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Wipro profit misses consensus by 19.2% in fiscal Q3

Wipro Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, amounted to 3.47 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.30 rupees per share.

EPS declined year over year from 3.51 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.83 billion rupees, a decline from 17.29 billion rupees in the prior-year period.

The normalized profit margin dropped to 12.3% from 13.4% in the year-earlier period.

Total revenue increased 6.4% year over year to 136.88 billion rupees from 128.60 billion rupees, and total operating expenses grew 8.3% on an annual basis to 114.41 billion rupees from 105.68 billion rupees.

Reported net income fell 5.7% from the prior-year period to 21.09 billion rupees, or 4.35 rupees per share, from 22.36 billion rupees, or 4.54 rupees per share.

As of Jan. 30, US$1 was equivalent to 67.79 Indian rupees.