Wipro fell 4.36% to Rs 560 at 9:16 IST on BSE after consolidated net profit from continuing operations surged 41% to Rs 2230 crore on 22% growth in revenue from continuing operations to Rs 11700 crore in Q4 March 2014 over Q4 March 2013.
The result was announced after market hours on Thursday, 17 April 2014. The results are as per International Financial Reporting Standards (IFRS).
Meanwhile, the BSE Sensex was up 64.65 points, or 0.29%, to 22,693.49.
On BSE, so far 48,000 shares were traded in the counter, compared with an average volume of 1.41 lakh shares in the past one quarter.
The stock hit a high of Rs 568.40 and a low of Rs 557.55 so far during the day. The stock hit a 52-week high of Rs 610.50 on 26 February 2014. The stock hit a 52-week low of Rs 315.30 on 31 May 2013.
The stock had outperformed the market over the past one month till 17 April 2014, rising 7.04% compared with the Sensex's 3.76% rise. The scrip had also outperformed the market in past one quarter, rising 5.99% as against Sensex's 7.43% rise.
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The large-cap company has an equity capital of Rs 493.27 crore. Face value per share is Rs 2.
Wipro's non-GAAP adjusted net profit from continuing operations rose 42% to Rs 2230 crore in Q4 March 2014 over Q4 March 2013.
IT Services revenue in rupee terms rose 24% to Rs 10620 crore in Q4 March 2014 over Q4 March 2013. IT Services earnings before interest and tax (EBIT) rose 51% to Rs 2610 crore in Q4 March 2014 over Q4 March 2013. IT Services operating margins improved 150 basis points (bps) sequentially to 24.5% in Q4 March 2014.
Wipro's consolidated net profit from continuing operations rose 27% to Rs 7800 crore on 16% growth in revenue from continuing operations to Rs 43760 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
Non-GAAP adjusted net profit from continuing operations rose 28% to Rs 7800 crore in FY 2014 over FY 2013.
IT Services revenue in rupee terms rose 18% to Rs 39950 crore in FY 2014 over FY 2013. IT Services EBIT rose 29% to Rs 9030 crore in FY 2014 over FY 2013. IT Services operating margins expanded 195 bps to 22.6% in FY 2014.
Commenting on the company's financial performance, Azim Premji, Chairman of Wipro said, The steady improvement in global economy, coupled with the exciting pace of technological advancements, presents us with opportunities to create innovative solutions to help our customers differentiate, compete and succeed in their respective markets.
T K Kurien, Executive Director & Chief Executive Officer of Wipro said, Our focus on process simplification, automation and platform-based delivery continues to deliver results and we are seeing the benefits through improved productivity, reduced timelines in execution and greater business agility. It is also gratifying to see that this focus has enabled improved win ratios and has also enhanced customer satisfaction.
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro said, We continue to systematically work on improving our operational efficiencies resulting in expansion of full year IT Services operating margins by 195 basis points.
Wipro has given a forecast of between 0.3% decline to a growth of 2.02% in revenue from IT Services business at between $1.715 billion to $1.755 billion in Q1 June 2014 over Q4 March 2014.
Wipro's board of directors at its meeting held on Thursday, 17 April 2014, declared final dividend of Rs 5 per share for FY 2014.
Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally.
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