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Wipro Q1 profit up 12.5% on digital push

Wipro Q1 profit up 12.5% on digital push
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Bengaluru-based IT services provider Wipro reported a 12.58% rise in net profit for its first quarter ended June 30, 2019, buoyed by the demand in digital services.

Wipro reported a profit of Rs 2,387.4 crore for its first quarter compared to Rs 2,120.6 crore for the corresponding period last year. 

The company reported a 5.28% increase in income from operations at Rs 14,716.1 crore for the quarter ended June compared to Rs 13,977.7 crore for the corresponding period last year. Sequentially, though, the company’s revenue dropped by 1.93% from Rs 15,006.3 crore for the quarter ended March this year.

The company said that it has been adding new clients globally as it continues to see traction in digital-oriented deals.

“Our efforts on client mining have resulted in an addition of three customers in more than $100 million bucket. We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets,” Abidali Z. Neemuchwala, CEO and executive director of Wipro, said.

Wipro chairman Azim Premji, in his last letter to the shareholders, had said the company is making significant investments in digital, cloud, engineering services, and cybersecurity.

Last week, IT services provider Infosys had reported revenue of $3.13 billion for the first quarter on a constant currency basis compared to $3.06 billion during the March quarter.

In the first week of July, Tata Consultancy Services (TCS) had reported a 10.8% increase in net profit to Rs 8,131 crore for the first quarter ended June 30, 2019.

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