Wipro Q4 profit flat at Rs 2,276 cr, says local hiring to offset visa woes

Board approves bonus issue in the ratio of 1:1; standalone net rises 20% on sequential basis

Wipro, India’s third-largest software exporter, said its fourth-quarter profits grew 0.4 per cent to Rs 2,267 crore on a 2.6 per cent higher revenue of Rs 13,987.5 crore, as the digital, energy and utilities business increased.

The Bengaluru-based company said IT services revenue grew 2.7 per cent over the previous quarter to $1.96 billion. For the fourth quarter of 2016-17, Wipro had projected a revenue of $1.92-1.94 billion. The company’s operating margin, calculated as sales minus expenses, rose 0.7 percentage points to 18.3 per cent.

Wipro expects revenue of $1.92-1.96 billion in the first quarter of 2017-18, following project cancellations