Country’s third largest software services firm Wipro on Friday reported 7.6 per cent decline, year-on-year, in consolidated net profit at Rs 2,070.4 crore for the September quarter of the current financial year. Stating that it foresees a ‘mixed’ demand environment, Wipro said it expects its IT service revenue for the October- December quarter of 2016-17 to be in the range of $1,916 million to $1,955 million.
With IT services revenue at $1,916 million in the September quarter, Wipro missed its guidance of $1,931 million to $1,950 million given at the beginning of the quarter. “As we look forward, the demand environment is mixed in a seasonally weak quarter affected by furloughs and lower number of working days,” Wipro Chief Financial Officer Jatin Dalal said in a statement.
The city-headquartered firm had posted a net profit (after tax, minority interest and share of profit of associates) of Rs 2,241 crore in the year-ago period. Total income from operations rose by 10.5 per cent to Rs 13,897 crore in July-September quarter of this fiscal from Rs 12,567 crore in the same period a year ago, it added. The IT services segment had a headcount of 174,238 as of September 30, 2016.