Q4 earnings: Wipro revenue falls over 20% to Rs 1,800 crore, firm misses estimates

 Wipro today posted over 20 per cent decline in its consolidated profit to Rs 1,800.8 crore for the March quarter, 2017-18.

The country's third-largest software services firm had registered a profit of Rs 2,267 crore in the year-ago period, as per Indian accounting norms.

Its total income was down 4.9 per cent at Rs 14,304.6 crore in the fourth quarter of last fiscal, compared to Rs 15,045.5 crore in the January-March period of 2016-17.

For the entire financial year ended March 31, Wipro's profit fell 6 per cent to Rs 8,003.1 crore, while total income dipped 1.7 per cent to Rs 57,035.8 crore over 2016-17. 

The IT firm said it expected revenue from IT services to be in a range of $2.02-$2.07 billion in the June quarter.

Net profit fell 20.3 percent to 18.03 billion rupees ($269.99 million) in the three months ended March 31, Bengaluru-headquartered Wipro said on Wednesday.

Analysts on average expected a profit of 21.32 billion rupees, according to Thomson Reuters data.

Revenue from operations fell 1.6 percent to 137.69 billion rupees, while revenue from its key IT services business rose 5.5 percent to $2.06 billion, in the range forecast by Wipro.

Wipro warned earlier this month an insolvency petition filed by an Indian telecom client on Feb. 28 would hit net income by between 65 and 75 basis points. Though mobile carrier Aircel has filed for bankruptcy amid a price war triggered by a telecoms upstart, Wipro did not name the client.

Bigger rivals Tata Consultancy Services and Infosys Ltd  posted rises in fourth-quarter profit earlier this month.