India's third-largest software firm Wipro on July 24 said net profit climbed 18 percent in the fiscal first quarter but said the global outlook remained uncertain after it gave a muted revenue outlook.
Bangalore-based Wipro posted a net profit of 15.80 billion rupees ($287 million) in the three months to June 30, according to international accounting standards, up from 13.35 billion rupees a year earlier. Analysts had forecast net profit of 15.9 billion rupees, based on a survey by Dow Jones Newswires.
Total revenues for the period jumped 24 percent to 106.5 billion rupees, the company said in a statement to the Bombay Stock Exchange. Wipro "delivered revenues in line with its guidance in a volatile environment", chief executive T.K. Kurien said.
But the outsourcer forecast little revenue growth from IT services in the next three months. It said revenues for the second quarter should total between $1.52 billion and $1.55 billion - representing a rise of zero to two percent from April-June - due to an uncertain global business environment. IT services account for 75 percent of sales for Wipro, which also makes customer-care and lighting products as well as hydraulic equipment. The subdued revenue outlook hit Wipro shares, which slid nearly five percent to a nine-month-low of 341.0 rupees, after the earnings.
Comments
Comments are closed.