Wipro net dips 5.7 percent in Q3

Bengaluru, Jan 26: Global software major Wipro Ltd on Wednesday said it posted a net profit of Rs 2,115 crore for the third quarter of 2016-17, a decline of 5.7 per cent over Rs 2,246 crore in the same period last year.

In a regulatory filing to the stock exchanges, the city-based IT major said revenue for the quarter under review, however, grew 6.4 per cent to Rs 13,688 crore from Rs 12,861 crore in like period year ago under the Indian accounting standards.

Under the International Financial Reporting Standard (IFRS), net income was $309 million and revenue $2,015 million for the third quarter.

Revenue from the flagship IT services business grew 3.5 per cent annually to $1,903 million but declined sequentially 0.7 per cent under IFRS.

In rupee terms, revenue from IT services increased 7.2 per cent annually to Rs 13,200 crore for the quarter under review.