51,240 crore.
Wipro has also announced that it expects revenues of its IT services business to be between $1901 million to $1939 million, growing between one per cent and three per cent.
The company has also announced that its board has approved a buyback of shares of up to Rs 2,500 crore at Rs 625 per share.