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BFSI propels Wipro’s Q4 profit

The information technology major’s profit rises 38% while revenue increases 9%

IT and digital services firm Wipro has reported a 38% increase in its net profit for the fourth quarter ended March 31 to ₹2,483 crore compared with ₹1,803 crore in the corresponding quarter last year.

Backed by a strong performance in the banking and insurance business (BFSI) , the fourth quarter revenue rose 1.4% in reported terms and 1% in constant currency terms.

Total revenue for the quarter stood at ₹15,006 crore, a growth of 9% compared with the year-earlier period.Total revenue for the fiscal stood at ₹58,906 crore, a 7.5% increase compared to the ₹54,487 crore recorded in the year-earlier period. Profit for the period was ₹9,003 crore against ₹8,008 crore in the year-earlier period, a 12.42% increase.

Addressing the media, Wipro CEO and ED Abidali Z Neemuchwala said, “Our teams have executed well on our strategy which has resulted in consistent improvement of year-on-year growth each quarter. We have built a strong foundation on the back of a healthy order book and continued investments in big bet areas of cybersecurity, engineering services and cloud.’’

The company’s flagship IT services revenue stood at $2,075.5 million, registering a quarter-on-quarter growth of 1.4%. The IT services operating margin for the quarter was 19%, an increase of 4.4%.

On guidance, Wipro expects its IT services revenue to be in the range of $2,046 million to $2,087 million for the first quarter of fiscal 2020. The guidance translates to a sequential growth of -1% to 1% excluding the impact of the divestment of Workday and Cornerstone on Demand business which was concluded in the March quarter, said the company.

Weak quarter

“Q1 is seasonally a weak quarter for us, which is reflected in our guidance. The outlook also factors in completion of large programmes and delayed start of fresh projects.

“That said, we are confident that our growth trajectory will improve from Q2 on back of strong order book and healthy pipeline,” he said.

On localisation, the company said it was hiring people in the U.S., U.K., Australia, Canada, Singapore, Africa and West Asia. “We have increased localisation in the U.S. to 64.5%.”

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