The Azim Premji-led firm had registered a consolidated net profit of Rs 2,272 crore in the same quarter last fiscal.
IT services, which account for a lion's share of its turnover, saw margins drop by 10 basis points to 20.1 per cent compared to October-December quarter and by 2 percentage points on year-on-year basis and were also impacted by weakness in its financial and healthcare services business.
Wipro, which has lagged larger rivals Infosys and Tata Consultancy Services in fourth-quarter earnings, forecast revenue from IT services business at USD 1.90-1.94 billion. This would be an increase of 1-3 per cent quarter-on-quarter growth.
The company is looking to double its turnover to USD 15 billion by 2020 as it focuses more on digital and automation under the new management team.
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It closed 2015-16 fiscal with about USD 7.7 billion in annual revenues. During January-March quarter, Wipro's revenue rose 12.9 per cent to Rs 13,741.7 crore.
The numbers were announced after the markets closed. Shares of Wipro today closed at Rs 601.35 apiece, up 2.07 per cent from its previous close on the BSE.
Kotak Securities Senior Vice-President and Head of Private Client Group Research Dipen Shah said the revenues matched up with expectations but margins were below our expectations.
Wipro continues to be impacted by the lack of scale up in large accounts, apart from the continuing challenges in the Energy/Telecom segments, he said.
For FY 2015-16, its net profit increased 2.7 per cent to
Rs 8,892.2 crore, while revenue grew 9.1 per cent to Rs 51,630.7 crore from last fiscal.
"Overall, we find the demand environment to be stable... With our integrated services focus, we are able to proactively help clients move this spend to us from 'run' to 'change'. In Q4, we saw good deal flow and good set of deal closure. We won four strategic new deals in Q4," he said.
"Our ambition is to be USD 15 billion by fiscal 2020 with 23 per cent operating margins. The core leadership team has laid out the ambition and we have done a tremendous amount of detailing in terms of how to get there," Neemuchwala said.
Wipro has highlighted six key areas that it will focus on to chase its USD 15-billion revenue target.
"We have broken down our overall strategy in certain key themes which we will drive to meet our ambition... There are six broad themes on which we anchor our efforts -- digital, client mining, geography focus, non-linearity, hyper- automation and building and leveraging partner ecosystem," he said.
"We are confident that we will be able to execute on the themes and will position us very well with our clients. We have a settled and receptive organisation, motivated set of employees and an excited leadership team," he said.
Talking about geographical focus, Neemuchwala said the city-based firm is driving higher localisation in markets like continental Europe and the US. It is also investing in new growth markets including Latin America, Canada and Africa.