Wipro Q1 Net Profit Improves In Line With Estimates, But Revenue Slips Below View

(RTTNews) - Wipro Ltd. (WIPRO, 507685, WIT), an Indian IT major, on Friday reported a rise in net earnings for the first-quarter, above analysts' estimates. However, the company registered a decline in revenue, below the Street view.

For the first-quarter, the company posted net profit of 30 billion rupees or $360.4 million, up 4.6 percent from 28.860 billion rupees, registered for the same period in the previous year.

Earnings per share were 5.75 rupees or $0.07, up 9.9 percent from 5.23 rupees last year.

On average, three-analysts, polled by Thomson Reuters had forecast the company to earn $0.07 per share, for the quarter. Analysts' estimates typically exclude special items.

Gross revenues for the quarter grew to 219.6 billion rupees or $2.636 billion, down 3.8 percent from 228.310 billion rupees a year ago.

Analysts, on average had projected Wipro to generate revenue of $2.66 billion, for the period.

Revenue from IT services segment was at $2.625 billion, a decrease of 5.5 percent year-on-year basis.

Looking ahead to the second-quarter, Wipro projects revenue from its IT Services business segment to be in the range of $2.600 billion to $2.652 billion.