Wipro 2016-17 net declines 4.7%, board approves 1:1 bonus

Bengaluru, April 25 (IANS) Global software major Wipro has reported a Rs 8,490 crore net profit for 2016-17, registering 4.7 per cent decline over last year under Indian accounting standards.

However, net profit for the fourth quarter was almost flat at Rs 2,260 crore, registering growth of only one per cent on a year-on0year basis.

The Board of Directors have recommended a bonus issue of 1:1. It also will consider a proposal for buyback of equity shares around July 2017. The interim dividend of Rs 2 per share declare in January has been made final. Azim Premji was reappointed as company chairman.

In a regulatory filing on the BSE on Tuesday, the IT major said revenue for the fiscal under review grew 7.4 per cent over last year to Rs 55,040 crore.

Revenue from IT services grew 8.4 per cent to Rs 52,840 crore.

Under the International Financial Reporting Standards (IFRS), net income was $1.3 billion and revenue $8.5 billion.

Revenue from IT services grew 4.9 per cent over last year to $7,705 million. Operating margin from IT services was 18 per cent for the fiscal.

Gross revenue for the quarter (Q4) under review grew 2.6 per cent over last year to Rs 13,990 crore.

Revenue from IT services business grew 4.7 per cent over last year to Rs 13,400 crore for Q4.

Under the IFRS, net income was $349 million and gross income $2.2 billion for the same quarter.

Revenue from IT services under IFRS was $1,955 million, a growth of 3.9 per cent over last year and 2.7 per cent sequentially.

The CEO and member of the board, Abidali Z. Neemuchwala said that the company had delivered revenues within the guidance range in the fourth quarter. "We are confident that the recovery in energy and utilities and our demonstrated strength in digital will help us improve our growth trajectory during the course of the current financial year," he added.