Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

UPDATE 1-India's Wipro posts small rise in quarterly profit; outlook muted

Published 25/04/2017, 10:11 pm
© Reuters.  UPDATE 1-India's Wipro posts small rise in quarterly profit; outlook muted
WIT
-

(Adds detail, context)

MUMBAI, April 25 (Reuters) - India's No.3 software services firm Wipro Ltd WIPR.NS reported a small rise in quarterly profit on Tuesday, driven by revenue growth from financial solutions and healthcare customers.

The company however, said it expects quarterly revenue, on a sequential basis, to fall or stay flat in the ongoing quarter.

The muted growth outlook comes as Indian software service firms brace for new visa rules in their biggest market the United States and growing protectionism in other countries such as Australia and New Zealand. Wipro said it expects revenue in its IT services business of between $1.92 billion and $1.96 billion, in the three months ending June 30. It reported revenue of $1.94 billion in the current quarter, on an equivalent basis.

India's $150 billion information technology sector has struggled over the past few quarters as clients in the United States held back discretionary spending to gauge policy direction under U.S. President Donald Trump's administration.

Wipro's consolidated net profit rose 0.43 percent to 22.67 billion rupees ($352.8 million) in the three months to March 31, from 22.5 billion rupees in the year-ago period.

Analysts had, on average, expected a consolidated profit of 21.19 billion rupees, according to Thomson Reuters data.

($1 = 64.2650 Indian rupees)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.