Wipro Q4 net profit dips 1.6% to Rs 2,235 crore

Zee Media Bureau

New Delhi: IT services major Wipro on Wednesday reported a 1.6 percent decline in its consolidated net profit at Rs 2,235 crore for the quarter ended March 31, 2016.

This is against a net profit of Rs 2,272 crore in the same quarter last fiscal, Wipro said in a filing to the BSE.

The company's revenue, however, rose 12.9 percent to Rs 13,741.7 crore during the reported quarter, from Rs 12,171.4 crore in the year-ago period.

IT services revenue, which account for a lion's share of its turnover, stood at Rs 12,796.7 crore in the March quarter as against Rs 11,241.7 crore a year ago, showing a growth of 13.8 percent.

The company's net profit for the FY 2016 went up 2.7 percent to Rs 8,892.2 crore while revenue rose 9.1 percent to Rs 51,630.7 crore from last fiscal.

Wipro results follow estimate-beating earnings by larger rivals Tata Consultancy Services Ltd and Infosys Ltd.

The company separately approved a share buyback for Rs 25 billion.