Wipro reports 12% QoQ drop in Q3 profit at Rs 1,930 crore

IT major Wipro on Friday posted 11.85 per cent quarter-on-quarter fall in consolidated net profit at Rs 1930.10 crore for the quarter ended December 31, 2017. It had posted a net profit of Rs 2,189.60 crore in the corresponding quarter last year.

However, revenue from operations of the IT firm increased 1.83 per cent year-on-year to Rs 13669 crore during the quarter under review against Rs 13423.40 crore in the same quarter last year.

Abidali Z Neemuchwala, CEO, Wipro said, “We continued to improve our growth trajectory driven by strong momentum in BFSI and uptick in healthcare. This is also reflected in our outlook for the next quarter. Our leadership in digital continues to strengthen with over 25 per cent of our revenues now coming from digital.”


The company expects revenues from IT Services business to be in the range of $2,033 million to $2,073 million during January-March 2018.

For the quarter ended December 31, 2017, Wipro has concluded the buyback of 343.75 million equity shares as approved by the Board of Directors on July 20, 2017. This has resulted in a total cash outflow of Rs 11,000 crore.