Wednesday, 26 April 2017

Wipro growth forecast hit by healthcare, weak retail

MUMBAI / BENGALURU - Wipro Ltd, India's third-biggest software services exporter, said cancellations of healthcare projects and weak retail spending in its key U.S. market would hit revenue growth. Headquartered in the technology hub of Bengaluru, Wipro said on Tuesday that its consolidated net profit grew 0.4 percent to 22.67 billion rupees ($353 million) in its fiscal fourth quarter to March. Although this was ahead of analysts' estimates of 21.19 billion rupees, the company said revenue from its core IT services business would be $1.92 billion to $1.96 billion in the current quarter. On that basis, the company reported a revenue of $1.95 billion in the most recent quarter and revenues of $1.93 billion in the same quarter a year ago.

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