Wipro sees 7 per cent rise in consolidated net

Bengaluru: India’s third largest IT services company Wipro on Tuesday reported a consolidated net profit of 7.2 per cent to Rs 2,267 crore for the quarter ended March as against Rs 2,257.3 crore in the same period last fiscal.

The company’s year-on-year revenue stood at Rs 15,033.8 crore, with an increase of 4.86 per cent compared to the last fiscal.

Wipro expects revenues to be in the range of $1,915 million to $1,955 million for the quarter ending June 30, 2017.

Wipro also announced the issue of bonus share in the proportion of 1:1.

Wipro CEO Abidali Z. Neemuchwala said that the company has delivered revenues within the guidance range in its fourth quarter.

However, talking about the first quarter of the new fiscal year, Mr. Neemuchwala said, “Q1 in financial year (FY) 2018 comes with its own set of challenges because of the uncertainty in the US healthcare industry.”

Local hiring remains to be one of the most important strategies for Wipro to fight H-1B visa woes.  Mr Neemuchwala said that the company continues to aggressively hire local talent.  

When questioned about the recent layoffs at Wipro, the president and  chief HR officer, Saurabh Govil said that  attrition is something that happens every year at Wipro.

“This time around, there is more media attention,” he added.

Due to headwinds from external environment, advent of automation and AI, the firm’s rate of hiring has come down.

Wipro hired over 8,500 employees in FY17, which is a lot less than FY16 when it hired over 14,000 people.