Wipro defers revenue guidance, hiring and hikes; Q4 profit slips 6.3 per cent

BENGALURU: Wipro, India’s fourth largest IT services firm, on Wednesday said it is unable to give revenue guidance for April-June quarter of the financial year 2020-21, and also has deferred all its HR decisions including hirings and wage increases due to the uncertainty arising out of coronavirus pandemic situation.

The IT major reported 6.3 per cent decline in net profit at Rs 2,326.1 crore (YoY) for the January-March quarter of FY20. Its EBIT for the IT services segment dropped to Rs 2,692.5 crore in the March quarter, against Rs 2,773.6 crore in the December quarter. The operating margin for the quarter slipped 0.8 per cent.
Wipro said the pandemic has led to a fall in revenues from its mainstay — IT services — by 0.7-0.8 per cent ($14-16 million). It had earlier guided 2 per cent increase in IT services for March quarter.