Wipro net dips 6.3% in fourth quarter

Bengaluru: Software major Wipro on Wednesday reported Rs 2,330 crore consolidated net profit for the fourth quarter of FY20, registering a 6.3 per cent decline.

In a regulatory filing on the BSE, the city-based IT firm said consolidated revenue for the fourth quarter, however, rose 4.2 per cent to Rs 15,711 crore from Rs 15,006 crore in the year-ago quarter.

Revenue from the company’s IT services declined 1 per cent sequentially to $2,074 million from $ 2,095 million. Under the International Financial Reporting Standards in dollar terms, net income for the quarter was $309 million and gross income $2,100 million.

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For FY20, net profit grew 8 per cent YoY to Rs 9,720 crore and gross revenue up 4.2 per cent to Rs 61,020 crore. IT services revenue grew 1.7 per cent to $8,256 million ($8.3 billion) YoY.

In dollar terms, net income for FY20 was $1,300 million ($1.3 billion) and gross income $8,100 million ($8.1 billion).

The company’s board has not recommended final dividend for FY20. “An interim dividend of 50 per cent or Rs 1 per share of Rs 2 face value, declared on January 14, shall be considered as the final dividend for the fiscal,” the company said in the regulatory filing.

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