Wipro reports 6 pc fall in Q4 profit, holds back revenue guidance for Q1 FY21

IT major Wipro on Wednesday reported a 6 per cent year-on-year fall in profit at Rs 2,345 crore for the January to March quarter as compared with Rs 2,494 crore in the year-ago period.

Revenue for the quarter rose by 4.7 per cent in Q3 FY20 to Rs 15,711 crore from Rs 15,006 crore in Q3 FY19.

The company has not provided revenue guidance for the April-June quarter on account of uncertainty over COVID-19.

Chief Financial Officer Jatin Dalal said the quarters ahead seem challenging and require a tremendous response on costs.

"We also anticipate our working capital to increase, but our strong balance sheet provides us with the confidence that we will emerge stronger and better. Further, due to the volatility in the external environment, we have decided not to provide quarterly guidance on revenues," he said in a statement.

Managing Director and CEO Abidali Z Neemuchwala said: "In these unprecedented times, I am extremely proud of how the Wipro team has come together and worked 24x7 to ensure the safety and well-being of each other while continuing to serve our clients.

He added: "We are confident that our broad portfolio of services and our ability to execute to our commitments makes us well-positioned to gain market share."

The board has not recommended any final dividend. The interim dividend of Re 1 declared by the board in January will be considered as the final dividend for the financial year 2019-20.

( With inputs from ANI )