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  Business   Companies  26 Jan 2017  Global uncertainty hits Wipro net profit

Global uncertainty hits Wipro net profit

THE ASIAN AGE. | SUPRIYA KUMARASWAMY
Published : Jan 26, 2017, 4:33 am IST
Updated : Jan 26, 2017, 6:44 am IST

Its year-on-year IT services revenue grew by 7.2 per cent at Rs 13,200 crore, with 1.3 per cent decrease in net profit at Rs 24,200 crore.

Wipro will be restructuring its India and Middle-east business, which will create a few headwinds in the near future. (Photo: PTI)
 Wipro will be restructuring its India and Middle-east business, which will create a few headwinds in the near future. (Photo: PTI)

Bengaluru: India’s third largest IT services company Wipro on Wednesday posted a two per cent rise in net profit at Rs 2,110 crore for the third quarter of the current fiscal year as against Rs 2,070 crore in the previous quarter. Its year-on-year IT services revenue grew by 7.2 per cent at Rs 13,200 crore, with 1.3 per cent decrease in net profit at Rs 24,200 crore.

Speaking to reporters here, Wipro CEO Abidali Neemuchwala said the company’s investments in certain areas have not picked up the pace in 2016 because of the caution in the context of the US elections and Brexit. “In the current year, we believe that the clarity will emerge and we expect an uptake in the client investment,” he added.

He further said that Wipro will be restructuring its India and Middle-east business, which will create a few headwinds in the near future. After the announcement of demonetisation in India, the company has assisted six major banks and fintech companies to increase the electronic transaction volume. “We continuing to focus on localisation by continuing to hire locally and investing in delivery centers and innovation centers especially, in the US. We have been significantly investing in centers across the US,” he said. Wipro will also continue to hire from campuses in the US.

He believes that visa regime or any of the employee mobility regime should be equally applicable to all the players across the industry. Wipro is working with Nasscom to ensure the same.

The Bengaluru-based IT services company has added net head count of over 5,000 employees because of the acquisition of a global cloud sourcing company called Appirio.

Tags: wipro, brexit, it services