Wipro, Indias third-largest software services exporter, reported on Wednesday fourth-quarter net profit slumped 20.5% from a year earlier to 1,800 crore after it made provisions for two insolvent customers.
Wipros weak earnings contrast with the healthy profits posted by larger competitors Infosys and TCS. Earlier this month, Infosys said net profit for the fourth quarter rose 2.4% to 3,690 crore, while TCS reported a 4.5% rise in its Q4 net.
Wipros revenue also slid 1.5% to 13,768 crore in the three months ended March 31. The company forecast revenue from the IT services business in the current quarter to be in the range of $2,015 million to $2,065 million, Bengaluru-based Wipro said in a statement.
The guidance for Q1FY19 was quite di…
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