Wipro Q1 Profit Declines, Despite Higher IT Services Revenues - Quick Facts

(RTTNews) - India-based software services company Wipro Ltd. (WIT) reported Tuesday that its first-quarter net profit attributable to equityholders of the company declined to 20.52 billion Indian rupees or $303 million from last year's 21.92 billion rupees.

Earnings per share were 8.33 rupees or $0.12, compared to 8.91 rupees last year.

IT Services Segment Profits fell 3 percent to 23.3 billion rupees or $345 million and IT Services Margins declined to 17.8 percent from 19.7 percent last year.

Gross revenues were 135.99 billion rupees or $2.01 billion, 11 percent higher than 122.38 billion rupees a year ago.

IT Services segment revenue was $1.931 billion, an year-over-year increase of 7.6 percent. Non-GAAP constant currency IT Services Segment Revenue in dollar terms grew 9.5 percent from last year.

Looking ahead, for the second quarter, the company said it expects revenues from IT Services business to be in the range of $1.931 billion to $1.950 billion.