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Wipro net declines 21% in Q4, 5.9% in 2017-18 (Lead)

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Bengaluru, April 25 (IANS) Global software major Wipro on Wednesday reported that its consolidated net profit declined 21 per cent annually for the fourth quarter and 5.9 per cent yearly for fiscal 2017-18.

“Consolidated net profit for the fourth quarter declined 21 per cent year-on-year to Rs 1,801 crore from Rs 2,267 crore in the same period year ago.

“Net profit for the fiscal also declined 5.9 per cent to Rs 8,008 crore from Rs 8,514 crore in 2016-17,” said the company in a regulatory filing on the BSE.

Sequentially too, net profit declined 7.2 per cent from Rs 1,940 crore posted in the third quarter.

Consolidated revenue for the quarter also declined, albeit marginally, 1.6 per cent to Rs 13,769 crore from Rs 13,988 crore in the same period last year and remained flat sequentially as against Rs 13,670 crore quarter ago.

Consolidated revenue for the fiscal also remained flat at Rs 54,487 crore as against Rs 55,040 crore in 2016-17.

Under the International Financial Reporting Standards (IFRS), net income was $277 million and gross revenue $2,115 million for the quarter.

For the fiscal under IFRS, net income was $1.2 billion and gross revenue $8.4 billion, an annual decline of 1 per cent.

IT services for the quarter contributed $2,062 million, posting 2.4 per cent sequential and 5.5 per cent growth under IFRS and Rs 13,410 crore in rupee terms, up 1.3 per cent sequentially from quarter ago.

For the fiscal, IT services revenue remained flat at Rs 52,840 crore or $8.1 billion.

The city-based outsourcing firm projected lower sequential revenue for the first quarter of 2018-19 from IT services business in dollar terms.

“We expect revenue from our IT services to be in the range of $2,015-2,065 million for the first quarter ending June 30,” said the filing.

The outlook is less than $2,033-2,073 million range it projected for the fourth quarter of fiscal 2017-18 on January 19 and $2,062 million it reported.

The company, however, said it would revise the outlook for the quarter after divesting its hosted data centre services business to the US-based Ensono for $405 million (Rs 2,633 crore) during the quarter.

“As we expect to complete the transaction by June 30, we have not considered the impact of the divestment on the revenue for the quarter,” said the company in the filing.

Wipro on March 14 announced selling its eight data centres along with their 900 techies to the US-based hybrid IT services provider.

As part of the deal, Wipro will also invest $55 million (Rs 358 crore) in Ensono’s combined entity.

“The outlook is also based on the exchange rate of US$ at Rs 65.12 on March 31,” it added in the filing.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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