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Wipro Q4 results: Profit jumps 28% to ₹2,972 crore; revenue rises 3.4% – Mint

Wipro on Thursday reported 27.78% year-on-year increase in net profit to 2,972.3 crore for the quarter ended in March. The Information Technology major posted 2,326.1 crore profit for the same period last year. On a quarterly basis, the profit increased marginally by 0.14%, compared to 2,968 crore reported in the December quarter of FY21.

Meanwhile, its revenue from operations grew 3.4% year-on-year to 16,245.4 crore for the quarter under review. It reported 15,711 crore in the previous corresponding period. The revenue from information technology services stood at 15,891.7 crore in the March quarter.

At the operating level, IT services’ earnings before interest and tax (EBIT) stood at 3,417 crore and margin at 20.92 percent for Q4FY21. Jatin Dalal, chief financial officer said, “We delivered a 340 bps expansion YoY in operating margins for the quarter after absorbing the impact of wage hike. On a full year basis we increased margins by 220 bps with a consistent improvement in operating metrics. Led by disciplined execution, we generated strong operating cash flows at 136.7% of our net income for the full year. We successfully completed the share buyback program returning $1.3Bn to our shareholders.

Commenting on the results, Thierry Delaporte, chief executive officer and managing director said, “We delivered a third consistent quarter of strong revenue growth, deal wins and operating margins. We also announced our largest ever acquisition of Capco that will bolster our global financial services sector.”

The IT major said that it expects revenues from IT services to grow 2-4% on a sequential basis in the June quarter. It said that the revenue from IT services business will be in the range of $2.195 billion to $2.238 billion in the June quarter. “This does not include revenue from our recently announced acquisitions of Capco and Ampion,” Wipro added.

On Wipro’s future, CEO added, “We are excited with this wave of business momentum that we are witnessing. All key markets are now growing on YoY basis and this provides us a solid foundation to build on next year growth rates.”

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