Wipro: Profits went down and recovered again

One of the most well-known software company, which ranks third in place in India reported increase in its net profit for the year 2017.

Wipro is the third largest software services and has performed greatly all these years but on Tuesday said that revenue from operations for the quarter fell 1.4 percent quarter-on-quarter to Rs 13,468.7 crore due to more than 50 percent fall in IT products business.

It gained a net profit of Rs 2,076.5 crore in the July-September 2016 quarter as per Indian accounting norms (Ind AS), Wipro said in a BSE filing.

Wipro’s net profit increased 5.5 percent sequentially to Rs 2,191.7 crore for quarter ended September 2017