Wipro Q4 net slips 6% to Rs 2,345 cr; suspends rev guidance amid uncertainty over COVID-19

IT major Wipro Ltd on Wednesday posted nearly 6 per cent decline in consolidated net profit to Rs 2,345.2 crore for January-March 2020 quarter, and suspended revenue growth guidance due to uncertainty in the external environment amid coronvirus pandemic.

Wipro, which is the first among its peers to announce financial numbers for the quarter, said it will resume providing revenue guidance after it sees "increased certainty" on demand and supply side factors.

The Bengaluru-based company's net profit stood at Rs 2,493.9 crore in March 2019 quarter.

Wipro posted a 4.6 per cent rise in revenue at Rs 15,711 crore in January-March quarter compared to Rs 15,006.3 crore in the year-ago period.

"We estimate that the IT services revenues for the quarter ended March 31, 2020 were negatively impacted by COVID-19 by approximately USD 14-16 million (0.7-0.8 per cent of revenues)," Wipro said in a regulatory filing.

It added that due to the uncertainty around the course of the COVID-19 pandemic, it does not have visibility into the extent to which it will disrupt the company's operations.