Wipro Q4 net falls over 20% to Rs 1,800 cr " " "

Faring below market expectations, India's third largest software services firm Wipro today posted over 20 per cent decline in its consolidated profit at Rs 1,800.8 crore for the quarter ended March 2018.

Wipro had registered a profit of Rs 2,267 crore in the year-ago period, as per Indian accounting norms. " " "The total income stood at Rs 14,304.6 crore compared to Rs 15,045.5 crore in the January-March period of 2016-17, down by 4.9 per cent.

For the year ended March 2018, Wipro's profit fell six per cent to Rs 8,003.1 crore, while total income dipped 1.7 per cent to Rs 57,035.8 crore compared to the previous financial year, the company said.

" " Addressing reporters, Wipro Chief Executive Officer Abidali Neemuchwala said the company entered Q4 with a confidence driven by the improvements it saw in "our deal win trajectory, uptick in client mining, our performance in digital and reduced headwinds in some of our businesses." " "
"However, we are disappointed at the loss of momentum in Q1 due to surprises arising out of bankruptsies faced by two of our clients with a revenue run rate of over $50 million, addition impact in the HPS business as more clients exit the exchange market and weakness in our communication BU." " "
Dalal said the adjusted margins and reported margins were 16.8% and 15.8% respectively with regard to the IT services margin for the year. " " "
"Our net income for the year was Rs 80 billion and as you might be aware we completed a very large buyback programme in december where we bought back to the tune of Rs 11,000 crore worth of shares and that impacted our other income for the year and for the quarter."