Technology outsourcing company Wipro announced financial results for the quarter ended March 31, 2017.
The Bangalore-based Wipro said its gross revenues were $8.5 billion (+7.4 percent) during the last fiscal. Wipro’s IT services revenue was $7,704.5 million (+4.9 percent) with a profit of $1.5 billion (–2.2 percent). Wipro said its IT services margins was 18 percent for the year.
Wipro’s Q4 fiscal 2017 revenue was $2.2 billion (+2.6 percent). IT services revenue was $1,954.6 million (+2.7 percent) with a profit of $390 million (+0.4 percent). IT Services margin was 18.3 percent flat as compared to the quarter ended December 31, 2016.
TCS leads in digital revenue
Wipro did not reveal any revenue related information on its digital business. TCS recently said its digital business rose 29 percent to $3 billion in fiscal 2017.
TCS said it captured significant opportunities in Cloud, Automation, Analytics and IoT with 16.7 percent of total revenues ($3 billion) coming from digital services for FY17. At end of Q4, Digital revenues were at 17.9 percent with a q-o-q growth of 7.6 percent.
TCS posted revenue of Rs 117,966 crore (+8.6 percent) with net profit of Rs 26,289 crore (+8.6 percent) in fiscal 2017. Revenue of TCS in Q4 was Rs 29,642 crore (+4.2 percent) with net profit of Rs 6,608 crore (+4.2 percent).
Wipro CEO Abidali Z Neemuchwala said: “We are confident that the recovery in Energy & Utilities and our demonstrated strength in Digital will help us improve our growth trajectory during the course of the current financial year.”
Wipro revenue mix from industry verticals
Communications 7.3%
Consumer 15.8%
Energy, Natural Resources & Utilities 13.1%
Finance Solutions 25.7%
Healthcare, Life Sciences & Services 15.6%
Manufacturing & Technology 22.5%
Wipro and main regions contribution to revenue
Americas 54.7%
APAC and other emerging markets 10.8%
Europe 24.4%
India & Middle East business 10.1%
Wipro said the sale of EcoEnergy division was reflected in the financials for the quarter ended March 31, 2017. Uncertainties around regulatory changes relating to the Affordable Care Act have led to a revision in estimates of revenue and earnings of HealthPlan Services.
Wipro said it expects revenues from IT Services business to be in the range of $1,915 million to $1,955 million in Q1 fiscal 2018.
