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Wipro net flat yearly, 16% up quarterly in Q1 (Lead)

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Bengaluru, July 20 (IANS) Global software major Wipro on Friday reported Rs 2,094 crore consolidated net profit for the first quarter (Q1) of fiscal 2017-18, posting flat (0.5 per cent) growth annually from Rs 2,083 crore in the same period year ago.

Sequentially, however, net profit grew 16 per cent from Rs 1,801 crore quarter ago.

“Consolidated revenue for the quarter (Q1) under review, grew 2.6 per cent annually to Rs 13,978 crore from Rs 13,626 crore in the like period year ago and 1.5 per cent sequentially from Rs 13,769 crore,” said the city-based firm in a statement here.

The company’s global IT services business contributed Rs 13,700 crore, registering 5.2 per cent annual and 2.2 per cent sequentially growth.

Under the International Financial Reporting Standard (IFRS), net income at $305 million declined 5 per cent annually from $321 million year ago but grew sequentially from $277 million quarter ago,

In dollar terms, gross revenue at $2,000 million was 5 per cent lower annually than $2,100 million in the same quarter year ago and 5.4 per cent less sequentially from $2,115 million quarter ago.

Global IT services revenue at $2,062 million was 2.7 per cent up annually from $1,972 million year ago, but 1.7 per cent less sequentially from $2,062 million quarter ago.

Operating margin for the quarter at 17.2 percent was marginally up from 16.8 per cent year ago and 14.4 per cent quarter ago.

“The IT margin includes a gain of Rs 253 crore ($37 million) from the sale of our hosted data centre business in the quarter,” said the company in the statement.

The company has projected revenue from its IT services in the range of $2,009 million and $2,049 million for the second quarter (Q2), which translates into sequential growth of 0.3-2.3 per cent growth, excluding the impact of the divestment of the data centre.

“We have seen pickup in spending in the developed markets, particularly in North America and BFSI (Banking, Financial Services and Insurance). Our investments in digital continue to help us build differentiation in key industry segments, resulting in improvement in our client metrics,” said Wipro Chief Executive Abidali Z. Neemuchwala.

According to Chief Financial Officer Jatin Dalal, the company continued to improve its operating metrics and generated cash flows at 136 per cent of its net income.

The IT services business added 75 clients during the quarter as against 58 quarter ago and 45 year ago, taking their total number to 1,254 in Q1 from 1,248 quarter ago and 1,244 year ago.

Though the company added 832 techies to increase its headcount to 164,659 at the end of the quarter from 163,827 quarter ago, it was still 822 less than 165,481 year ago.

The company’s blue-chip scrip of Rs 2 face value lost Rs 2.20 per share to end at Rs 283.05 when trading closed on Friday as against Thursday’s closing rate of Rs 285.25 and opening price of Rs 286.50.

–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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