Wipro's first quarter net declines; guidance under $2 billion

Wipro Ltd announced its first quarter ended June 30, 2016 results. 

The IT major said its consolidated net profit for the given quarter declined to Rs 20,590 million as against Rs 22,074 million in the same period of last year. The company said that its consolidated net income rose to Rs 1,36,976 million versus Rs 1,23,706 million. Its expenses for the quarter rose to Rs 1,14,129 million as against Rs 99,722 million in the corresponding quarter of last year. 

Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board, said, “We have delivered Revenues in line with our guidance. Our early investments in areas such as our Digital practice and cognitive intelligence, notably Wipro HOLMESis positioning as the partner of choice for customers in the CHANGE side of their business. We expect the trajectory of growth to build gradually over the course of the year as we drive execution on our strategic themes and make progress towards achieving a sustainable growth trajectory” 

We expect Revenues from our IT Services business to be in the range of $ 1,931 million to $ 1,950 million, it said.