Wipro Ltd on Monday posted 2 per cent rise in December quarter net profit as business was hit by Chennai rains and seasonal furloughs. Net profit rose to Rs 2,234.1 crore in the October- December period of the current fiscal, while revenue from IT services grew 9 per cent to Rs 12,310 crore ($1.84 billion), meeting guidance.
Operating margins for its IT services business, calculated as sales minus costs, fell to 20.2 per cent from 21.8 per cent a year earlier due to floods in Chennai. “We delivered revenues in line with our guidance. We saw a pick-up in large deal closures led by global infrastructure services,” CEO Kurien said.
“It is becoming increasingly clear that customers want to simplify operations and optimise their IT spend while investing in digital to transform their business. We are well-positioned to take advantage of this trend,” he added.