Wipro Q4 Results: Net Profit Jumps 28% to Rs 2,972 crore, Beats Estimates

Wipro posted a 27.78% growth in net profit year over year to Rs 2,972.3 crore for the quarter ended in March on Thursday. For the same time last year, the Information Technology behemoth made a profit of 2,326.1 crores.

The profit increased by 0.14% quarter on quarter (QoQ) compared to Rs 2,968 crore in the December quarter of FY21.

For the quarter under review, revenue from operations increased by 3.4% year on year to 16,245.4 crores. In the previous corresponding year, it posted a revenue of Rs 15,711 crore. In the March quarter, revenue from information technology services totalled 15,891.7 crores.

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In Q4FY21, IT services' earnings before interest and tax (EBIT) increased by 1.1% QoQ to Rs 3,417 crore, while margin contracted 80 basis points to 20.92%.
Outlook for the quarter ending June 30, 2021.

Wipro IT Services company is expected to generate revenue in the range of $2,195 million to $2,238 million*. This corresponds to a growth rate of 2.0 percent to 4.0% every year. This excludes income from our newly announced Capco and Ampion acquisitions.
Wipro's wage hikes during the quarter dragged down the margin. IT services operating margin increased by 344 basis points year over year in the quarter and by 218 basis points year over year at 20.3%.

According to CNBC-TV18, Wipro said the fourth quarter was the highest in the last ten years.

In terms of Wipro's future, the CEO said, "We're ecstatic about the current surge of market momentum we're seeing. Many of our main markets are now rising year over year, giving us a strong base on which to develop next year's growth rates."