Title : Wipro announces 1:1 bonus
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Wipro announces 1:1 bonus
Wipro, the country’s No 3 IT services exporter, posted a consolidated net profit of ₹2,267 crore for the fourth quarter ended March 31, 2017, up 7.5 per cent on a sequential basis.
The Bengaluru-based IT major announced on Tuesday that it had clocked revenues of $1.94 billion, an increase of 2.7 per cent sequentially with a 1.7 per cent QoQ growth in constant currency, towards the upper end of the guidance range of 1-2 per cent. For whole of FY17, the company delivered 7 per cent revenue growth in constant currency terms and 4.9 per cent rise in dollar terms. In rupee terms, revenues grew 2.6 per cent QoQ to ₹13,987 crore.
Wipro, however, came up with a disappointing guidance on the back of protectionism measures in its key markets — the US, Europe and Australia — which could hurt its bottomline in the long run.
The better-than-expected revenues for Q4 (January-March) FY 2017 was driven by sequential growth in BFSI, recovery in ‘Energy and Utilities’, and growing demand for digital services. However, the company’s negative 2 per cent to flat dollar revenue guidance of $1.915 billion to $1.955 billion for the first quarter of 2017-18 disappointed.
Wipro announced the issue of bonus shares in the ratio of 1:1 and said it will consider a proposal for buyback of equity shares in July 2017
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