Wipro Q4 net profit rises 38%, announces Rs 10,500-crore share buyback
Posted on 17th April 2019 |
.jpg) |
Wipro has largely met the Street estimates on the revenue and profit fronts for the fourth quarter of 2018-19, though the revenue growth reported by the country's third-largest IT services firm was the lowest among the top three players in the last financial year.
The company, however, gave a tepid outlook for the first quarter of FY20, citing delays in starting out new projects. The firm also announced a mega buyback plan of Rs 10,500 crore at Rs 325 a share, making it the second such repurchase consecutively. The buyback price is 15.4 per cent higher than Tuesday's closing price on the NSE.
For the fourth quarter of the last fiscal year, Wipro on Tuesday reported a consolidated net profit of Rs 2,483.5 crore, a rise of 37.7 per cent over the year-ago period.
Sequentially, it declined one per cent. For the whole fiscal, net profit was Rs 9,000 crore, a growth of 12.4 per cent on a year-on-year (YoY) basis. Gross revenues of Wipro in Q4 rose 9 per cent YoY to Rs 15,006 crore. For the whole fiscal year, revenues stood at Rs 58,584 crore, up 7.5 per cent on a YoY basis. Unlike its two other larger peers, Wipro showed a marked improvement in its operating margin, which improved 440 basis points YoY to reach 19 per cent in the January-March quarter. The margin improvement was aided by the divestment of low margin business.
Wipro’s IT services revenue, which accounts for more than 95 per cent of its gross revenues now, was $2.075 billion for the January-March period of FY19. "We have executed strongly in the fourth quarter with focus on quality of revenue. We see the demand environment as stable with strong deal pipeline," said Abidali Neemuchwala, CEO at Wipro.
For the first quarter of the current fiscal year, Wipro gave a tepid guidance of -1 per cent to 1 per cent in revenue growth excluding the impact of divestment of some of its businesses. "Our outlook for Q1 of FY20 has factored in the seasonality factor. Also, delay in starting out some new projects is also another reason for this slow growth. However, we expect to accelerate our growth from Q2 onwards," Neemuchwala added. In January-March period, the company reported good growth in verticals like BFSI with 1.3 per cent sequential growth, while its consumer business unit also rose by 5.3 per cent. However, communications, energy, natural resources and utilities had a negative sequential growth in Q4 of FY19.
Wipro saw its total headcount at 171,425 at the end of March quarter, a fall of around 900 employees against the preceding quarter. Its overall attrition, however, remained at 17.6 per cent, a drop of 30 basis points over the previous quarter. |
|
|
|
|
Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
.jpg) |
Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
|
|
Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
.jpg) |
The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
|
|
LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
.jpg) |
In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
|
|
Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
.jpg) |
Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
|
|
World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
.jpg) |
In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
|
|
|
|
| Be the first person to write a business review for Wipro Q4 net profit rises 38%, announces Rs 10,500-crore share buyback |
|
|
|
