Wipro reports flat Q1 net income at Rs 2,390 crore

IT major Wipro on Tuesday reported 0.1 per cent year-on-year increase in its net income at Rs 2,390 crore for the April to June quarter as compared to Rs 2,387 crore in the year-ago period.

Gross revenue rose by 1.3 per cent year-on-year in Q1 FY21 to Rs 14,910 crore. Significantly, the IT services segment revenue was at 1.92 billion dollars, marking a decline of 5.7 per cent year-on-year.

Earnings per share for the quarter were at Rs 4.20, up 5.7 per cent. It was the first result announcement by the company under its new CEO Thierry Delaporte who took charge of the firm earlier this month.

"Profitable growth will be the most important priority on my agenda. I am confident that we will be able to deliver long-term, sustainable growth in the interest of all our stakeholders," he said in a statement.

Chief Financial Officer Jatin Dalal said the company expanded the margins during the quarter despite lower revenues on the back of execution of several operational improvements and rupee depreciation.

"We also continued to sustain robust cash generation with operating cash flows at 174.9 per cent of net income."

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