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Wipro profit misses consensus by 22.0% in fiscal Q1

Wipro Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 3.30 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.23 rupees per share.

EPS climbed 28.3% year over year from 2.57 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.24 billion rupees, a gain of 28.3% from 12.65 billion rupees in the prior-year period.

The normalized profit margin rose to 14.6% from 13.0% in the year-earlier period.

Total revenue climbed 14.5% on an annual basis to 111.36 billion rupees from 97.27 billion rupees, and total operating expenses rose 11.4% year over year to 88.68 billion rupees from 79.62 billion rupees.

Reported net income grew 29.7% on an annual basis to 21.03 billion rupees, or 4.27 rupees per share, from 16.22 billion rupees, or 3.29 rupees per share.

As of July 25, US$1 was equivalent to 60.01 Indian rupees.