Wipro Q1 profit beats Street estimate; co declares Rs 11,000-cr buyback

IT services revenue grew 0.9% on reported dollar basis to $1.97 billion over the March 2017 quarter

Wipro, the country’s third-largest software exporter, said its first quarter profits rose 1.2 per cent to Rs 2,077 crore and revenues rose 0.2 per cent to Rs 13,626 crore. The company beat Street expectations, as it saw improving business from clients in banking, energy and utilities.

The Bengaluru-based firm bettered its own guidance to report information technology (IT) services revenue, calculated in dollar (the currency in which it bills majority of its customers), of $1.97 billion, a 0.3 per cent growth over the previous quarter. Wipro had forecast revenue to be negative 2 per cent to flat growth of $1.95