Wipro, one of the leading software exporters, reported a marginal fall of 1.63% in net income for the quarter ended March 2016. During the fourth-quarter, net income was Rs 22.35 billion compared with Rs 22.72 billion in the same period last year. Gross revenues went up 12% year-on-year basis to Rs 136.3 billion.
IT services segment non-GAAP constant currency IT services revenue in dollar terms grew 2.7% to $1,887.6 million, within our guidance range of $1,875 million to $1,912 million. IT services revenue was $1,882.0 million, a sequential increase of 2.4% and YoY increase of 6.1%. IT services segment revenues in Rupee terms was Rs 128.0 billion ($1,932 million), an increase of 14% YoY. IT services segment Profit was Rs 25.7 billion ($387 million), an increase of 4% YoY. IT Services Margins for the quarter was 20.1%.
Commenting on the outlook ending Mar. 31, 2017, Wipro said, ''We expect Revenues from our IT Services business to be in the range of $1,901 million to $1,939 million.''
Abidali Z. Neemuchwala, chief executive officer & member of the board, said, ''Our focus is to drive significant growth in our 'run' business through integrated services and hyper-automation while gaining leadership in the 'change' business through investments in Digital and Consulting capabilities, IP-based platforms & products and creating differentiated domain solutions for non-linear growth.''
Jatin Dalal, chief financial officer, said, ''We have maintained our margins in the quarter, with benefits from utilization and operational efficiencies largely off-setting the margin impact from our inorganic investments. We continue to generate robust cash flows during the year. The move to buyback equity shares is part of the company's policy to provide regular, stable and consistent return to investors while striving to enhance long-term value for all stakeholders.''
The IT Services segment had a headcount of 172,912 as of March 31, 2016. We added 119 new customers during the quarter including the customers of cellent and HealthPlan Services.
Shares of the company gained Rs 12.2, or 2.07%, to settle at Rs 601.35. The total volume of shares traded was 883,807 at the BSE (Wednesday).
