Abidali Z. Neemuchwala, CEO and Executive Director, Wipro said, "We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets.”
05:34 PM IST
This is what TCS, Infosys to Wipro top honchos think of Indian IT industry now
NTLF 2020 edition to focus on entrepreneurship, trust in data in new decade
Wipro CEO Abidali Z Neemuchwala to step down, Board starts search for successor
Market Buzz Today: Titan share price gains 5%, Can Fin Homes drops 3.13%; Yes Bank, Indraprastha Gas most active shares
Wipro Q3 Results: Declared! Check key earning details of the IT majorIT-major Wipro witnessed an increase of 12.6% in consolidated net profit during June 2019 (Q1FY20) quarter, by bagging Rs 2,390 crore compared a year ago same period. On the other hand, revenue saw single-digit growth in Q1, up by 5.3% to Rs 14,720 crore. While talking about Q1FY20's financial performance, Abidali Z. Neemuchwala, CEO and Executive Director said, “Our efforts on client mining have resulted in an addition of three customers in more than $100 Mn bucket. We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets.”
Meanwhile, Jatin Dalal, Chief Financial Officer said, “We delivered IT Services margins of 18.4% and Free Cash Flows of 98.8% of our Net Income. We had a slower start to the year, we however remain focused on our operations and
continue to invest in talent and capabilities for the future.”
Wipro Q1 Result Highlights:
- Gross Revenue was Rs 147.2 billion ($2.1 billion1), an increase of 5.3% YoY
- IT Services Segment Revenue was $2,038.8 million, an adjusted increase of 4.3% YoY
- Non-GAAP constant currency IT Services Segment Revenue declined by 0.7% QoQ. Adjusted Non-GAAP constant currency IT Services Segment Revenue grew 5.9% YoY
- IT Services Operating Margin for the quarter was at 18.4%, an increase of 0.8% YoY
- Net Income for the quarter was Rs 23.9 billion ($346 million1), an increase of 12.6% YoY
- EPS for the quarter was Rs 3.97 per share, an increase of 12.5% YoY
On geographical basis, growth from America business was at 58.7%, while from Europe at 24.6% and Rest of the World at 16.7%.
As on June 2019, Wipro's cash and cash equivalents came in at Rs 24,140.5 crore.
As per IFRS standard, the IT service revenue was at $2,038.8 million, while the effect of foreign currency exchange movement was upto $12.4 million as on June 2019. This led to Non-GAAP Constant Currency IT Services Revenue based
on previous quarter exchange rates to $2,051.2 million. However, Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year was at $2,070.4 million.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
